VoiceCash Bank Ltd the subsidiary of VoiceCash Group has received a European banking license. VoiceCash Bank is registered in Malta and supervised by the Maltese regulatory authorities.
Based on a patented SMS and voice biometrics callback functionality, VoiceCash already enables mobile phone users to transfer funds and make payments in realtime. It has recently issued the first prepaid MasterCard Twin-Card for the German market.
The new bank will be headed by Josef Leckel, who was formerly director of operations for Western Union Financial Services in Central and Eastern Europe.
The company claimed that the private support remittances wired to their homelands by migrant workers reached approximately $338 billion in 2008. VoiceCash Bank is planning a salary card as their next product in this segment to meet the demand of the migrant workers dependent on prepaid cards. It will also offer mobile payment options.
Michael Kramer, CEO of VoiceCash Group, said: “For us this is a logical and important step forward towards providing world-wide access to mobile banking. Money transfers across international borders are one of the biggest growth markets and are emerging worldwide as a significant part of the economic development process.
“There are millions of people that have a mobile phone but don´t have a bank account. VoiceCash Bank is connecting individuals and domestic mobile payment initiatives via a mobile financial services roaming. VoiceCash Bank is the first of its kind, a pure mobile transaction bank.”
