iSentric has announced that its wholly owned subsidiary iSentric Sdn Bhd has signed an agreement with Public Bank to collectively develop and launch a mobile payment solution for the Malaysian market.

The new mobile payment solution will leverage similar mobile technology as being used by Apple Pay, Samsung Pay, Alipay and Tenpay.

iSentric will serve as the sole solution provider for PBB for processing payments from merchants.

Expected to be rolled out in the third quarter of 2017, the new m-payment app will be made available on Android and iOS platform.

iSentric plans to tap the PBB's current user and merchant base to expand into the Malaysian mobile payment industry which currently consists of Touch N Go and Samsung Pay.

iSentric CEO Sean Tham said: "Given that PBB's strategy is centered on growth in the retail banking business, we are confident that the mobile payment solution will be able to gain traction as it leverages on the PBB's solid customer base.

“In addition, our goal is to leverage on PBB's regional presence to penetrate other markets. iSentric has been working in the mobile banking market for many years. This technology collaboration is a first step to evolving our Enterprise Mobility division to a new revenue model where iSentirc will generate revenue through transaction processing rather than technology licensing.”