Bharti Telesoft wins Golden Peacock Innovation Award 2007 for its mobiquity mBanking Solution

Bharti Telesoft won this prestigious award for its path-breaking mBanking solution, mobiquity that extends mobile banking to the unbanked, transforming the way in which this sector handles monetary transactions by providing affordable access to banking services, financial independence, and ultimately stimulating the economic growth of developing markets.

India's Institute of Directors introduced the Golden Peacock Awards in 1991 and these awards are now considered as the greatest recognition of corporate excellence in areas of quality, innovation, training, governance, environment management and corporate social responsibility. This is the only award, which has meticulously defined and transparent selection criteria and which is determined by a highly elaborate and independent assessment process.

"I would like to thank the Golden Peacock jury for recognizing the work done by Bharti Telesoft in the field of mBanking using the mobiquity platform. This award has been given in view of the ability of mBanking to transform financial transactions for the under-privileged, and in recognition of the leading role Bharti Telesoft is playing in the area of mCommerce and mBanking. We believe our suite of mCommerce applications will make a major impact on individuals who previously have had no or little access to financial services - and we see a wider benefit in the additional overall economic growth that will result from financial empowerment in emerging markets," remarked Sanjiv Mital, Vice-Chairman, Bharti Telesoft.

According to Sabri Amireh, Vice President - MENA, Bharti Telesoft, "After successfully implementing our mCommerce solutions in Asia we are now focusing on emerging markets in Middle East and Gulf, where there is great potential for mBanking to transform the delivery and availability of financial services. We are working with leading operators in Egypt, Jordan and UAE and hope to take mobiquity to newer heights in the MENA region. Recognition such as this confirms our belief that mCommerce is a major growth opportunity, we will be able to aptly serve customers in the growing Middle East region."

"Mobile money will facilitate a wide variety of transactions, including person-to-person, person-to-merchant, merchant-to-merchant and person-to-agency transactions. These merchant outlets within the mobile money network will accept mobile money points as payment for goods and services from mobile money accountholders. The different services provided include remote purchases, bill payments, point-to-point payments, and prepaid top-up," explains Sabri.

The award recognition is given to companies based on the level of innovation in the solution that they offer, the benefits it affords society, individual users, operators and banking institutions implementing the solution, as well as being based on proven results in the marketplace.