The name MBI Group may not exactly ring many bells, but it’s currently one of the more interesting companies in Penang. The company runs a commercial enterprise based on its own virtual currency. Now, it’s expanding that reach into the e-hailing business as well.
MBI’s app is currently called MULA Car, and functions in much the same way as Grab and Uber do. However, it’s not exactly a ridesharing service; as there at 150 MPVs and 25 vans under MBI Group’s employ. The service has also been operating on the streets of Penang since March.
As on can expect, booking these rides doesn’t use regular money. Instead, it takes advantage of M-coin; much like the rest of MBI’s business ventures.
If the name MBI sounds familiar, it’s because the company recently came under investigation from Bank Negara. It was included in the list of businesses that were suspected of flouting financial regulations, and briefly had its accounts frozen.
A large portion of the problems were due to an extremely high promise of returns on those investing in M-coin. Which promotions claimed would be as high as 25 percent. Despite this, investigators have not yet turned up any wrongdoing.
[Source: The Star]