Mobile money specialist Fundamo said that recognising the individual needs of specific markets, and issues related to regulation, are the two major challenges to providing services in APAC markets. In an interview with Mobile Business Briefing ahead of next week’s GSMA Mobile Money Summit in Singapore, Scott Bales, SVP of Partner Solutions for the company, said that some regional markets “are more likely to have very specific consumer needs that relate to culture and their way of life,” such as language skills, financial literacy, gender roles, and so on, meaning that “simply trying to copy the operations of another country stands little chance of success.” In addition, during the inception of mobile financial services, it is “critical to create a productive and progressive relationship between the telecommunications regulators and financial services regulator.”
The well-discussed complexity of the financial services market acts to separate “those who are serious and the amateurs,” Bales said. “Complexity means you need to invest more in ensuring you listen to the right people, have the right technology, partner with the right organisations and still have an effective plan around your six Ps [people, product, price, place, promotion, positioning]. Complexity also means you have to be open to learning through experience. Ongoing cyclical evolution of your offering is a must.”
Fundamo is scheduled to present at the Mobile Money Summit on 28 June. The Mobile Business Briefing team will be producing the official eShow Daily – sign up to receive the newsletter by registering in the ‘Stay Connected’ box here.