I-Pay partners with Malaysia’s MYEG

MANILA, Philippines - I-Pay Ventures Commerce Ventures Inc. signed recently a 60/40 joint venture agreement with Malaysia’s MY E.G. Services Bhd (MYEG) to focus on enabling government and large enterprises to offer services online supported seamlessly by a payment gateway and other value-added services.

“We are super excited to work with I-Pay to offer a superior G2C user experience in the Philippines. Our unique model provides significant cost savings and increased efficiency to all stakeholders and combined with I-Pay’s established operating record, we are confident of achieving mass adoption in the coming years,” said MYEG managing director TS Wong.

“Our partnership with MYEG gives us access to world class technology that can upgrade internet infrastructure and government services in the Philippines. The ultimate goal of our partnership is to improve delivery of government services for the Filipino people. We have deep conviction behind our joint-venture with MYEG,” said Enrique Gonzalez, president of IP Ventures Group.

MYEG is Malaysia’s fastest growing company as the civil service embraces the digital way of providing services to the public. MYEG provides a multitude of government services available online in Malaysia, including 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.

MYEG has been constantly recognized by Forbes as one of Asia’s “Best Under A Billion” companies.

I-Pay is a payment processing provider and a direct agent of Western Union in the Philippines. IPCVI is backed by renowned investors such as IP Ventures Inc. (leading technology and retail conglomerate in the Philippines), Kaikaku Fund (Softbank affiliated fund), JJAtencio (founder and CEO of 8990 Holdings Inc.) and Derrick Chiongbian.

I-Pay’s vision is to enable government and enterprises to provide its services through technology encompassing internet, automation, big data and electronic payments.

I-Pay is the payment processing investment of the IP Ventures Group (lPVI). 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.

I-Pay is also a direct agent of Western Union in the Philippines, which has won various awards such the “Asia-Pacific Best Newcomer” in 2010, and “Asia-Pacific Fastest Expanding Network” in 2011.