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Ayala group gets green light for new mobile bankAug 20, 2009 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) -- THE Ayala group has secured Monetary Board approval for a plan to put up a mobile microfinance bank. Aurelio Montinola, Bank of the Philippine Islands (BPI) president, told reporters that the policy-making body of the Bangko Sentral ng Pilipinas gave the green light to the conglomerate's proposal early this month. He said the mobile microfinance bank will be operational in two months. The BPI executive said the bank will put set aside P400 million under its wholesale lending program for microfinance institutions. "We hope the synergy structure will be positive," he said. BPI and Globe Telecom Inc. will each own 40 percent of the new lending entity, while Ayala Corp. has a 20 percent stake. "There's room for everybody. It's not a big money maker and it's almost a way we started consumer banking in 1985. We also said that it will not be a money maker," Montinola said. He said the Ayala group will use Pilipinas Savings Bank, a BPI subsidiary, to provide small loans to institutions through cellular phones. The mobile microfinance bank will be set up in Globe's distribution centers, with the Ayala-led telco providing G-Cash to microfinance organizations and rural banks. An SMS-based technology, G-Cash allows money transfer and loan collections via text messaging. To see more of The Manila Times, or to subscribe to the newspaper, go to http://www.manilatimes.net. Copyright (c) 2009, The Manila Times, Philippines Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |