UK electronic money institution application update

MobilityOne Limited

11 May 2023

 

Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

11 May 2023

MobilityOne Limited

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

Update on UK electronic money institution application

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, provides the following update in respect of the Group's proposed expansion of its business in the UK through M-One Tech Limited, the Company's wholly-owned subsidiary.

On 23 January 2023, the Group announced the submission of the Group's revised application to the Financial Conduct Authority (the "FCA"), the financial regulatory body in the UK, for authorisation as an electronic money institution to provide e-money services in the UK (together the "Revised FCA Application").

The Group has received feedback from the FCA in relation to the Revised FCA Application requesting, amongst other matters, further information in relation to certain disclosures relating to M-One Tech Limited's proposed business plan. While this feedback is welcomed, the Group has now accordingly withdrawn its Revised FCA Application.

The Group is reviewing its proposed business plan in the UK and its options in relation to submitting a further revised FCA application in due course which addresses the FCA's latest feedback.

The Group will release further announcements as and when appropriate.

For further information, please 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 / Vivek Bhardwaj

About the Group:

MobilityOne is one of the leading virtual distributors of mobile prepaid reload and bill payment services in Malaysia. With connections to various service providers across industries such as banking, telecommunications, utilities, government agencies, and transportation, the Group operates through multiple distribution channels including mobile wallets, e-commerce sites, EDC terminals, automated teller machines, kiosks, and internet & mobile banking. Holding licenses in regulated spaces including acquiring, e-money, remittance and lending, the Group offers a range of services to the market, including wallet, internet, and terminal-based payment services, e-money, remittance, lending, and custom fintech ecosystems for communities. The Group's flexible, scalable technology platform enables cash, debit card, and credit card transactions from multiple devices while providing robust control and monitoring of product and service distribution.

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

 

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