Philippines mobile phone-based microfinance bank set for launch

Bank of the Philippine Islands (BPI) and Globe Telecom are set to launch a mobile microfinance institution, PSBI, after clearing a regulatory hurdle, reports Finextra.

PSBI will be transformed into a bank dedicated to providing wholesale loans to microfinance institutions in the country and will have initial capital of 500 million pesos ($10.8 million).

It will rely heavily on mobile technology to deliver and collect loans in rural areas.

emily | 2:02 PM | SMS and Banking |
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