Siriwat Vongjarukorn, left, chief executive officer of MFEC, and Thanawat Lertwattanarak, chief executive officer at J Ventures, display a memorandum of understanding for the development of payment gateway service.
Siriwat Vongjarukorn, left, chief executive officer of MFEC, and Thanawat Lertwattanarak, chief executive officer at J Ventures, display a memorandum of understanding for the development of payment gateway service.

MFEC bids for growth via Bt100m diversification drive

Corporate June 22, 2018 01:00

By JIRAPAN BOONNOON
THE NATION

INFORMATION technology company MFEC plans to invest Bt100 million in five new business areas to drive growth over the coming years.



For this year, the company expects to see a flat rate of growth in revenue, taking in around Bt3 billion.

Siriwat Vongjarukorn, chief executive officer at MFEC, a system integration (SI) and software development company, said that the five new areas included data science related to Big Data to support the needs of a data-driven economy, as well as a security platform and a social network, covering social commerce. The other new areas relate to blockchain and machine learning (ML) and artificial intelligence (AI).

Siriwat said the company’s expansion into these areas would help the company to transform its organisation and its existing business into digital platforms in order to support what it calls the three dimensional changes in the digital era – relating to customer behaviour; products and services such as software as a services (SaaS); and human resources.

He said that the firm expects that it will reach a return on investment in the new business areas in the next couple of years. 

The firm is corporating with partners to provide services to support the new business model. The firm has joined with J Ventures, a corporate venture capital provider under JMart Group, to develop payment gateway services for the JFIN Decentralised Digital Lending Platform (DDLP). The collaboration is based on revenue sharing, 

“Under the collaboration with J Ventures, MFEC will develop payment gateway services to support JMart Group. It will boost the potential of both companies and strengthen their businesses, while also supporting government policies that are aimed at paving the way for a full cashlesss society,” Siriwat said.

Thanawat Lertwattanarak, chief executive officer at J Ventures, said that the partnership with MFEC is just the first step. The firm also plans a merger and acquisition (M&A) deal with PraIn FIntech, which is the company under MFEC that developed the payment gateway service. The M&A deal will involve a stake of around 25 per cent in the future.

The company expects that it will able to provide Digital Lending Platform services in October.