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Just this week, the Bangko Sentral ng Pilipinas gave the nod of approval to Globe Telecommunications and Ayala Group to venture into the mobile banking business using the license of Pilipinas Savings Bank.

In recent news, Smart Communications is also planning to venture into microfinance, according to Napoleon Nazareno, Smart president. “We are also looking into it but we are not talking to any banks yet. It’s just a plan as of now,” he said during an interview.

Smart has already partnered with the Bank of the Philippine Islands (BPI) in offering mobile banking services to the bank’s more than 3 million account holders. BPI and Globe are both Ayala-controlled companies.

“It may not be this year yet. We have to coordinate with a chosen bank but we are interested. This will be a good venture. We are already taking part in mobile banking business,” said Nazareno who reiterates that Smart is still in the early planning stage but is keen on exploring the mobile microfinancing business.

He said they are expecting to double its mobile phone banking users in the next three years.

At present, Smart has already partnered with 21 banks where it has already registered one million active users. Aside from BPI, Smart also entered into similar agreements with BDO, Metrobank, East West Bank, Landbank and Union Bank, and it is negotiating with PNB and Allied Bank to enter into the same arrangement soon.

“There is a lot of education involved here. Our current one million mobile banking users will double in the next three years. Right now, it is growing. People will eventually appreciate the convenience of mobile banking,” Nazareno said.

With their arrangements with BPI, Smart subscribers who are also account holders of the bank can enjoy the convenience of doing a wide range of bank transactions through their mobile phones. There is no revenue sharing between Smart and BPI. Subscribers will be debited P2.50 for each message sent.