At 11.32am, the payment solutions provider was the third-most actively traded counter in the morning session with over 35.38 million shares exchanging hands.

Its share price went up by 2 sen (9.52%) to 23 sen, giving it a market capitalisation of RM127.15 million.

The new licence was acquired by the group’s wholly owned subsidiary Revenue Harvest Sdn Bhd yesterday. It is valid from Oct 12, 2023 to March 31, 2025 and is renewable every two years.

With the newly acquired licence, the company will provide innovative e-lending services tailored for Malaysian businesses, according to Revenue’s filing with Bursa Malaysia.

The services include digital loans and microfinancing services to its existing customers as well as any other potential micro, small and medium enterprises.

Such services, it added, will bridge the payment and credit gap among the financially underserved market.

For the financial period ended June 30, 2023 (FY2023), Revenue suffered a net loss of RM36 million from a net profit of RM13.44 million in the previous year.

The Revenue Group had gone through an explosive boardroom drama at the beginning of the year when the board suspended co-founders and executive directors Brian Ng and Dino Ng after certain complaints were made against them.

The two brothers were subsequently arrested by the Malaysian Anti-Corruption Commission  and charged in court on March 14 for fraudulent disposal of a company vehicle, made five years earlier. The duo denied any wrongdoing. 

A week later, the duo announced their resignation from the board. They also claimed that attempts had been made to oust them and take over Revenue Group since December 2022.