MC Payment will be launching a payment platform for Mosque-Madrasah-Wakaf Shared Services (MMWSS), a subsidiary of Majlis Ugama Islam Singapura (MUIS), also known as the Islamic Religious Council of Singapore, on March 31. The platform, which will be managed by MC Payment, follows the award of payment contracts from MUIS to the group in 2020.
The platform will go live in time to process zakat (religious contribution) payments during the month of Ramadan, which begins on April 13, by Singapore’s Muslim population of around 800,000.
Besides offering an e-payment platform that includes major debit/credit cards and local payment methods such as PayNow, the website built by MC Payment includes a built-in calculator to enable the quick calculation of Zakat Harta and allows for auto-filing to Inland Revenue Authority of Singapore (IRAS) for entitled tax relief.
SEE: MC Payment receives subscription for 10 mil placement shares amounting to $4 mil
In addition, the group will host payment integration platforms for Our Madrasah and Our Masjid, a crowdfunding initiative to support local mosques and madrasahs. The group will also provide payment solutions for the Islamic Learning Hub and Management (ILHAM) for the collection of registration fees, school/course fees and recurring fees.
Anthony Koh, executive director and CEO of MC Payment, says that the group appreciates the long-term partnership with MUIS to manage the payment platform. “We appreciate the trust placed in MC Payment by MUIS and remain dedicated to creating long-term sustainable value for all our stakeholders," he says.
Shares in MC Payment closed 1 cent or 2.44% higher at 42 cents on March 18.
