Managepay Inks Smart Transport JV with Chinese Firm
Managepay Systems Bhd (KL:MPAY) said the company has teamed up with a Hong Kong-listed IT and smart infrastructure firm to introduce smart transportation and internet of things (IoT) systems in Malaysia.
The fintech and payment solution company said its wholly owned unit, ManagePay Services Sdn Bhd, signed a joint venture (JV) agreement with Shanghai Chinasoft Huateng Software System Ltd (ChinaSoft) on Wednesday during the state visit of Chinese President Xi Jinping to Malaysia.
The JV company, known as MPAY CSI Malaysia Sdn Bhd, will be deploying smart transportation technologies, including automatic fare collection systems for metro and bus services, along with IoT solutions built on the Harmony Open Source framework, said Managepay in a bourse filing on Friday.
Under the agreement, ManagePay Services will hold a 70% stake in the venture, while Chinasoft will hold the remaining 30%, with both firms appointing two directors each to the board.
“The collaboration aims to support Malaysia’s push towards digital transformation in public transportation and urban infrastructure by leveraging ChinaSoft’s proven capabilities in smart mobility solutions.
“Through this joint venture, the parties seek to enhance public transport convenience and efficiency, as well as accelerate the adoption of smart city innovations across urban centres,” said Managepay.
ChinaSoft has delivered integrated smart city and intelligent transport solutions across major cities in China, and collaborates with major tech firms, including Huawei, Microsoft, Amazon Web Services, and Tencent Cloud.
“Both ManagePay and ChinaSoft will also use this JV company as a strategic vehicle to participate in and bid for future tenders related to smart transportation and IoT development in Malaysia and the broader Asean region,” said Managepay.
Shares of Managepay closed up half a sen or 7.14% to 7.5 sen on Friday, valuing the company at RM77.41 million.
$MPAY / 0156 (MANAGEPAY SYSTEMS BERHAD)
Source from The Edge