4th Sep 2012 07:01
Bank of China (Hong Kong) and Monitise sign Memorandum of Understanding in Hong Kong to collaborate on new mobile banking and payments services
London, 04 September 2012 - Bank of China (Hong Kong) Limited ("BOCHK") and Monitise Asia Pacific's Hong Kong Business have jointly signed a Memorandum of Understanding, forming a partnership to explore new ways for people to make payments on their mobile phones.
The two companies will work together to develop and launch services enhancing BOCHK's service channels in Hong Kong via Monitise's Enterprise technology platform, which processes more than one billion transactions annually for millions of consumers around the world.
The collaboration in Hong Kong, where BOCHK has more than 260 branches and 580 ATMs, is the latest stage in the development of a mobile payments ecosystem that Monitise is creating in one of the world's leading financial centres.
The latest commercial tie-up builds on Monitise's existing partnership in Hong Kong with JETCO, the ATM switch and payments company serving more than 30 banks, to deliver a more convenient way for consumers to securely pay for goods and services via mobile. BOCHK has been one of the lead banks in supporting the upcoming launch of mobile phone prepaid top-up with JETCO while working with Monitise to extend the service to cover other forms of mobile payments.
Lam Wai Yee, Managing Director of Monitise Hong Kong, said: "As we continue on our mission of global mobile money innovation and building an ever-larger ecosystem for banking and payments as cashless transactions grow, it is essential that we collaborate with other leaders in their respective fields. We are delighted to be working with BOCHK, a leading banking group in Hong Kong, to fuel the growth of mobile payments."
Samuel So, Head of Cash Management, BOCHK, added: "Expanding our core businesses and developing new service initiatives for our customers are central to our strategy. We look forward to working with Monitise to help keep our corporate and individualcustomers at the forefront of innovative new mobile payments services being developed."
Monitise Asia Pacific is a joint venture between London-listed Monitise plc (LSE: MONI) and First Eastern Mobile Investments Ltd, part of the First Eastern Investment Group, a leading Hong Kong-based investment group pioneering in the field of direct investments into China and founded by Victor Chu.
Commenting on the MoU, Monitise Chief Commercial Officer Lee Cameron said: "Every day, mobile money is helping more consumers manage their financial affairs on the move with the click of a button on their phone. Hong Kong has one of the highest levels of smartphone penetration in the world and a long heritage of payments innovation. We are delighted to be working together with BOCHK in Hong Kong."
He added: "This prestigious collaboration in such a dynamic market is another important step in our strategy to make money totally mobile and assist financial institutions in delivering services that help make that a reality."
About Monitise
Monitise plc (LSE: MONI.L) is a leading technology and services company that delivers mobile banking, payments, and commerce networks worldwide. Monitise enables financial institutions and other payment companies to defend and extend their market position by protecting their existing customer relationships and transactions while enabling new forms of mobile commerce revenue.
Via its Monitise Enterprise Platform which reaches more than 17m registered customers, Monitise provides bank-grade solutions and cloud computing capabilities, handling on an annualised basis, more than a billion transactions, as well as payments and transfers worth US$20bn. Monitise has an unprecedented global reach and unique set of partners and clients using its completely adaptable platform.
More information is available at www.monitise.com
About Monitise Asia Pacific
Monitise Hong Kong Ltd is part of the Monitise Asia Pacific, a 50/50 joint venture between Monitise plc and First Eastern Mobile Investments Ltd, part of the First Eastern Investment Group, created in 2010 to develop mobile banking, payment and commerce services in the Asia Pacific region. First Eastern is a leading Hong Kong-based investment group pioneering in the field of direct investments in China founded by Victor Chu in 1988.
More information is available at www.monitise.com/ap
About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited ("BOCHK"), established on 1 October 2001, is a leading listed commercial banking group in Hong Kong. With over 260 branches, 580 ATMs and other distribution channels in Hong Kong, BOCHK and its subsidiaries offer a comprehensive range of financial products and services to individual and corporate customers. BOCHK is one of the three note issuing banks in Hong Kong. In addition, the BOCHK Group (comprising BOCHK, Nanyang Commercial Bank and Chiyu Banking Corporation) and its subsidiaries have 31branches and sub-branches in the Mainland of China to provide cross-border banking services to customers in Hong Kong and the Mainland. BOCHK is appointed by the People's Bank of China as the Clearing Bank for Renminbi business in Hong Kong. On 13 July 2010, BOCHK was authorised as the Clearing Bank of RMB banknotes business for the Taiwan region.
BOC Hong Kong (Holdings) Limited, BOCHK's holding company, began trading on the main board of the Stock Exchange of Hong Kong on 25 July 2002, with stock code "2388", ADR OTC Symbol "BHKLY".
Contacts:
Monitise Group
Gavin Haycock, Media Relations Tel: +44 (0) 20 7947 4156
Haya Herbert-Burns, Investor Relations Tel: +44 (0) 20 7947 4928
Monitise Group Executive Team
Alastair Lukies, Chief Executive Officer
John Brougham, Chief Financial Officer
Lee Cameron, Chief Commercial Officer
Canaccord Genuity Limited (NOMAD) Tel: +44 (0) 20 7523 8000
Simon Bridges
Cameron Duncan
FTI Consulting Tel: +44 (0) 20 7831 3113
Charles Palmer
Jon Snowball
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