Printer Friendly

Microfinance: KDDI invests $22 million in MFIC to jointly build mobile payment platform worldwide.

KDDI Corporation a Japanese telecom company, and Microfinance International Corporation (MFIC), a US financial solution provider, have announced a partnership involving KDDI's $22 million investment in MFIC to support its global expansion. The partnership will develop an open mobile payment platform worldwide.

KDDI's over 600 carriers and MFIC's money transfer solution - advanced payment/settlement system connected to a network of payers in 90 countries -- will enable mobile network operators (MNOs) "to offer competitive financial services and expand the boundary of financial services to integrate billions of unbanked customers into the formal financial system," the firms said.

Takashi Tanaka, the President of KDDI said, "We are seeing more and more convergence of telecommunications and financial services going on worldwide, still most of them are local movements."

As the first step of collaboration, in January 2011 Locus Telecommunications Inc., KDDI's subsidiary headquartered in New Jersey is launching a new service in the US, allowing customers to send money overseas using a multi-purpose calling card.

"Still in the early stage, mobile money has strong momentum backed by industries, governments and aid organisations given its enormous potential for market growth and financial inclusion. According to CGAP, a microfinance group based at the World Bank, the number of those who lack a bank account but have mobile phone will reach 1.7 billion in 2012, about 70 per cent of the entire unbanked population worldwide," a press release said.

2009 CPI Financial. All rights reserved.

Provided by an company
COPYRIGHT 2010 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:CPI Financial
Date:Dec 15, 2010
Previous Article:Nexus sees insurance business grow by 35 per cent in 2010.
Next Article:e-entrepreneurs highlight importance of online opportunities for self-starters.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters