Chinese study group visits RBAP-MABS to learn about Microfinance and Mobile Phone Banking in the Philippines

CICETE-lecture

A delegation from China visited the United States Agency for International Development-supported Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services (RBAP-MABS) Program on 22 August 2011 to learn about microfinance and mobile banking. RBAP-MABS welcomed the group with a multimedia presentation on the topics, including a live demonstration of the workings of mobile phone banking.

CICETEOrganized and coordinated by the China International Center for Economic and Technical Exchanges (CICETE), the group was composed of representatives from Fuping Development Institute, China Association of Microfinance, CreditEase Group, Baoshang Bank and China Development Bank.

China has been running microcredit programs in Xiangxi Prefecture since 1997 with the assistance of the United Nations Development Programme. The programs have been successful in providing impact to the social and economic development of poor farmers in China. With more than 910 million mobile phone subscribers, China is now looking at the potential of mobile phone banking (MPB) as an addition to its microfinance offerings to better fulfill payment, saving and money transfer functions.

Shortly after the visit, the Chinese group proceeded to the Bangko Sentral ng Pilipinas to learn about regulations and policies supporting MPB services with a view of introducing similar policies in China.