Shares in Mobilityone Limited (AIM:MBO) climbed 10% to 6.3p, having risen as much as 22% in early trading, after the company confirmed it will launch a mobile money transfer service with Bangladesh’s bKash by mid-February.
The agreement, finalised through its Malaysian remittance subsidiary OneTransfer Remittance (OTR), will allow MobilityOne to directly disburse funds into bKash e-wallets in real time.
The service targets Bangladeshis working in Malaysia, who make up more than a third of the country’s foreign worker population.
MobilityOne will earn revenue through transaction fees and foreign exchange spreads. The deal supports the group’s strategy to digitise remittances, shifting users away from cash-based systems to faster, more cost-effective e-wallet services.
According to Malaysia’s central bank, over 40% of outward remittances were completed digitally in 2024, highlighting the rapid shift in user behaviour. OTR currently operates six physical outlets and a mobile application.
While the board expects near-term revenue to be modest, the collaboration is seen as a platform for long-term growth, particularly in cross-border wallet-to-wallet transfers.
The partnership with bKash, Bangladesh’s largest mobile financial service, strengthens MobilityOne’s regional footprint.