MobilityOne targets international expansion as revenues climb
( ), an e-commerce payment platform provider currently operating in Malaysia, revealed a revenue increase of £9.03m to £255.71m in 2021 (2020: £246.67m) in its latest full year results to the end of December 2021.
Specifically, revenue growth came from higher sales in the company's mobile phone reload/bill payment business through its mobile/internet banking channels, as well as 3rd party e-wallet and electronic data capture terminals.
While revenues grew, the company recorded 11% lower after-tax profit of £1.51m (2020: £1.61m) mainly due to higher administration expenses. At period end, MobilityOne had £4.67m in cash, an increase from £4.42 in the previous year.
The company also outlined plans to integrate its e-wallet solution with a new line of MasterCard prepaid cards it is issuing in Malaysia. The Central Bank of Malaysia has yet to approve MobilityOne's money transfer business to be integrated into SWIFT, but a further statement is expected on this process soon.
Malaysia's economy is expected to continue growing, estimated at 5.3%-6.3% for 2022, underpinned by strong domestic demand and improvements in the labour market. Much of this growth is occurring in the tech sector. Economic and tech sector growth, combined with higher levels of disposable income, means MobilityOne's e-commerce/e-payment business is well-positioned for continued expansion in the country.
The company also detailed international expansion plans, including in the UK where its wholly-owned subsidiary M-One Tech Limited is currently awaiting a green light from the FCA to conduct money transfers in the UK. There has been some back-and-forth in that process, with the next step set to complete by September 2022.
It's also exploring e-commerce and e-payment opportunities Australia, after signing a joint venture agreement with One M Tech Pty Ltd last October, with talks ongoing.
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