The GSMA, the body that represents the worldwide mobile communications industry, announced the launch of the Mobile Money Exchange initiative at the Annual Mobile Money Summit in Barcelona.
Visa and Globe Telecom are the first two founding partners of the Mobile Money Exchange, which has been launched to engage with new stakeholders and sectors that are entering the mobile ecosystem.
Through this initiative, the GSMA is helping financial services companies who are entering the mobile environment, by providing a common voice and formal business forum for business collaboration. The ethos behind the formation of the Exchange is for best practice and innovations to be highlighted and shared, both across industry and inter-industry. The Mobile Money Exchange will feature an online knowledge portal with social business networking and community functionality designed to advise and serve the interests of the mobile money industry.
Bill Gajda, chief commercial officer at the GSMA, stated: “Mobile Money Exchange builds on the Mobile Money Programme that the GSMA launched in 2006 and which has been a tremendous success in terms of building a global community. Through the Mobile Money Exchange, fundamental principles and requirements which are not currently being met, such as fragmentation and therefore lack of ability to scale, will be addressed and the Exchange will advance, advice and serve the interests of the mobile money market.”
Tim Attinger, global head of product development at Visa, added: “As a founding partner, Visa looks forward to helping drive thought leadership and industry participation in the Mobile Money Exchange programme in collaboration with the GSMA.”
The Mobile Money Exchange is open to any organisation and seeks to establish a broad-based stakeholder community that comprises key areas of mobile money including mPayments, mBanking, MMU (Mobile Money for the Unbanked) and MMT (Mobile Money Transfer). It will facilitate new partnerships and business models, drive thought leadership, champion innovation and knowledge transfer through engaging all elements of the mobile money industry. The Mobile Money Exchange will have an Advisory Board consisting of a select number of thought leaders to shape and develop the Exchange, working alongside discussion groups and committees who collaboratively set guidelines, standards and best practice.