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BUSINESS

MPay's shares up after getting approval to commence cross-border business

23/05/2022 12:19 PM

KUALA LUMPUR, May 23 (Bernama) -- Managepay Systems Bhd's (MPay) shares on Bursa Malaysia went up in the early session today after the company received a letter of approval (LOA) from Bank Negara Malaysia to commence cross-border remittance business.

At 10.51 am, the counter earned half-a-sen to 15 sen, with 1.96 million shares changing hands.

In a filing with Bursa Malaysia on Friday, MPay said it had on May 19 received an LOA from BNM for the approval of its application to commence the outward and inward cross-border digital remittance business under Section 10(1) of the Money Services Business Act 2011.

The company said the LOA is expected to contribute positively to its earnings for the financial year ending Dec 31, 2022.

-- BERNAMA


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