GSMA launches Mobile Money Exchange to support financial services companies

The body representing the worldwide mobile communications industry, GSMA, presented its Mobile Money Exchange initiative at the Annual Mobile Money Summit in Barcelona, Spain. Through this initiative, the GSMA intends to support financial services companies, entering the mobile environment, by providing a common voice and formal business forum for business collaboration. Mobile Money Exchange builds on the Mobile Money Program that the GSMA implemented in 2006 and which was very successfull in terms of building a global community. The first two founding partners of the Mobile Money Exchange appeared to become Visa and Globe Telecom, which has been launched to engage with new stakeholders and sectors that are entering the mobile ecosystem. According to the words of global head for product development of Visa Inc Tim Attinger,   Visa, as a founding partner, looks forward to helping drive thought leadership and industry participation in the Mobile Money Exchange program in collaboration with the GSM. The Mobile Money Exchange was created to feature an online knowledge portal with social business networking and community functionality designed to advise and serve the interests of the mobile money industry. Thus, as Bill Gajda, chief commercial officer of GSMA, stated with the help of Mobile Money Exchange, fundamental principles and requirements, such as fragmentation and therefore lack of ability to scale, will be addressed and the Exchange will advance, advise and serve the interests of the mobile money market.