mChek CEO Sanjay Swamy steps down

11 February 2010

Bangalore.

mChek, a leading provider of mobile security and payments solutions, today announced that Sanjay Swamy has resigned from the position of CEO of the company, to pursue other opportunities. The Board of Directors will embark on a search for a new CEO right away.

"During his 3+ years as CEO of mChek, Sanjay Swamy has been a visionary who has not just crafted the early days of the company, but of the Mobile Commerce industry as well – and we thank him for the dedication and vision he brought to the company”, said Dr. Naren Gupta, Managing Director of Nexus Venture Partners and Board member of mChek. “I wish Sanjay the very best in his future endeavours".

“Shaping mChek through its early years has been an exciting phase indeed”, said Sanjay Swamy. “I have had the good fortune of interacting with an exceptional team, partners and professionals – I leave it to my successors to build on the platform of technology and business relationships to take the company to greater heights.”

The board will begin a search for a new CEO immediately. The company does not expect to make any additional structural changes or executive leadership changes at this time.

About mChek

mChek offers a hosted service for Mobile Money Transfer and secure payments using credit cards, debit cards, bank accounts and stored-value wallets. mChek is certified PCI-DSS 1.2 and ISO 27001. SIM Toolkit, J2ME/BREW, WAP, IVR and USSD platforms are supported in a seamless manner, and can be launched in 30 to 60 days. mChek’s payment platform is approved by Visa and certified on leading SIM card platforms including Gemalto, Oberthur, G&D;, Sagem/Syscom, Watchdata and Sharon Solutions. mChek is live in India to customers of Bharti Airtel (110 million subscribers), Tata Indicom (40 million subscribers) and in Sri Lanka with Dialog Telekom (6 million subscribers). Additionally, pilots with mChek are underway in five other countries.

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