This announcement contains Inside Information
Bango plc
Bango and Danal strengthen mobile payments partnership
Bango will provide additional payment routes for global app store partners
Focus on China, South Korea, Japan and Taiwan
Cambridge, UK. 11 August 2016. Bango plc (AIM:BGO), the leading mobile payments company, announces that it has entered into a memorandum of understanding with South Korean mobile commerce company Danal Korea, Inc., aimed at strengthening its global payments footprint and developing a mutually beneficial exchange of information in regards to technical expertise and markets.
Danal has developed a pan-Asia payment network initially focused on South Korea, China, Japan and Taiwan. They provide mobile payments to some of Asia's biggest gaming and digital content providers. By integrating Danal's Asia payment network into the Bango Payment Platform, Bango will provide additional payment routes for its leading global app store partners. In addition, the larger merchants served by Danal will be able to leverage the power and global reach of the Bango Payment Platform to enter markets currently not served by Danal.
In May 2016 Bango acquired BilltoMobile, Danal's USA based Direct Carrier Billing business, during which time a good working relationship was established, and this new agreement builds on the partnership and progress made by Bango in successfully developing the BilltoMobile business.
The terms of the partnership include providing a common technical standard for payments through the Bango Payment Platform. Danal payment methods will be integrated into the Bango Payment Platform enabling Bango's global partners to increase their payment reach, Danal partners will gain access to the payment providers already integrated into the Bango Payment Platform . In addition, the terms include joint marketing and sales activity and a specific focus on enabling digital content sales into and out of China. Through the partnership Danal and Bango will operate an exchange program for each party's technical and business development teams. With Bango employees traveling to Korea and Danal employees to Cambridge so the partners can successfully integrate technologies and share payments expertise and market knowledge.
These expanded capabilities will be provided by each party to their partners under their standard commercial terms.
Danal technology includes methods for using bar codes and fingerprints to authenticate mobile money transfer, and is well placed as a gateway between electronic money systems and digital content sales.
Commenting on the announcement, Bango CEO Ray Anderson said:
"Danal's innovations and focus on making electronic money easily available to mobile users have achieved impressive scale in South Korea, Taiwan, Japan and China. Bango shares Danal's drive to make payment services easy and accessible to everyone. Our partnership with Danal has already led to Bango becoming the dominant DCB provider for the US market through the BilltoMobile acquisition.
We are delighted to build on the great working relationship with Danal to offer universal payment methods to new mass mobile markets"
Danal CEO Park Sung-chan also commented:
"As a leader in electronic money and mobile payments in Asia, Danal is excited to work with Bango, bringing the pan-Asia reach and benefits of Danal technology to the world's largest online stores through the Bango Payment Platform. We are pleased to offer our largest merchants the leading technology and extensive global reach of the Bango Payment Platform, which is preferred by all major app stores wanting to offer alternative payment methods on a global scale."
Bango will be announcing its interim results for the six months ended 30 June 2016 on 20 September 2016.
For further information please contact:
Bango plc |
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Ray Anderson, CEO |
+44 3330 770 247 |
Rachel Elias-Jones, CFO |
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Anil Malhotra, CMO |
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Cenkos Securities plc |
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Nick Tulloch / Beth McKiernan / Neil McDonald |
+44 131 220 6939 |
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FTI Consulting |
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Chris Lane / Rob Mindell |
+44 203 727 1000 |
About Bango
Bango is the global standard for app stores offering carrier-billed payments, with more than 150 activations of carrier billing around the world. As the next billion consumers adopt their first smartphone and look for alternate payment methods, Bango will be there to unlock the universe of apps, video, games and other content that bring those smartphones to life. Global app stores and merchants plugging into the Bango Payment Platform include Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG), Samsung (005930: Korea SE) and Microsoft (NASDAQ: MSFT). Bango also partners with leading mobile network operators (MNOs) around the world to drive new revenues through its industry-leading carrier billing solutions. For more information, visit www.bango.com.
