Managepay gets nod to lend money
Chew: MPay can do prepaid business now. Next should be personal loans and finally credit cards
PETALING JAYA: Managepay Systems Bhd has received a letter of approval (LoA) to operate a moneylending business from the Urban Wellbeing, Housing and Local Government Ministry (MHLG).
The LoA confirms that ManagePay Resources Sdn Bhd (MRSB), a wholly owned subsidiary of MPay, had fulfilled the conditions as specified in an earlier letter of approval dated May 12, 2017 and in essence grants the approval to MRSB to operate a money-lending business.
“With the receipt of LOA and after six months preparation for fulfilling the requirements as specified in the conditional approval letter issued by MHLG, MPay is now able to start the money lending business targeting both individuals and businesses, over and above MPay’s Quickash Peer-to-Peer (P2P) financing platform, which also target underserved small and medium enterprises (SMEs) segment but not individual, which was launched in September 2017,” said MPay in a filing with Bursa Malaysia.
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