Last checked at 21 May 2021 11:30
REACH: non-regulatory announcement
21 May 2021
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
MasterCard licensing and SWIFT membership approval
MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, announces that its wholly-owned subsidiary in Malaysia, MobilityOne Sdn Bhd ("MobilityOne Malaysia"), has received a license from MasterCard Asia/Pacific Pte Ltd ("MasterCard") for MobilityOne Malaysia to issue MasterCard prepaid cards in Malaysia. In addition, the Society for Worldwide Interbank Financial Telecommunication ("SWIFT"), the world's leading provider of secure financial messaging services, has permitted MobilityOne Malaysia to join its network.
MasterCard - The cardholder of the MasterCard prepaid card has to deposit or reload cash value to the prepaid card which then can be used to make payment wherever MasterCard is accepted at physical retail outlets, online e-commerce stores as well as to access to ATMs worldwide to withdraw cash. The target market for the MasterCard prepaid card will be the foreign workers in Malaysia as well as the unbanked or those that are unable to obtain credit cards due to their financial standing. The MasterCard prepaid card can also be used as a salary card whereby the worker's salary can be deposited into the MasterCard, thus eliminating cash payment to workers who do not have bank accounts. The MasterCard prepaid card will complement the Group's existing e-wallet and will be part of the Group's end-to-end payment ecosystem.
The Group will generate revenue from the sale of prepaid cards, the percentage of commissions for the transactions via the prepaid cards and from potential e-wallet white label hosting arrangements.
SWIFT - The Group currently has an agreement in place with MoneyGram which caters mainly for the smaller amount of money transfers, typically for consumer to consumer (C2C). With SWIFT's platform, the Group is expected to be able to expand its business to larger amount of money transfers for business to business (B2B) due to SWIFT's global financial network which connects financial institutions and large corporations.
Revenue will be generated from transaction fees and foreign exchange markup for each transaction.
The Directors do not anticipate any significant revenue or earnings contribution from the above in the current financial year as transactions with MasterCard and SWIFT are expected to commence in the 4th quarter of this year after receiving relevant approvals from the Central Bank of Malaysia. However, the Directors expect that these developments with Mastercard and SWIFT to offer the Group's products and services, which are in the ordinary course of business of the Group, will contribute positively to the Group's overall growth prospects in the long term.
-ends
For further information, contact:
MobilityOne Limited +6 03 89963600
Dato' Hussian A. Rahman, CEO www.mobilityone.com.my
har@mobilityone.com.my
Allenby Capital Limited (Nominated Adviser and Broker) +44 20 3328 5656
Nick Athanas
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
About MasterCard
MasterCard Asia/Pacific Pte Ltd is incorporated in Singapore and is a subsidiary of MasterCard Incorporated, which is an American multinational financial services corporation. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the "MasterCard" brand debit, credit and prepaid cards to make purchases.
For more information, please refer to https://www.mastercard.com.my/en-my/businesses.html
About SWIFT
SWIFT is a global member-owned corporative and the world's leading provider of secure financial messaging services. It provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.
For more information, please refer to https://www.swift.com/
About MobilityOne Group:
MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions. 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/