Approval for Remittance Servi

RNS Number : 5864H

MobilityOne Limited

06 November 2008

 



MobilityOne Limited

('MobilityOne' or the 'Company')

Approval to Provide International Remittance Services in Malaysia

MobilityOne (AIM : MBO), an e-commerce infrastructure payment solutions and platform provider, is pleased to announce that it has received approval from the Central Bank of Malaysia, subject to the satisfaction of certain conditions, to provide international remittance services in Malaysia. In the event that MobilityOne satisfies the conditions of the approval, it is required to commence the said remittance business by 30 April 2009.

The approval will enable MobilityOne to provide over-the-counter, international money transfers through its own outlets as well as through any banking institutions in Malaysia which adopt MobilityOne's remittance system infrastructure.  As part of this process, MobilityOne will develop a proprietary web-based system to facilitate these operations. 

Hussian A. Rahman, CEO of MobilityOne, commented:

'Currently there are 2.1 million registered foreign workers in Malaysia who sent a total of RM17.2 billion ( c. £3.07 billion) overseas last year, which is estimated to rise to some RM18.1 billion (c. £3.23 billion) this year.  Whilst there are already a few established companies providing remittance services in Malaysia, such as Western Union, the Directors believe that there is still significant potential in this market for MobilityOne.  We are delighted that MobilityOne has been granted permission to develop this side of its business, which adds another component to, and complements, our existing infrastructure and relationships.'

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For further information, please contact:

MobilityOne                                                   [phone]

Hussian A. Rahman, CEO                              www.mobilityone.com.my

[e-mail]

HB Corporate                                                [phone]

Luke Cairns                    

Threadneedle Communications                       [phone]

Graham Herring                    

Josh Royston

About the Group:

MobilityOne is the holding company of an established group of companies in the business of providing e-commerce infrastructure payment solutions and platforms through their proprietary technology solutions, which are marketed under the brands MoCS and ABOSSE.

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 such as EDC terminals, short messaging services, automated teller machines, and Internet banking.

The Group's technology platform is flexible, scalable and has been 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, please refer to our website at www.mobilityone.com.my

 

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