During the second quarter of 2016 Mobetize entered into a development agreement with a financial institution in Canada to explore the potential expansion of Mobetize Hub to deliver digitized/mobile lending capabilities in compliance with and supported by the bank regulatory framework. The successful development of such a platform could significantly disrupt the traditional lending model for financial institutions. Work is presently underway to advance this project. During the second quarter of 2016, Mobetize also signed a letter of intent with another financial institution in Canada, which maintains an ATM Network comprised of more than one hundred and fifty banks that could potentially integrate our Mobetize Hub into their bank client ecosystem. The purpose of these discussions is the next step in our vision to become a leading technology company resolute on the convergence of telecom and financial services. For example, imagine for a moment, a mobile lending service delivered by a bank integrated to our MFS Hub. Banks could offer their mobile lending services directly to telecom customers. Mobetize Hub could b DRA e FT the central platform connecting the respective parties and clearing the related transactions. The eventual transformation of a mobile lending service could extend to include consumer products, insurance, mortgages, and much more. A technology transformation of this magnitude would represent a huge disruption to traditional retail banking. Should we proceed to an agreement in this instance, the successful integration of our Hub with the bank’s ATM Network would be an industry first move that would impact millions of bank customers.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.