MICROCAPITAL BRIEF: First Gulf Bank, Monitise to Launch Mobile Banking Services in Middle East

First Gulf Bank (FGB), a commercial bank based in the United Arab Emirates, and Monitise, a UK-based facilitator of mobile money services, reportedly have announced a partnership to offer unspecified “new mobile banking services to clients in the Middle East”[1]. Further details on the partnership, including specifics regarding the countries where these services will be provided and the new mobile banking services to be offered, are not available. FGB has offices in Hong Kong, India, Libya, Qatar and Singapore.

Monitise currently has partnerships with Visa Inc., a US-based payment technology firm with operations in 200 countries; Royal Bank of Scotland Group, a banking and insurance company with operations in Europe, North America and Asia; Telefónica Digital, a telecommunications company based in Spain that operates in 25 countries; and Fidelity Information Services, a US-based company offering banking and payments technologies in 110 countries. Monitise reported total assets of GBP 304 million (USD 512 million) as of 2013. First Gulf Bank reported total assets of AED 195 billion (USD 53 billion) as of 2013.

By Juan Blanco, Research Associate

About First Gulf Bank

First Gulf Bank is a commercial bank that was established in 1979 and is headquartered in Abu Dhabi, United Arab Emirates. The bank offers corporate and personal banking services including products that are compliant with Islamic law. FGB reported total assets of AED 195 billion (USD 53 billion) as of 2013. FGB has offices in Hong Kong, India, Libya, Qatar and Singapore.

About Monitise

Monitise is a mobile money services and technology provider that was founded in 2003 and is headquarterd in London, England. The company provides mobile money technology to facilitate customers’ access to their money in developed and developing countries. Monitise reported total assets of GBP 304 million (USD 512 million) as of 2013. Monitise serves approximately 20 million customers worldwide.

Sources and Additional Resources

[1] FX-MM, “First Gulf Bank selects Monitise to power Mobile Money services,” May 2014, http://www.fx-mm.com/34477/news/technology-news/first-gulf-bank-selects-monitise-to-power-mobile-money-services/

MicroCapital Story, May 13, 2014, “Global Systems for Mobile Association Assists 9 Cellular Network Providers in Africa, Middle East With Mobile Money Interoperability,” https://www.microcapital.org/microcapital-brief-global-systems-for-mobile-association-assists-9-cellular-network-providers-in-africa-middle-east-with-mobile-money-interoperability/

MicroCapital Story, May 9, 2014, “Mobile Financial Services (MFS) Africa to Launch Mobile Money-based Mjara Loans,” https://www.microcapital.org/microcapital-brief-mobile-financial-services-mfs-africa-to-launch-mobile-money-based-mjara-loans/

MicroCapital Story, August 20, 2013, “eServGlobal, Zain Group Bring Collaborative Mobile Money Service to Africa and the Middle East,” https://www.microcapital.org/microcapital-brief-eservglobal-zain-group-bring-mobile-money-to-africa-and-the-middle-east/

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.

Similar Posts: