Mobecom Secures AFSL Authorised Representative Registration For “Paid By Coins”

  • Jan 17, 2019 AEDT
  • Team Kalkine
Mobecom Secures AFSL Authorised Representative Registration For “Paid By Coins”

Mobecom Limited (ASX: MBM) operates as a consumer engagement technology platform. Serving customers worldwide, the company offers solutions for digital currency, healthcare, and B2B through mobile applications, Internet, and social media.

The company has through the latest release on ASX stated that “Paid by Coins” has completed the necessary regulatory requirements, in order to become an AFSL Authorised Representative of Flexewallet Pty Ltd (AFSL 448066), a subsidiary of ASX listed Novatti Group Limited (ASX: NOV). 

“Paid By Coins” is an early stage cryptocurrency exchange platform with significant potential for growth. It has exhibited sustained, strategic growth since its launch. Operating as an Authorised Representative under Flexewallet's AFSL will underpin the ability for “Paid by Coins” to attract a larger user base and facilitate much larger transaction values.

“Paid by Coins” has developed a Platform which provides an easy to use Business to Consumer (B2C) solution for consumers, so that they can use the cryptocurrency to pay their bills, or to make a payment directly to any Australian bank account. The Platform delivers a cost-effective, as there is little, or no cost incurred by the customer and secured payment facilitation portal for end customers. The Platform is fully working at this point of time.

At present, the Platform accepts various cryptocurrencies such as the Bitcoin, Ethereum, BitcoinCash, Ripple, and Litecoin. In case there arises any further demand from customers in the future, additional cryptocurrencies will be incorporated into the Platform as per the need.

“Paid by Coins” has generated $1.4m in revenue as per the unaudited management accounts or the six months ended December 2018. For this period without the AFSL, no transaction could be executed for more than $1,000 at a time. The Platform acts as a gateway and matches sellers with buyers of cryptocurrencies, by employing a mechanism which converts the relevant cryptocurrency into fiat currency. “Paid By Coins” uses the fiat currency to make a payment to either the customer’s nominated bank account or the issuer of the relevant invoice and retain a small portion as its fee for conducting the transaction.

With the AFSL Authorised Representation in place, “Paid By Coins” is now able to facilitate transactions up to $50,000 each, which may well result in the forecast revenue of “Paid By Coins” exceeding its current projections.

The Mobecom group’s revenue for the six-month period ending December 2018 was $1.5m. The Company expects the revenue to continue to grow in FY19 supported by the AFSL resulting in the Company revenue increased to approximately $6m for the next 12 months CY19. The Company is confident that this trend will continue for the next six months supported by its planned marketing strategy.

In the meantime, the share price of the company has fallen by 43.59 percent in the past six months as on 15 January 2019. Company’s shares are trading flat today with last traded price as $0.110 (as at 3:53 PM AEST, 17 January 2019) with a market capitalization of circa $15.11 Mn and 137.38 million outstanding shares.


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