Signs joint venture agreement with First Eastern.
Monitise has also secured additional funding of £5.6 million – as First Eastern increased its shareholding in the UK firm – as part of the deal.
First Eastern, Hong Kong-based investment group, has extensive reach from its Hong Kong base into China and throughout Asia. This deal will take Monitise's Mobile Money Manager technology platform into these key strategic markets.
The first services are expected to be live in Hong Kong in the second half of 2010.
Monitise currently has over two million registered customers, giving them the opportunity to use their mobiles to check balances, be alerted to transactions on their accounts, pay bills and send money.
Victor Chu, chairman of First Eastern, said, “We are delighted to launch our Joint Venture with Monitise in the Asia Pacific region. Their technology and expertise will enable us to rapidly exploit the huge potential for mobile financial services in the extremely fast growing Asia market. Our investment will bring new and exciting services to the region and we are delighted to partner with such a progressive and well respected company as Monitise.”
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