China UnionPay POS Europe appointment

For immediate release: 0700hrs 23 May 2012

MoneySwap Plc

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

MoneySwap appointed as China UnionPay Point of Sales Merchant Acquirer for Europe

MoneySwap Plc (AIM:SWAP), the Asia focused prepaid card and online money services business, is pleased to announce that it has signed an agreement with China UnionPay ("UnionPay") to act as an overseas business acquirer for the UnionPay Point of Sales ("POS") programme (the "Agreement").

UnionPay is the dominant card issuer in China and a leading bankcard brand in the world, with card acceptance in over 125 countries and regions outside of China. UnionPay's POS programme provides a secure, convenient and efficient point of sales payment system that can accept UnionPay cards. Under the Agreement, MoneySwap will be responsible for cooperating with UnionPay to expandthe POS business in Europe by signing up and managing merchants.The Directors believe that by becoming a UnionPay POS merchant acquirer, MoneySwap will be able to facilitate the purchase of goods and services by Chinese tourists, students and business people travelling to Europe.

A report by the University of London's School of Oriental and African Studies titled "How the rise of Chinese tourism will change the face of the European travel industry", published in October 2011 (the "Report"), estimated that the number of Chinese visitors to Europe would increase to 4.5 million by 2015 and to around 8.6 million by 2020. Already in 2010, the Report found that Chinese outbound travellers spent £30.4 billion, equivalent to an average expenditure of £530 per person-visit. The Report expects this figure to rise by around 14.6% in 2011 to reach £34.8 billion.

Against this background of growth, many Chinese travelling abroad have experienced difficulty in paying for goods and services using their UnionPay cards as few of the merchant point of sales card terminals connect to the China UnionPay network. However, the Report found the position to be changing and outbound Chinese tourists have been encouraged by improving financial services for Chinese tourists overseas. In particular, UnionPay cards are now increasingly accepted in European and other destinations with UnionPay's services available in 125 countries and regions besides China. In 2010, UnionPay also entered into new collaborative agreements with shopping centres and duty-free shops in many countriesin Europe. Both Harrods and Selfridges department stores in London have UnionPayterminals installed for Chinese customers and Harrods recently reported a rise of 40% in sales to Chinese customers since the introduction of 75 terminals for Chinese customers in its London stores (source: an article written by Malcolm Moore 2011, 'Chinese tourists bring £200m windfall for London retailers' and published in the Daily Telegraph on 24 May 2011).

The Directors believe that by becoming a UnionPay POS merchant acquirer, MoneySwap will be able to generate transactional based revenue for the Company and widen awareness for the MoneySwap platform amongst European merchants.

Richard Proksa, Chief Executive Officer of MoneySwap, commented:

"With outbound tourism from China growing exponentially, Chinese travellers are fast becoming one of our industry's major segment growth opportunities. This Agreement with UnionPay is an exciting and potentially large opportunity for MoneySwap to serve this burgeoning market. We expect that this will also significantly increase the merchant community using our online Money Services Platform for receiving payments, currency exchange and transferring funds.

"We now have three key agreements in place with UnionPay covering Chinese nationals who wish to buy goods over the internet from European merchants, Chinese travellers to Europe wishing to make purchases in stores, and Chinese travellers and overseas workers wanting to send money back to family members in China. We believe this combination of services provides MoneySwap a unique opportunity to dramatically increase our customer base and serve UnionPay cardholders with a full range of services."

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About MoneySwap (www.moneyswap.com)

MoneySwap Plc has its operational headquarters in Hong Kong. Primarily focused on the Asia market, the Group offers pre-paid card services and also operates an online peer to peer foreign exchange and payment platform. The Group's pre-paid card services are primarily aimed at Asian travellers and enable them access to local currencies from ATMs, point of sales and on line purchases in Europe and the United States. The Group's online money services platform facilitates 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 DBS Bank in Singapore as well as HSBC in Hong Kong together with various local domestic banks in other countries. Its shares are traded on the London Stock Exchange's AIM market (AIM:SWAP.L).

About China UnionPay

As one of the major bankcard schemes in the world, China UnionPay operates the national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay Card issued both at home and aboard has exceeded 2.9 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, China UnionPay has enabled the UnionPay Card acceptance in over 125 countries and regions through extensive cooperation with about 400 institutions around the world. Additional information may be found at: www.unionpay.com.