Axiata and consortium partner RHB have received approval from Malaysia’s Central Bank and Finance Ministry to launch digital banking services. Axiata aims to broaden the digital banking options available to those with limited access to traditional banking. Meanwhile, MTN has strengthened its partnership with Ericsson to enhance mobile financial services across Africa. The partnership aims to deepen financial inclusion for individuals and businesses by utilising MTN’s mobile money service on the Ericsson Wallet Platform.
Fintech has become an increasingly dominant area of focus in recent years as more consumers take a digital-first approach to financial services, including shopping, paying bills and online banking. As financial services go mobile, operators are getting more involved in providing B2C and B2B solutions. According to a GSMA report, the total value of mobile money transactions in 2022 reached $1.26 trillion, up 22% from 2021, while the number of international remittances processed per year grew by 28% between 2021 and 2022. Greater mobile phone access could help increase account ownership further, such as in Sub-Saharan Africa, where there are around 70 million unbanked adults who receive cash payments.