PUC launches e-wallet platform Presto

KUALA LUMPUR: ACE-Market listed PUC Bhd, which is seeking approval for money raised initially for its renewable energy business to be pumped into its e-wallet business expansion, today launched Presto, a homegrown social marketing and e-wallet platform. The e-wallet service is targeted to go live in early 2018.
PUC proposes to pump in RM36 million from a rights issue of irredeemable convertible unsecured loan stocks (Iculs) last year, earmarked for its renewable energy business, to be used for the e-wallet business expansion. A total of RM42 million was raised.
“We’ve tried the solar plant business for the last one year but because of the rates and for commercial reasons, we’re not able to (kick off the project). We’re still trying to get more of the solar plant business. Meanwhile, we will see what other options we can use the funds for,” explained PUC group managing director and CEO Cheong Chia Chou. An EGM will be held next week to obtain shareholders’ approval for the pending variation.
PUC’s wholly-owned subsidiary EPF Solution Sdn Bhd, an e-payment services provider for businesses, received approval from Bank Negara Malaysia for an e-money licence in September, subject to fulfillment of requirements set by the central bank.
The platform allows shoppers to earn cash back and helps sellers to boost their presence and sales to shoppers, by leveraging social media engagement.
Cheong said Presto adopts the online to offline to online (O2O2O) model. This means shoppers visit the outlet to redeem the sellers’ goods (online to offline), and sellers will reward in-store shoppers for sharing deals on social media (offline to online).
He said unlike most e-commerce platforms that only focus on consumers’ needs, Presto ensures that both shoppers and sellers are able to maximise cash back as well as drive sales at prices that sellers are comfortable with.
“For Presto, we’re not looking at 20,000 merchants like other e-commerce platforms. We’re focused on helping our existing and new advertisers (sellers) reach out to consumers,” he told a press conference after the launch.
Cheong said PUC’s core business is in media and advertising, and having the e-wallet or more advertising via Presto are both in line with its businesses. The media business contributes 90% of its revenue.
Presto will first roll out its service in the Klang Valley and extend it to other parts of Malaysia in due course.
On the e-wallet component, PUC has proposed a variation for the utilisation of proceeds (RM36 million) to be used for the e-wallet business expansion. – by Ee Ann Nee