I-Pay Ventures Commerce Ventures, Inc. (I-Pay) signed a joint-venture agreement with MY E.G. Services Bhd (MYEG) on March 15, 2017. The 60/40 joint venture will be focused on enabling government and large enterprises to offer services online supported seamlessly by a Payment Gateway, and other value-added services.
Both parties envision the joint venture will replicate the business model of MYEG in Malaysia.
“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,” says TS Wong, Managing Director - My E.G. Services Bhd.
"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." says Enrique Y. 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 which is available online in Malaysia which include 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.
The tie-up with the Immigration Department and Road Transport Department has resulted in the company recording euphoric growth in its top and bottom lines.
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.
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), JJ Atencio (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 (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.
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.
Photo caption: From left to right: Derrick Chiongbian – Chief Advisor, I-Pay Commerce Ventures, Inc.; Datuk P.S. Jaya – CEO, PDX.COM SDN. BHD.; Wong Thean Soon – Managing Director, My E.G. Services Bhd; Enrique Y. Gonzalez – President & CEO, IP Ventures Inc.; Ronald Allan M. Aquino – President, I-Pay Commerce Ventures, Inc.; Ron Lau – Group Head of Sales, My E.G. Services Bhd; Leon Loo – Business Development Manager, My E.G. Services Bhd