MPay Berhad has announced that its digital payment solutions unit Quickash Malaysia Sdn. Bhd, had entered into an agreement with Chery Auto Malaysia to appoint the company as its exclusive peer-to-peer platform operator to facilitate financing between investors and Chery's authorised dealers.

Quickash is a wholly-owned subsidiary of MPay and a licensed P2P financing platform operator under the supervision of Securities Commission Malaysia, facilitating financing between investors and borrowers through its platform.

The agreement will see Quickash act solely as a facilitator between dealers and investors (lenders) but does not provide financing directly instead the firm assists in matching Chery's dealers with potential investors though its platform.

Quickash will also have the sole discretion to approve or reject any financing applications submitted by dealers based on their financial condition, creditworthiness, and other relevant criteria as stipulated in the SC Guidelines.

Chery on the other had will introduce and refer its authorised dealers for the purpose of obtaining financing through the P2P platform and facilitate communication between Quickash and its dealers as and when needed.

MPay's subsidiary will make its earnings through fees, interest, and service charges to dealers based on the financing terms to be agreed upon between dealers and investors.