PETALING JAYA: RichTech Digital Bhd, en route to a listing on the ACE Market, is set to take advantage of the rapid growing electronic reload and bill payment services industry, owing to its competitive advantage in the sector.
TA Research said in a note that the distributor of electronic reloads and provider of bill payment services’ key competitive advantages include having a large network user base, wide range of services and experienced management team.
According to an independent market research report prepared by Providence Strategic Partners, the electronic reload and bill payment services industry size in Malaysia is estimated to grow at a compounded annual growth rate of 11.5% between 2024 and 2026.
The industry is expected to be driven by the ongoing digital transformation in both the private and public sectors.
The group currently has over 800 SRS corporate users, comprising reload retailers such as resellers, mobile phone shops, sundry shops and apparel shops, as well as third-party mobile application operators.
Through its network of these SRS corporate users, the group extended its services to more than four million users during Financial year 2023.
The SRS platform is the company’s internally developed system. The platform provides a broad range of electronic reloads and bill payment services, enabling the group to cater to diverse user needs.
The research house said moving forward, it forecast stronger revenue and core profit, underpinned by its business plan and a healthy industry outlook.
The company’s initial public offering is scheduled for Feb 17.
