Japanese wireless operator NTT DoCoMo and South Korean peer KT Corporation have firmed up plans to enable their customers to make near field communication (NFC) mobile payments (m-payments) in each other’s countries.
In February 2011, both companies began using a joint business and technology co-operation committee to develop NFC common specifications for incorporation in devices, networks and billing platforms. They now aim to have a system in place by summer 2013 that will allow NTT DoCoMo customers to use their Japan-purchased handsets to make contactless payments at 52,000 locations across South Korea which accept eB Card’s Cashbee electronic money (e-money).
Cashebee is used by around five million Koreans at department and convenience stores, and mass transportation facilities such as subways and buses.
The partners also plan to work on other NFC-based cross-border services such as m-payments, promotional coupons and mass-transit ticketing and to promote the idea of compatible systems with other countries.
“DoCoMo is excited about creating a cross-border environment that enables Osaifu-Keitai [its mobile wallet] services both in Japan and abroad,” said Toshiki Nakayama, managing director, frontier services, DoCoMo. “Going forward, we will partner with international operators and service providers to drive the development of m-payment businesses for increasingly enhanced mobile experiences on a global scale.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.