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News Centre Audited Results for the year ended 31 March 2013

 27 September 2013

MoneySwap Plc

("MoneySwap", the “Group” or the "Company") 

Audited Results for year ended 31 March 2013 

MoneySwap Plc (AIM: SWAP), the merchant acquirer and payment solutions provider licenced by China UnionPay (“CUP” also known as “UnionPay”) for the UK, is pleased to announce the Company's audited results for the 12 months ended 31 March 2013.

Highlights from Period

  • MoneySwap approved by CUP as a payment provider for all three of UnionPay’s services – online, point of sale and money transfer:
    -agreements signed during the year to act as an UK merchant acquirer for Point of Sale and Online to enable purchase of goods and services to be settled using UnionPay cards
    -granted licence for UnionPay’s MoneyExpress services enabling funds to be sent from outside China directly to UnionPay debit and credit cardholders within China
  • Successfully raised total of US$3.55m (£2.5m) to fund the Company’s realignment into full service payment processing provider:
    -US$1.5 million (£1 million) via the issue of convertible loan notes in two tranches in December 2012 and January 2013
    -US$2.1 million (£1.4 million) raised via loans the terms of which were later amended to enable them to be convertible into shares of the Company
  • Full year revenues totalled US$129,000 (£82,000) (2012: US$1.78 million) reflecting transitional year as Company positions itself for roll-out of new offering in the year ahead
  • Loss for period of US$6.15 million (2012: US$4.92 million)

Post Period Highlights

  • Appointment of UK sales team to roll-out payment processing services for UnionPay – China's largest bank card – with a future focus on providing full service payment processing solutions to the UK market – enabling UK merchants to accept payments from UnionPay, China's largest bank card payment processor with over 800 million cardholders
  • UnionPay Point of Sale and Online solutions and MoneyExpress service launched

Richard Proksa, Chief Executive Officer of MoneySwap, said:

“The year under review not only saw us reposition MoneySwap as a full service payments processing provider, but has also laid the foundations for the roll-out of our offering to the UK market in the year ahead. Our fully developed suite of UnionPay enabled payment solutions, along with the recent appointment of our UK sales team, places MoneySwap in a strong position to sign-up UK merchants to UnionPay functionality, and in the process, allow them to participate in the rapid growth in demand for goods and services from the Chinese consumer. I look forward to providing updates on our progress in the year ahead.”


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