IBM’s private cloud to allow mobile banking provider Monet to save on IT investments

Telecom Lead Asia: IBM’s private cloud solutions are set to allow mobile banking platform provider Monet to save on IT investments.

IBM also said its cloud-based solution will enable Pakistan-based Monet to better service efficiency and expand its presence across Pakistan.

Monet, which received investment from ADG, provides mobile banking platform to banks, mobile network operators and branchless banking agents in Pakistan.

IBM will develop a unique IT environment allowing Monet to offer efficient services to a growing customer base throughout the country.

Ali Abbas Sikander, CEO, Monet, said: “We believe mobile can potentially become the strongest channel for the delivery of financial services. IBM’s cloud solution will allow us to reach our clients easily, giving us access to a wider base of customers and ultimately extending the reach of financial services in the country.”

IBM’s specialized solution will be based on IBM SmartCloud technology. It will deploy Monet’s mobile banking applications from Fundamo, a mobile financial services platform provider and an IBM partner. The private cloud will allow Monet to save on initial investments in IT and help the company offer more efficient services at a reduced cost.

In addition, Monet has outsourced the entire networking, security, cryptographic solutions, and disaster recovery to IBM, in order to focus on its core business.

Adnan Siddiqui, CGM, IBM Pakistan and Afghanistan

“Mobile and Cloud are a powerful combination to provide sustainable and affordable banking services to millions of people in Pakistan,” said Adnan Siddiqui, CGM, IBM Pakistan and Afghanistan. “IBM has global experience in the financial services sector and a thorough understanding of the local market, and our engagement with Monet is expected to benefit banking customers across the country.”

According to State Bank of Pakistan (SBP), the number of mobile banking accounts was at 1.45 million, up 37 percent in the second quarter of 2012, with new level zero account openings registering a jump of 370 percent. The existing accounts activity level improved substantially during the quarter as the number of active accounts increased by 66 percent.

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