EFT Solutions entered in a MOU with Mongolbank, First Hong Kong ePayment technical partner to accelerate local digital transformation

Promoting cross-boundary interconnectivity of e-payments

HONG KONG SAR - Media OutReach Newswire - 24 June 2024 - EFT Solutions Limited ("EFT Solutions" or the "Company"), member of EFT Solutions Holdings Limited (together with its subsidiaries, the "Group"; stock Code: 8062.HK), a leading electronic fund transfer point-of-sales ("EFT-POS") solution provider in Hong Kong, is pleased to announce that the Company entered into a memorandum of understanding (the "MOU") with Mongolbank, the central bank of Mongolia, to establish a business cooperation to lead the digital transformation of the financial sector in Mongolia and strengthen the interconnectivity of e-payments in different regions.

According to the MOU, the cooperation between both parties is to: (i) construct improved payment and acquire system infrastructure; (ii) establish mutual acceptance of payment cards and/or payment systems in use in Mongolia and/or Hong Kong; (iii) collaborative discussion on banking and payment system for advancement of the financial sector in Mongolia; and (iv) develop potential business model that creates mutual benefits of Mongolia and Hong Kong.

Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, "we are honored to be the first Hong Kong partner of Bank of Mongolia in regards to ePayment technology. Together we will accelerate local digital transformation. While driving Hong Kong to become a smart city, we are also responding to the HKSAR government's initiative in promoting the interconnectivity of e-payments across the regions. We will continue to actively explore various overseas smart city projects to seize international market opportunities."

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EFT Solutions Limited

EFT Solutions Limited, member of EFT Solutions Holdings Limited (Stock Code: 8062.HK) has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices, in order to bring convenience to Hong Kong citizens and make their life better. It aims at providing the most suitable electronic payment solution for different customers, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation and maintenance service. Its EFT-POS terminal service covers renowned restaurant group, railway company, banks, major chain stores and department stores in Hong Kong.