KUALA LUMPUR: Revenue Group Bhd
has obtained a moneylending licence from the Local Government Development Ministry (KPKT) to undertake online moneylending activity in addition to its existing moneylending business.
In a filing with Bursa Malaysia, Revenue said its wholly owned subsidiary, Revenue Harvest Sdn Bhd (RHSB) received the approval from KPKT via an online KPKT moneylending licence dated Oct 17 issued under the Moneylenders Act 1951.
The licence for the online moneylending activity is effective from Oct 12, 2023 until March 31, 2025 and is renewable once every two years.
“The licence will enable the group to provide digital loan and microfinancing services to its existing customers database as well as any other potential micro, small and medium enterprises (MSMEs) and thus, allowing the group to offer an innovative end-to-end solution by enhancing its business offerings to bridge the payment and credit gap among the financially underserved market,” Revenue said.
“The Board envisages that the online moneylending business is expected to contribute positively to the overall future earnings of the group should the potential benefits from the services to be offered by the group pursuant to the licence are materialised,” it added.
