Nokia and Vodafone Develop the World

Nokia and Nokia Siemens Network in collaboration with Vodafone has just published a new policy report under the title “The Transformation Potential of M-Transactions“.

The paper has been the 6th report by Vodafone, the 3 of which focus on the social impact of mobile devices. The paper reports that independent research has showed that a new regulatory framework is needed to establish financial transactions via mobile devices and thus transform access to financial services in developing countries. This will positively affect both the economy and financial security of millions of people currently without access to banking services.

In underdeveloped countries practically all the finance operations are being done in cash, which is not secure. The report states that financial services are crucial for economic development and inclusive financial services for the unbanked are essential for poverty reduction.

The report also claims that the banking system should be more flexible in terms of mobile transactions and should not regulate deposit taking around the needs of the bank. It is said :

“Deposit taking regulation needs to allow new entry on a larger scale by m-transactions operators.”

“A regulatory approach that tries to force m-transactions into the existing structure of retail banking regulation and financial supervision could impose high fixed costs and significant compliance problems, - said Diane Coyle, the author of the report. - Any new framework needs to be risk based, sensitive to practical issues relating to underserved developing markets, and encourage experimentation and innovation.”

To read the whole report go here

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Technorati Tags: mobile web, mobile Internet, mobile adds, mobile advertisement, mobile software, mobile web site, mobile web 2.0, mobile web page, mobile internet service, mobile internet access, mobile wireless internet, advertising mobile, Nokia, Siemens, Vodafone

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