MoneySwap hedges bets on Macau casino tie-up
Monday 29 August 2011
Another week, another listing on the Alternative Investment Market (Aim). This time it is the Hong Kong-based MoneySwap, which is preparing for its admission this Wednesday. The online money-exchange platform, which allows businesses and individuals to use the Swift banking system to transfer funds across different regions, is raising just over £3m with the listing, which is expected to value the firm at about £20m.
The money swap, so to speak, takes place through Swift – an established network that allows banks to exchange messages with each other – and boasts low fees and no minimum quantity. Once the transfer is completed, funds can be withdrawn via a recipient's bank account, or loaded on to one of the pre-paid MoneySwap MasterCards that are issued by partner banks.
The firm company currently has its sights set on the small businesses active in imports and exports in the Asia-Pacific region. Alongside this, Money-Swap said it is also targeting the many millions of remittances made by migrant labourers throughout Asia, and also at the lucrative gaming sector.
For the latter, it is working with the operators of the Melco Crown and Genting casino in Macau – China's answer to Las Vegas. The idea is to adapt the MoneySwap platform to allow visitors to deposit funds and receive payouts "in their place of departure and currency of choice", rather than at the casino in Macau.
This year is also set to bring a product launch, with Money-Swap gearing up to unveil its QuickPayIT solution in the third quarter. This will allow individuals to pay merchants for goods and services without either one having to enter or receive banking information, according to the company.
"We are delighted to be bringing MoneySwap on to the London Stock Exchange's Aim market," said Richard Proksa, the chief executive of MoneySwap. "The LSE has an exceptional standing in the minds of Asia-Pacific businesses and we see great competitive local advantage in being able to demonstrate that our company, processes and management team have all met the stringent requirements set by the LSE."
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