MobilityOne withdraws FCA application regarding planned UK expansion

(Alliance News) - MobilityOne Ltd on Thursday said it withdrew its revised application to the UK Financial Conduct Authority regarding its planned UK business expansion via its subsidiary M-One Tech Ltd, as the FCA again asked for more information.

MobilityOne shares fell 20% to 6.44 pence each in London on Thursday morning.

The Oxfordshire, England-based e-commerce infrastructure payment solutions and platform provider said it received feedback from the FCA requesting further information regarding disclosures relating to M-One Tech's proposed business plan. The company explained it is reviewing its business plan in the UK and its option to submit a further revised FCA application, with future announcements to be announced "when appropriate".

On January 23, MobilityOne, after being asked for more information from the FCA, had resubmitted a revised application to the FCA for the authorisation as an electronic money institution to provide e-money services in the UK.

By Tom Budszus, Alliance News reporter

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