Philippine-based fintech network I-Pay Commerce Ventures Inc (I-Pay) has formed a joint venture entity with Malaysia-listed company My EG Services Bhd (MyEG) designed to provide online government-to-citizen (G2C) services.
It was a 60/40 joint venture between I-Pay and MyEG, respectively, meant to focus on enabling government and large enterprises in the Philippines to offer services online, supported by a payment gateway, and other value-added services.
As a payment processing provider, I-Pay is a direct agent of Western Union in the Philippines and is also behind the online registration system of the country’s National Bureau of Investigation (NBI).
I-Pay is backed by Softbank affiliated fund Kaikaku Fund, and Philippine-based technology and retail conglomerate IP Ventures Inc. Its other individual investors are JJ Atencio, founder and CEO of 8990 Holdings Inc, and Derrick Chiongbian.
The joint venture is envisioned to replicate the business model of MyEG in Malaysia.
MyEG provides government services such as online renewal of foreign workers permit and insurance, as well as online renewal of vehicle road tax and insurance, and online transfer of vehicle ownership in Malaysia.
IPVG president Enrique Gonzalez said he has deep conviction behind the joint-venture with MyEG.
“Our partnership with MYEG gives us access to world class technology that can upgrade Internet infrastructure and government services in the Philippines,” Gonzalez said. “The ultimate goal of our partnership is to improve delivery of government services for the Filipino people.”
MyEG managing director TS Wong expressed confidence the joint venture, which aims to offer quality G2C user experience in the Philippines, will achieve mass adoption in the coming years.