Fiserv helps Cambodian bank offer mobile banking, payments to unbanked

Nov. 1, 2012

Financial services tech provider Fiserv Inc. is helping Cambodia's ACLEDA Bank Plc. to extend its mobile banking and payments service to the unbanked using Fiserv's Mobiliti Reach tool. Fiserv said ACLEDA has offered Fiserv-supported mobile financial services to since 2010 but will now offer those services to consumers with no existing banking relationship of any kind.

"The mobile channel offers financial institutions a practical way to reach consumers who have never had the opportunity to access financial services, and to do so profitably," said Adam Clark, SVP and GM of mobile solutions for digital channels at Fiserv.

Clark said ACLEDA's success among both existing customers and consumers without a banking relationship shows the potential of the mobile channel to create new revenue sources and reach new customer segments.

Mobiliti Reach lets consumers without a banking relationship create and fund an ACLEDA mobile-only account (called a Unity account), Fiserv said. The mobile user can then perform transactions that include person-to-person payments, bill payments, mobile phone top-ups and cash deposits and withdrawals at ACLEDA branches, ATMs and offline offices.

The extension of services to consumers through Unity accounts and Mobiliti Reach is enabling ACLEDA to become the leading financial services provider among textile workers, farmers in remote rural areas and others in Cambodia, said ALCEDA CEO and president In Channy.

For more stories like this, visit the mobile banking research center.

Topics: Mobile Banking , Money Transfer / P2P , Region: APAC

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