Timepey to achieve unprecedented levels of success: Zong CEO
(Flare (Pakistan) Via Acquire Media NewsEdge) Mr. Fan Yunjun has been Chief Executive Officer of China Mobile Pakistan Limited since February 2011. Mr. Jun has over 12 years of diverse experience in Engineering and Marketing. His last assignment with China Mobile was as Deputy General Manager at Beijing. He holds a PhD degree in engineering
The branchless banking is emerging as a highly competitive industry as cellular operators along with partner banks have already are exploring the attractive market, and it is arduous task to penetrate in cutting-throat market with financial services.
ZONG, the country’s fastest growing cellular network and Askari Bank Limited launched ‘Timepey’, a technology-based branchless banking service that will make available a range of banking services to just about everyone, with remarkable convenience and efficiency. Aimed particularly at the over 90 percent Pakistanis who do not have bank accounts, Timepey is set to give a new meaning altogether to financial inclusion.
Timepey users will be able to pay utility bills, transfer money to specified recipients anywhere in the country, deposit and withdraw cash and carry out account transfers. User convenience has been kept as the foremost consideration in developing this new service. Users do not have to be ZONG customers or even be mobile phone subscribers. As such the service offers complete flexibility to anyone who wishes to avail essential financial services without the need to open a bank account.
Mr. Fan Yunjun has been Chief Executive Officer of China Mobile Pakistan Limited since February 2011. Mr. Jun has over 12 years of diverse experience in Engineering and Marketing. His last assignment with China Mobile was as Deputy General Manager at Beijing. He holds a PhD degree in engineering.
Fan Yunjun said, the launch of the Timepey branchless banking service is truly a major development that will benefit millions of people. This use of modern technology to provide efficient, secure and convenient financial services to the public also has a strong corporate social responsibility angle, as the service will result in several socio-economic benefits, particularly for the low and middle income segments, as for rural and peri-urban segments of society, who are generally not reached by traditional banking. This service is effectively a paradigm shift with far-reaching impact.
“I am extremely delighted to represent the first international venture of China Mobile – ZONG in Pakistan. It is indeed an honor for me and my team that since its inception, ZONG has been able to successfully cultivate a strong relationship with its customers,” he said.
We are grateful to everyone behind our triumph; our business partners, franchisees and especially our subscribers for placing their trust in us. Their loyalty is the motivation behind all our efforts that we have put in for making ZONG the digital-life partner of the nation.
To reciprocate their confidence and to further strengthen our bond with our customers, we are always striving to provide them with high-performance connection, reliable network, innovative products and unparalleled services.
Our commitment to innovation and excellence has enabled us in leading the telecom industry. By continuing our legacy to provide outstanding coverage, top notch services and valuable products; we are aiming to enrich people's lives and synergize the nation through future oriented digital life-style.
To achieve this objective, ZONG is proud to announce its partnership with Askari Commercial Bank for providing branchless banking services to its valued customers.
Branchless banking has successfully accelerated financial inclusion and changed the financial landscape in many developing countries. Mobile phones are compensating for inadequate infrastructure, slow postal services, and the limited coverage of banking systems in these countries.
A recent report by State Bank of Pakistan also indicates significant rise of branchless banking in Pakistan. But still, there is a huge population chunk which lacks access to banking services and our aim is to bridge that gap and bring banking services to our customer’s finger tips.
Keeping in view this positive adoption of branchless banking channels in Pakistan, ZONG is now introducing mobile-wallet/ branchless banking for its subscribers. Their virtual/ branchless banking account, opened against mobile subscription and backed by a physical bank account, will be linked to their mobile SIMs which will provide them ease of access in making electronic funds transfers.
Our esteemed customers will be able to utilize various facilities including cash in, cash out, person to person, home remittance, fund transfers, salary disbursement, utility bill payments, food chain transaction, school fees/ fee payments, transport and fuel payments, mobile top-up and SMEs and MFIs transactions.
We have always aimed to innovatively lead the telecommunication market by virtue of excellent network, fulfilling service and valuable products with business intelligence and are confident that with the support of necessary regulatory environment, our partners Askari Commercial Bank, retailers/ agents and merchant network as well as our customers; this venture will also achieve unprecedented levels of success.
Mr. Fan says, Zong, in collaboration with Askari Bank, will make a difference in the branchless banking system by penetrating the untapped countrywide market particularly the rural areas at a very fast pace with its service Timepey.
We are not the first mover but we are confident to explore a big share in the available market and make our space with our services strength, Jun said.
Zong as a new operator entered into Pakistan telecom market in 2008 and now it has made its own market with rapid penetration among the masses, he said.
Zong is the fastest growing network in the country due to its strategy based on quality of services, innovation in services and facilitation of customers.
The same strategy will be followed in the future in branchless banking business with collaboration of a strong bank and software technological partner Innov8, the Zong CEO said. The software technology and electronic receipt machines has been developed locally, which is secure, novice and reliable for customers.
Zong and Askari Bank’s partnership is unique because neither one of them acquired stakes but go side-by-side equally with their expertise and mutual benefit.
At present, there are 3,000 point of sales set up throughout the country that will be increased gradually particularly in small cities and rural areas with the aim to provide benefit to people having dire need of using banking services for immediate cash transfer.
The investment brought by CMPak has reached at $2 billion at present that will never be stopped as expansion in branchless banking and advancement in cellular phone services are continue.
Regarding 3G, he said that Zong was working aggressively on it and will take a first to offer to its customers.
The launch of 3G is late in Pakistan as compared with different countries but local market should be kept in view while opting for 3G or 4G services. We should understand the needs of the local market and their use of data, the affordability of customers and returns on investment.
The affordability of the customers regarding purchasing of smartphones is comparatively low in the region. It is standing hardly at 15 percent as compared with different countries of the regions like Hong Kong and Singapore where its percentages are recorded at more than 50 to 70 percent.
The introduction of 3G technology is the best option in the present scenario particularly in the industry, which is highly competitive on tariffs of services.
Zong is the subsidiary of China Mobile Communication Corporation (CMCC), the biggest telecom giant in the world and it will transfer the best available technology to Pakistan as well.
He mentioned that Prime Minister Raja Pervez Ashraf’s decision to continue sale of SIMs at franchises is laudable because they are our business partners and provided jobs to hundreds of thousands of people.
We look forward to serving valued customers on our network.
Our esteemed customers will be able to utilize various facilities including cash in, cash out, person to person, home remittance, fund transfers, salary disbursement, utility bill payments, food chain transaction, school fees/ fee payments, transport and fuel payments, mobile top-up and SMEs and MFIs transactions: CEO, ZONG
At present, there are 3,000 point of sales set up throughout the country that will be increased gradually particularly in small cities and rural areas with the aim to provide benefit to people having dire need of using banking services for immediate cash transfer
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