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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 +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 / 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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