Wepay partners Theta Edge in RM700mil fundraising

PETALING JAYA: Wepay System Sdn Bhd will be raising RM700mil 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 had appointed Wepay System 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 RM700mil 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 focus is to transform mobility into a pleasant experience with a Mobility-as-a-Service digital platform; providing real-time information to enable travellers to monitor, plan, book and pay for multiple mobility services,” she said. — Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Egg subsidy to mitigate high farming costs
Saudis expected to cut oil price amid growing competition
MMHE gets subcontract job worth RM1.2bil
PPB Group net profit down 53% in third quarter
MAHB posts 3Q net profit of RM95mil
Condo resales recover slightly in October
Cradle Fund appoints new CEO
Pharmaniaga plans to raise up to RM655mil
Jack Ma asks Alibaba to ‘change’ and praises PDD
PIE stake in Thai firm PIT reduced

Others Also Read