The Board of Directors (“Board”) of MPay announced that the Company had on 21 January 2022 entered into a Term Sheet with Emerging Enterprise Sdn. Bhd. (“EESB”) for a joint venture (“Proposed JV”) to implement a i-3s system, which is a cashless student management system which aims at digitalising attendance, payments in schools and the management of student activities (“Project”).

The Ministry of Education (“MOE”) had on 29 November 2021 approved EESB to implement the Project for a total of two thousand (2,000) schools both in primary and secondary schools by 31 December 2024. The Project further manages the expenditure of students using an online prepaid card and has automated attendance monitoring which connects parents with schools and teachers through web and mobile applications. In light of the Proposed JV, both EESB and the Company will work towards achieving the completion of the Project.