Wepay partners Theta Edge to raise RM700mil for digital platform project

KUALA LUMPUR: Wepay System Sdn Bhd will be raising RM700 million or equivalent through a foreign direct investment to finance the development of Theta Edge Bhd’s fully integrated and multi-functional digital platform project.

In a filing with Bursa Malaysia, Theta Edge -- one of Malaysia’s pioneer information, communication and technology service providers -- said it has appointed Wepay System Sdn Bhd and its international technology associates as its technology partner to develop the platform.

The company had secured WePay’s commitment to invest in the project through Haitong International Securities Group Ltd, WePay’s lead global coordinator and lead joint bookrunner to raise RM 700 million or equivalent through foreign direct investment to finance the project.

Through the collaboration, the parties endeavour to leverage each other’s strengths, knowledge, networks, expertise and resources to develop the platform and secure the financing required.

In a statement, Theta Edge group chief executive officer Nuraslina Zainal Abidin said the collaboration will allow the parties to promote industry innovation by utilising each company's resources to drive the digitalisation of various industry segments in Malaysia.

She said this will also allow the company to collaborate and connect with many applications to offer users a one-stop platform for all their needs.

"Theta’s immediate focus is to transform mobility into a pleasant experience with a Mobility-as-a-Service (MaaS) digital platform; providing real-time information to enable travellers to monitor, plan, book and pay for multiple mobility services on an open payment system, connecting them with all available transport options via a single platform.

"The MaaS digital platform shall also incorporate e-commerce and e-finance applications to connect travellers and users to other services”, she said.

Of the total investment, an estimated RM400 million shall be allocated to finance the development and implementation of the platform.

Meanwhile, RM300 million shall be allocated to finance the enhancement of the physical and non-physical infrastructure to support mobility, especially in providing last-mile connectivity.

Wepay System chairman, Datuk Md Zubir Ansori Yahaya said the collaboration with Haitong International Securities -- one of Hong Kong’s large-size securities companies with assets totalling RMB754 billion (RM478 billion), will augur well for Malaysia in driving digital transformation and contributing to the local talent development in new technology innovation.

"We are honoured to be given this opportunity to work hand-in-hand with Theta Edge, a member of Lembaga Tabung Haji, and hope to bring advanced technologies for Theta Edge to build, innovate and develop meaningful and real-world solutions that will drive the nation’s agenda,” he said. - Bernama

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