MoneySwap to close e-wallet service

MoneySwap announced on Tuesday that it is to cease operating its e-wallet facility for individual clients.

The AIM-traded firm said the e-wallet facility enabled its users to trade currencies and make peer-to-peer and third-party transfers.

“For some time, this business has been a very minor part of the company's overall operations and is not considered by the directors to be of strategic importance to the business going forward,” its board said.

The company will continue to focus on its core business operations as a provider of real time remittance solutions from overseas to China, and gateway solutions to merchants in the UK.

“The closure of the company's e-wallet operations has been agreed with Hunan Commodities Trading Centre Company, the proposed new investor in MoneySwap,” the board explained.

“All monies held in e-wallet accounts are to be returned to the account holders.”

MoneySwap said it intends to shortly set out details of the proposed investment by HNCX, and convene a general meeting to consider various enabling resolutions to allow the investment to proceed.

The company's shares were suspended from trading on AIM on 21 September, and will remain suspended until the audited report and accounts for the year to 31 March have been published and posted to shareholders.