MPay's subsidiary receives conditional approval to operate as online money lender

KUALA LUMPUR: Managepay Systems Bhd’s (Mpay) wholly-owned unit, ManagePay Resources Sdn Bhd (MRSB), has received conditional approval from the Ministry of Local Government Development (KPKT) to operate as an online money lender under the Moneylenders Act 1951 (Act 400).

In a filing with Bursa Malaysia today, MPay said MRSB’s online money lending licence, dated Aug 30, 2022, was subjected to the conditions to be fulfilled within six months period from Jan 9, 2023 to July 8, 2023.