Money Transfer Agreement with MoneyGram

RNS Number : 7807T

MobilityOne Limited

22 July 2020

 

22 July 2020

MobilityOne Limited

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

Money Transfer Agreement with MoneyGram Payment Systems, Inc.

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, announces that its 50%-owned remittance company, OneTransfer Remittance Sdn Bhd ("OTR"), has signed an international money transfer agreement with MoneyGram Payment Systems, Inc. ("MoneyGram") to act as one of MoneyGram's correspondence remittance companies in Malaysia for an initial term of 5 years (the "Agreement").

MoneyGram, the main subsidiary of MoneyGram International, Inc. (USA), provides money transfer and payment services worldwide . MoneyGram is a global leader in money transfers headquartered in Dallas, USA.

The Agreement will enable the customers of OTR to send and receive money via MoneyGram's global platform which connects to more than 200 countries worldwide. Previously OTR's customers were restricted in being able to send money to less than 10 countries across Asia. Under the Agreement, OTR will be entitled to a share of the fees generated by MoneyGram on money transfer transactions as well as a share of MoneyGram's foreign exchange profits realised on transactions via OTR.

Dato' Hussian A Rahman, CEO of MobilityOne, commented: "We are excited to be part of MoneyGram's network as we believe this will help to expand OTR's business in Malaysia with the prestigious MoneyGram brand. "

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For further information, 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 / James Hornigold

About MoneyGram

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.

For more information, please visit moneygram.com .

About OTR

OTR is incorporated in Malaysia and provides international remittance services in Malaysia. It currently holds a remittance business license issued by the Central Bank of Malaysia and has 6 outlets in Malaysia.

It currently offers physical outlets and soon will provide mobile application-based remittance services.

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  

 

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