“Following information brought to the board’s attention, it has arrived at the decision to suspend the two executive directors immediately pending an investigation,” said managing director and group CEO Eddie Ng.

“Notwithstanding this unfortunate event, the board would like to reassure all stakeholders it is business as usual for Revenue as the highly capable next level leadership team is handling day-to-day operations.

“Additionally, we are also looking into further strengthening our management and internal control. The board and the management remain committed on growing our business and executing our growth strategies, which are progressing well.”

To recap, the group recently enabled its Easy Payment Plan facility for the mobile app of a leading online shopping platform.

In addition, the group also started collaborating with a leading regional superapp to make the PayLater facility available as an in-store payment option for its merchants.

These initiatives are an integral part of the plan to expand its electronic transaction processing segment.

“All in all, delivering exceptional value to our stakeholders remains our utmost priority while safeguarding interests at the same time, especially for our minority shareholders,” said Eddie.

The group will make further announcements if there are any material development in respect of this matter.

The group’s proprietary platform, revPAY, is a single platform that facilitates the acceptance of payment transaction across multiple payment channels from physical electronic data capture terminals, to virtual and QR payments.

In addition, revPAY serves as a payment acquirer for various payment platforms such as MyDebit, UnionPay, Direct Debit, Alipay, Touch ’n Go eWallet, Boost eWallet and others.