MobilityOne Limited Mobile financial services platform for Meghna Bank (9217Q)
15 September 2017 - 11:10PM
UK Regulatory
TIDMMBO
RNS Number : 9217Q
MobilityOne Limited
15 September 2017
15 September 2017
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Deployment of mobile financial services platform for Meghna Bank
in Bangladesh
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, is pleased to announce that the
Group, together with its technology partner, Mobility i Tap Pay
(Bangladesh) Limited ("MiTP"), has successfully deployed a new
mobile financial services platform for Meghna Bank Ltd ("Meghna")
in Bangladesh.
As announced on 10 April 2017 MobilityOne is MiTP's technology
partner supporting MiTP to provide a mobile financial services
platform for Meghna in Bangladesh. MobilityOne holds an option to
acquire a 55% shareholding in MiTP for a nominal consideration.
The mobile financial services platform, named "Tap 'n Pay", has
been launched by Meghna and has started accepting new account
registrations. MiTP anticipate that these services will play an
important role in Bangladesh where the majority of the population
remains unbanked. With the entry of "Tap 'n Pay", the unbanked
population will now be able to get access to basic banking services
such as fund transfer from banking agents at convenience stores.
"Tap 'n Pay" uses Near Field Communication (NFC) technology card as
a payment instrument and an android based point of sales as the
payment device. An extensive network of partner distributors
provides the necessary coverage to support the transactions
conducted by the banking agents.
"Tap 'n Pay" is a joint initiative by Meghna and MiTP. The "Tap
'n Pay" brand was officially launched by Finance Minister of
Bangladesh, Mr AMA Muhith, in March 2017.
To date there have been more than 4,000 point of sales deployed
in Bangladesh by MiTP and the Board of MobilityOne understands that
MiTP's plan is to aggressively expand the point of sales through to
the end of 2018. MiTP has used MobilityOne's customised agent
banking solution for the point of sales deployment in Bangladesh.
"Tap 'n Pay" mobile financial services offered through agents
include bank account opening, digital payment, domestic fund
transfer, prepaid reload, bill payment, bus and movie e-tickets and
other products in the pipeline which will include the application
and issuance of micro loans.
Mobile financial services is growing rapidly in Bangladesh.
According to a publication by Future Startup, a Bangladesh
technology focused media outlet, there were approximately 41.08
million registered and 15.87 million active mobile banking users in
Bangladesh as of December 2016.
Dato' Hussain A Rahman, CEO of MobilityOne, commented: "We are
proud for MobilityOne to be part of the Digital Bangladesh
revolution and I am confident that MobilityOne's technology will be
able to bring the Bangladesh government's vision closer to
fruition."
During Meghna's mobile financial services launching event the
State Minister for the ICT division of Bangladesh, Mr. Zunaid Ahmad
Palak, commented: ""Tap 'n Pay" is the first fully secured mobile
financial services using 4(th) generation technology in Bangladesh
market and I am hopeful of it playing an important role towards the
concept of Digital Bangladesh (i.e. to increase the nation's
productivity and well-being with the use of digital technology).
The mobile financial services platform launched by Meghna has
succeeded in extending banking services to the greater mass of
population with very little cost in areas without the presence of
bank branches."
-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
About the 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
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.
MiTBL has signed an agreement with Meghna on 24 April 2016 to
provide the mobile financial services platform for a period of 10
years.
For more information, refer to www.mobilitybd.com
About Meghna:
Meghna is a commercial bank which commenced its operations in
2013 in Bangladesh. Currently Meghna has 39 branches in
Bangladesh.
For more information, refer to www.meghnabank.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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