Press Release
Smart, China Bank partner for faster, safer remittances from Saudi Arabia
Photo shows: The President & CEOs of both China Bank, Peter S. Dee (left), and Smart, Napoleon L. Nazareno (right) seal the remittance deal with a firm handshake after the MOA signing last December 18 at the China Bank Head Office Penthouse. The other signatories stand as witnesses, (from left) China Bank SVP Ramon R. Zamora; Smart New Business Streams Head, Alex D. Ibasco; China Bank EVP & COO Ricardo R. Chua; and Smart Solutions Consulting and Program Management Head, Lito M. Villanueva
[Jan. 1, 2008/ Manila] - Smart Communications, Inc. (Smart), the country’s leading wireless services provider and China Banking Corporation (China Bank), the country’s first privately-owned commercial bank, have teamed up to offer Filipino contract workers in Saudi Arabia an affordable alternative means to send remittances.
Under the remittance agreement, China Bank will utilize Smart’s mobile commerce platform, the Smart Services Hub System, which will facilitate the transfer of remittances that are sent through China Bank’s partner bank, the National Commercial Bank (NCB). Also known as Alahli Bank, NCB is the largest bank in Saudi Arabia with almost 300 branches throughout the kingdom. The remittances will be electronically and securely loaded within seconds to a China Bank On-time Remittance - Smart Money card and may be withdrawn as cash in the Philippines using the card at any of the 5,000 ATMs in the country or through almost 100 Smart Wireless Centers. Both the sender and recipient will be notified via a text message that the remittance transaction has been completed.
“Smart’s reach is far and wide, with over 30 million subscribers nationwide, they have surely tapped even the unbanked segment, the market that we are trying to reach out to. The value proposition that Smart brings to this remittance partnership is great and we are optimistic that with the synergies that both our companies share, this business will go a long way,” said Ricardo R. Chua, China Bank Executive Vice President and Chief Operating Officer.
The Smart Services Hub, which was announced during the 2007 3GSM World Congress in Barcelona, Spain, will serve as a platform for China Bank’s remittance service – China Bank On-time Remittance – enabling China Bank to provide OFWs with cheaper and faster means to send their money home.
“We are very pleased to provide China Bank with our tried and tested mobile commerce solutions,” said Smart President and Chief Executive Officer, Napoleon L. Nazareno. “The China Bank On-Time Remittance card will now become part of the emerging international remittance network powered by our Smart Services Hub. Through this platform, our partner mobile phone operator abroad will now offer SIM-based services that will enable overseas Filipinos to remit funds to the Philippines simply through a few clicks on their mobile phones. We have a lot of work ahead of us but I am certain that this partnership will be challenging, exciting, and most of all, mutually beneficial,” he added.
China Bank Senior Vice President and Head of Centralized Operations Group, Ramon R. Zamora said that the partnership with Smart is in line with the bank’s strategy to enhance its electronic financial services and expand its remittance network. “Smart's award- winning Smart Money platform will definitely boost our remittance services to exciting new levels. We have been strengthening our remittance business not only by forging tie- ups with the best remittance agencies and banks in different countries but also by partnering with highly successful and results oriented companies like Smart to ensure the realization of the objectives of our technology-driven initiatives,” said Zamora.
“We understand that for us Filipinos, a remittance is more than just a transfer, it links families. We are confident that our innovative technology will benefit millions of Filipinos here and abroad,” said Alex D. Ibasco, Smart New Business Streams Head. Smart has been actively promoting mobile commerce services since 2000. These services include Smart Money, the world’s first electronic wallet card linked to a mobile phone. The partnership with China Bank will result to a highly secure and flexible remittance card, the China Bank On-Time Remittance – Smart Money card, that can be used not only for cash withdrawals, but also for bills payment, and even for shopping at BancNet-accredited merchants all over the Philippines.
Saudi Arabia remains the top destination for OFWs. Saudi Arabia-bound workers made up 26% of all deployed land-based OFWs during the first quarter of this year. Almost 1.5 million Filipinos are now working there. “The Middle East market makes up a significant portion of the Bank’s remittance business,” said Jose Q. Cifra, Assistant Vice President and Head of the Remittance Business Division. “With our alliance with Smart, we would be able to extend our services to more Filipinos in the Middle East,” he added. Aside from NCB in Saudi Arabia, China Bank also has other tie-ups in the Middle East region, particularly in the UAE, Qatar, and Bahrain.
Smart Communications, Inc. is the Philippines' leading wireless services provider with over 30 million subscribers on its GSM network as of December 2007. Of its total subscriber base, over 20 million subscribers are served under the brands Smart Buddy, Smart Gold and Smart Infinity. In addition, over 9 million subscribers are served through its subsidiary, Pilipino Telephone Corp., under the brand Talk 'N Text. SMART has built a reputation for innovation, having introduced world-first wireless data services, including mobile commerce services such as Smart Money, Smart Load and Smart Padala. SMART also offers a 3G service, Smart 3G . SMART’s subsidiary, Smart Broadband, Inc. offers the revolutionary high-speed wireless broadband Internet service, Smart Bro. SMART is a wholly-owned subsidiary of the Philippines' leading telecommunications carrier, the Philippine Long Distance Telephone Company.
China Bank, established in 1920, is now one of the strongest and best-capitalized banks in the country. It is the first bank in Southeast Asia to process deposit accounts on-line in 1969 and the first Philippine bank to offer phone banking in 1988. China Bank provides a wide range of banking services through its almost 200 branches and over 250 ATMs nationwide. Complementing its branch and ATM network are its electronic banking channels that provide efficient and secure 24/7 banking service: China Bank TellerPhone (phone banking) and China Bank Online (Internet and mobile banking). China Bank continues to expand its remittance network, signing up new partner institutions in more countries. China Bank On-time Remittance is currently available through its partner banks and money transfer agencies in over 4,000 locations worldwide. @