General Announcement for PLC

20/05/2022

OTHERS MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Receipt of Letter of Approval ("LOA") from Bank Negara Malaysia ("BNM") by ManagePay Services Sdn. Bhd., a wholly-owned subsidiary of the Company ("MPSB") in relation to the application for approval to commence cross-border remittance business

MANAGEPAY SYSTEMS BERHAD

Type Announcement
Subject OTHERS
Description 
MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company")
- Receipt of Letter of Approval ("LOA") from Bank Negara Malaysia ("BNM") by ManagePay Services Sdn. Bhd., a wholly-owned subsidiary of the Company ("MPSB") in relation to the application for approval to commence cross-border remittance business

The Board of Directors of MPay is pleased to announce that MPSB had on 19 May 2022 received a LOA dated 19 May 2022 from BNM for the approval of MPSB’s application to commence the outward and inward cross-border digital remittance business under Section 10(1) of the Money Services Business Act 2011.

 

The LOA will not have any effect on the issued share capital and shareholdings of the substantial shareholders of the Company.

 

The LOA is expected to contribute positively to the revenue, earnings and net assets of the Company and its subsidiaries (the “Group”) for financial years ending 31 December 2022.

 

None of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the LOA.

 

Having considered all aspects of the LOA, the Board of Directors of the Company is of the view that the LOA is in the best interest of the Group.

 

 

This announcement is dated 20 May 2022.



Announcement Info

Company Name MANAGEPAY SYSTEMS BERHAD
Stock Name MPAY
Date Announced 20 May 2022
Category General Announcement for PLC
Reference Number GA1-20052022-00069


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