First Eastern partners with Monitise
First Eastern Mobile Investments, part of the First Eastern Investment Group, has announced a 50/50 joint venture with Monitise Plc, claimed to be the world's leading provider of mobile money networks and technology, with a view to developing mobile banking, payment and related services in Asia Pacific.
According to materials, the agreement represents a significant opportunity for Monitise to extend its Mobile Money Manager technology platform in key developing markets. The Monitise platform enables the secure transmission, via mobile phones, of balance checks, account transaction alerts, bill payments – and also remittances to family and friends, a key subsector in Asia in particular.
First Eastern, based in Hong Kong, has substantial reach into China and the region-at-large, plus extensive contacts and an excellent business development record. “Monitise’s technology and expertise will allow us to rapidly exploit the huge potential here for mobile financial services in Asia’s fast-growing market,” commented Victor Chu, First Eastern Chairman.
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