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Monitise plc: Monitise India Now Open For Business; Monitise To Launch Mobile Money Platform in India
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:13032009
Monitise plc [MONI.L] has announced the formation of MonitiseIndia, a
new organisation that will deliver a multi-bank, multi-operator mobile
money platform for India.
The company will bring together a consortium of investors from across
the financial services and mobile technology market. ICICI Bank,
India's second largest bank, has expressed its intent to participate
and invest in Monitise India, subject to the appropriate approvals.
The new service will let customers of participating financial
institutions manage their money and make payments on the move using
their choice of mobile network and handset.
Consistent with its services in the UKand North America and the Reserve
Bank of India's Guidelines for Mobile Banking in India, the intended
Monitise Indiamobile money service has been designed around the
'ecosystem' principle. This leverages existing banking standards, such
as ISO 8583 & IFX, to connect regulated bank and card accounts with
multiple mobile networks.
The planned services include balance enquiry, transaction reports,
payments to merchants or other people, transfers between accounts, bill
payment and the ability to top up pre-pay mobile phone accounts.
Alastair Lukies, Chief Executive, Monitise plc said: "We are delighted
to announce the launch of Monitise Indiawhich will build a sustainable
mobile money network across the country. Monitise India will combine
our unique experience of working with multiple banks, mobile networks,
regulators, payment providers and card schemes with the expertise of
some of India's most recognised companies.
"Since becoming a World Economic Forum Technology Pioneer in 2006, we
have worked tirelessly to bring regulated financial services within the
reach of all citizens. Indiais recognised as a global leader in mobile
payments through the Reserve Bank of India's recent published
guidelines and it is exciting to have the opportunity to roll out a
service that reflects these."
Monitise has been working closely with its global partners and
strategic shareholders, including Standard Chartered Bank which owns
10% of the company, to identify the appropriate markets and timing for
the deployment of its platform. Monitise believes it is now well placed
to benefit from the huge growth in the global mobile money space.
Note to Editors:
About ICICI Bank:
ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and
the second largest bank in the country with consolidated total assets
of about US$ 100 billion as of December 31, 2008.ICICI Bank's
subsidiaries include India's leading private sector insurance companies
and among its largest securities brokerage firms, mutual funds and
private equity firms. ICICI Bank's presence currently spans 19
countries, including India.
About Monitiseplc
Monitiseplc (MONI.L), the mobile money specialist, has created the
world's first mobile banking networks, which allow customers of
multiple banks and mobile operators to undertake banking and payment
transactions directly from their mobile handset.
With live services in the UKand the USA, where it has delivered the
MONILINK and Monitisenetworks in partnership with VocaLink and
Metavante Corporation respectively, the Company is currently working
with international partners to deliver similar safe, secure mobile
banking & payment services in territories worldwide.
Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB,
first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest,
Vodafone, Orange, O2, T-Mobile and Hutchison 3G.
Monitisewas recognised as a 'Technology Pioneer' by the World Economic
Forum in 2006; 'Mobile Innovation of the Year' by The Banker Magazine
in 2007 and awarded the Innovation in Messaging Award 2007 by the
MobileMessaging Association.
CONTACT: Ben Evetts, Head of Communications, monitise
e-mail: ben.evetts@monitisegroup.com
Tel: +44 (0)7879 614 941
Tel: +44 (0)20 7868 5106
WWW: http://www.monitisegroup.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
Further information on M2 PressWIRE can be obtained at
http://www.presswire.net on the world wide web. Inquiries to
info@m2.com)).
Copyright ? 2009 M2 Communications Ltd.
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