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HONG KONG, July 10, 2023 /PRNewswire/ -- Eddid Financial (the "Group"), an all-encompassing financial group centered around fintech, and ManagePay Systems Berhad ("MPAY", 0156.MY) , a leading Malaysian fintech company, have signed an agreement to establish a joint venture, building on their earlier Memorandum of Understanding (MOU) announced in February. This strategic partnership aims to leverage both companies' strengths in fintech research and development, as well as their unique expertise, to jointly expand the Malaysian financial market and create new opportunities within the Southeast Asian financial ecosystem. As part of its commitment to overseas expansion, and increase the variety of financial products, the joint venture will apply for a Capital Market Services Licence (CMSL) from the Securities Commission Malaysia to provide capital market services in the country.
MPAY, a listed company in Malaysia, is a renowned provider of end-to-end electronic payment solutions for banks and financial institutions, with over two decades of experience. Over the years, it has expanded its offerings to include P2P lending, micro lending, project financing, P2P Remittance, cross-border remittance, merchant acquiring, and e-Wallet & Mastercard prepaid card issuer in Malaysia.
This joint venture marks a significant milestone in Eddid Financial's ongoing strategic expansion into overseas markets, further extending its presence beyond its existing businesses in Hong Kong SAR and the United States by entering the Malaysian financial sector. As a full-service financial group based in Hong Kong, the Group has consistently prioritized fintech innovation. With multiple licenses and membership across key financial markets, including Hong Kong SAR and the United States, the Group is dedicated to providing comprehensive, one-stop financial services and products to global institutional and individual clients.
By combining the innovative fintech solutions and system products of both companies, Eddid Financial aim to create a win-win situation with MPAY, driving growth and innovation in the region. The partnership will facilitate in-depth technical and business collaborations in fintech R&D, allowing both parties to share resources and experiences. This strategic alliance will generate strong synergies, contribute to breakthroughs in both companies' business development, and further solidify Eddid's position as a global fintech innovator with a growing international footprint.
About Eddid Financial
Anchored in Hong Kong, Eddid Financial is an all-encompassing financial group centered around fintech and dedicated to integrating cutting-edge artificial intelligence technologies and other latest technologies into its enterprise DNA. The diversified businesses of Eddid Financial range from retail to institutional and include but are not limited to fintech, internet finance, wealth management, asset management, investment banking, and virtual assets. Eddid Financial is committed to providing one-stop financial services and products to customers through high-quality investment solutions.
Members of the Group hold a variety of licenses and memberships across key financial markets, including Hong Kong SAR and the United States. These include Hong Kong Securities and Futures Commission (SFC) regulated activities ("RA") licenses for types 1, 2, 3, 4, 5, 6, and 9; SEHK and HKCC participant (OTP-C broker number: 0974 and 0977), Insurance Broker Company license; Trust or Company Service Provider License in Hong Kong; as well as approved membership with the National Futures Association (NFA) in the United States and registered broker dealer of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
For further information on Eddid Financial, please visit www.Eddid.com.hk.
