Friday, May 21, 2010

Mobile Banking is expanding service for Cambodia's unbanked

WING, a subsidiary of the Australia and New Zealand Bank(ANZ), is consider the first emerging mobile banking in Camboida. This mobile banking launched its service in late 2008 that provides subscribers with the ability to use mobile phones to conduct a variety of banking transactions, including person to person money transfers. The service is now expanding to include loan repayments by mobile.

Banks and telecommunication companies in Cambodia are now targeting the unbanked communities, which could result in huge savings for the poor, higher transaction earnings for telecoms and financial activities for the banks.

Referring to a quarterly analysis by financial consultants McKinsey & Co., the cost of serving customers is reduced by 50 to 70 percent by using mobile phones, making it possible to offer financial services to a vast population once considered unprofitable.

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