MFIC and SMART Partner to Expand Remittance Delivery in the Philippines
The move strengthens mobile international payment infrastructure in major remittance corridors
August 23, 2010 (Washington, D.C.) Microfinance International Corporation (MFIC) has entered into a partnership with Smart Communications, Inc. (SMART), the largest mobile network operator in the Philippines, to expand its delivery of remittances to the country. SMART will pay-out the remittances sent through ARIAS, MFIC’s money transfer solution, originated by financial service providers in the US, Japan and Europe. Remittances to SMART Money account may be received through the various encashment channels of Smart Money—over 100 Smart Wireless Centers, over 7,000 Philippine ATMs, and thousands of Smart Money Centers and agents all over the Philippines.
Through this partnership, MFIC will develop mobile international payment infrastructures in the major remittance corridors, making money transfer more convenient for remittance senders and recipients.
“We are very pleased to partner with SMART, a global leader in mobile payments. We are confident that our transparent and competitive remittance services will bring tremendous benefits to Filipino communities globally,” said Atsumasa Tochisako, President and CEO of MFIC. “ARIAS has advantage in its adaptability to various interfaces, making it easy for us to partner with a company like SMART whose role is increasingly important in the payment sector. It is our commitment to expand the delivery of affordable and secure money transfer services in a wider geographic area, and mobile phone will play the key role to make it happen.”
“Our partnership with MFIC underscores our strategy to collaborate with international and domestic partners to rollout our mobile commerce solutions to a wider customer base at home and overseas,” said Napoleon L. Nazareno, President and CEO of SMART. “Together with MFIC, we renew our commitment to provide affordable, relevant and accessible remittance services to benefit our overseas Filipinos and their loved ones back home.”
Funds received in the beneficiary’s Smart Money account will be available immediately for encashment, and also for other features such as airtime reloading, bills payment, and merchant purchases. The partnership with SMART will complement MFIC’s remittance initiatives in different global regions to make mobile money transfers available to more people around the world.
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About MFIC
MFIC is a Washington D.C.-based company that aims to expand affordable and professional financial services to markets where such services have previously been unavailable or overpriced. The Company offers a line of products and services including ARIAS, money transfer solution that enables financial institutions and payment providers to offer competitive remittance services. ARIAS provides “Account-to-Receiver” service of the FEDGlobal ACH payment and facilitates “Fair Value Remittances” among member banks of World Savings Banks Institute. MFIC also offers compliance consulting to financial institutions under the brand name of Ascella Compliance, and operates Alante Financial, a network of financial service centers targeted to unbanked immigrants to helps remittance senders and their families back home to enhance their economic well-being.
About SMART
Smart Communications, Inc. (SMART) is the Philippines' leading wireless services provider with 45.3 million subscribers on its GSM network as of end-June 2010. SMART has built a reputation for innovation, having introduced world-first wireless data services, including mobile commerce services such as Smart Money and Smart Load. Smart Money won the 2001 3GSM Award for “Most Innovative GSM Wireless Service for Customers, and 2009 Asia Mobile Awards for the “Best Mobile Money Service” and “Best Mobile Money for the Unbanked” categories. It was also cited as the “Best Product Innovation” award at the MasterCard Awards in Australia. SMART also offers 3G and HSPA services. Its Smart Link service provides communications to the global maritime industry. Smart Broadband, Inc., a wholly-owned subsidiary, offers a wireless broadband service, Smart BRO, with 1.3 million subscribers as of end-June 2010. SMART is a wholly-owned subsidiary of the Philippines' leading telecommunications carrier, the Philippine Long Distance Telephone Company. For more information, visit www.smart.com.ph.