Revenue Group to enter Myanmar market early next year

KUALA LUMPUR: Cashless service provide Revenue Group Bhd is expected to make inroads into Myanmar early next year.

It’s Group chief executive officer, Eddie Ng Chee Siong said currently the group was awaiting approval from the authorities before it could enter into any partnership there.

“We hope to collaborate with local companies there to strengthen out footprint,” he said after the company’s inaugural Annual General Meeting (AGM) yesterday.

Revenue Group, which was listed on the ACE Market in July, has partnered wih various banks, including Public Bank and Hong Leong Bank to boost cashless payment from various medium such as credit card, debit card, as well as e-wallet.

“So far, we have sold 5,000 Electronic Data Capture to Public Bank and we hope we can see a positive growth in the upcoming quarters,” he said.

Ng said the group was optimistic of finalising a deal with Hong Leong Bank by yearend which would be similar to a contract it concluded with Hong Leong Bank.

“Malaysia is moving towards a cashless society and we hope to strengthen our local market before exploring other countries,” he said.

For the financial year (FY) 2018, Revenue Group’s net profit increased to RM7.02 million from RM6.93 million in FY17. Revenue was recorded at RM35.36 million from RM26.52 million previously.

“For FY18, our electronic transaction processing segment was our largest contributor at RM16.72 million which is 47.3 per cent of the group’s total revenue,” he said.

He said the company aimed for a double digit growth in the coming quarters as more merchants were embracing cashless payment. — Bernama