Credit China FinTech Holdings Limited, a leading integrated fintech service provider in China, announced that it has signed a MoU with Malaysian fintech firm ManagePay Systems Berhad (MPAY) to focus on online technology-enabled lending, mobile POS, and e-money businesses.
The collaboration enables both parties to utilize their competitive advantages in brand recognition, industry resources and expertise in order to develop the market coverage and influence in the fintech industry in Malaysia and other Southeast Asia regions, the release stated.
“We are delighted to cooperate with ManagePay. MPAY as a leading publicly listed company in Malaysia is also a market leader in the fintech space with many of the essential operating licenses from Bank Negara Malaysia & Securities Commission Malaysia. We can leverage on our experience and knowledge to grow the fintech businesses with MPAY in Malaysia and beyond,” Phang Yew Kiat, vice-chairman, and CEO of Credit China Fintech, said.
The partnership’s initial phase will aim in offering products and services to Malaysia. It will later extend to other countries and regions in Southeast Asia. Both the collaborating parties look further to conclude a relationship not only restrict to business cooperation, but also to potential equity collaborations that are subject to all necessary approvals including regulatory approvals.
MPAY has numerous operating licenses in Malaysia including online technology-enabled lending, e-money and money collection licenses. The company’s expertise lies in fintech industry with mature processes and technologies.
