Dato’ Wira Ng Chun Hau, Founder and Executive Chairman of Public Gold Group of Companies which owns Malaysia’s own eCommerce platform has become a substantial shareholder of MPay System after subscribing 44 million units shares of the company.
The strategic move is to bring the gold business under PG Group into the MPay ecosystem and leverage on the company’s technology play. Both are looking to develop the collaboration and potentially launch of a “Digital Gold” project as a form of new investment asset class by leveraging on the gold-related business arms. PG Group has more than 500,000 registered customers throughout Malaysia, Singapore, Brunei and Indonesia.
Apart from the gold business, PG Group sees the alignment of both ecommerce business which is expected to open doors to the internal market through cross border eCommerce, specifically in introducing Malaysian products on MPAY’s B2B2C eCommerce platform, BuyMalaysia.com to the China market through PG Mall and China-based eCommerce platform, JD.com.
MPay Systems operating segment is classified into two: Fintech Services involving e-payment services, e-wallet and MPay Mastercard prepaid card issuing, P2P financing and lending services while non-fintech services delivers financial software and digital security, e-commerce, and banking technology services. Over the period MPay has invested RM100 million in a diverse range of our own fintech ventures and partnerships.
