SyQic launches mobile payments for Yoomob with Fortumo

SyQic plc, (AIM:SYQ), the fast growing OTT provider of paid video content across mobile and internet enabled consumer devices, announces that it has launched its new “click to pay” payment platform for the Company’s main product, Yoomob, in partnership with the international mobile payment provider Fortumo.

To date, the Company’s flagship product, Yoomob, has been launched in collaboration with telecommunication providers (the “Telcos”) to provide subscriber targeting, content marketing, revenue collection and payment. This method of deployment has had a tendency to delay expansion of the service due to the extended timeframes Telcos typically work to developing, integrating and deploying new innovative services and has placed considerable strain on the Company’s working capital due to delayed payments.

Today, the Company has launched its evolutionary “click to pay” payment processing platform whereby the Company can now market its Yoomob service directly to potential subscribers via popular social media platforms such as Facebook and Twitter and collect subscriptions directly from users via its direct payment channel partner Fortumo. They currently have live mobile payment collection services operating across more than 94 countries with a particular strong focus on emerging markets such as South East Asia.

Following the pilot launch of the “click to pay” platform in Malaysia, the Company expects to rapidly roll out the service to other regions taking advantage of Fortumo’s footprint across the Company’s target markets.

The Company believes its partnership with Fortumo will enable the Yoomob service to scale more rapidly, reduce the cost of new subscriber acquisition, enable cost effective entry into new geographical markets, reduce the Company’s dependence on Telcos and significantly reduce the payment cycle currently experienced with its Telco channel partners.

Jamal Hassim, CEO, commented: “ This is a transformational moment for the Yoomob service following several months of negotiation and development in partnership with Fortumo. Importantly, the new payment platform will enable us to promote Yoomob content directly to potential subscribers by using their social media preferences, which should be far more accurate and productive than the current SMS approach used by our current Telco partners.

Furthermore, we believe this targeted marketing approach with a rapid payment platform will help us to achieve better growth rates in terms of subscriber numbers and average user spend. Similar to OTT giants Netflix and Hulu, we will be able to use the internet to scale the Yoomob business, albeit in the mass market mobile consumer segment.

Finally, the partnership with Fortumo should not be underestimated by our stakeholders as this relationship considerably de-risks the new payment platform whilst offering the Company the opportunity to enter new territories where it has existing payment networks.”

About SyQic

SyQic is a fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices. Incorporated in Jersey with offices in Malaysia and the UK, it has a significant service footprint in Singapore, Indonesia and Malaysia.