New Product Launches

Seylan Bank signs up for remittances from France

On 23 January 2009, Seylan Bank, the Sri Lanka-based bank, tied up with Banque D'Escompte, a French bank, to provide convenient and faster remittance services to Sri Lankan migrants staying in France. The agreement would enable the Sri Lankan diaspora to send money back home within 24 hours. Under the agreement, Banque D'Escompte would issue a Money Transfer Card to regular remitters. The remittance cards would have the details of the remitters and beneficiaries and would enable the remitters to send money back home round the clock and throughout the year, through the Automated Teller Machines located at their branches.

Source: Colombo Times

RBI launches Indo-Nepal remittance scheme

On 7 January 2009, the Reserve Bank of India (RBI) launched Indo-Nepal Remittance Scheme for Nepalese migrants working in India. This scheme will be executed by commercial banks under National Electronic Fund Transfer (NEFT) System. Under this scheme, a migrant is allowed 12 transactions per year with a maximum limit of INR50,000. There will be a charge of INR50 for transaction amount less than INR5,000 and INR75 for an amount above INR5,000.

Source: www.business-standard.com

M-Via launches money remittance service in US

On 9 January 2009, M-Via, a newly established mobile money transfer firm, has announced the launch of a mobile remittance service in the US that will allow the international migrants in the US to remit money via any mobile phone from the US to back home in Mexico, South America and the Philippines using a conciergetype service. This service would also enable the users to pay their bills and top up their prepaid accounts.

Source: www.thepaypers.com

Rwandatel launches m-banking services

On 12 January 2009, Rwandatel, a leading telecommunications in Rwanda, launched mobile banking and money transfer services across Africa targeting the region's huge unbanked market. The new services would enable a customer to make deposits and withdraw funds from shops and kiosks across the country, apart from sending and receiving money internationally via text message. The customers would also be able to apply for loans if they run short of money.

Source: www.finextra.com

Bank of Baroda introduces fast money transfer service to India

On 6 January 2009, the Bank of Baroda (Tanzania) Ltd launched a new service, Rapid Fund to India, in Tanzania. This service would enable Indian nationals working in Tanzania to send money home instantly through inter-connected branches of Bank of Baroda, or within 24 hours if the beneficiary's account is with any other Indian bank.

Source: http://ippmedia.com

Hokkaido Bank to start speedy rouble remittance to Far Eastern Russia

On 22 January 2009, Hokkaido Bank, a core banking arm of Hokuhoku Financial Group Inc., announced that it will shortly start a speedy roubledenominated remittance service for far eastern Russia in collaboration with a major Russian bank, VTB. The bank intends to start the new service by the end of March that will speed up remittances to Japanese corporate clients, who are planning to set up business bases in the area.

Source: www.tradingmarkets.com

HSBC introduces new international banking services for NRIs in Canada

On 22 January 2009, the Hongkong and Shanghai Banking Corporation (HSBC) launched a new international banking service for the Non Resident Indians (NRI) in Canada. This new service would offer convenient and costeffective access to a wide range of international banking services including remittances, and Indian Rupee and other Foreign Currency account deposits in India for the Indian community in Canada.

Executive Vice President, Personal Financial Services and Wealth Management, HSBC Bank Canada, Tracy Redies said “India is an increasingly important trading and business partner of Canada and hundreds of transactions are conducted each and every day between the two countries by both businesses and individuals. Indians around the world and in Canada expect global banking expertise and the highest levels of service. HSBC, as the most international of all the major banks in Canada with around 9,500 offices worldwide is best positioned to deliver these services and facilitate the cross-border banking transactions they require.”

Source: www.newswire.ca

ANZ starts m-payment service in Cambodia

On 26 January 2009, Australia and New Zealand (ANZ) Banking Group launched Wing, a SMS-based mobile payments services in Cambodia. This new service, aimed at the large unbanked market in Cambodia, would enable rural Cambodians to make low cost person-to-person payments and transfer funds using their mobile phones.

ANZ CEO, Mike Smith said “WING will help improve people's livelihoods and reduce poverty by increasing their access to banking services. WING will help people make secure payments and create sustainable communities, and for ANZ it's a sustainable business opportunity, so it's a real win-win."

Source: www.phnompenhpost.com

Express Union launches mobile payment service in Cameroon

On 12 January 2009, Mobile Money, a payment service provider, tied up with Express Union Cameroon, a money transfer operator, to launch a mobile payment platform in Cameroon that would enable mobile phone customers to transfer money and pay bills through their mobiles.