Green Packet hits daily upper limit on digital banking speculation

KUALA LUMPUR (May 18): Shares in Green Packet Bhd continued its streak to fresh new multiple-year high in early trade today, gaining as much as 30 sen or 24.79% to RM1.51.

At 10.15am, the telecom counter hit its daily upper limit threshold of RM1.57 before slipping slightly to RM1.51, giving the company a total market capitalisation of RM1.42 billion.

At the time of writing, the counter saw some 38.19 million shares changed hands.

Meanwhile, its warrant was only up 4.3% or 2 sen to 48.5 sen, with 150.95 million units traded.

Shares of Green Packet have staged a strong rebound after dropping to a low of 42 sen on March 23. The counter is currently up 117% year-to-date.

The recent buying frenzy was sparked by a report that Green Packet is getting ready for digital banking.

The report was speculating that the group may well position itself into digital banking by venturing with China internet giant Tencent as its local partner for an e-KYC product.

Tencent owns WeBank, one of the top digital banks in China which had much success by largely deploying e-KYC solutions.

In an earlier announcement, Green Packet said its KipleID e-KYC will deploy Tencent’s patented solutions, which can assist banks and financial institutions to reduce costs by removing manual procedures.

Last week, the group had also launched the “We Are Ready” campaign by introducing its KipleLive proptech application, which aims to get Malaysian businesses to embrace new norms to cope with the Covid-19 pandemic.

The product integrates the AI facial recognition, cloud hosted services, FR thermal scanner, visitor management system, and cashless smart parking solutions.

Prior to this, Green Packet rolled out the “Warong Digital e-Baazar Ramadan” programme in collaboration with the Coalition of Malay Small Traders Association, which leverages the KiplePay e-wallet that allows cashless transactions.