Wed, 17/02/2010
Barcelona, 17 February 2010: MCB, one of Pakistan’s leading banks, has passed an important milestone.
In less than eight months the bank’s MCB Mobile service has processed more than US$10 million worth of transactions. The unique ‘shared platform’ approach in Pakistan, implemented by Access Group with Fundamo technology and expertise, means that all banks and mobile operators are able to use the same technology to deliver mobile financial services to end users. The use of a single, flexible technology platform frees banks and operators to focus on developing services that appeal to consumer needs, rather than implementing proprietary technology solutions.
70,000 MCB Mobile customers have made more than half a million transactions (such as mobile money transfers, bill payments, top ups and balance enquiries) since July 2009.
“The Pakistani regulator is one of the most proactive in the world and this shared platform would not have been possible without its support. This is a truly unique approach that stands apart from the piecemeal, proprietary implementations in other countries. It should be viewed as a blueprint by other nations looking to emulate our early success,” said Qasif Shahid, EVP, MCB Bank. “After the early success of MCB Mobile, we are now set to extend banking services to some 50 million, mobile savvy, unbanked consumers, offering them secure and convenient access to financial services.”
“Pakistan’s single platform has been a significant catalyst for mobile financial services uptake. By collaborating and embracing regulation, participants have been able to think big, start small and scale fast,” said Aletha Ling, Executive Director of Fundamo. “The result is an ecosystem that will support the long term and sustained growth of the Pakistani mobile financial services market. MCB has entered into mobile financial services with the perfect attitude – focusing on creating products and services that its customers really want.”
-ENDS-
Fundamo and MCB Mobile executives are available at Mobile World Congress to discuss the implementation of the shared platform. Please contact:
Daniel Lowther & Laura Bryant
CCgroup for Fundamo
+44 7887 245 236 / +44 7983 624 426 (at Mobile World Congress)
fundamo@ccgrouppr.com
About Fundamo
Fundamo’s Enterprise Mobile Financial Services platform is architected for configurability and scalability to evolve with the needs of mobile subscribers to deliver increasingly compelling, tailored and differentiated mobile financial services as the market matures. The company’s vision is for a truly connected financial services ecosystem that supports the ubiquity of mobile devices. Fundamo has some 40 deployments in over 30 countries, including 27 countries in Africa and the Middle East and another 10 globally.
About MCB Bank Limited
MCB is one of the leading banks of Pakistan incorporated in 1947. MCB was nationalized in 1974 along with all other private sector banks. It was privatized in 1991 when Nishat Group bought a majority stake in the bank. MCB’s shares are traded on all three exchanges of Pakistan and its global depositary receipts are listed on the London Stock Exchange. Malayan Banking Berhad (“Maybank”), the largest bank in Malaysia by total assets, has a 20% equity interest in MCB.
During the last fifteen years, the Bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network, developing a large and stable deposit base and managing its loan book through improved risk management processes.
MCB is Pakistan’s fourth largest bank by assets having an asset base of PKR 445 billion at December 31, 2008 on a consolidated basis and the largest bank by market capitalization. The Bank has a nationwide distribution network of over 1,050 branches. In 2008, MCB reported an after tax profit of PKR 15.3 billion on a consolidated basis.
