Final Results for the Year ended 31 March 2011

For immediate release:

MoneySwap Plc

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

Final Results for the Year ended 31 March 2011

The Directors of MoneySwap Plc (AIM:SWAP) the online peer-to-peer currency exchange and payment platform, are pleased to announce the audited results for the year ended 31 March 2011.

The Annual report for 2011 will be available to the shareholders and the public on the Company's web site (www.moneyswap.com) during the course of today.

- Ends -

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Chief Executive's Statement

I am pleased to present our Annual Report for the financial year ended 31 March 2011, our first since being successfully admitted to AIM on 31 August 2011.

Being a London Stock Exchange AIM listed company not only reinforces the Group's profile and status as one of the leading innovative providers of money exchange and online payment services in Asia, it also demonstrates that MoneySwap's processes and management team have met the LSE's stringent requirements.

Business review

The Group currently focuses on the Asian geographic market and on: (i) casinos and the online gaming business; (ii) small and medium-sized entities; and (iii) international remittances. These three areas of the Group's business are all in an early stage of development and consequently the Group did not earn significant revenues from them during the period under review.

(i) Casinos and online gaming

The Group offers a foreign exchange service enabling casinos to take both delivery of clients' money and pay out winnings in the currency of their clients' choice. This allows casino patrons in Asia to deposit funds with the casinos in currencies other than their own.

We believe that the Group's platform can reduce the costs and time associated with both traditional methods of currency exchange and fund transfers between the casinos and their clients. This is achieved by a casino client depositing cash into a MoneySwap account in one currency and then transferring those funds to the casino's MoneySwap account in the same or an alternative supported currency in real time, reducing the time required by traditional methods of transferring funds.

As part of developing the casino business, the Group has entered into operation agreements with Melco Crown (through its subsidiary, MCE International Limited) and Genting (through its subsidiary, Rosy Start Limited). Under these agreements, the Group receives fees based on the volume of transfers made. The operation agreement covers a number of Asian countries and currencies.

(ii) Small and medium-sized entities ("SMEs")

We consider that the SMEs currency exchange market is poorly serviced as a result of the significant charges being levied on such services. The Group provides a cost competitive solution which we believe will reduce the charges on fund transfers on currency exchange and allow for quicker payments to be generated by SMEs.

As at 31 March 2011, the Group had 63 corporate customers. Moving forward, we intend to grow this market with a particular initial focus on SME's based in Hong Kong and Macau. This had risen to 68 corporate customers by the date of the Company's admission to AIM.

(iii) International remittance

The Group is also able to provide low cost currency exchange and payment services to individuals including those working internationally, travellers and overseas students.

Individuals being paid in currencies other than their own domestic currency often have the need to quickly, inexpensively and securely transfer funds to family members in their home countries. Additionally employers may require a method of paying these employees securely and cost efficiently while enabling the employees to instantaneously transfer money to family members at home.

During the year under review, the Group has been developing its systems to enable employers to make payroll payments to employees using automated batch processes which would then enable the employee to transfer the funds to prepaid cards, which may in turn be used to withdraw cash or pay merchants.

Once fully operational, the Group's prepaid cards will allow international travellers to load cash onto the cards in advance and then either withdraw or pay merchants at rates we consider to be competitive.

We believe our services will also be very relevant to international students who require funds to be transferred from their families overseas to assist with tuition fees, rent and general living expenses. The Group's services will enable families to set up accounts and make instantaneous transfers from one MoneySwap account to another, irrespective of geographical location.

As at 31 March 2011, the Group had 2,670 individuals registered as users of the Group. This had risen to 2,993 by the date of the Company's admission to AIM.

Moving forward, the Group's long term objective is to build communities of both SMEs and individuals that use a MoneySwap account in order to establish a large and effective foreign currency trading exchange with meaningful liquidity and a competitively priced and timely payment service. We anticipate that once the community of users reaches a certain size, the members will begin to trade with each other although there can be no guarantee that the community will reach the required size or that the users will begin to trade with each other.

QuickPayIT

Post-year end, the Group has launched a new product for the Hong Kong market called QuickPayIT in September 2011. QuickPayIT is a secure online payment mechanism which enables individuals to pay merchants for goods and services without either party entering or receiving banking information. Merchants will be able to integrate QuickPayIT into their current online payment system and, once an online client has signed up for a QuickPayIT account, they will be able to deposit funds and make payments online to merchants where this meets with regulatory compliance. In return for this the Group will receive a fee per transaction.

We anticipate that revenues will be earned by QuickPayIT on the payment made to the merchant and on any foreign currency exchange transaction. In addition, we anticipate that fees will be generated on payments between users, as well as between users and their bank accounts.

A white label version of QuickPayIT called CasaPayer has also been launched in September in the Hong Kong market as a payment service for online gamers. CasaPayer Limited, a wholly owned subsidiary of PCG Entertainment Plc ("PCGE") of which Kung-Min Lin and Richard O'Dell Poulden, both non-executive directors of the Company, are also directors, signed an exclusive revenue sharing agreement with the Company in September 2011 for an initial period of five years. We anticipate that after CasaPayer was launched locally in Hong Kong in the last quarter of this year, it will be rolled out across the region in the following year although we do not expect that significant revenues will be generated for the Group under the agreement with CasaPayer or under QuickPayIT in the immediate future.

Financial review

During the year ended 31 March 2011, the Company completed the acquisition of a subsidiary, MoneySwap Holdings Limited, which holds seven subsidiaries and one associated company. The Group's revenues for the year ended 31 March 2011 grew by 358% to approximately US$512,000 (2010: US$112,000) as it commenced foreign currency exchange transaction services including those for Melco Crown and Genting. Since February 2011, the Group has been revising the operating procedures in the light of various regulatory matters to enable it to provide foreign currency exchange transactions in New Taiwanese Dollars to Melco Crown and Genting. As a consequence the Group's revenue on foreign exchange currency transactions in New Taiwanese Dollars from Melco Crown and Genting have ceased while the revisions to these procedures are being considered by Melco Crown and Genting.

Despite the increase in revenues, the Group's loss for the year increased by 63% to approximately US$4.6m (2010: US$2.8m) as it continued to invest in developing its systems, banking infrastructure and business model for which the Group hired more staff (2011: 43; 2010: 16) and incurred more salaries expenses (2011: US$2.0m; 2010: US$0.8m). In addition, extra office rental was incurred for MoneySwap Financial E-Services (Shanghai) Co., Limited, which was newly set up in June 2010 (2011: US$0.2m; 2010: US$nil) and legal and professional expenses amounted to US$0.5m were incurred for the AIM admission exercise progressed during the year.

As at the 31 March 2011, total equity had decreased by 51% to US$0.7m (2010: US$1.5m). This is mainly due to the share allotments of 217,796,413 shares and 57,411,100 shares for the acquisition of 92.86% equity interests in MoneySwap Holdings Limited and conversion of US$3.5m loan advanced from Power Capital Exchange Corp. respectively. Also, with the acquisition of MoneySwap Holdings Limited in March 2011 a combination reserve of US$3.8m was created. The effect of the increase of these amounts was, however, offset by the increase in loss for the year as mentioned above. Operation of the Group was also supported by a loan from Power Capital Exchange Corp. of US$1.2m.

Post-year end, I am pleased to report that the Group successfully completed a placing of US$5.0m (approximately £3.05m before expenses) bringing the Company's issued share capital to £336,696.

Future developments

Following 31 March 2011, the Group has continued to focus on developing its business model and executing its strategy. The Group's geographic focus has remained in Hong Kong and Taiwan and on the casino sector.

The Group currently has two major casino customers, Melco Crown Entertainment Limited and Genting Malaysia Berhad. The Group is currently in the process of revising its operating procedures in the light of various regulatory matters to enable it to provide foreign exchange currency transactions to take place in New Taiwanese dollars. At present, we are waiting for these revisions to the operating procedures to be formally agreed and implemented by the casinos with the obvious risk that they may never be.

With the experience already gained, though, by the Group from the Melco Crown and Genting contracts, the directors believe that the Group is now in a position to extend its services to other casinos in Asia as well as offering its services in more Asian countries to existing casino clients. The directors are therefore optimistic about the prospects for casino business as Macau is now the biggest casino market in the world (in terms of turnover). Likewise, Singapore is expected by the directors to overtake Las Vegas as the world's second largest casino market by the end of 2011.

The directors nevertheless acknowledge that it will take time to increase the number of transactions in the casino and online gaming sectors. That said the directors believe that the Group is well positioned to grow these sectors.

As mentioned earlier, the Group has also been developing its QuickPayIT product which has been launched in the Hong Kong market. As part of this launch the Group has established a new pay-in channel with EPS Limited of Hong Kong which is a consortium of 21 major banks in Hong Kong. EPS offers a convenient and simple phone and online bill payment solution that enables users to pay in funds to their MoneySwap account. The Group is additionally engaged in discussions with other similar service providers in other Asian countries.

The Group has also established an Asian based Swift gateway through its partner bank DBS of Singapore. This enables the Group to quickly and cost effectively transfer funds for its Asian clients.

In addition, the Group has recently hired business development and marketing staff to bolster its sales pipeline. These people have excellent domain knowledge and track records in building revenue streams within the region.

Outlook

The Group believes our successful admission to AIM significantly enhances our credibility and opportunities in Asia with both clients and potential commercial partners. It also provides the opportunity for the Group to use its listing to make acquisitions.

We will continue to focus on building a strong pipeline in both existing and new markets and ensuring our services are competitive, secure and scalable. With our team's track record, expertise and commitment I look forward to 2012 with optimism.

Richard Victor Proksa

Chief Executive Officer

MONEYSWAP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2011

MONEYSWAP PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2011

The Financial Statements were approved by the Board of Directors on 29 September 2011 and were signed on its behalf by:

Chee Boon Lee

Director

MONEYSWAP PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2011

MONEYSWAP PLC

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2011

1 Accounting policies

The consolidated financial information of MoneySwap Plc ("the Group") have been prepared in accordance with International Financial Report Standards ("IFRSs") as adopted by the European Union ("EU"). IFRSs is subject to amendment and interpretation by the International Accountancy Standards Board ("IASB") and the IFRSs Interpretations Committee and there is an ongoing process and review and amendment by the European Commission.

These accounting policies comply with each IFRSs that is mandatory for accounting for the period ended 31 March 2011.

The principal accounting policies adopted by the Group in the preparation of its financial statements for the year ended 31 March 2011 with comparatives for the year ended 31 March 2010, are set out below. The accounting policies have been consistently applied to all periods provided.

Basis of preparation

As mentioned in note 13, between 4 March 2011 and 14 April 2011 approximately 93% of the issued share capital of MoneySwap Holdings Limited was transferred to MoneySwap Plc via a share for share exchange. This acquisition has been treated in these consolidated financial statements as a continuation of the businesses at is therefore considered by the directors as outside the scope of IFRS 3, since no business combination is occurring.

Basis of consolidation

The Consolidated financial statements incorporate the results of the company and entities controlled by the Company (its subsidiaries).

These financial statements consolidate the results and statement and financial position of the Company and those entities treated as subsidiaries using the acquisition method of accounting.

Subsidiaries are entities where the Group has power to govern the financial and operating policies, generally accompanied by a share of more than 50 per cent. of the voting rights. All inter-company balances have been eliminated in the consolidated financial statements.

Non-controlling interests

Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company. They are presented in the consolidated statement of financial position within equity based on the share of net assets, separately from equity attributable to the equity holders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of comprehensive income.

Changes in the Group's interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity holders of the Company.

Investment in associate

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

The results and assets and liabilities of associates are incorporated in the financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments.

Losses of an associate in excess of the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Where a group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group's interest in the relevant associate.

Revenue recognition

Revenue comprises commissions received on the execution of foreign exchange transfers on behalf of the clients.

Commissions are recognised on an accruals basis following execution of the transaction.

Intangible assets

Intangible assets consist of development expenditure incurred in respect of software for the Group's electronic exchange platform and is recognised as an intangible asset in accordance with the provision of IAS 38 "Intangible Assets". Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Amortisation of these assets is charged to the income statement on a straight-line basis over the expected useful economic life of the asset.

Amortisation is charged against assets from the date at which the asset becomes available for use and is calculated on straight line basis as follows:

Development costs - 20%

Where no intangible asset can be recognised, development expenditure is treated as expenditure in the period in which it is incurred.

Property, plant and equipment

Property, plant and equipment are stated at historical cost less depreciation less any recognised impairment losses. Subsequent costs are included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the costs can be measured reliably. All other costs, including repairs and maintenance costs, are charged to the income statement in the period in which they are incurred.

Depreciation is provided on all property, plant and equipment other than freehold land and is calculated on a straight-line basis as follows:

Plant and machinery - 20%

Leasehold improvements - 20%

Depreciation is provided on cost less residual value. The residual value, depreciation methods and useful lives are annually reassessed.

The carrying values of property, plant and equipment are reviewed for impairment annually and when events or changes in circumstances indicate that the carrying value may be impaired. Any impairment is taken direct to the income statement.

Impairment of non-financial assets

At each balance sheet date, the directors review the carrying amounts of the Group's tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Foreign currency translation

The presentational currency for the Group's consolidated financial statements is United States dollars and it is this currency in which the Group reports. Foreign currency transactions by Group companies are recorded in their functional currencies at the exchange rate at the date of the transaction. Monetary assets and liabilities have been translated at rates in effect at the balance sheet date, with any exchange adjustments being charged or credited to the income statement.

On consolidation the assets and liabilities of the subsidiary companies with non-United States dollars functional currency are translated into the Group's presentational currency at the exchange rate at the balance sheet date and the income and expenditure account items are translated at the average rate for the period.

For the purpose of foreign currency translation, the net investment in a subsidiary is determined inclusive of foreign currency intercompany balances for which settlement is neither planned nor likely to occur in the foreseeable future.

Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

In the statement of cash flows, cash flows denominated in foreign currencies are translated into the presentational currency of the Group at the average exchange rate for the year or at the prevailing rate at the time of the transaction where more appropriate.

The exchange rate applied at the statement of financial position date was US$1.6033 per £1 sterling (2010: US$1.5072).

Financial instruments

Financial assets and financial liabilities are recognised on the consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument.

Other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due. The amount of any provision is recognised in the income statement.

Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost using the effective interest rate method.

Cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Current tax

Current tax for each taxable entity in the Group is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the balance sheet date and includes adjustments to tax payable or recoverable in respect of previous periods.

Deferred tax

Deferred taxation is calculated using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred tax arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred tax is determined using tax rates and laws that have been enacted (or substantially enacted) by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax liabilities are provided in full.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity.

Goodwill

Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities. Positive goodwill is capitalised on the consolidated statement of financial position.

At each balance sheet date goodwill is reviewed for impairment. If any indications of impairment exist then an impairment loss is recognised if the carrying amount of the goodwill exceeds its estimated recoverable amounts.

Employment benefits

Provision is made in the financial statements for all employee benefits. Liabilities for wages and salaries, including non-monetary benefit and annual leave obliged to be settled within 12 months of the balance sheet date, are recognised in accruals.

Equity

Equity comprises the following:

·; "Share capital" represents amounts subscribed for shares at nominal value.

·; "Share premium" represents the accumulated profits and losses attributable to equity shareholders.

·; "Shares to be issued" represents amounts received in advance in respect of shares to be issued post period end.

·; "Retained earnings" represents the accumulated profits and losses attributable to equity shareholders.

·; "Foreign exchange translation reserve" represents the exchange differences arising from the translation of the financial statements of the parent company into the Group's presentational currency and the translation at the closing rate of the net investment in the subsidiaries.

·; "Combination reserve" represents amounts arising from the difference between the cost of the acquisition and the fair value of the assets to be recorded to the account for the share for share exchange.

IFRSs in issue but not yet effective

At the date of authorisation of the consolidated financial statements, the following Standards and Interpretations were in issue but not yet mandatorily effective and have not been applied in the financial statements:

·; IFRS 7 (Amended) - Financial Instruments: Disclosure - effective for periods commencing on or after 1 January 2011

·; IAS 24 (Revised) - Related Party Disclosures - effective for periods commencing on or after 1 January 2011

·; Amendments to IAS12: Deferred Tax: Recovery of Underlying Assets - effective for periods commencing on or after 1 January 2011

·; IFRS 9 - Financial Instruments - effective for periods commencing on or after 1 January 2013

·; IFRS 10 - Consolidated Financial Statements - effective for periods commencing on or after 1 January 2013

·; IFRS 11 - Joint Arrangements - effective for periods commencing on or after 1 January 2013

·; IFRS 12 - Disclosure of Interests in Other Entities - effective for periods commencing on or after 1 January 2013

·; IFRS 13 - Fair Value Measurement - effective for periods commencing on or after 1 January 2013

·; IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments - effective for periods commencing on or after 1 July 2010

·; Amendment to IFRIC 14 - 'Prepayments of a Minimum Funding Requirement' - effective for periods commencing on or after 1 January 2011

The directors anticipate that the adoption of these standards and interpretations will not have a material impact on the consolidated financial statements in the period of initial adoption.

2 Critical accounting estimates and judgements

In preparing the consolidated financial statements, IFRSs requires management to exercise its judgement in the process of applying the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The critical accounting estimates and judgments made by the Group regarding the future or other key sources of estimation, uncertainty and judgment that may have a significant risk of giving rise to a material adjustment to the carrying values of assets and liabilities within the next financial year are:

Development expenditure

The Group's accounting policy for development expenditure results in certain items of expenditure being capitalised where it is considered likely to be recoverable by future revenue generated from sales achieved by the Group. This policy requires management to make certain estimates and assumptions as to future events and circumstances. Any such estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to the income statement.

Impairment of development expenditure

In accordance with the Group's accounting policy, each asset (or cash generating unit) is evaluated every reporting period to determine whether there are any indications of impairment. If any such indication exists, a formal estimate of recoverable amount is performed and an impairment loss recognised to the extent that carrying amount exceeds recoverable amount. The recoverable amount of an asset (or cash generating group) of assets is measured at the higher of fair value less costs to sell and value in use.

Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. Value in use is also generally determined as the present value of the estimated future cash flows, but only those expected to arise from the continued use of the asset in its present form and its eventual disposal. Present values are determined using a risk-adjusted pre-tax discount rate appropriate to the risks inherent in the asset. Future cash flow estimates are based on expected sales volumes and prices (considering current and historical prices, price trends and related factors), operating costs and future capital expenditure. This policy requires management to make these estimates and assumptions which are subject to risk and uncertainty. Hence, there is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the capitalised development expenditure. In such circumstances, some or all of the carrying value of the asset may be impaired and the impairment would be charged against the income statement.

Useful economic life of intangible assets

For intangible assets which have a finite life, the directors revisit their estimate of useful economic life at each period end and revise accordingly. The directors take into consideration the intangible asset and related sales volume (including historic and projected).

3 Segmental analysis

In the opinion of the directors, the Group has three reportable operating segments as follows:

- Casinos and online gaming ("Casinos")

- Small and medium-sized entities ("SMEs")

- International remittance

For the Group's internal reporting process, operating performance for SMEs and International remittance are assessed together and therefore, their segmental results are combined.

The directors consider that is neither possible nor meaningful to distinguish aggregate administrative expenses between the business segments, nor segmental net assets. As a result these amounts are not reported to the chief operating decision maker on a segmental basis.

The Group is organised around two main geographical areas and a split of the geographical segments is as follows: