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CHINA 2016/02/07
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Taisys’ affiliate Shanghai F-road won the 1st prize of Financial Inclusion Challenge held by The Wall Street Journal


The world renowned Wall Street Journal invited enterprises around the world to join The Financial Inclusion Challenge contest and showcased their solutions to the problems of financial access for the poor. Taisys’ affiliate Shanghai F-road Commercial Services was assessed by The Wall Street Journal to have a meaningful impact on financial inclusion in Asia-Pacific. F-Road uses SIM-overlay card-based technology delivered by Taisys technology to expand the mobile banking coverage to even the most rural parts of China, awarded as winner of technology category of The Financial Inclusion Challenge.

Financial Inclusion Challenge Judge Michael Schlein commented, "F-road’s focus on rural areas addresses an often overlooked issue in financial inclusion – bringing financial services to lower-population areas farther away from urban centers.”

Szechwan farmer Wu Yulong, user of F-road service issued by local bank said “ I can transfer, pay bills and most importantly I can now easily extend my loan to buy the fertilizers. I also now do the transaction for all the other villagers.”

In a vast country like China, there is often far distance to travel to the nearest bank. Therefore the crucial matter to financial inclusion lies with the banks to shorten the distance between customers and bank services. F-road ‘s easily understood and highly accessible solution based on Taisys’ patented SIMoME technology is now applied by over 15-million users from 1300 banks, 27 provinces out of 31 in China, handling more than RMB 7 billion daily transactions.

F-road’s SIM-overlay card is developed based on Taisys’ patented technology SIMoME for most of the common banking services. It uses the SMS channel which overcomes the weak signal in most rural areas. The technology is a highly secured device that also stores cryptographic keys, algorithms and process data, financial institutions can issue their safe mobile banking solutions to customers.

Country manager of International Finance Corporation Simon Andrew said “We think this has much more potential than just China, but also a lot potential in other countries where there are a large rural populations.” F-road and Taisys had set an ambitious vision for achieving universal financial access. The award of Financial Inclusion Challenge proves their effort bore fruits and helped people in need. 

http://www.wsj.com/public/resources/documents/financialinclusion.html