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18 March 2023. Saturday
KUALA LUMPUR (March 17): ManagePay Systems Bhd (MPay) announced its online financing platform QuicKredit — the Shariah-compliant platform that enables investors to buy and trade gold with credit.
In a statement, MPay said buyers can buy gold by acquiring purchasing financing from QuicKredit with interest based on Tawarruq financing.
Users may also choose to receive their gold physically, store it in a secured vault or pawn their purchased gold for a fee and repurchase it later in the form of Ar Rahnu practice.
The platform is expected to be launched in the early third quarter of 2023, subject to regulatory approvals.
MPay added that QuicKredit’s financing services will leverage the money lending licence held by ManagePay Resources Sdn Bhd which was approved by the Ministry of Local Government Development on Jan 5.
MPay Group founder and managing director Datuk Chew Chee Seng said QuicKredit’s model centres on creating investment opportunities for the underprivileged segment, or individuals with minimal disposable income.
“The perception has traditionally been that it costs an arm or a leg to start investing in the precious metal asset class.
“QuicKredit intends to make gold available for purchase from as low as RM100 with redemption of physical gold assets from 1 gram onwards.”
This came after the group inked several agreements with StoneX APAC Pte Ltd on March 7 in which StoneX has agreed to extend various precious metals trading facilities to MPay’s wholly owned subsidiary ManagePay Innovation Sdn Bhd.
The agreements will enable ManagePay Innovation to provide end-to-end collateral service handling for the sales and purchase of precious metals such as gold bullion including storage to the QuicKredit lending platform.
MPay’s share price closed 0.5 sen or 4.55% higher to 11.5 sen on Friday (March 17), giving it a market capitalisation of RM94.93 million.
