30 October 2023
RC365 Holding Plc
("RC365" or the "Company")
Memorandum of Understanding with Koperasi Usaha Maju Kuala Lumpur Berhad
RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions and IT support, is pleased to announce that today its Hong Kong subsidiary, RCPAY Limited ("RCPAY"), signed a non-legally 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 for corporate and SME clients.
In the MoU, RCPAY and KOMAJU set out their mission:
1. Promote digital innovation;
2. Provide easy digital access;
3. Enhance digital literacy; and
4. Create a cooperative network.
Pursuant to the MoU, RCPAY will provide both offline and online Mastercard payment solutions, which will be made available to interested parties seeking fintech payment solutions, and KOMAJU will provide and manage the services for domestic and international clients, ensuring high quality delivery and support under RCPAY Limited's prescribed standard practices. Under this MoU, the parties intend to cater to the needs of corporate and SME clients, with the goal of reaching 5,000 card users within the ASEAN region by HY24.
The MoU shall be valid for twelve months from the date of the MoU, and shall be superseded when both parties signed a formal agreement.
KOMAJU is a Malaysian Organisation whose goal is to encourage members to embrace and integrate digital technology to enhance their operational efficiency. The company promotes the use of technology in every aspect of cooperative operations to strengthen its member community.
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.
Chi Kit Law (Michael), Executive Director and Chief Executive Officer, said:
"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."
For further information please contact:
RC365 Holding plc
Chi Kit LAW, Chief Executive Officer
T: +852 2251 1621
Guild Financial Advisory Limited - Financial Adviser
T: +44 (0)7973 839767
T: +44 (0)7972 841276