KUALA LUMPUR: Managepay Systems Bhd
(MPay) has agreed to provide white label services to PT Finnet Indonesia’s Finpay Money Migrant e-wallet and mobile application, which will have dual currencies in ringgit and Indonesian Rupiah.
In a filing with Bursa Malaysia, MPay said its wholly owned subsidiary, ManagePay Services Sdn Bhd (MPSB) issued a letter of agreement (LoA) to Finnet on the appointment of MPSB.
The Finpay Money Migrant currently has more than one million customers in Indonesia.
“Finnet will on a revenue sharing basis reciprocate this white label e-wallet co-operation by powering MPay to issue white label MPay e-wallet in Indonesia.
“Finnet will also facilitate the outbound remittance of funds from the parents of Indonesian students studying in Malaysia to their Finpay Money Migrant e-wallet (RM) or their HomeRemit mobile application,” it said.
The LoA is subject to the signing of MPay white label agreement between MPSB and Finnet and approval by Bank Negara.
MPay expects the LoA to contribute positively to the group's revenue for FY25 onwards.
