IBM has announced that Pakistani mobile e-commerce provider Monet has chosen one of its customised cloud-based solutions in an effort to enhance efficiency and increase its presence in the country (view press release).

Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end-users an interface through which they can access a wide range of financial services on their mobile phones. Mobile banking is rising rapidly in the country driven mainly by the State Bank of Pakistan (SBP) and there is a substantial mobile banking market in a country with a population of 180 million.

"Mobile financial services have reached an inflection point where they have moved from niche to mainstream," said Ali Abbas Sikander, CEO, Monet. "We believe mobile can potentially become the strongest channel for the delivery of financial services. IBM's cloud solution will allow us to reach our clients easily, giving us access to a wider base of customers and ultimately extending the reach of financial services in the country.”

Adnan Siddiqui, CGM, IBM Pakistan and Afghanistan said: "Mobile and Cloud are a powerful combination to provide sustainable and affordable banking services to millions of people in Pakistan. IBM has global experience in the financial services sector and a thorough understanding of the local market, and our engagement with Monet is expected to benefit banking customers across the country."