KUALA LUMPUR (Oct 26): ManagePay Systems Bhd has signed a partnership agreement with Adv Fusionex Sdn Bhd (Fusionex) for the development of services related to big data analytics and e-payment.
In a filing with Bursa Malaysia, the company said Fusionex will provide ManagePay and its clients with data analytics, big data tools and platform support while ManagePay will provide electronic money (e-money) and electronic wallet (e-wallet) services to clients of Fusionex.
The e-money and e-wallet services are slated to be rolled out at the end of the year, the filing stated.
Fusionex is a subsidiary of Fusionex International Plc, which is listed on the London Stock Exchange.
The partnership will also explore the potential of a jointly developed payment gateway integrated with a big data analytics platform for ManagePay and Fusionex’s clients.
ManagePay group managing director and chief executive officer Chew Chee Seng said the collaboration with Fusionex will provide deeper insights to organisations that require big data analytics for customer spending patterns or product mix trends according to market or region.
“In turn, we are able to offer more value to our clients by helping them to move ahead of industry trends using insights we gather under our collaboration with Fusionex,” he added.
ManagePay said the partnership is in line with its business strategy to develop a new scalable business earnings stream.
It also allows ManagePay to jump start into a broader eco system in cashless transactions, under the e-payment initiatives set out by Bank Negara Malaysia, the company said.
“Moving forward, ManagePay and Fusionex will look towards leveraging on new business opportunities through this partnership, with the deployment of their respective expertise and product solutions, creating a synergistic platform,” the filing stated.
On Oct 1, ManagePay’s wholly-owned unit ManagePay Services Sdn Bhd was appointed as the managing operator of the local retail chain Malaysia Retail Chain Association (MRCA)’s Ringgit Rewards Card’s e-wallet and cashback loyalty card programme.
ManagePay Services will be responsible for issuing, acquiring and operating the programme that is a MasterCard co-branded prepaid card.
With the Ringgit Rewards Card, consumers can load cash value to be used in lieu of cash at participating MRCA outlets and get purchase benefits such as immediate discounts or cashback.
The accumulated cashback earned will be used to redeem their desired reward or next purchase at participating MRCA outlets.
ManagePay shares closed half a sen or 1.82% higher at 28 sen, with a market capitalisation of RM198.93 million.