Telecom experts lay stress on unique method to make mobile banking service easier

Telecom experts, both from operators and regulators, Friday stressed the need for a unique method to make financial transaction under the mobile network easier, paving the way for safe conduit of many transactions.
They observed that many problems remain their regarding mobile financial service which are geographical challenges, distribution networks and safe transactions.  
The suggestion and observation came from a panel session on "many faces of mobile financial services" on the closing day of the four-daylong ITU Telecom World 2013, in Bangkok, Thailand.
They said the telecom operators are in between the regulations of central bank and telecom regulator, especially for the mobile financial services. So a unique method will reduce the transaction cost, ensure security and increase availability, they opined.
The renowned telecom personalities mentioned that in some countries like Pakistan and Bangladesh, mobile financial service got huge response from a large number of people out of formal banking channel.
Since the inception of the mobile banking service in 2010 in Bangladesh, the country has now more than 10 million mobile banking users. Both Bangladesh Bank and the Bangladesh Telecommunication Regulatory Commission are playing the key role in making popular the service in the country.
Chief Executive Officer (CEO), Total Access Communication PLC (dtac), Thailand, Mr Jon Eddy Abdullah; Chief Strategy and Planning Officer, Indosat, Indonesia, Mr Prashant Gokarn; Executive Vice Chairman and CEO, Nigerian Communications Commission (NCC), Nigeria, Dr Eugene Juwah and Associate Professor and Director, Telecommunications Research Project, University of Hong Kong, Hong Kong, China Dr John Ure were the panelists in the session.
CEO of dtac, Mr Jon Eddy Abdullah said there are a lot of challenges centring the mobile financial service. He mentioned that there are 2.5 billion unbanked people in the world.
The CEO of dtac, a subsidiary of Telenor Group, Mr Abdullah emphasised on building a strong distribution network along with the secured money transfer system.Giving example of a success story on mobile financial service "easypaisa" in Pakistan, he said real-time work with the regulators-central bank and telecom regulator-could solve the problem in this regard.
The dtac CEO mentioned that mobile banking also provides convenience for unbanked customers in emerging markets and a well-functioning financial system is the lifeblood of any community. Chief Strategy and Planning Officer of Indosat, Indonesia Mr Prashant Gokarn also called for a flexible system to make easy mobile financial service. He said transaction cost through bank in some countries is high.
Director of Telecommunications Research Project, University of Hong Kong Dr John Ure said the problems regarding the mobile financial service vary in different contexts in different countries. Dr Eugene Juwah of Nigeria said the regulator regulates the service based on law. So they have to see both sides' interests.
The four-daylong summit from 19 to 22 November has examined and explored a wide range of issues aiming to understand the challenges and potential of new business models in areas such as voice, network virtualisation, and data, new frameworks for regulation and standardisation.
Key stakeholders from the public and private sectors, including ministers, regulators, industry CEOs from across the entire ICT ecosystem, think tanks, consultants, academics and digital innovators attended the event.