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Monitise narrows losses, signs mobile payment deal with Hong Kong lender

Monitise PLC's full-year loss narrowed and the British mobile banking technology company said it entered a deal with a unit of Bank of China to provide the Hong Kong-based lender with mobile payments technology.

The British company said it would help launch mobile services for Bank of China (Hong Kong) Ltd., which is looking to tap Hong Kong's high levels of cellphone penetration.

Monitise also reiterated its revenue forecast for fiscal 2013. It expects at least 70 million pounds in revenue in the current year and gross margins are likely to be more than 70 percent in the second half of fiscal 2013.

The company also backed its EBITDA outlook and said it expects to achieve its EBITDA break-even target by September 2013, one quarter earlier than its previous forecast.

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