News and Announcements
iSentric to Provide Mobile Payment Solutions to Public Bank Berhad
- Published March 16, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Fintech company iSentric (ASX:ICU) has entered a collaboration agreement with Public Bank Berhad (PBB) to jointly develop and introduce a mobile payment solution for the Malaysian market. iSentric’s mobile payment solution will adopt a similar mobile technology as other mobile payment service providers such as Apple Pay, Samsung Pay, Alipay and Tenpay.
KEY TAKEAWAYS:
- iSentric’s shares were last trading 31% higher intra-day, at $0.08.
- PBB is the largest bank by market capitalisation in Malaysia since March 2016 and the second largest bank by assets with about RM380 billion as of 31 December 2016.
- The mobile application will be made available on Android and iOS platform and will contribute towards the progress of the mobile payment ecosystem in Malaysia.
- iSentric will be the sole solution provider to PBB for processing payments from merchants.
- The new fintech driven mobile application for customers and merchants is scheduled to be released to the Malaysian market in Q3 2017.
- The mobile payment market hit US$450 billion in 2015 and is expected to soar to US$1.8 trillion by 2019.
iSentric CEO Sean Tham said, “Given that PBB’s strategy is centered on growth in the retail banking business, we are confidentthat the mobile payment solution will be able to gain traction as it leverages on the PBB’s solid customer base. In addition, our goal to leverage on PBB’s regional presence to penetrate other markets. iSentric has been working in the mobile banking market for many years. This technology collaboration is a first step to evolving our Enterprise Mobility division to a new revenue model where iSentirc will generate revenue through transaction processing rather than technology licensing. We are extremely excited with this partnership and look forward working with PBB to grow the business in Malaysia and into other Asian markets.”
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