USAID Recognizes Social Impact of Asian Mobile Financial Services Providers

USAID's Steve Rynecki (left) presents the "Social Impact of the Year Award" to Rob Nazal of BPI Globe BanKO (center) in a ceremo
USAID's Steve Rynecki (left) presents the "Social Impact of the Year Award" to Rob Nazal of BPI Globe BanKO (center) in a ceremony in Singapore.
Photo courtesy of Mondato

For Immediate Release

Monday, November 17, 2014

BANGKOK, November 17, 2014 – At the recent Mondato Summit Asia in Singapore, three “Social Impact of the Year Award” finalists showcased their efforts to make a social impact on emerging Asia with their mobile financial services (MFS) products. The winner was selected from the three finalists by a panel of judges based on their presentations during the Summit. The U.S. Agency for International Development (USAID) commended the three finalists and awarded BPI Globe BanKO with the prize. 

“All three award finalists offer mobile financial services that have the potential to make a significant social impact in Asia,” said Michael Yates, Director of USAID’s Regional Development Mission for Asia. “They are bringing essential, but previously unavailable financial services to unserved rural and poor communities.”

The prize winner BPI Globe BanKO and finalists, MicroEnsure Bangladesh and Indosat’s Dompetku are each using mobile solutions to provide critical financial services to typically marginalized customers.

In the Philippines, BPI Globe BanKO is bringing microsavings to the mobile wallets of Filipinos in a country where it is estimated that only 20 percent of households actively use formal savings services like banks. BanKO also offers its depositors low interest microloans and access to microinsurance, as well as the ability to send money and pay bills directly from their phones.

In a country where only a very small portion of the population is insured, MicroEnsure Bangladesh offers Nirvoy Life Insurance coverage for free to all Grameenphone mobile customers, providing financial support to families when they need it most.  Through this widespread and easily accessible method, MicroEnsure Bangladesh is also exploring health and accident insurance, which will contribute to the financial stability of Bangladesh’s vulnerable populations.

In Indonesia, Indosat’s Dompetku Mobile Wallet and Mobile Money Service, in partnership with QNB Kesawan, has reached close to one million subscribers and more than 600 outlets since its re-launch in 2012. The service allows customers to remit money from 50 countries, make bill payments, make online and in-store retail purchases, transfer money and withdraw money from Indonesia’s largest ATM network or Indosat’s network of agents and outlets.

In addition to recognizing the Social Impact of the Year awardees, the Mondato Summit Asia brought together technology leaders from telecommunications companies and retailers, financial institutions decision makers, development professionals and other MFS stakeholders in Southeast Asia in order to pursue and scale commercial opportunities taking into consideration the varied market characteristics and needs across the region. Summit participants discussed pragmatic strategies and tactics to plan for the future amid a continually evolving MFS environment.

The finalists of the Social Impact of the Year Award for Mobile Financial Services in Emerging Asia were selected from 19 applicants using the following criteria: innovation and uniqueness, value to the market, social impact, and service viability. Each finalist illustrated outstanding and measurable social value in their given market in South or Southeast Asia between 2013 and 2014. 

Read more about the Mondato Summit Asia here:  

http://www.mondatosummit.com/asia/#asia-2

http://mondato.com/blog/mondato-summit-asia/