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News Centre MoneySwap Partners with RCBC to Launch Prepaid Card

 

For immediate release:  19 January 2012
 
MoneySwap Plc
("MoneySwap", the “Group” or the "Company")
 
Philippines Expansion
MoneySwap Partners with RCBC to Launch Prepaid Card 
 
MoneySwap Plc (AIM:SWAP) is delighted to announce that it is partnering with Rizal Commercial Banking Corporation (“RCBC”) to co-brand a MoneySwap Prepaid Card in the Philippines. The move is part of MoneySwap’s strategy to provide more accessible money payment related services to the wider consumer market in the Asia region.
 
Prepaid Card Service
Under the Agreement signed with RCBC, MoneySwap will be launching a MoneySwap co-branded Prepaid Card on 19 January 2012 which will allow clients in the Philippines to load up their card through an ATM or at a RCBC bank and use it to withdraw funds from an ATM or from a RCBC branch. The MoneySwap Prepaid Card will likewise allow services and goods to be purchased at all VISA affiliated stores across the Philippines and at outlets worldwide that accept VISA cards.
 
The Directors believe the MoneySwap Prepaid card will be strongly positioned in the local market as RCBC is looking to expand it cash card base in the Philippines in 2012.  However, the Directors do not expect the MoneySwap Prepaid Card to provide a significant revenue contribution to the Company until at least the financial year ending 31 March 2013.
 
Richard Proksa, Chief Executive Officer of MoneySwap, commented:
“We view the Philippines as a key market for MoneySwap. Not only does it have a population of over 100 million, but many work overseas or for international organisations. Providing wider choices and alternative money transfer and payment mechanisms is therefore, we believe, highly relevant for these potential users. We are delighted to be partnering with RCBC in serving the needs of clients in this region.”  
 
Remo M. Garruvillo Jr., Senior V.P., Channel Management & Product Management, Division: Retail Banking Group of RCBC, commented:
“We have ambitious targets for the year ahead. MoneySwap is an innovative new player in the Asia market with a rapidly expanding reach. They provide us with important additional Prepaid card distribution. We look forward to developing our relationship with MoneySwap.”
 
About MoneySwap (www.moneyswap.com)
MoneySwap Plc is a Gibraltar registered company that has its operational headquarters in Hong Kong. Primarily focused on the Asia market, the Group operates an online peer to peer foreign exchange and payment platform. The Group’s online money services platform enables peer to peer currency exchange and payments either between e-wallets or international money transfers through the global banking system. The Group has banking relationships with Barclays Bank plc in Europe, DBS Bank in Singapore as well as Standard Chartered plc, HSBC in Hong Kong along with various local domestic banks in other countries. Its shares are traded on the London Stock Exchange’s AIM market (AIM:SWAP.L).
 
About RCBC (www.rcbc.com)
RCBC is one of the six largest commercial banks in the Philippines.
 
 
- Ends -
 
For further information, please contact:
 

MoneySwap Plc
Allenby Capital Limited
GTH Communications
 
Nominated Adviser
Financial PR
Richard Proksa
Chief Executive Officer
Nick Naylor
Alex Price 
James Reeve
Toby Hall 
 
Suzanne Johnson Walsh
+852 3919 9888  
+44 20 3328 5656
+44 203 103 3900