Green Packet snaps majority stake in payment processing firm, T-Melmax
By Digital News Asia September 29, 2020
- Forms JV with Censof Holdings, fills gap for SMEs looking for 1-stop provider
- Acquisition a core building block in Green Packet’s transformative purpose
Green Packet Bhd announced yesterday its acquisition of 51% majority stake in T-Melmax Sdn Bhd, a payment processing technology company owned by Censof Holdings Bhd, which specialises in financial management software solutions.
The acquisition also marked the establishment of a new joint venture between Censof and Green Packet as they work together towards a common vision of transforming T-Melmax into a preferred digitally driven, real-time multi-layered reporting payment gateway service provider. The strategic move fills the gap in the market for SMEs, state and federal government units and enterprises who are looking for a one-stop provider that is able to combine the power of real-time cashless payment and accounting into a truly integrated and seamless solution with end-to-end financial reporting analytics.
Established in 2002, T-Melmax is an ICT company focused on digitally automating and simplifying the handling and processing of bulk payment, bulk collection and other types of payments. As part of the Censof group of companies, it has been successful in serving a large customer base of 69 government and government-related bodies, 11 academic institutions, 407,000 SMEs (in Malaysia, Singapore and Hong Kong), and 11,000 freight forwarders, importers and exporters with their one-stop payment solution and accounting systems.
“Heads of Treasury, CFOs, financial leaders, and accounting teams everywhere need to strategically implement different digital tools as soon as possible to reap the rewards of greater productivity, efficiency and value-add for their organisations. T-Melmax has been a trusted provider to various government agencies for various statutory payments and this partnership will help both companies leverage complementary strengths and bring greater value to our combined base of customers,” said CC Puan, group managing director of Green Packet.
Censof group managing director, Ameer Shaik Mydin said, “The need for digital payments is a norm in today’s world. We hear of e-payments or e-wallets becoming the core of daily business operations. The combined strength between T-Melmax and Green Packet will ensure delivery of digitalised strategies, products and services in supporting our new Digital Malaysia, especially in these unprecedented times of rapid change that require us to innovate faster than ever.”
Both Green Packet and Censof are members of the GAIN programme, facilitated by the Malaysia Digital Economy Corporation (MDEC) to catalyse the expansion of Malaysian tech companies to soar on the global stage.
“This joint-venture demonstrates the muscles of our GAIN network and homegrown tech leadership. MDEC commends Green Packet and Censof for working collaboratively to create solutions that accelerate business automation and digitalisation to boost the growth and business footprint of local companies. We look forward to more of such partnerships to augment Malaysia’s pursuit to be the Heart of Digital ASEAN,” said Gopi Ganesalingam, vice president of MDEC’s Global Growth Acceleration Division.
Green Packet’s continuous focus on powering the masses as a key digital financial services platform provider has helped drive an inclusive cashless agenda across different communities. This acquisition will form a core building block in Green Packet’s transformative purpose to enable every human to thrive with life improving digital innovation.