The seminar, organized by the WTO Committee on Trade in Financial Services, brought together representatives of international organizations, WTO members and the private sector to discuss how mobile banking can help the poorest sections of society benefit from financial services and thus support development. The seminar also discussed the role that trade policy and the WTO General Agreement on Trade in Services (GATS) can play in supporting mobile banking initiatives.

Representatives from the United Nations Conference on Trade and Development, the International Telecommunications Union and the International Finance Corporation provided an overview of mobile banking worldwide, focusing on the role it can play in supporting development. Their presentations highlighted that the most innovative business models and regulations in mobile banking are being designed and implemented in Africa. Mobile banking can be expanded if supported by a strong and stable telecom infrastructure, a well-functioning regulatory framework, consumer support and protection, and interoperability, they stressed.  

Representatives from the industry presented their low-cost systems of mobile banking and payments and explained how they contribute to enhancing financial inclusion in Africa and the Middle East.

 

Regulatory issues

The seminar also addressed regulatory issues relevant for mobile banking and payments.

A representative from the Bank for International Settlements (BIS) discussed the main regulatory issues raised by mobile banking and payments, which have been revolutionized by technological developments and the entry of new providers (e.g. mobile network operators, e-money issuers, aggregators). He also explained the BIS initiatives in this area. 

Regulators from the China Banking Regulatory Commission and the European Commission explained their respective regulatory approaches towards mobile banking and payments.  

 

Trade policy issues

The discussion on trade policy highlighted the positive role that the GATS may play in supporting the development of mobile financial services. As highlighted by speakers, the GATS offers a framework for securing progressive liberalization of banking services and of many other services that are critical for the development of mobile finance, such as telecommunications.

Learn more about trade in services in the WTO.