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Philippines : GLOBE TELECOM plans to expand its mobile banking services to the ASEAN REGION [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) The Philippine telecom giant Globe Telecom Inc., an arm of Ayala, has revealed its plans to expand its mobile-based banking service to other countries in Southeast Asia after the planned integration of the 10-nation bloc of ASEAN in next year. Interacting with media in Makati City on Friday, the President and CEO of Globe Ernest Cu has stated that seeking new investments in the telecom space of the ASEAN region is "a bit difficult" in view of the development of the industry in their own territories. He stated, "Majority of the markets we see in Southeast Asia certainly in emerging markets are very saturated and mature." "What can be explored as an opportunity is taking our banking product overseas." Globe s GCash is the mobile money service, operated by its subsidiary G-Xchange Inc. Moreover, its portfolio includes microfinance-focused savings bank - BanKO, which is managed jointly with Bank of the Philippine Islands and Ayala Corp. BanKO is a mobile-based operation of Globe. The ASEAN Economic Community, which comprises 10 countries, plans to set up a single market and production base within 2015 to facilitate open movements of goods and services, skilled labor-force, investments and capital. The ASEAN group includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. According to Cu, several of the regional economies have much similarity with the Philippines related to the unbanked population. The company official stated, "It is something, perhaps, our mobile banking product that we have under BanKO and G-Cash, could be applicable." What makes the e-commerce services relatively easy to replicate in other countries is the lack of alternatives to financial inclusion. The Philippines is more challenging than, let's say Bangladesh or Myanmar because of pawnshops and remittance companies." Cu added "So we think a combination of what we're doing and what can be localized in those economies may succeed." The Philippine telecom sector will remain untouched from the 2015 AEC. Cu noted, "The effect on telco is minimal because it is regulated. It would require licenses, and entry to this market will require partnerships." "So we expect very little, immediate impact on us." (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |