The US-based financial services technology provider, Microfinance International Corporation (MFIC), has signed an agreement with Philippine wireless service provider, Smart Communications Inc. (SMART), to offer delivery of remittances to the Philippines. Under the agreement customers will be able to send money through MFICs money transfer service, ARIAS. SMART will pay-out the remittances sent and convert the funds to ‘SMART money,’ which may be received through various encashment channels such as SMART retail outlets or Philippine automated teller machines (ATMs), or used for other purposes such as bill payments and merchant purchases.
“Our partnership with MFIC underscores our strategy to collaborate with international and domestic partners to rollout our mobile commerce solutions to a wider customer base at home and overseas,” said Napoleon L. Nazareno, President and CEO of SMART. “Together with MFIC, we renew our commitment to provide affordable, relevant and accessible remittance services to benefit our overseas Filipinos and their loved ones back home.”
About Microfinance International Corporation (MFIC):
Microfinance International Corporation (MFIC) is a US-based financial institution that was founded in 2003. It offers information technology (IT) products and services to banks, MFIs and non-banks.
About Smart Communications Inc. (SMART):
Smart Communications Inc. is a Philippine wireless service provider that was founded in 1991. It provides postpaid and prepaid plans; broadband Internet services; and Smart Money, a debit card linked mobile phone service for users to pay bills, purchase goods, and transfer funds. SMART operates as a subsidiary of Philippine Long Distance Telephone Company.
By Matthew Fox, Research Assistant
Sources and Additional Resources:
Microfinance International Corporation (MFIC): Press Release 23 August 2010: http://www.mfi-corp.com/index.php/en/smart.html
MicroCapital Universe: Microfinance International Corporation (MFIC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+International+Corporation+(MFIC)
MicroCapital Universe: Smart Communication Inc. (SMART): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Smart+Communications+Inc.+(SMART)
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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