Appointment of UK Sales Team

MoneySwap Plc

("MoneySwap" or the "Group")

12 July 2013

Appointment of UK sales team to roll-out payment processing services for China's largest bank card

and

prepaid card update

MoneySwap Plc (AIM: SWAP), the merchant acquirer and payment solutions provider licenced by China UnionPay ("CUP") for the UK, is pleased to announce the appointment of a sales team based in the UK. This is in line with the Group's strategy to roll-out its full service payment processing offering to enable UK merchants to accept payments from CUP cardholders

UK sales team

MoneySwap is licensed by CUP, China's largest bankcard payment processor, to act as a full service payment provider covering online, point of sale and money transfers for merchants in the United Kingdom. MoneySwap has developed a suite of payment gateways which interlink with CUP and receives a fee per transaction. These include UnionPay Online Payments, UnionPay Point of Sale Payments and UnionPay MoneyExpress. Following a comprehensive recruitment campaign, the Group has appointed a five strong sales team based in the UK. The team will target merchants and other retailers in the UK which regularly conduct business with visiting CUP cardholders and Chinese residents.

Suisse Black VISA pre-paid card

As announced on 21 December 2012, as at 30 September 2012 there remained an unrecovered trade receivable balance of US$1.7 million as well as US$2.2 million sales billed but not recognised. This sum relates to payment of subscription fees for the Suisse Black VISA pre-paid cards. A provision against the US$1.7 million was made on 30 September 2012 albeit management continued to pursue the collection of these funds. The Directors have now determined that there is no prospect that the outstanding balance will be recovered either in part or in full. 

Richard Proksa, Chief Executive Officer of MoneySwap, said:

"With an experienced sales team now in place in the UK, we expect to secure our first contracts in the UK shortly. Given that there are over 800 million China UnionPay card holders and the number of Chinese visiting the UK every year is growing, the scale of the opportunity available to MoneySwap is clear."

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For further information, please contact:

About MoneySwap (www.moneyswap.com)

MoneySwap is a merchant acquirer for China UnionPay providing payment gateways for both online and point of sale merchants for the United Kingdom. In addition, China UnionPay has licensed MoneySwap for its MoneyExpress service which enables people abroad to send funds directly to UnionPay cardholders in China. The Group also offers prepaid card services working with partners such as Corner Bank, Switzerland and Visa.