Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Leading Pakistan Mobile Banking Provider Uses IBM Cloud to Expand Delivery of Secure Financial Services on Mobile Phones

Monet Adopts IBM Private Cloud Infrastructure To Meet Strong Customer Demand for Mobile Banking Across Pakistan

KARACHI, Pakistan, Nov. 1, 2012 /PRNewswire/ -- IBM (NYSE: IBM) today announced that Monet, one of Pakistan's leading mobile-commerce providers, has selected a customized IBM cloud-based solution that will enable the company to enhance service efficiency and expand its presence across the country.

(Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO )

Launched in 2012, Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end-users a simple interface through which they can access a wide range of financial services on their mobile phones.  

Mobile banking and financial services are expected to grow significantly in Pakistan in the coming years. Increased demand for affordable banking, a lack of traditional banking infrastructure and an aggressive branchless banking mandate from the State Bank of Pakistan (SBP) has driven quick uptake of mobile banking in the country.

With a population of 180 million, a mobile phone penetration of more than 70% and a banked ratio of only 22%, Pakistan offers a large potential market for Mobile Financial Services (MFS). According to an SBP recent branchless banking newsletter, the number of mobile banking accounts was at 1.45 million, showing a growth of 37% during the second quarter of 2012, with new level zero account openings registering a jump of 370%. The existing accounts activity level also improved substantially during the quarter as the number of active accounts increased by 66%.1

To capture this opportunity, Monet chose IBM to develop a unique IT environment allowing the company to offer reliable and efficient services to a growing customer base throughout the country.

"Mobile financial services have reached an inflection point where they have moved from niche to mainstream," said Ali Abbas Sikander, CEO, Monet. "We believe mobile can potentially become the strongest channel for the delivery of financial services. IBM's cloud solution will allow us to reach our clients easily, giving us access to a wider base of customers and ultimately extending the reach of financial services in the country."

IBM will develop a specialized solution based on IBM SmartCloud technology, to deploy Monet's mobile banking applications from Fundamo, a leading mobile financial services platform provider and an IBM partner. The private cloud will allow Monet to save on initial investments in IT and help the company offer more efficient services at a reduced cost.

IBM SmartCloud infrastructure is based on IBM servers, storage and software optimized to meet growing mobile demand. In addition, Monet has outsourced the entire networking, security, cryptographic solutions, and disaster recovery to IBM, in order to focus on its core business.  

"Mobile and Cloud are a powerful combination to provide sustainable and affordable banking services to millions of people in Pakistan," said Adnan Siddiqui, CGM, IBM Pakistan and Afghanistan. "IBM has global experience in the financial services sector and a thorough understanding of the local market, and our engagement with Monet is expected to benefit banking customers across the country."

The agreement was signed in May 2012.

About Monet
Monet is Pakistan's first and only shared access Mobile Financial Services (MFS) platform connecting banks, mobile operators and merchants. Monet envisions a world-class, feature-rich, fully-managed platform enabling the next generation of an electronic payments eco-system. Monet has already formed a strategic partnership with a leading commercial bank and a large telecom operator to enable the launch of a new mobile money brand in Pakistan. The company has attracted a private equity investment from Abu Dhabi Group (ADG). ADG is one of the leading business conglomerates in the Middle East with diversified business interests in Europe and Asia. ADG is led by His Highness Sheikh Nahayan Mabarak Al Nahayan - the Federal Minister for Higher Education and Scientific Research of the United Arab Emirates.

About IBM Cloud Computing
IBM has helped thousands of clients adopt cloud models and manages millions of cloud-based transactions every day. With cloud, IBM helps clients rethink their IT and reinvent their business. IBM assists clients in areas as diverse as banking, communications, healthcare and government to build their own clouds or securely tap into IBM cloud-based business and infrastructure services. IBM is unique in bringing together key cloud technologies, deep process knowledge, a broad portfolio of cloud solutions, and a network of global delivery centers.

For more information about cloud offerings from IBM, visit http://www.ibm.com/smartcloud.

Follow us on Twitter at http://www.twitter.com/ibmcloud and on our blog at http://www.thoughtsoncloud.com.   

1 Branchless Banking Newsletter Quarterly April-June 2012.State Bank of Pakistan. Link:
http://www.sbp.org.pk/publications/acd/BranchlessBanking-Apr-Jun-2012.pdf

Media Contacts

Nathan Strauss
IBM Media Relations
[email protected] 
1-917-472-3382

Pooja Dawani
IBM Media Relations, Pakistan
[email protected] 
021-32915000

Salman Chaudry
Manager, Product Development and Corporate Communications
Mobile: 0302-405-6353
Skype: salmanchx
URL: www.monet-online.com 

SOURCE IBM

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...