Mobilityone (AIM:MBO) shares jumped more than 75% to 3.33p after announcing a major regulatory milestone for its expansion into Islamic digital banking.
The company, a provider of e-commerce infrastructure payment solutions and platforms, said its wholly owned subsidiary, MobilityOne Sdn Bhd, had received conditional approval from Labuan Financial Services Authority to establish MBO Bank (Labuan) Ltd. Labuan is a federal territory of Malaysia, positioned as an offshore financial centre.
The new entity will operate under Labuan’s regulatory framework as a provider of Shariah-compliant digital banking services for offshore clients.
While describing the approval as a significant step, the group said it does not expect to generate any revenue or earnings from the initiative during the 2026 calendar year.
Preparatory work is required to meet capital, governance and operational conditions set out by the regulator.
"The group plans to explore further with potential strategic partners and investors for MBO Bank to meet the capital requirements and to fulfil all regulatory and operational conditions in the next year," MobilityOne said.
MBO Bank’s planned services include digital deposits, Islamic financing and cross-border corporate banking solutions.