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DUET Multi-Purpose Platform for Global Financial Inclusion

A universal solution for financial inclusion and cash substitution, connecting banks with MFIs through technology. Offers secure, scalable, cost-efficient channels for remittance and financial services.

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DUET Multi-Purpose Platform for Global Financial Inclusion

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  1. DUET MULTI-PURPOSE PLATFORM Richard Schweger, CFO/COO BGS Smartcard Systems International Forum on Remittances 2007

  2. WHO WE ARE • Technology providers with 14 years of expertise • Provision of Smart Card Retail Payment Systems • Focus on cash substitution in domestic mass markets • Provider of secure delivery channels for low cost financial and non-financial services • Offering Universal Smart Card based solutions for Financial Inclusion and Cash Substitution • Headquartered in Vienna, subsidiaries in India & Russia • Austrian Export Prize Winner 2006

  3. GLOBALIZATION • Globalization works well - when connecting well developed local structures • Cross border Remittance works well - what is needed is local infrastructure • Financial Inclusion is a Global task that has to be solved locally • Global and Local knowledge and experiences have to merge to offer a sustainable locally working solution Remittance collection and disbursement are local transactions within a global playing field

  4. RURAL “FINANCIAL” DEVELOPMENT • Banks are not universal organizations when considering the provision of financial services to everyone and everywhere • Bank infrastructure and business set up lead to an exclusion of the poor (if to be performed profitably) • New type of entities took over to address this market (MFIs) • To grow this market and achieve scale it is necessary to combine/connect the existing banking system with MFIs • Appropriate delivery channels and adequate technologies can bridge the infrastructure gap

  5. REMITTANCE • Remittance is one of the key Micro Financial Services (beside: credit, savings, insurance) • Accessibility/Outreach especially in the rural environment are of key importance • Provide a secure, controlled, efficient, scalable and universal delivery channel for all the services • Use technology requiring little skill sets • Invest once, use many times for diverse products & services • Utilize existing third party corresponding networks • Offer lowest cost of ownership through “hybrid technology”

  6. POSSIBLE REMITTANCE SCENARIO • Create a local low cost financial services environment • Link remittances to additional financial services • No traveling for recipient, remittance collection close by • Recipient has the choice of only partial remittance collection • For immediate spending - collection in cash • Remaining balance on account and smart card with any time accessibility (option: cash less spending) Recipient: Security, Interest Income, Universal Accessibility Issuer: Additional Float

  7. CONCLUSION • Local solutions are required and these are to be implemented globally • It is a mistake to look at select individual services and their problems without taking the whole context into evaluation • Technology is an enabler and should provide a universal solution for universal services • The delivery channels have to be efficient, secure and scalable providing the underlying structure for the provision of ubiquitous financial services

  8. DUET IN PERSPECTIVE • DUET is a universal solution addressing domestic mass markets for the provision of end-to-end financial services from Financial Inclusion to Cash Substitution • DUET is uniquely positioned to deal with the main drivers of sustainability: cost reduction, efficiency increase, scalability, universality and geographical outreach • Connecting Banks with MFIs on the DUET platform will create cost efficient indirect channels to sub-urban and rural clients (fund flow through multiple hands) • DUET hybrid services and low cost infrastructure/devices guarantee lowest cost of ownership

  9. DUET IN PERSPECTIVE • DUET enables usage and integration of existing correspondent networks (merchants, post-offices, pharmacies) • DUET-Transactional engine offers an efficient control of the fund flow from the issuer (via correspondent) to the recipient • The same card will facilitate multiple financial (credit/savings) and non financial (social/insurance) services to the clients

  10. Full range of agent / client / merchant card services available in the field MF STRUCTURE SPONSOR BANKS

  11. CONTACT Richard Schweger, CFO/COO BGS Smartcard Systems AG Gersthoferstrasse 131, A-1180 Vienna, Austria phone: +43/1/47601/303 fax: +43/1/47601/330 e-mail: richard.s@bgssmartcard.com web: www.bgssmartcard.com

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