Paybox and Lari Exchange House Announce Successful Launch of m-Remittance Service Between the UAE and the Philippines

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Filipinos living and working in the UAE can now benefit from the new Mobile Remittance Service "payMAX" as paybox and Lari Exchange have successfully launched their new mobile Money Transfer service in January 2008. The partnership extends paybox's mobile Commerce Portfolio and strengthens Lari's positioning as the leading exchange house in the U.A.E.

Due to the nature and demographics of its citizens and due to the different nationalities of labour working in each country, the Middle East region has a great potential for such services. payMAX will bring significant benefit to the mobile migrant communities - first for the UAE-Philippines corridor and with more corridors to come.

paybox, the trendsetting company for mobile payment enterprise solutions headquartered in Germany, and Abu Dhabi-based Lari Exchange, one of the oldest and biggest money exchange companies in the United Arab Emirates announce the successful launch of payMAX, the first Mobile Remittance Service from the Middle East to GCash's mobile wallet in the Philippines.

The strategic partnership brings together the paybox Mobiliser Platform and Lari's experience and network in Remittances to build a Mobile Remittance Platform from the UAE to other countries. payMAX started with the UAE-Philippine Remittance corridor from senders' side in the UAE, with the cooperation of Globe Telecom/GCash in the Philippines which interfaces the beneficiary side.

"We are excited about the successful launch of payMAX ", says Moatasem Osam, Director of Business Development - MENA, paybox. "Due to the nature and demographics of its citizens and due to the different nationalities of labour working in each country, the Middle East region has a great potential for such services. payMAX will bring significant benefit to the mobile migrant communities - first for the UAE-Philippines corridor and with more corridors to come."

The new Mobile Remittance Service is currently available through web screens at the Lari Exchange outlets. The current service enables senders to instantly transfer money to friends and family in the Philippines by depositing cash in one of the Lari outlets in the U.A.E or at any partner location. They can then request to remit money in Dirham value to Globe Telecom customers in the Philippines, which will be converted into Filipino Pesos on the fly and immediately deposited into the beneficiaries' GCash wallet. Beneficiaries can cash-out the money at any of the 6.000 Globe Telecom partner outlets in the Philippines.

"With payMAX, we'll be able to expand our customer base, increase our reach and profitability from Money Exchange and Transfer services" said Fuaad Lari, Lari Exhange's General Manager. "Together with paybox, Lari Exchange can mobilise its worldwide remittance business and differentiate itself strongly".

The new Remittance service used the latest technologies provided by paybox solutions AG, and is under negotiations to be deployed in other countries of the Middle East like Egypt and Saudi Arabia.

payMAX representatives will be available at the "Meet-the-expert-session" on Feb 12 and Feb 13 and for a showcase in the paybox hospitality suite (Hall 4, level 7 HS 48) during the Mobile World congress 2008.

About paybox
paybox solutions AG ("paybox") is the trendsetting company for mobile payment enterprise solutions. Founded in 1999, paybox was the first to launch mass-marketable mobile payment solutions in five European markets. paybox set up operator-led, national mobile Payment standards in Germany and Austria. Recognised for having the broadest mobile Commerce offering worldwide, paybox enterprise solutions are deployed across Europe, North and South America, North Africa, the Middle East and Asia. For more information on paybox, please visit http://www.paybox.net

About Lari Exchange
Lari Exchange is a renowned market leader in currency exchange and international money transfer and payments. Founded in 1969, Lari Exchange is among the oldest and biggest money exchange company in UAE. Besides being the oldest company it is the large currency wholesale dealer as well. The remittance network introduced by Lari Exchange spreads almost all of the world promoting advanced technologies and sophisticated systems by which Lari aims at the absolute satisfaction of its valued customers. Lari Exchange is part of the Lari Group which assists their companies as business incubator and holding company. Lari Financial Brokerage helps customers trade in the Dubai Financial Market and the Abu Dhabi Securities Market. For more information on Lari Exchange, please visit http://www.lari-group.com

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Heidrun Kirsch
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