WePay: Theta Edge gets Wepay as partner to develop digital platform for mobility

PETALING JAYA: Theta Edge Bhd is upbeat about exploring new growth areas in digital infrastructure with the appointment of Wepay System Sdn Bhd and its international associates as its technology partner to develop a fully integrated and multifunctional digital platform for Malaysia.Theta Group CEO Nuraslina Zainal Abidin said the collaboration will enable the parties to jointly promote industry innovation by utilising each company's resources to drive the digitalisation of various industry segments in Malaysia. The readiness of the technology platform will also allow Theta to collaborate and connect with many applications to enable users to have a one-stop shop for all their needs."Theta's immediate focus is to transform mobility into a pleasant experience with a Mobility-as-a-Service (MaaS) digital platform that essentially provides real-time information to enable travellers to monitor, plan, book, and pay for multiple mobility services (which include all modes of public transports and other transit operators) on an open payment system, allowing traveling seamless and allow travellers to access and connect via a single platform to all available transport options. The MaaS digital platform will also incorporate e-commerce and e-finance applications to connect travellers and users to other services," she said.Nuraslina also said Theta has secured Wepay's commitment to invest in the project through Haitong International Securities Co Ltd, Wepay's lead global coordinator and lead joint bookrunner to raise RM700 million or equivalent through foreign direct investment to finance the project.About RM400 million will be allocated to finance the development and implementation of the MaaS digital platform and roughly RM300 million to improve the physical and non-physical infrastructure to support mobility, especially in providing last-mile connectivity.Wepay System chairman Datuk Md Zubir Ansori Yahaya said the collaboration between Haitong International Securities, being one of the oldest large-sized securities companies in Hong Kong with total assets of 754 billion yuan and having a global financial servicing network across 15 countries on five continents, will augur well for Malaysia in driving digital transformation and contributing to the local talent development in new technology innovation.