Loss-making MPay is a provider of end-to-end electronic payment solutions for banks and financial institutions, merchants and card issuers. Nearly half of the proceeds will be used for a financial technology platform, as well as developing and customising systems for a licensed digital bank. MPay also stated that the private placement allowed the company to raise funds without incurring interest expenses, as compared to bank borrowings. “As such, this is a very strategic move to bring onboard a strong partner to strengthen our technologies and financial position, ” Chew told StarBiz. He said the company was in talks with a few strategic parties, and aims to complete the private placement within this year.

Source: The Star August 04, 2020 00:11 UTC