MICROFINANCE International Corp. (MFIC) has entered into a partnership with Smart Communications Inc. (Smart), the largest mobile network operator in the Philippines, to expand its delivery of remittances to the country.
Smart will pay-out the remittances sent through ARIAS, MFIC's money transfer solution, originated by financial service providers in the US, Japan and Europe. Remittances to a Smart Money account may be received through the various encashment channels of Smart Money over 100 Smart Wireless Centers, over 7,000 Philippine ATMs, and thousands of Smart Money Centers and agents all over the Philippines.
Through this partnership, MFIC will develop mobile international payment infrastructures in the major remittance corridors, making money transfer more convenient for remittance senders and recipients.
"We are very pleased to partner with Smart, a global leader in mobile payments. We are confident that our transparent and competitive remittance services will bring tremendous benefits to Filipino communities globally," said Atsumasa Tochisako, president and CEO of MFIC.
"Our partnership with MFIC underscores our strategy to collaborate with international and domestic partners to roll-out our mobile commerce solutions to a wider customer base at home and overseas," said Napoleon L. Nazareno, president and CEO of Smart. "Together with MFIC, we renew our commitment to provide affordable, relevant and accessible remittance services to benefit our overseas Filipinos and their loved ones back home."
Funds received in the beneficiary's Smart Money account will be available immediately for encashment, and also for other features such as airtime reloading, bills payment, and merchant purchases. The partnership with Smart will complement MFIC's remittance initiatives in different global regions to make mobile money transfers available to more people around the world.