KUALA LUMPUR: TFP Options Bhd intends to advertise OneCENT cellular monetary expertise (fintech) platform aggressively to the native market, as soon as the Motion Management Order (MCO) is lifted.
Managing director Datuk Hussian A Rahman defined that the OneCENT platform paves the way in which for its ecosystem of entrepreneurs to grasp cashless digital existence, whereas reaping rewards within the type of money rebates and different incentives.
He stated that such rebates are available varied manners, together with commissions for referrals to additional broaden the OneCENT ecosystem.
“We even have plans to pay fee for invoice funds made through the OneCENT platform, in addition to OTRemit (oversea remittance by overseas employees) referral charges,” he advised The New Straits Occasions.
Subscribers might additionally make cashless purchases at appointed retailers through the OneCENT digital pockets.
There are additionally plans to introduce an optionally available pay as you go Visa card for customers to withdraw money rebates from varied native and abroad banks’ ATMs.
Hussian defined that the OneCENT initiative enhances the corporate’s present OneCALL cellular fintech product.
TFP had launched OneCALL final 12 months when it inked a co-branding settlement with Tune Discuss to focus on the ‘unbanked’ inhabitants (folks with out financial institution accounts) all through Malaysia.
“We consider that this unbanked inhabitants holds nice potential for OneCENT and OneCALL to be extraordinarily profitable,” he stated.
“From our estimates, some two million Malaysians, representing eight % of the nation’s 24 million adults, should not have any checking account,” he stated, expressing his perception that there’s an outflow of some RM20 billion value or remittance through non-banking channels per 12 months.
“Breaking the numbers down in farther from the market dimension perspective, there are 9 million folks dwelling in rural areas and 40 % of Malaysia’s 32 million inhabitants falls throughout the B40 group,” he added.
TFP research additionally point out some two million Bangladeshis, 1,000,000 Indonesians and 800,000 Nepalese at the moment residing all through Malaysia.
“Therefore, we had tailor-made OneCALL to handle this market’s challenges together with distinctive options resembling remittance, digital ATMs, recreation PINs, way of life instruments, invoice funds along with a B40 entrepreneur programme,” stated Hussian.
On the company entrance, TFP introduced final month its plans to make a personal placement of as much as 62,020,100 new odd shares in TFP, representing roughly thirty % of the prevailing whole variety of issued shares in TFP (excluding 1,279,000 treasury shares).
The train is tied in with an issuance of as much as 134,377,022 free warrants on the premise of 1 warrant for each two TFP Shares held on an entitlement date to be decided later.
The majority of the proceeds raised could be utilised to grasp the corporate’s cellular fintech enterprise plans.
“The previous one 12 months has been a purposeful one for the TFP Group as we turned the nook to emerge as an end-to-end fintech entity.
“Whatever the financial surroundings, my sense is that the TFP group is now on the cusp of a fintech motion that’s vibrant and recreation altering,” Hussain stated.