iSentric’s Malaysian FinTech division has entered into partnership with Public Bank Berhad (PBB) to jointly develop and launch mobile payment solution in the country.
Under the partnership, iSentric will be the sole solution provider for the bank for processing payments from merchants.
The new mobile solution, which will be similar to Apple Pay, Samsung Pay, Alipay and Tenpay, will be available on Android and iOS platform. The platform is slated to be launched in the third quarter of 2017.
Currently, only Touch N Go and Samsung Pay are offering mobile payment solution in the country.
iSentric CEO Sean Tham said: "Given that PBB's strategy is centered on growth in the retail banking business, we are confident that the mobile payment solution will be able to gain traction as it leverages on the PBB's solid customer base.
“This technology collaboration is a first step to evolving our Enterprise Mobility division to a new revenue model where iSentirc will generate revenue through transaction processing rather than technology licensing."