Approval for e-Money Business

RNS Number : 1996J

MobilityOne Limited

26 June 2017

 

26 June 2017

MobilityOne Limited

("MobilityOne", the "Company" or the "Group")

Approval from the Central Bank of Malaysia for e-Money Business

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider with its main operations in Malaysia, is pleased to announce that its wholly-owned subsidiary, MobilityOne Sdn Bhd, has obtained approval from the Central Bank of Malaysia to issue e-Money. e-Money is a type of payment instrument where it contains monetary value that has been paid in advance by the end users to the e-Money issuer to make payments to purchase goods from merchants such as retail outlets. When the end users pay using e-Money, the amounts are automatically deducted from their e-Money balance.

Following the approval from the Central Bank of Malaysia, the Group will be allowed to issue e-Money for general retail purposes via prepaid cards and a mobile application. The approval has also been given to allow e-Money to be used for mobile remittance services by the Group's 50% owned associate company, Unique Change Sdn Bhd, which currently provides international remittance services in Malaysia and has a remittance business license issued by the Central Bank of Malaysia.

The e-Money business division will complement the Group's expanding network reach as e-Money provides an alternative payment method without the need for cash handling. The Group will generate revenue from e-Money transactions. In addition, the mobile remittance service allows funds to be transferred by using a mobile phone and the funds to be deducted from an online wallet.

One of the conditions of the approval granted by the Central Bank of Malaysia is the Group launching the e-Money scheme by no later than 2 June 2018.

Dato' Hussian A Rahman, CEO of MobilityOne, commented: "Having the e-Money issuing capability can further strengthen the Group's plans to be a significant player in the fintech industry in Malaysia.  In the next few months, the Group will progress the implementation of the e-Money business and we expect to launch the business in the 1^st half of 2018."

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For further information, contact:

MobilityOne Limited                                                                                      [phone]

Dato' Hussian A. Rahman, CEO                                                                  www.mobilityone.com.my

[e-mail]

Allenby Capital Limited (Nominated Adviser and Broker) [phone]

Nick Athanas /James Reeve/Richard Short

About the Group:

MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions, marketed under the brands MoCS and ABOSSE.

The Group has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices including EDC terminals, mobile devices, automated teller machines ("ATM") and internet banking.

The Group's technology platform is flexible, scalable and designed to facilitate cash, debit card and credit card transactions from multiple devices while controlling and monitoring the distribution of different products and services.

For more information, refer to our website at www.mobilityone.com.my

 

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