Pakistani mobile-commerce provider Monet will deploy a customized cloud-based solution from IBM to help improve service efficiency and expand its presence across the country.
Launched in 2012, Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end-users access to financial services on their mobile phones.
“Mobile financial services have reached an inflection point where they have moved from niche to mainstream,” said Ali Abbas Sikander, CEO, Monet. “We believe mobile can potentially become the strongest channel for the delivery of financial services.”
Mobile banking and financial services are expected to grow significantly in Pakistan in the coming years. Increased demand for affordable banking, a lack of traditional banking infrastructure and an aggressive branchless banking mandate from the State Bank of Pakistan (SBP) has driven quick uptake of mobile banking in the country.
IBM will develop a specialized solution based on its SmartCloud technology to 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.
Monet has also outsourced its networking, security, cryptographic solutions, and disaster recovery operations to IBM.