MobilityOne has moved to temper expectations around its Islamic digital banking ambitions on Thursday, confirming that conditions attached to its conditional approval from the Labuan Financial Services Authority have not yet been met.
The AIM-listed e-commerce payments group issued the clarification in response to media reports suggesting its Malaysian subsidiary had already secured a full Islamic digital banking licence, which is not the case.
MobilityOne shares were down 20% in early Thursday trading as a result.
MobilityOne received conditional approval in December 2025 for its wholly-owned Malaysian arm, MobilityOne Sdn Bhd, to set up MBO Bank (Labuan) Limited to carry on Islamic digital banking business in Labuan, Malaysia.
However, the green light is yet to be given and hinges on the proposed bank meeting a series of requirements, including sufficient capital reserves, robust corporate governance, and other operational and prudential standards set by the regulator.
The company said it is actively working to satisfy those conditions but gave no timeline for completion, stating only that it would update the market “as and when appropriate.”
MobilityOne’s CEO, Dato’ Hussain A Rahman, said in December: “This conditional approval from Labuan FSA represents a significant step for the Group to expand its fintech ecosystem from payment processing and e-money services into full-scale Shariah-compliant digital banking. In addition, it reflects Labuan FSA’s confidence in MobilityOne’s proposed business model, governance framework and commitment to regulatory compliance.”