By Sofia Nasir
SHAH ALAM, April 11 — Wavpay Fintech Holding Sdn Bhd (Wavpay) and Sunway Money Sdn Bhd (Sunway Money) has formed a joint venture to develop a system for international money transfers.
Dato’ Seri Amirudin Shari said the partnership would see Sunway Money taking over as the service provider that is made available via the e-wallet application operated by the state-owned company Wavpay.
“Both parties will be working together to push forward the financial technology industry and open up new potential for digitalisation.
“This initiative is also in line with the state government’s efforts to promote and grow the digital economy,” said the Menteri Besar.
Earlier, Amirudin witnessed the signing of the agreement and the exchange of documents between Wavpay and Sunway Money at the Selangor State Secretariat Building, here yesterday.
Also present were Selangor State Secretary Dato’ Haris Kasim, state executive councillor for investment Dato’ Teng Chang Khim and Sunway Group president Tan Sri Chew Chee Kin.
Amirudin said that the system’s target users are entrepreneurs who conduct business internationally as well as foreign students and workers.
In comparison to regular banking transactions, he said that all transactions using the system could be conducted 24 hours a day and that recipients would receive the money shortly.
“A total of 2.41 million foreign employees were reported in Malaysia by the statistics departmen. This system is expected to benefit them and also advance the Sustainable Development Goals (SDGs),” he said.
Previously, Wavpay also signed a Memorandum of Understanding with AmGeneral Insurance Berhad (AmGeneral) for the state’s free insurance scheme, Skim Insurans Am Selangor (Insan).
