By Leandra Monteiro
A financial group focussed on FinTech, Eddid Financial a Malaysian FinTech company, ManagePay Systems Berhad have signed an agreement to establish a joint venture, building on their earlier MoU announced earlier this year.
The strategic partnership aims to leverage both companies’ strengths in FinTech research and development, as well as expertise, to jointly expand the Malaysian financial market and create new opportunities within the Southeast Asian financial ecosystem.
As part of its commitment to overseas expansion, and increase the variety of financial products, the joint venture will apply for a Capital Market Services Licence (CMSL) from the Securities Commission Malaysia to provide capital market services in the country.
By combining the innovative FinTech solutions and system products of both companies, Eddid Financial aims to create a win-win situation with MPAY, driving growth and innovation in the region. The partnership will facilitate in-depth technical and business collaborations in FinTech R&D, allowing both parties to share resources and experiences.
MPAY, a listed company in Malaysia, is it a provider of end-to-end electronic payment solutions for banks and financial institutions. Over the years, it has expanded its offerings to include P2P lending, micro-lending, project financing, P2P Remittance, cross-border remittance, merchant acquiring, and e-Wallet & Mastercard prepaid card issuer in Malaysia.
One of the most promising initiatives in recent years are regulatory sandboxes, first seen in 2016 with the UK Financial Conduct Authority (FCA) Sandbox pioneer launch. These controlled environments created by authorities make space for Fintech companies to test innovative business ideas without adhering to the full scope of regulations. Most recently, the European Commission instituted the European Blockchain Regulatory Sandbox and a cross-border collaboration project started between The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Athority (IFSCA) in India. Each of these
