Etisalat and Smart of the Philippines today announced a strategic partnership to launch an international money transfer service.

A memorandum of understanding (MoU) was signed between Etisalat and Smart  during Gitex 2007 to identify the best way of providing the service, which will enable customers to transfer money overseas using their mobile phones.

This new service is an advanced method that is convenient, secure, easy to use and instant, and will be demonstrated at the Etisalat stand. Visitors to the stand will be able to experience this service first hand.

The MoU was signed by Essa Al Haddad, chief marketing officer, Etisalat and Jojo M. Malolos, head of International Business, SmartHub Financial Services Group. Smart, with considerable experience in bringing this service to different markets, will be the technology enabler for the development of the service with Etisalat. The partnership is to provide this service, which will help customers transfer funds to recipients’ bank accounts or to be encashed at designated outlets. As an additional security feature, the sender will also be able to track the transaction until the money reaches the recipient. Both companies have committed to share knowledge and experiences to aid the successful launch of this service.

Al Haddad said: “Migrant remittance is an important source of income for many countries around the world, and as the leading operator in the UAE – a nation that plays host to nearly 200 different nationalities – we are sure that a service as convenient, reliable and secure as this would revolutionise the entire process for expatriates to send money to their home countries. Our partnership with Smart enables us to bank on the wealth of experience that they bring, and once again make a mark for the UAE as the first nation in the region to launch this service.”

Jojo M. Malolos said: “I value this opportunity to work with Etisalat, and it is a milestone for Smart in our vision to provide remittance and other relevant financial services for people around the world”.

Etisalat is working closely with leading banks, financial institutions and telecom operators in other countries to offer a comprehensive network of partners for the service. It is expected that Etisalat customers in the UAE will have the first opportunity to use this service to send money to various countries including India, Pakistan, Bangladesh, Philippines and Egypt.

Etisalat is an active member of the GSM Association-led Mobile Money Tranfer project, which is creating an international standard for mobile remittances. ‘Money Transfer Over Mobile’ is already available in a few countries and in countries such as the Phillipines and Kenya, the service has seen high acceptance due to its inherent simplicity and reliability. 

Money Transfer Over Mobile is a part of Etisalat’s larger mobile commerce strategy, which has already seen the introduction of m-Commerce solutions such as MobilePay and AutoPay for customers to pay Etisalat bills or recharge and renew Etisalat prepaid services. Etisalat will also shortly offer mobile payment solutions for parking, ticketing and paying of government fees through their Etisalat mobile phone.  –TradeArabia News Service