KUALA LUMPUR (Oct 12): OpenSys (M) Bhd has secured an RM105 million contract from Malayan Banking Bhd (Maybank) to process the bank’s outward cheque clearing for all branches nationwide.

According to a bourse filing on Thursday, the solutions provider for the financial services industry accepted a letter of award from Maybank for the project “outsourcing of outward cheque clearing at Maybank branches in Malaysia”.

“The contract sum is RM105 million excluding 6% sales and service tax,” the company said, noting that it will span a seven-year period from Jan 1, 2024, to Dec 31, 2030.

“The contract has no provision for automatic renewal,” it added.

OpenSys said the contract is expected to contribute positively to the group's earnings for the financial year ending Dec 31, 2024 (FY2024), until the contract’s expiry.

Shares in OpenSys ended half a sen or 1.43% higher at 35.5 sen, giving the company a market capitalisation of RM158.63 million.