RC365 Holding PLC (LSE:RCGH) has, through its Hong Kong subsidiary RCPAY, signed a non-binding memorandum of understanding (MoU) with Koperasi Usaha Maju Kuala Lumpur Berhad (KOMAJU) to establish a collaborative platform for offering co-branded international and domestic fintech solutions.
The news follows a period of expansion for RC365 in Malaysia, having established a wholly owned subsidiary in the Southeast Asian country in September.
Under the MoU, RCPAY and KOMAJU intend to pursue their joint mission of promoting digital innovation, providing easy digital access, enhancing digital literacy and creating a cooperative network.
RCPAY will provide both offline and online Mastercard payment solutions, which will be made available to interested parties seeking fitch payment solutions, while KOMAJU will provide and manage the services for domestic and international clients.
The duo intends to cater to the needs of corporate and SMEs, with a goal of reaching 5,000 card users across the ASEAN region by the middle of 2024.
Chi Kit Law (Michael), executive director and chief executive of RC365, commented: "We are delighted and honoured that the signing of the MoU with KOMJAU was a public ceremony held in Malaysia today.
"Thank you for those who came to witness the special signing of the MoU and for shareholders for your continued support in the company as we further expand in Malaysia."
KOMAJU is a registered member of the Malaysia Co-operative Societies Commission (SKM), a Malaysian government-founded organisation designed to monitor, supervise and regulate the cooperative sector and advise the minister on all matters relating to the cooperative sector.