ManagePay Systems collaborates with Finnet Indonesia to introduce “Finpay Money Migrant,” a white-label e-wallet and mobile application, providing dual-currency functionality. The reciprocal partnership allows MPay to issue its white-label e-wallet in Indonesia. Finpay Money Migrant offers various features, including outbound remittances and social security contributions, targeting the Indonesian market.
6 January 2024 – Kuala Lumpur-based ManagePay Systems Bhd (MPay) has announced that its wholly-owned subsidiary, ManagePay Services Sdn Bhd (MPSB), has secured an appointment from Indonesian digital payment service provider PT Finnet Indonesia. The collaboration aims to provide white label services for the development of an e-wallet and mobile application.
The newly unveiled product, named “Finpay Money Migrant,” will showcase e-wallets denominated in ringgit (powered by MPSB) and rupiah (powered by Finnet). White label services involve the rebranding of products or services by one company to make it appear as if they were the creator. Finpay Money Migrant already boasts over one million customers in Indonesia.
MPay highlighted that the partnership is reciprocal, with Finnet reciprocating the white label e-wallet cooperation by empowering MPay to issue its white label MPay e-wallet in Indonesia. The collaboration extends further to facilitate outbound remittances from parents of Indonesian students in Malaysia to their Finpay Money Migrant e-wallet or HomeRemit mobile application.
Among the additional functions of the Finpay Money Migrant mobile app are facilitating contributions by Indonesian migrant workers in Malaysia to the Social Security Administrative Body of Indonesia (BPJS TK) and enabling the payment of e-compensation claims to the mobile app of Indonesian migrant workers in Malaysia from BPJS TK.
Finnet Indonesia is a joint venture, with 60% ownership by Indonesia’s state-owned telecommunications network, PT Telekomunikasi Indonesia, and 40% by Mekar Prana Indah, the employee welfare foundation of the Central Bank of Indonesia.
The collaboration marks another step in MPay’s strategic expansion into the digital payment landscape, leveraging Finnet’s established presence and user base in Indonesia. – ref: The Edge Malaysia
