MobilityOne Limited Bangladesh Partnership Agreement (0985C)
11 April 2017 - 12:00AM
UK Regulatory
TIDMMBO
RNS Number : 0985C
MobilityOne Limited
10 April 2017
10 April 2017
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Partnership Agreement to provide mobile financial services
platform in Bangladesh
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider with its main operations in
Malaysia, is pleased to announce that its wholly-owned subsidiary,
MobilityOne Sdn Bhd ("MobilityOne Malaysia"), has today signed a
partnership agreement (the "Agreement") with Mobility i Tap Pay
(Bangladesh) Limited ("MiTBL") for the provision of a mobile
financial services platform for a bank in Bangladesh. MiTBL is in
the business of providing mobile banking technology and services in
Bangladesh.
Pursuant to the Agreement, MobilityOne Malaysia will support
MiTBL to provide the mobile financial services platform for Meghna
Bank Ltd ("Meghna") in Bangladesh, which includes the following
services and activities being provided to MiTBL:
(i) project management and consultancy services;
(ii) mobile Financial Services system licensing;
(iii) system enhancements and localization;
(iv) infrastructure setup;
(v) system testing and user acceptance testing;
(vi) system deployment;
(vii) system and operational training;
(viii) system documentation and user guides; and
(ix) system support and maintenance.
Meghna is a commercial bank which was founded in 2013 in
Bangladesh. Currently Meghna has more than 30 branches in
Bangladesh. MiTBL has an agreement in place with Meghna for the
provision of mobile financial services.
Under the terms of the Agreement MiTBL has also given
MobilityOne Malaysia an option to acquire 55% of the enlarged share
capital of MiTBL for 100 Taka (equivalent to GBP1) within 5 years
from the date of the Agreement.
Based on unaudited management accounts of MiTBL for the period
from 26 November 2015 to 31 December 2016, MiTBL did not generate
any revenue and incurred a loss of 136.8 million Taka (equivalent
to GBP1.36 million at prevailing exchange rates). As at 31 December
2016 net liabilities of MiTBL were 135.7 million Taka (equivalent
to GBP1.35 million at prevailing exchange rates).
Dato' Hussian A. Rahman, CEO of MobilityOne, commented:
"The Agreement will enable MobilityOne to expand its services
into Bangladesh in the future by working with MiTBL which has a
good business network to open up new business opportunities in
Bangladesh."
-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 /James Reeve/Richard Short
About the Group:
MobilityOne provides e-commerce infrastructure payment solutions
and platforms through its proprietary technology solutions,
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 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
About MiTBL:
MiTBL was incorporated in Bangladesh on 26 November 2015. Its
directors are Dr. Md. Zahir Uddin and Dr. Md. Shahin Hossain while
its shareholders are Dr. Md. Zahir Uddin, Dr. Md. Shahin Hossain,
Dr. Kamrul Ahsan and Lt. Col. (Retd.) Md. Abdul Latif Khan.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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