KUALA LUMPUR (March 30): ManagePay Systems Bhd has entered into a term sheet with Hong Kong-based Eddid Financial Holdings Ltd to form a joint venture (JV) to apply for a capital market services licence (CMSL), as well as to launch and market trading app Eddid ONE.

The parties will enter into a definitive JV agreement within three months, the ACE Market-listed group said in a bourse filing.

ManagePay said Eddid would provide all necessary information and documentation required by Malaysian regulatory bodies in order to assist the JV to obtain the CMSL and provide all necessary and reasonable technical and commercial support as requested by the group.

“ManagePay shall initiate the application process with Malaysian regulatory bodies including but not limited to the Securities Commission Malaysia for the application of the CMSL and provide legal and compliance support as requested by Eddid and the JV,” it added.

In December last year, ManagePay and Eddid inked a Memorandum of Understanding to cooperate for the launch and marketing of the internet-based securities trading mobile application Eddid ONE.

Eddid is involved in securities and futures trading, foreign exchange trading, asset management and financial technology.

Shares in ManagePay closed half a sen or 4.17% lower at 11.5 sen on Thursday (March 30), giving the group a market capitalisation of RM99.06 million. 

https://www.theedgemarkets.com/node/661543