Smart tapped to empower microfinance bank

Posted at 11/10/2012 12:53 PM | Updated as of 11/11/2012 4:44 PM

MANILA, Philippines - Smart Communications, Inc. will be supporting the launch of the country's first microfinance bank that aims to deliver all its services through a mobile platform.

"By launching a mobile microfinance facility, we will be giving the unbanked access to savings products and bank loans that can help improve their lives," Tricia Dizon, Smart financial services head, said.

Dubbed as mBank Philippines, the service will be launched by the PLDT-Smart Foundation, mobile microfinance holding firm mBank Holding, Finnish development finance company Finnfund, and Dutch development bank FMO.

Through mBank Philippines, Smart and Talk 'N Text subscribers may open a savings account, apply for loan products and pay obligations all via their mobile phones.

"The process eliminates the need to travel far to deposit and withdraw money, apply for loans, and pay amortization. This is very convenient especially for those who cannot afford to be absent from work or leave their sari-sari stores," Dizon said.