MobilityOne partners with Wibmo

MobilityOne Limited

09 May 2023

 

REACH: non-regulatory announcement

9 May 2023

MobilityOne Limited

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

MobilityOne partners with Wibmo

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, is pleased to announce that it has partnered with Wibmo (a PayU company) in Malaysia to support the issuance of Mastercard prepaid cards through its prepaid platform Wibmo Hexa.

While this partnership is not expected to have a material impact on the Group's revenue or earnings in the current financial year, with this partnership, Wibmo and MobilityOne are all set to foray into the Malaysian prepaid card market and offer various prepaid programs catering to consumers, corporates, the Government and the Health sector.

By using Wibmo's feature-rich and API-first prepaid card platform Hexa, MobilityOne will be able to support various prepaid cards like fleet cards, employee/corporate benefits, subsidy cards, gift cards, travelers' cards, and other B2B and B2B2C prepaid solutions. The Hexa platform is equipped to handle key business use cases and comes pre-integrated with Wibmo's proven Access Control Server (ACS) for real-time fraud detection & prevention using its dynamic CNP Risk Engine along with the prowess of EMV 3D secure protocol's built-in features.

This partnership has been entered into at a time when the Malaysian prepaid card market is expected to record a CAGR of 14.4%, an increase from US$6.06 billion in 2022 to US$10.40 billion by 2026 according to PayNXT360's analysis. MobilityOne has been providing prepaid card solutions to various corporates in Malaysia. With Hexa, Wibmo's API-first prepaid card platform, MobilityOne will support all prepaid form factors, be it a physical, virtual card, or a mobile wallet, as well as many advanced features such as just-in-time funding, deferred authorisation, and others.

Wibmos CEO, Suresh Rajagopalan, added, "We are thrilled to share the news of our collaboration with MobilityOne, as we make our foray into the Malaysian prepaid card market. Our goal is to empower the market with a tech-integrated payment system, and we believe that the time is ripe for disruption. The Hexa platform from Wibmo will serve as the foundation for MobilityOne to offer a variety of Mastercard-based prepaid products. By joining forces, we aim to make a substantial impact on the payment card industry in Malaysia and broaden our footprint across Southeast Asia."

MobilityOne's CEO, Dato' Hussain A Rahman, stated, "As a leading electronic transactions and payments solution provider in Malaysia, we are committed to enhancing our payment offerings and expanding our presence in the market. We are proud to have obtained our license to issue Mastercard prepaid cards in Malaysia in 2021, and since then, we have been providing prepaid card solutions to various entities in the country. In choosing a partner, we found Wibmo's Hexa Platform to be the ideal choice due to its comprehensive technology stack that offers issuing and acquiring capabilities for our B2C and B2B use cases. Additionally, Wibmo's auxiliary offerings in 3D-Secure, fraud detection, identity management, and digital banking make them a complementary partner to go to market with."

About Wibmo:

Wibmo Inc., a Cupertino, California company, is a subsidiary of PayU. It is a global full-stack PayTech company, an industry leader in payment security and digital payments in emerging markets, partnering with 160+ banks & fintech across 30+ countries. The company is the largest authentication service provider in India, one of the world's leading digital payments markets. It also offers fraud and risk management solutions, mobile payments, prepaid solutions, and a host of merchant-acquiring services.

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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