23 October 2017
visit www.avoka.com

Philippines mobile phone-based microfinance bank set for launch

13 October 2009  |  10637 views  |  0 smartphone

Bank of the Philippine Islands (BPI) and Globe Telecom are set to launch a mobile microfinance institution after clearing a regulatory hurdle.

The country's central bank has approved a proposal that will see BPI transfer 40% of the shares in its Pilipinas Savings Bank (PSBI) to Globe Telecom and another 20% to Ayala Corporation.

PSBI will be transformed into a bank dedicated to providing wholesale loans to microfinance institutions in the country and will have initial capital of 500 million pesos ($10.8 million).

It will rely heavily on mobile technology to deliver and collect loans in rural areas. Globe, already works with a number of rural banks and microfinance institutions which use the telco's G-Cash product, an SMS-based system for money transfers and loan collection.

The firms are now waiting for the central bank to give the green light for a name change and an electronic banking licence ahead of a proposed launch next year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IDB fund provides $4m grant for tech-based microfinance programme

IDB fund provides $4m grant for tech-based microfinance programme

08 October 2009  |  4307 views  |  0 comments
Western Union to launch mobile remittance service in Malaysia

Western Union to launch mobile remittance service in Malaysia

05 October 2009  |  10106 views  |  0 comments
Cgap calls on mobile remittance operators to move into savings market

Cgap calls on mobile remittance operators to move into savings market

30 September 2009  |  9340 views  |  0 comments
Nokia moves into mobile financial services

Nokia moves into mobile financial services

26 August 2009  |  10737 views  |  0 comments
Obopay and Grameen team on mobile banking initiative

Obopay and Grameen team on mobile banking initiative

06 August 2008  |  9937 views  |  0 comments
Citi lets Filipinos make credit card purchases via SMS

Citi lets Filipinos make credit card purchases via SMS

08 July 2008  |  11624 views  |  0 comments
Western Union pilots mobile remittance systems in the Philippines

Western Union pilots mobile remittance systems in the Philippines

30 January 2008  |  11191 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
18443 views comments | 24 tweets | 36 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14884 views comments | 23 tweets | 31 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10796 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10233 views comments | 13 tweets | 10 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job