|Credit: Spire Research|
Mobile Money Asia
Mobile Money Asia
This blog has been established to share thoughts on the development of mobile money globally, but more specifically in Asia. Over the past six years contributors to the blog have been instrumental in mobile money in Cambodia, the Pacific, Bangladesh, Indonesia and other Asian markets. They have worked in payments companies, start-ups and development organisations, thus providing a unique insight to how mobile money is developing in this region. Thoughts and blogs are those of the authors.
Wednesday, October 1, 2014
Sunday, September 14, 2014
- Easy Paisa is a joint venture between Norwegian telecom giant Telenor, and the Pakistani micro-finance bank Tameer. Telenor accelerated the joint venture through the acquisition of 51% of Tameer in 2008. Easy Paisa provides mobile money accounts and over the counter services through a network of agents to customers on the Telenor network.
- bKash is a joint venture formed in 2010 between BRAC Bank, an offshoot of the world’s largest NGO, and an entity formed by Iqbal Quadir, the original founder of Grameenphone. Recently the Gates Foundation and IFC have also become shareholders. The operation connects into four of the six mobile operators for USSD and SMS services in Bangladesh and provides an agent network throughout the country.
- WING Cambodia is a payment service provider in Cambodia founded in 2008 that is operator agnostic, providing money transfer services, ATM access and e-commerce facilities to merchants. WING also leverages an extensive agent network through every province in Cambodia where customers can do cash in or cash out services, and conduct transactions over the counter.
Saturday, July 12, 2014
At the time we launched WING there were a number of opportunities we believed made the business model compelling:
- There was no national payments system in Cambodia
- At least US $8 billion of payments lay outside existing formal payment channels
- The Garment Industry was seeking a solution to its manually intensive payroll process
- The Cambodian market was ready for a product that could provide basic financial services to the unbanked segment
- There was an emerging global trend that was seeing convergence of mobile operators and banking services in the mass market.
The second observation I had during my brief time in Cambodia was the number of people who used and knew of WING. Every single remork (tuk tuk) driver I spoke to, every wait staff in shops and restaurants knew of and in many cases used WING. In addition, WING is now providing payroll and commercial services to many corporates in Cambodia leveraging their liquidity solutions. With anecdotal payment volume of US$350 million in June, and a projection for this year of well over US$3 billion, WING has become the national payment system for micro payments and money transfer in Cambodia.
So, approximately five years after the launch of WING, it is fantastic to see that the opportunities we first identified in 2008 and 2009 have been realised. It is also interesting to speculate whether previous owner's ANZ now have some regret in divesting when they did in 2011, given the success of the business since that time, and the opportunity to offset some of the negative public relations they have experienced in that market recently with a positive story of how WING is helping low income Cambodians to save and send money cheaply.
Friday, April 25, 2014
Saturday, April 19, 2014
- eCommerce transactions with PIN authentication on the mobile
- A joint WING & FTB Bank Visa prepaid card, topped up using a WING account
- Loan repayments at a variety of microfinance institutions
- Bill payments at almost all major billers in Cambodia including electricity and water
- Integration with online games platform including Facebook to allow in-game purchases
- Payroll and disbursement services