By Gho Chee Yuan
KUALA LUMPUR (Aug 09) -- ManagePay Systems, an electronic payment system provider, said Wednesday it plans to form a joint venture with Contracts Rise for the procurement of mobile virtual network operator licence from Malaysian Communication and Multimedia Commission.
The move will help to launch and promote self-branded MVNO starter pack to all Malaysian and foreigners in Malaysia, the company said in an exchange filing. ManagePay will control 40% stake in the JV, while the remainder will be held by Contracts Rise.
Under the agreement, Contracts Rise shall secure a project of 200,000 users while ManagePay will empower each user with e-Money capabilities via MPay E-Wallet, it said. "This provides growth and business prospects for MPay in the future," it added.
The proposed JV is expected to be completed within five years from today, it said.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited by Lopamudra Bhattacharya
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