International Mobile Banking Updates - Sept 4

Mozido Eyes Caribbean Mobile-Money Roll-Out
"With at least one tangible project in the works in Jamaica, Kavin Hewitt, CEO of Mozido Jamaica Limited, says the company will use expertise developed over the last three years to execute a Caribbean roll-out of mobile banking services and other products. The company is the technology partner to Jamaica Cooperative Credit Union League on JCUES, the first private mobile-money product to be approved by the central bank."

YellowPepper secures $15M in funding, now based in Miami
"A Latin American tech company is planting itself in South Florida — and has a fresh round of funding to grow on. YellowPepper, which provides mobile-banking and payment solutions in the region and recently moved to Miami, announced it has received $15 million in venture funding. The Series C fund-raising round, which brings the total venture funding to $30 million, was led by Latin Idea Ventures, and included IFC/World Bank and other investors. Serge Elkiner, YellowPepper’s CEO and co-founder, said the funding will be used to sharpen its new focus on the mobile payments industry and initially launch into four key markets: Colombia, Mexico, Ecuador and Peru."

Bank of Scotland boss targets brand 'magic'
"Robin Bulloch, appointed to the role in January this year and with more than three decades of banking experience, says he wants to reclaim the "magic" the brand has had in the past and separate it from the HBOS legacy in the minds of the public. He indicated Bank of Scotland is keen to present a modern front and use technology to help customers but recognises many of its patrons still prefer to use one of its 294 branches."

UAB launches mobile banking app
"United Arab Bank (UAB), a key lender based in Sharjah, said it has introduced a free mobile banking app allowing its customers to have secure and easy access to manage their accounts whilst on the move. Established in 1975 as a joint venture between UAE investors and Societe Generale, UAB presently has a network of 20 branches and offices spread across the UAE."

Indian banks to increase IT spend by 13%
"Indian banks and investment firms will spend 13% more on IT in 2013 compared to last year with IT services the largest segment, according to research from Gartner. Indian banking and securities companies will spend about 417bn INR on IT in 2013 compared to 369bn INR in 2012. The IT services spend will account for 131bn INR. This represents an 18% increase driven by a strong focus on the finance sector from IT service providers."

Mobile Money Can Be Used In Regular Transactions – Analyst
"Speaking on Channels Television Business Morning, Mr. Okoli explained that mobile money is different from mobile banking. He mentioned that mobile banking, money is still in the bank account but the use of mobile phone is needed while mobile money the money is in an E-account which is tied to the phone. He mentioned the benefits of mobile money stating that it can be used in regular transaction, transferring of money just like the regular transactions."