Domestic Payment and Promotion Agreement Between MOL AccessPortal Berhad and Ebay International A.G
Collaboration to Promote Safe and Secure Online Auctions
Kuala Lumpur, 14 November 2005 – MOL AccessPortal Berhad (MOLAccess) has signed an agreement on domestic payment and promotion with eBay in Kuala Lumpur today. This collaboration, which promotes safe and secure online auctions, has initiated a secured ‘escrow’ based payment solution, which is branded as MOLSafePay.
MOLSafePay enables consumers in Malaysia to securely transmit funds with one another using MOLAccess’s payment infrastructure that includes MOLePoints and MOL Unembossed MasterCard prepaid. eBay’s partnership with MOLAccess will give Malaysian buyers and sellers more choice in payment and services when trading on eBay.com.my.
According to Ganesh Kumar Bangah, chief executive officer of MOLAccess, “MOLAccess targets to launch MOLSafePay to the Malaysian market by end of this year or early next year. We are glad to note that MOLSafePay is an accepted payment mechanism on eBay.com.my. The process of using MOLSafePay will be promoted via the eBay site in Malaysia and MOLAccess in return will educate our MOLMembers on how to create listings on eBay.com.my”.
He added, “MOL Unembossed MasterCard will be used to facilitate MOLSafePay in order to reduce the risk between buyer and seller for online auctions. Payment will only be released by crediting the sellers’ MOL Unembossed MasterCard once the buyer has informed MOLAccess that the goods have been received”.
eBay (www.eBay.com.my) is Malaysia’s leading online marketplace. According to Mr Dan Neary, Regional Director, eBay SE Asia and India, “Addressing the needs of our customers and ensuring that safety and convenience are always at the core of eBay’s polices towards payment, we believe that this partnership with MOLAccess will promote safe online shopping in Malaysia. As more people in Asia are shopping online, we want to ensure that the eBay marketplace offers our local customers an array of safe and convenient payment choices. At the end of the day, we want to create a safe, secure and fun online shopping experience for our customers”.
MOLSafePay manages every aspect of the settlement process and will temporarily hold payment for auctioned items from the buyer until the goods have been delivered. Once the buyer notifies MOLAccess that the goods have been received, MOLSafePay will release the payment to the seller. MOLePoints and MOL Unembossed MasterCard infrastructure act as the cornerstone to this facility.
MOLSafePay provides end-to-end protection, convenience and confidence to both buyer and seller in online auctions.
ABOUT US MOL ACCESSPORTAL BERHAD (MOLAccess).
The Company was incorporated in Malaysia under the Companies Act, 1965 on 9 February 2000 as a private limited company under the name of Superior World Sdn Bhd. It assumed its present name on 8 July 2000 and was converted into a public limited company on 29 April 2002.
The Company was officially listed on the MESDAQ Market of Bursa Malaysia Securities Berhad under the Technology Sector on 22 December 2003. The Company is a Malaysian-based MSC Status company specializing in Internet media and e-commerce, leveraging on a global network of physical outlets acting as physical media and cash-based payment collection centres for online transactions.
It operates six core programmes namely, MOL.com, MOLePoints, MOLCyberCafes, MOLeSolutions, GamesHive.com and Antennix with principal target market segment from the generation Y age group of 15-30 years old, which are IT and Internet savvy, particularly in developing countries.
eBay (www.eBay.com.my) is Malaysia’s leading online marketplace. As the place to buy and sell practically anything, eBay.com.my enables trade on a local, national and international basis with items ranging from handbags to home d’cor, PCs to cosmetics, baby clothes to books, and much more.
eBay (Nasdaq: EBAY; http://www.ebay.com) is The World’s Online Marketplace. Founded in September 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items, from over 50,000 categories for sale on eBay. eBay enables trade on local, national and international basis with customized sites in markets around the world.
Currently there are 27 international eBay sites including Hong Kong, Singapore, Philippines, Malaysia and Taiwan in Asia. eBay also has a presence in China through its investment in EachNet. For a safe, secure and fun online shopping experience, eBay advises members to review and follow the Safe Trading Guidelines by clicking on the Security Centre on the home page.