Smart ties up with rural banks
SMART COMMUNICATIONS INC. said its Smart Money platform now allows clients of the Rural Bankers’ Association of the Philippines (RBAP) to transmit funds via text messaging.
The tie-up will enable rural bank depositors and borrowers to perform financial transactions, including loan disbursement and payments, using the Smart Money platform accessed through Smart SIMs.
The first engagement for the partnership is to accredit the 696 RBAP member banks all over the Philippines as Smart Money Centers, enabling them to convert electronic cash in the Smart Money wallet into physical cash and vice versa. Smart and RBAP also agreed to cooperate in developing additional products and services to address the diverse requirements of rural banks and their customers.
Reynante S. Banico, head of Smart Services Hub, said that with the partnership, RBAP members could reach more than 34 million Smart subscribers, connect to the country’s more than 7,000 automated teller machines, and access more than 100 Smart Wireless Centers and thousands of MasterCard and Smart Money partners across the country and all over the world.
“This partnership with RBAP reinforces our vision of creating communities that are connected and enabled by the robust and pervasive technology of mobile-based solutions,” Smart chief wireless adviser Orlando B. Vea said in a statement.
Smart Money, the world’s first electronic wallet card linked to a mobile phone, won the 2001 3GSM Award for “Most Innovative GSM Wireless Service for Customers.”
RBAP earlier expressed optimism that rural banking would grow 15 percent this year. Rural banks collectively grew their assets more than 15 percent to P161 billion in the first half from P139 billion in the same period last year.
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