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While many still see MobilityOne as a small Malaysian fintech, what’s actually been built is regulated financial infrastructure that’s only now starting to show its hand.

Go back to the foundations. They didn’t chase hype and they certainly don’t over promise, or dilute shareholders! Why theyve done is play the long game and built licences.

Mastercard principal prepaid issuer

e-Money operator (Bank Negara Malaysia)

Money Services Business (remittance)

Merchant acquiring approval

Shariah compliance certification

Islamic digital banking

And that groundwork is what enables everything we’re now seeing because what sits on top isn’t one app, it’s multiple ecosystems.

OneCall (migrant/telecom usage)

OneCENT (consumer wallet layer)

PocketPay (SME/merchant payments)

MAINS PAY (religious finance)

Clicks@Perak (government infrastructure)

XPAT (foreign worker payroll)

S4S (regional state economy)

They’re entry points into Government payment systems. Religious financial flows (zakat, donations) Salary distribution for foreign workers. SME transaction networks. Telecom and remittance ecosystems This isn’t competing with anyone, it’s embedding into how money already moves. And underneath all of that, MobilityOne isn’t just providing wallets they’re providing the entire infrastructure.

Payment processing (QR, cards, gateway)

Salary disbursement infrastructure

Remittance and FX

Merchant acquiring

Bill payment aggregation

Multi channel networks (mobile, POS, kiosk)

Shariah compliant financial structures

So every time money moves across these ecosystems, they’re in the middle collecting their fee. This model doesn’t need to win users. The users already exist with governments, religious contributors, foreign workers and SMEs. They’re plugged into existing behaviour, not trying to create new behaviour. Now layer in the key shift we’ve seen this year into a fully fledged Islamic digital banking licence.

That moves this from fintech rails into a regulated banking layer with Deposits, Financing, Hajj/Umrah flows and Cross border Islamic finance and suddenly those ecosystems become distribution for a bank. That’s the key breakthrough after 20 years of building licences, integrations, and the infrastructure which is now positioned to properly monetise about to be plugged into populations and financial systems on a completely different scale.

With Super Apps (and all that comes with it), BKASH, Mastercard Send, Somali remittance, healthcare, and the soon to be bank licence, this feels like the bit of luck and pivotal breakthrough the company’s worked towards for the last 2 decades and has the full backing of the Malaysian government (who hold a decent amount of shares too)

Stomach the volatility, and this could potentially end up being one of the biggest success stories on aim in 2026

End of 2023

The prime minister of Malaysia posted this

I held a meeting with MobilityOne Sdn Bhd and also Nesma Holding Co. Ltd which was represented by MobilityOne SDn Bhd Managing Director Rafaiq Zakaria and Nesma Holding Managing Director Hamad Nabeel Al Suleman.

These two companies are working together in an effort to create an Islamic hub that unites Malaysia and Saudi Arabia.

Thus, the cooperation of these two companies aims at fulfilling the services and needs of Hajj and Umrah pilgrims in the Holy Cities of Mecca and Madinah.

#MalaysiaMADANI

https://www.facebook.com/share/1DvTWMwjza/?mibextid=wwXIfr

Who are Nesma holdings?

https://www.forbesmiddleeast.com/lists/top-100-arab-family-businesses-in-the-middle-east-2021/nesma-holding-group/

Valuation Indicators: In 2023, Saudi Arabia's Public Investment Fund (PIF) acquired stakes in Nesma & Partners for a share of a $1.3 billion deal, highlighting its massive valuation.

Infrastructure Impact: Nesma is involved in major projects including the Makkah Metro and Jabal Omar developments.

Recent Projects: As of early 2026, Nesma Infrastructure & Technology secured contracts worth over SAR 480 million for projects with Saudi Electricity Company.

Ownership & Structure: The group is a diversified entity including Nesma Airlines, and partnerships like NesmaKent in the energy sector.

Leadership: Founded by Saleh Al-Turki, a major Saudi business figure.

Just a little more patience required, Q3 is around the corner (I know that feels like decades in AIM world) but with super apps SPAC listing, BKASH, Mastercard Send etc happening in the background, we should be spoilt for news between now and then anyway.

Question is, with the little shares available and the volatile swings in the share price, can you afford to be out, when game changing news lands again? Too much to play for at the moment IMO and each day passing is another day closer to full approval being announced, with the backing of THE PRIME MINISTER & one of the top 100 Arab family businesses 🚀

“this is a defining moment for mobilityone. we are evolving from a fintech enabler into a fully licensed digital islamic bank. for years, we have delivered bank-like services and today, we take the next step to become one,” he said in a statement.

the bank will offer fully digital and borderless shariah-compliant banking services, allowing customers to open accounts through mobile platforms with ekyc standards aligned with lfsa regulations.”

… just check out these links to see what we are now involved with

https://fintechnews.my/54130/islamic-fintech/labuan-ibfc-digital-financial-services-ecosystem/?utm_source=chatgpt.com

https://www.labuanfsa.gov.my/clients/asset_717d5286-17f8-4620-b852-83ca4ffcc30c/contentms/img/documents/development/islamic-finance/2022/islamic-digital-asset-centre-pioneering-new-asset-class-players-and-infrastructure_28012026.pdf

https://www.labuanfsa.gov.my/clients/asset_717d5286-17f8-4620-b852-83ca4ffcc30c/contentms/img/documents/development/islamic-finance/2025/pioneering-the-future-of-islamic-finance_09012026.pdf

https://www.labuanfsa.gov.my/development/islamic-finance/islamic-digital-asset-centre-idac

“the group said operations under mbo bank (labuan) limited are expected to begin in the third quarter of this year after finalising regulatory requirements.

group chief executive officer datuk hussian a. rahman described the development as a major milestone for the company as it expands from providing fintech infrastructure into full-scale islamic digital banking.”

key secure islamic digital banking developments (2025–2026)

mobilityone (mbo bank): secured a full-fledged shariah-compliant islamic digital banking licence from the labuan financial services authority (lfsa). it will offer borderless services and ekyc authentication, with operations starting q3 2026.

mal (abu dhabi): secured $230 million in seed funding to launch an ai-native, shariah-compliant digital bank, focusing on middle east and asia markets in early 2026.

fasset (global/malaysia): secured a provisional banking licence to launch a stablecoin-powered islamic bank, aimed at offering digital asset investing and, soon, traditional banking services in asia and africa.

nomo bank (uk): a fully sharia-compliant digital bank offering uk-based accounts (gbp, usd, eur) with deposits protected up to £120,000 by the uk's fscs.

raqami islamic digital bank (****stan): a branchless, shariah-compliant bank focusing on high-yield savings and quick, secure digital onboarding.

summit bank (nigeria): partnered with icsfs to deploy a digital islamic banking infrastructure, enhancing secure, non-interest financial products.

these banks focus on combining advanced security (ai, blockchain, ekyc) with ethical, shariah-compliant principles for modern digital banking.

That is why our banking licence changes the conversation. Our existing business has been largely payments led, with FY2024 revenue of about £230 million, and H1 2025 revenue of £116 million, while remittance and e money were still described as relatively small contributors in earlier reporting. On its own, that kind of business is generally valued as transactional infrastructure. But the newly reported full Islamic digital banking licence, plus our stated ambition to launch a Global Hajj Platform with multi currency settlements, cross border liquidity pools, and digital savings solutions, points to something much more valuable. A move from simply processing flows to owning deposits, orchestrating flows, and monetising multiple points in the same customer journey.

This is where the upside gets interesting. The market today is fragmented. Savings may sit in one country, remittance with another provider, FX somewhere else, and final spending in Saudi through a different stack again. No single participant necessarily captures the full economics. A platform that can sit across savings, transfer, settlement, and pilgrimage linked payments has a structurally better economic profile because it earns more than one fee stream per user and potentially holds lower cost deposits for longer.

In simple terms, a Hajj saver is not just one transaction. They can be a multi year financial relationship. That is the difference between a utility style payments business and a higher quality banking platform.

Saudi’s policy direction strengthens that thesis. Vision 2030 explicitly targets 30 million Umrah pilgrims and the Pilgrim Experience Program is built around scaling and digitising the flow. As those flows become more standardised and more digital, they become easier to finance, settle, and monetise. Infrastructure first, financial layer second. That is often how these ecosystems mature. Saudi is effectively increasing the throughput of the system, and a player with compliant rails plus banking capability is far better positioned than a standalone wallet or payments processor.

We have crossed an important threshold and now have a regulatory asset that could allow us to move up the value chain inside a very large, recurring, under integrated market. A cross border Islamic financial platform that plugs into one of the world’s most durable religious and transactional flows. Institutions that prize sticky deposits and scalable flow.

Think Middle Eastern Islamic banks like Al Rajhi Bank, sovereign backed funds, and global fintech investors.

The pilgrimage economy is already enormous before you even get to banking. Saudi’s 2024 Hajj count was 1,833,164 pilgrims, with 87.9% arriving from outside the Kingdom. On the Umrah side, Saudi’s Vision 2030 reporting shows 16.92 million foreign Umrah pilgrims in 2024, versus a 2030 target of 30 million. In Q1 2025 alone, Saudi reported more than 15 million Umrah performers, including 6.52 million from abroad. That tells you this is not a niche seasonal market. It is a huge, recurring, cross border flow of people and money that Saudi is actively trying to expand.

Now layer in the financial behaviour behind those journeys. A pilgrim does not usually wake up and spend in one shot. In many cases, the money is accumulated over years, often in structured, Shariah compliant form, then converted into travel payments, accommodation, fees, settlement, FX, and on the ground spend. That means the addressable pool is not just annual pilgrimage spend. It is also the pre event savings base sitting in the system for long periods. That distinction matters because long duration religious savings are exactly the kind of deposits banks prize most: sticky, purpose led, relatively low churn, and often recurring at household level. This is why the Hajj and Umrah space can be worth far more to a bank than the visible transaction value alone.

The cleanest proof that this model works is Tabung Haji. It is not listed, but its 2024 annual report shows 9.55 million depositors and RM91.75 billion* of depositors’ funds, alongside RM4.65 billion* of overall income and RM2.21 billion* net profit after zakat for FY2024. That is a remarkable data point because it demonstrates that a faith aligned savings model tied to pilgrimage can aggregate a massive deposit base and generate meaningful earnings even before anyone starts talking about global rollout. In other words, the benchmark case already exists. (*RM91.75 billion deposits ~£15.6B – £16.5B RM4.65 billion income £790M – £840M RM2.21 billion net profit £375M – £400M)

Once you think in those terms, listed Islamic bank valuations start to matter. Al Rajhi Bank’s market capitalization is about $113.35 billion as of April 2026, while Bank Islam Malaysia’s market cap is about RM5.44 billion. These are not “Hajj pure plays,” but they show what public markets are willing to pay for institutions with Shariah credibility, deposit gathering power, and recurring fee income across payments, financing, and FX. Separately, the LSEG Islamic Finance Development Report 2025 says the global Islamic finance industry had grown to almost $6 trillion by 2024, while the 2024 edition highlighted Islamic finance assets at $4.9 trillion in 2023…

The good thing I like is that we don’t need market dominance, we need a small slice of multiple large markets and to sit in the middle of every transaction. Assuming 1% capturing of the potential..

Payment processing fees (existing £200M+ revenue base)

Target market: ASEAN digital payments (~300M users)

1% capture: ~3M users £50M–£150M+ revenue potential (transaction-based)

E-commerce / bill payment transaction fees

Target market: Malaysia + ASEAN households (50M–100M users)

1% capture: 0.5M–1M users £10M–£40M+ revenue

Mobile top-up / aggregation margins

Target market: ASEAN + South Asia prepaid users (500M+)

1% capture: 5M users £25M–£75M+ revenue

Cross-border remittance fees (via bKash)

Target market: Regional remittance flows ($100B+)

1% capture: $1B flow £10M–£30M+ revenue (fees + spreads)

FX conversion spreads (multi-currency flows)

Target market: Regional FX flows (hundreds of billions)

1% capture: multi-$B flow £20M–£80M+ revenue

Islamic banking income (deposits + financing)

Target market: 300M–500M Muslims (ASEAN + South Asia)

1% capture: 3M–5M users £50M–£200M+ revenue potential

Profit-sharing (financing via MYISCO / ANGKASA)

Target market: 7–8M co-op members

1% capture: ~70K users £5M–£20M+ revenue

Hajj / Umrah savings products

Target market: 100M+ in key regions saving over time

1% capture: 1M users £20M–£100M+ revenue (lifecycle value)

Hajj platform transaction fees

Target market: 15–25M pilgrims annually

1% capture: 150K–250K users £15M–£50M+ revenue

Tokenised Hajj savings certificates

Target market: Regional Islamic finance (hundreds of billions AUM)

1% capture: $1B+ structured assets £10M–£40M+ revenue

Wallet usage fees

Target market: ASEAN digital wallets (200M+ users)

1% capture: 2M users £10M–£30M+ revenue

Payment settlement / infrastructure fees

Target market: Regional SME + payment networks

1% capture: large transaction volume £20M–£70M+ revenue

Healthcare payments (Hati system)

Target market: Malaysia + regional healthcare (tens of millions of patients)

1% capture: hundreds of thousands users £5M–£25M+ revenue

Bill collection via co-op networks

Target market: Malaysian households (millions)

1% capture: ~100K users £5M–£15M+ revenue

Embedded finance / API infrastructure

Target market: ASEAN fintech ecosystem

1% capture: platform usage £10M–£50M+ revenue

Lending margins (consumer + Hajj financing)

Target market: 100M+ underserved adults

1% capture: 1M borrowers £50M–£150M+ revenue

And now we’re moving to an Islamic bank heading towards being a global Islamic finance layer we could open another 3/4M customers (1%) we could do £1BN revs all together, I think we can now attract the right talent with everything that’s been built up to this very moment!

Now imagine 2%… 3%… mind blowing

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