Japan’s second largest telecoms group by subscribers and revenues, KDDI Corporation, is teaming up with US-based financial solutions provider Microfinance International Corporation (MFIC) to develop an open mobile payment platform worldwide. BusinessWire writes that KDDI’s USD22 million investment in MFIC is designed to support its global expansion. The Japanese carrier enjoys a working relationship with over 600 carriers across the globe and MFIC’s money transfer solution – advanced payment/settlement system connected to a network of payers in 90 countries – will enable mobile network operators to offer competitive financial services, it said. It will also throw open the financial services market to bring ‘billions of unbanked customers into the formal financial system,’ it added.
Commenting on the announcement KDDI president Takashi Tanaka, said: ‘We are seeing more and more convergence of telecommunications and financial services going on worldwide … In such circumstances, I am very excited and looking forward to the collaboration with MFIC who has extensive financial expertise, bringing both of us a chance for true global business development.’