I-Pay Ventures Commerce Ventures, Inc. (I-Pay) recently signed a joint-venture agreement with MY E.G. Services Bhd (MYEG) to enable government and large enterprises in the Philippines to offer a Payment Gateway and related value-added online services.
I-Pay is the company behind the NBI’s online registration system. MYEG is Malaysia’s fastest-growing company as the country’s civil service embraces the digital way of providing services to the public. Its tie-up with the Immigration Department and Road Transport Department has resulted in massive growth in the company’s top and bottom lines.
Both parties envision the joint venture will replicate the business model of MYEG in Malaysia. The new agreement represents each organization’s strong commitment to provide Philippine public service sector with the best and trusted e-commerce platform with an excellent track record.
According to its latest annual report, MYEG recorded a 36.8% compounded annual growth rate (CAGR) in revenue for the five years between 2011 and June 2016 while its profit grew at a CAGR of 45.1% over the same period.
MYEG has also been constantly recognized by Forbes as one of Asia’s “Best Under A Billion” companies.
“We are very excited to work with I-Pay to offer a superior G2C user experience in the Philippines,” said TS Wong, managing director, My E.G. Services Bhd. “Our unique model provides significant cost savings and increased efficiency to all stakeholders. Combined with I-Pay’s established operating record, we are confident of achieving mass adoption in the coming years.”
I-Pay’s vision is to facilitate Government and enterprises in delivering technology-driven services encompassing the Internet, automation, big data and electronic payments.
I-Pay is a payment processing provider and a direct agent of Western Union in the Philippines. It is the payment processing investment of the IP Ventures Group (IPVI).
IPVI has successfully built market leading companies in the data center space, IP Converge Data Center Inc. (CLOUD); online gaming space, IP E-games (EG); and business outsourcing, PCCW Teleservices Philippines, Inc.
IPCVI is backed by renowned investors such as IP Ventures Inc. (leading technology and retail conglomerate in the Philippines), Kaikaku Fund (Softbank affiliated fund), JJ Atencio (Founder and CEO of 8990 Holdings Inc.) and Derrick Chiongbian.
“Our partnership with MYEG gives us access to world class technology that can upgrade Internet infrastructure and government services in the Philippines. Its ultimate goal is to improve delivery of government services for the Filipino people,” said Enrique Y. Gonzalez, president of IP Ventures Group.