AFNewsletter33 Sept2010 FINAL

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PAYMENT SYSTEMS ANDREMITTANCES

Global Payments Week 2010. Thebiannual event organized by the WorldBank. Amsterdam, The Netherlands.October 19-22, 2010. (more on page 5)

NONBANK FINANCIAL INSTITUTIONS(LEASING, HOUSING FINANCEINSURANCE)

Insurance in Developing Countries:Exploring Opportunities in Micro-insurance. The potential market forinsurance in developing countries isestimated to be between 1.5 and 3bn

policies ... (more on page 9)

CREDIT REPORTING & COLLATERALREGISTRIES

Vietnams First Credit Bureau (PCB)Launches. The bureau is expected tosupply highly credible creditinformation about individuals andorganizations (more on page 11)

Jordan, IFC Sign Accord to Set Up FirstMovable Asset Registry.Jordan and theInternational Finance Corporation(IFC), a member of the World BankGroup ...(more on page 12)

INCLUSIVE FINANCIAL SYSTEMS

Financial Access 2010: The State ofFinancial Inclusion Through TheCrisis.Financial Access 2010 extends to142 countries ... (more on page 14)

RATIONALE

Leasing provides a means to deliver increased domestic investment within economies.

By developing additional financial tools such as leasing or mortgages, countries are able

to deepen the activities of their financial sector by introducing new products and/or

industry players.

Although leasing is used as a means of asset financing by all business types for assets

worth tens of dollars to tens of millions of dollars, its key benefit is the access it provides

those without a significant asset base: leasing enables small enterprises to leverage an

initial cash deposit, with the inherent value of the asset being purchased acting ascollateral. These small businesses do not have other assets that could serve as collateral for

loans or other types of secured lending within countries where unsecured lending is not

an option. Developing leasing allows smaller scale entrepreneurs to become more

economically active by enabling access to finance and, subsequently, access to income-

producing assets. Also, leasing offers an important advantage in countries with weak

business environments, particularly those with weak creditors rights and collateral laws

and registries, such as countries where secured lenders do not have priority in the case of

default.

As a result, leasing is sometimes the only financial tool available to provide small and

medium enterprises (SMEs) with medium term finance to support investments in

productive and logistic assets. A dynamic leasing sector can greatly benefit the economy

of a country as it creates access to finance that, in turn, can create employmentopportunities.

Leasing also plays a critical role in bringing small businesses into the formal financial

system. As informal businesses have access to lease financing, they start building a history

of financial transactions. When the appropriate credit information-sharing infrastructure

is in place, banks and other financial institutions can access these records, better manage

risks, and start providing more comprehensive financial services to these small

businesses. With this new opportunity, small businesses find a new incentive to join the

formal sector.

Emerging economies almost always have an undercapitalized banking system that can

only offer its potential clients a limited range of products. For their part, the SMEs in

emerging economies possess insufficient collateral or credit history to access more

traditional bank finance. This results in a shortage of available credit to domesticentrepreneurs. Developing the leasing sector as a means of delivering finance increases

the range of financial products in the marketplace and provides a route for accessing

finance for businesses that would otherwise not have it, thus promoting domestic

production, economic growth and job creation.

(more on page 2)

This article was culled from a World Leasing Yearbook 2010 article by Minerva Kotei andAry Nam.

Creating Value with Leasing in Emerging

MarketsBy Minerva Kotei, Global Product Leader, IFC Access to Finance Advisory

AccessFinanceis published by theFinancial & Private Sector DevelopmentVice Presidency of the World Bank Group

Editors: Bikki Randhawa, Leila Search

Layout/Production: Aichin Lim Jones

Editorial Committ ee: Massimo Cirasino,Maria Teresa Chimienti, ShaliniSankaranarayanan, Vijay Kalavakonda,Alejandro Alvarez de la Campa

For subscription, please visit us online atAccessFinance.

For comments/suggestions, please send [email protected].

SEPTEMBER 2010 | ISSUE No. 33A BI-MONTHLY NEWSLETTER WHICH DISSEMINATES INFORMATION ON IMPROVING ACCESS TO FINANCIAL SERVICES
http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22706927~menuPK:6127452~pagePK:210058~piPK:210062~theSitePK:282885~isCURL:Y,00.htmlhttp://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22706927~menuPK:6127452~pagePK:210058~piPK:210062~theSitePK:282885~isCURL:Y,00.htmlhttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://en.vietnamplus.vn/Home/Nations-first-private-credit-rating-agency-launches-in-Hanoi/20107/10729.vnplushttp://en.vietnamplus.vn/Home/Nations-first-private-credit-rating-agency-launches-in-Hanoi/20107/10729.vnplushttp://www.jordantimes.com/?news=29551http://www.jordantimes.com/?news=29551http://www.jordantimes.com/?news=29551http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://newsletters.worldbank.org/external/default/main?menuPK=543561&pagePK=64133627&piPK=64133598&theSitePK=543555mailto:[email protected]:[email protected]://newsletters.worldbank.org/external/default/main?menuPK=543561&pagePK=64133627&piPK=64133598&theSitePK=543555http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdfhttp://www.jordantimes.com/?news=29551http://www.jordantimes.com/?news=29551http://en.vietnamplus.vn/Home/Nations-first-private-credit-rating-agency-launches-in-Hanoi/20107/10729.vnplushttp://en.vietnamplus.vn/Home/Nations-first-private-credit-rating-agency-launches-in-Hanoi/20107/10729.vnplushttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://microfinanceafrica.net/wp-content/uploads/2010/06/Insurance-In-Developing-Countries.pdfhttp://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22706927~menuPK:6127452~pagePK:210058~piPK:210062~theSitePK:282885~isCURL:Y,00.html


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PAGE 2ACCESSFINANCE | SEPTEMBER 2010 | ISSUE No. 33

Many developing countries suffer from

weak or imperfect legal institutions.

Although in principle secured lending and

leasing should be roughly equivalent interms of risk, experience in many

jurisdictions has shown that legal ownership

is recognized by all participants, especially

courts, more readily and consistently than

secured lending. This can reduce the risk to

lenders (lessors) considerably. The value o

this advantage of leasing should not be

underestimated, particularly in more

challenging environments.

LEASE MARKET DEVELOPMENT

Creating a sustainable leasing industry in

developing countries requires investment

and technical know-how provided to policy-

makers, regulators and private-sector

players. To address this specific need, IFC

provides advisory programs that are co-

financed by multilateral and bilateral donors

to increase micro, small, and medium

enterprises (MSMEs) access to term

equipment financing and broaden local

financial markets. Direct advisory services

are provided to leasing clients in the areas of

operations, strategy, risk management and

governance as well as broad support to theleasing industry in developing countries,

addressing constraints through policy and

regulatory work, advocacy and awareness-

raising.

Many countries face structural obstacles

in developing a leasing industry: the absence

of clearly defined and predictable laws and

regulations governing leasing transactions,

unclear accounting standards, the lack of an

appropriate tax regime, impaired funding

abilities and/or the absence of an

appropriate regulatory and supervisory

framework. IFC has found that leasing

typically does not need to be granted any tax

or regulatory advantage to develop.

However, without specific texts and

regulations, leasing is at a disadvantage vis-

-vis loans that are better understood by the

judicial, financial and commercial system.

Therefore, the focus is to help governments

establish a level-playing field for leasing,

allowing increasing and fair competition

between loans and leases to the benefit of

SME clients and overall economic

development. In many cases, regulations

either did not exist, did not take intoaccount the specific characteristics of leasing

or their application and interpretation were

uncertain because of lack of precedent. More

and more governments have turned to IFC

for help in laying out the groundwork for

leasing development as they recognize these

weaknesses.

Building on fundamental support to the

industry, advisory work is now focused on

institution building activities to help set up

and expand strong leasing businesses and

thereby facilitate the development of astrong and sustainable leasing industry.

Advisory services are now targeted at leasing

bank and non-bank institutions in the areas

of governance, strategy, risk management

and operations.

IFCs most pivotal role in leasinginvestments has been that of project catalyst,

bringing together domestic sponsors,

foreign technical/financial partners and,

where needed most, government authorities

to ensure that the project is commercially

viable, organized on sound management,

operating and financial principles and will

be operated in a conducive regulatory

environment. The formulation and

establishment of operating policies provide

leasing companies with a specialized focus

on industrial equipment and, in many cases,on small and medium-sized borrowers.

Creating Value with Leasing in Emerging Markets(continued from page 1)

LEASING PROVIDES ACCESS TO FINANCE UZBEKISTANS SMES

Uzbek Leasing has been a partner in the IFC Leasing Advisory Program in

Central Asia since 2002 and has further strengthened its operational capacity. The

leasing sector in Uzbekistan is still small but growing rapidly. IFC played a role in

developing the leasing sector in Uzbekistan, helping to amend 11 pieces of

legislation to facilitate leasing in the country. As a result of these regulatory

improvements, targeted support at the company level and increased awareness,the leasing market in Uzbekistan has grown by US$220 million from 2001 to2007.

The companys clients are private SMEs, whose growth is critical for the

development of Uzbekistans economy. With total assets of $7.1 billion equivalent

and declining banking penetration rates, the financing needs of the private sector,

particularly SMEs, were not being met. Without access to term finance, SMEs are

unable to implement investment plans and modernize existing facilities. Many

small companies raised funds on the curb market, in cash, and often at

significantly higher interest rates. IFC provided advisory services to Uzbek

Leasing and granted them a loan targeted at addressing the scarcity of term

foreign currency financing available for businesses to fund imported production

equipment. In addition to supplying funding and boosting domestic investment,

the project should increase employment in the country and contribute to

development of best practice.

In August 2008, IFC committed a $3 million loan to Uzbek Leasing

International, the first leasing company established in Uzbekistan. Today Uzbek

Leasing, which has IFC as one of its four shareholders, is one of the leading and

most successful leasing companies in the country. Uzbek Leasing has served as a

model that has led other leasing companies to launch operations in Uzbekistan.


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IMPACT

The focus on leasing is due to its strong

impact in financial market development and

in supporting underserved SMEs. Leases areoften the only form of term financing SMEs

or start-ups can obtain in developing

markets as banks often do not serve them

well.

Supporting SMEs is an important factor

for alleviating poverty. A major barrier to

their growth is a lack of access to finance. An

effective approach to financing SMEs is by

supporting leasing companies, banks and

other financial institutions that serve these

enterprises.

IFC collected and analyzed data from itsSME focused financial institution

investment clients for four years to better

understand the composition of their

portfolios. In FY08, 197 of MSME-focused

financial institution clients in 73 countries

were surveyed, 25 of whom were leasing

investment clients.

Client institutions spanning 18 countries

extended 193,000 leases for a total disbursed

amount of US$5.2 billion to MSMEs globally

in 2007.

The average outstanding lease size wasUS$3,180 for micro leases, $20,498 for

small leases and $207,146 for medium

leases.

The average rate of non-performing loans

(NPLs) was 3 percent for micro, 2 percent

for small and 2 percent for medium leases.

IFCs leasing clients MSME portfolio grew

by 19 percent in number and 47 percent

in volume.1

NEW LESSONS FOR LEASE MARKET

DEVELOPMENTLeasing in emerging markets has

witnessed unprecedented growth and

significance over the past 35 years. However,

much needs to be done to increase lease

penetration rates and to obtain maximum

development impact. Recent market trends

and changes in the global leasing landscape

attest to this and call for a dynamic approach

to sustained lease market development in

emerging markets.

The viability of NBFIs has beenchallenged

Historically, stand-alone leasing

companies as non-bank financial

institutions (NBFIs) have been instrumental

for the promotion of SME access to finance

in emerging markets. NBFIs are generally

the first players to enter nascent leasing

markets, particularly in the most frontier

markets. However, they are more vulnerable

to adversity than banks because of their

limited access to and relatively higher cost of

funding. They often suffer from banking

competition as banks start developing

leasing products. First mover companies

may initially have an advantage in pricing

and play a strong development role, but

their advantage may be eroded quickly if

banks enter the market.

In the long run, the strongest NBFIsensure their sustainability by specializing in

specific niches such as vendor partnerships,

operating leases or industry clusters.

Ultimately, the development of a strong

leasing sector in a given country strongly

benefits from the entry of commercial banks

in the leasing business, as demonstrated in

almost all countries in which leasing

penetration is above 10 percent of fixed

capital formation.

Banks will take the lions share of theleasing market

In the context of the financial crisis, it has

become clear that leasing companies that are

part of a solid bank with a stable source of

retail deposit funding will have better

chances of surviving the crisis. Stand-alone

leasing companies dependent on whole-sale

borrowings will inevitably suffer. Banks have

access to competitive local currency funding

mainly through their deposits and are able

to leverage on their branch network to reach

more SMEs. They have proven to be

generally strong sponsors with sustainableSME outreach in the long run.

Leasing can be offered by banks as

another product within the bank through a

wholly owned subsidiary or a joint venture

with technical and other partners that

operate independently of the bank. By

increasing the range of products available as

well, banks not only create value for their

clients, SMEs in particular, but also for

Creating Value with Leasing inEmerging Markets(continued from page 2)

themselves. On the supply side, leasing can

help a bank obtain higher returns through a

relatively lower risk and diversified product

offering. It can also be less risky than

traditional lending.

Beyond the crisis, as banks adopt lessons

learned, they will explore new, relatively lowrisk products to offer. Key success factors for

bank lease operations include product

knowledge, asset management expertise and

risk management. Successful lease

operations require a cultural shift from

traditional banking to leasing, an asset

backed product.

Bank sponsors often have stronger

incentives to and are absorbing independent

leasing companies, either by buying a

substantial stake of or taking their market

share. Law-makers and regulators should

therefore encourage the ability of banks to

offer leasing products, directly or through

fully or partially owned subsidiaries for

increased outreach and maximum

development impact.

New and Innovative BusinessOpportunities Exist

For leasing to realize its full impact, there

is a need to find new and innovative ways to

integrate leasing in key sectors and

initiatives, including the following:

Sustainable Energy Finance

Leasing can support the global climate

change and sustainability agenda by

financing sustainable energy equipment.

Lack of financing for energy efficiency

equipment has been identified as a major

barrier to the development of the energy

efficiency industry. Leasing can help address

this barrier and facilitate the financing of

equipment in energy efficiency, renewable

energy and cleaner production. Leasing can

directly address the credit issues related to

smaller-size investments and smallbusinesses. It can also represent a large

source of funding for projects, and its

flexibility offers opportunities for

structuring and developing appropriate

replicable models. Lease financing can be

used in projects of all sizes, from large

industrial projects such as cogeneration,

through mass market programs like compact

florescent to residential appliances.

1CAGR: Compounded average growth rate based on 11 leasing clients that continuously reported from CY05 to CY07


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Leasing can help banks, leasing

companies and other financial institutions

(FIs) better manage the risks associated with

financing the sustainable energy industry. It

can help increase the range of products and

thereby create value for both the financial

institution and its clients while increasing

market share.

Agriculture Equipment Financing

Growth in agriculture is constrained by

limited access to credit. Leasing can play a

key role in addressing this access to finance

problem by providing term equipment

financing, thereby improving

mechanization, especially in rural areas.

Leasing can also be used to finance a broadrange of equipment across the agribusiness

value chain, from simple tools to equipment

IFC leasing projects have indicated strong

positive impact on private sector

development, particularly in the SME sector.

The impact of the financial crisis has

influenced the market. However, leasing is

and will continue to form an integral part of

Access to Finance models, as it bridges the

SME finance gap and fuels economic

development. IFC will continuously explore

new and innovative ways of creating

opportunities and value through leasing,

particularly where the objective is to help

small businesses access the financing they

need to grow and develop.

Leasing is and continues to be an

important financing mechanism in

emerging markets and OECD countries. The

development impact of IFCs leasing work in

emerging markets has been strong.

However, there is still a lot to do forgovernments, financial institutions and

SMEs to realize the full potential of this

important product.

Creating Value with Leasing inEmerging Markets(continued from page 3)

for agri-processing and the food

manufacturing businesses, thus facilitating

increased food production and distribution.

Because of the difficulty in finding

suitable collateral, most banks and leasing

companies are averse to providing credit to

farmers. By strengthening the leasing sector,

farmers and agribusiness companies will

find it easier to access term equipment

financing.

CONCLUSION

Leasing has a strong development impact

and plays a critical role to bridge the SME

finance gap and promote financial sector

development. The establishment and

commitment of over $21 million of

resources from IFC and its development

partners, coupled with over $1.4 billion in

investment projects by IFC in emergingmarkets has facilitated the growth of leasing

in these markets. Independent evaluations of

PAYMENT SYSTEMS

NEWS

Bharti Airtel Gets RBI Nod to Start

Mobile Payment Services. Bharti Airtel has

become the first mobile operator in India toreceive a license from the Reserve Bank of

India to start mobile payment services. The

Hindu Business Line, September 15, 2010.

EU unveils crackdown on derivatives.

New proposed rules aim to bring more

transparency to the often opaque world o

over-the-counter derivatives financial

instruments traded off-exchange between

two parties. Financial Times, September 15,

2010.

ECB to Create 'Super Regulators' for

Banks. The European Union took its firststep towards the creation of three super

regulators that could eventually take direct

responsibility for the oversight of individual

member states financial systems. The

Telegraph, September 3, 2010.

The M-Banking Revolution. As recently

as two years ago, mobile banking in the

developing world was an object of

skepticism among financial insiders. Now,

however, the doubters may have proved

wrong. Foreign Policy, August 27, 2010.

Touting Cost Savings, NACHA Launches

Pilot for Deposited Checks. DepositedCheck Truncation (DCT) is a method

intended to cut processing costs for banks

compared to the cost to clear check images.

Digital Transactions, August 24, 2010.

US Senate Passes Financial Reform. The

US Senate finally passed a landmark reform

regarding Wall Street on Thursday July 15,

ushering in a raft of restrictions on banks.

Financial Times, July 15, 2010.

RECENT PUBLICATIONS

The Payment System Payments,Securities and Derivatives, and the Role of

the Eurosystem.A comprehensive 370-page

insight into the handling of financial

transactions, the functioning of financial

market infrastructure, and the role of the

Eurosystem. Part I examines key concepts

and processes in market infrastructure

services of modern economies and

underlying economic, business, legal,

institutional and policy issues. Part II

reviews the market infrastructure for the

handling of financial transactions in euro

and key legislation. Part III explains the rolesand policies of the Eurosystem in this field.

European Central Bank, edited by Tom

Kokkola, September 2010.

Special Issue: Central Bank Liquidity

Tools and Perspectives on Regulatory

Reform.The papers in this special volume of

the Economic Policy Review all focus on the

theme of a 2009 conference on central bank

liquidity tools organized by the Federal

Reserve Bank of New York. Federal Reserve

Bank of New York, Economic Policy Review,

Volume 16, Number 1, August 2010.

China ATM (Automatic Teller Machine)

Industry Report, 2009-2010. Based on

statistics from Peoples Bank of China,

China Banking Association and China

UnionPay, this report studies the status quo

of ATM industry in China as well as the

operation of leading ATM manufacturers

around the world. Also, it analyzes the ATM

procurement and placement of every bank
http://www.thehindubusinessline.com/2010/09/16/stories/2010091652550600.htmhttp://www.thehindubusinessline.com/2010/09/16/stories/2010091652550600.htmhttp://www.thehindubusinessline.com/2010/09/16/stories/2010091652550600.htmhttp://www.ft.com/cms/s/0/c5f6b70a-c0a3-11df-94f9-00144feab49a.htmlhttp://www.ft.com/cms/s/0/c5f6b70a-c0a3-11df-94f9-00144feab49a.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7978343/ECB-to-create-super-regulators-for-banks.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7978343/ECB-to-create-super-regulators-for-banks.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7978343/ECB-to-create-super-regulators-for-banks.htmlhttp://www.foreignpolicy.com/articles/2010/08/27/the_m_banking_revolution?page=fullhttp://www.foreignpolicy.com/articles/2010/08/27/the_m_banking_revolution?page=fullhttp://www.digitaltransactions.net/newsstory.cfm?newsid=2619http://www.digitaltransactions.net/newsstory.cfm?newsid=2619http://www.digitaltransactions.net/newsstory.cfm?newsid=2619http://www.ft.com/cms/s/0/6b9d4542-9026-11df-ad26-00144feab49a.htmlhttp://www.ft.com/cms/s/0/6b9d4542-9026-11df-ad26-00144feab49a.htmlhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.researchandmarkets.com/research/155227/china_atm_automathttp://www.researchandmarkets.com/research/155227/china_atm_automathttp://www.researchandmarkets.com/research/155227/china_atm_automathttp://www.researchandmarkets.com/research/155227/china_atm_automathttp://www.researchandmarkets.com/research/155227/china_atm_automathttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ny.frb.org/research/epr/2010.htmlhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ecb.int/pub/pdf/other/paymentsystem200909en.pdfhttp://www.ft.com/cms/s/0/6b9d4542-9026-11df-ad26-00144feab49a.htmlhttp://www.digitaltransactions.net/newsstory.cfm?newsid=2619http://www.digitaltransactions.net/newsstory.cfm?newsid=2619http://www.foreignpolicy.com/articles/2010/08/27/the_m_banking_revolution?page=fullhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7978343/ECB-to-create-super-regulators-for-banks.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7978343/ECB-to-create-super-regulators-for-banks.htmlhttp://www.ft.com/cms/s/0/c5f6b70a-c0a3-11df-94f9-00144feab49a.htmlhttp://www.thehindubusinessline.com/2010/09/16/stories/2010091652550600.htmhttp://www.thehindubusinessline.com/2010/09/16/stories/2010091652550600.htm


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and predicts the investment opportunities

and risks in ATM industry in the future.

Research and Markets, August 2010. (For

purchase)Liquidity Costs and Tiering in Large-

Value Payment Systems. This paper

develops and simulates a model of the

emergence of networks in an interbank,

RTGS payment system. A number of banks,

faced with random streams of payment

orders, choose whether to link directly to the

payment system, or to use a correspondent

bank. A calibration exercise on data from

the UK CHAPS system suggests that the

model is able to generate realistic

predictions, i.e. a network topology similar

to that observed in reality, driven solely by

the underlying pattern of payments and the

structure of liquidity costs. Central Bank o

England, Working Paper No.399, by M.

Adams, M. Galbiati and S. Giansante, July

2010.

Payments in Mobile 2010-2015.

According to the GSMA there will be 1.7

billion mobile phone users by the end o

2012 that do not possess a formal bank

account. Mobile subscriber penetration

worldwide will continue to increase with

over 5.4 Billion handsets in circulation as ofthe end of 2015. The ubiquity of the mobile

phone will bring to the floor the potential

for m-banking and the wider potential of m-

payment services enabled by the mobile

phone. This report examines the

opportunities and challenges for m-

payments to become readily accepted in the

developing and developed market.

Visiongain, June 2010. (For purchase)

Guidance on the application of the 2004

CPSS-IOSCO Recommendations for Central

Counterparties to OTC derivatives CCPsconsultative report. Prepared by a working

group jointly established in June 2009 by the

Committee on Payment and Settlement

Systems (CPSS) and the Technical

Committee of the International

Organization of Securities Commissions

(IOSCO), this report presents guidance on

the application of the 2004 CPSS-IOSCO

Recommendations for Central

Counterparties (RCCP) to the CCPs clearing

over-the-counter (OTC) derivatives

products (OTC derivatives CCPs). The

World Bank actively participated to this

effort, through the Payment System

Development Group. Bank for International

Settlements, Committee on Payment and

Settlement Systems, CPSS Publications No 89,

May 2010.

Report on the Brazilian Payment Cards

industry.In July of 2006, the Central Bank of

Brazil, the Secretariat of Economic Law of

the Ministry of Justice (SDE), and the

Secretariat for Economic Monitoring of the

Ministry of Finance (SEAE) celebrated a

technical cooperation memorandum aimed

at carrying out joint studies relating to retail

payment systems. This report, which is the

first outcome of that effort, aims to identify

potential market failures stemming from

markets organization and practices, so as to

become a reference for possible steps

towards social welfare improvements.

Central Bank of Brazil, SDE, SEAE, May

2010.

Payments and Securities Settlement

Systems in Pakistan. The Payment Systems

Development Group (PSDG) at the World

Bank has published the first color book of

the purple series, produced in the context

of the World Bank South Asia Payments and

Securities Settlement Initiative (SAPI). Thereport, in collaboration with the State Bank

of Pakistan (SBP), contains a systematic in-

depth description of Pakistans payments

and securities settlement systems.

Additional reports for South Asia, including

Bangladesh, Nepal and Bhutan will follow.

The World Bank, April 2010.

Collateral, Netting and Systemic Risk in

the OTC Derivatives Market. To mitigate

systemic risk, some regulators have

advocated the greater use of Central

Counterparties (CCPs) to clear over-the-counter (OTC) derivatives trades.

Regulators should be cognizant that large

banks active in the OTC derivatives market

do not hold collateral against all the

positions in their trading book, and the

paper proves an estimate of this under-

collateralization. Whatever collateral is held

by banks is allowed to be re-used to others.

Since CCPs would require all positions to

have collateral against them, off-loading a

significant portion of OTC derivatives

transactions to CCPs would require large

increases in posted collateral, requiring large

banks to raise more capital. These costs

suggest that most large banks will be

reluctant to offload their positions to CCPs,

and the paper proposes an appropriate

capital levy on remaining positions to

encourage the transition. IMF Working

Paper 10/99, byM. Singh, April 2010.

Mobile Banking and Payments. After

abandoning initial rollouts a few years ago

following poor consumer take up, banks

worldwide are now re-entering the market.

This report assesses the role of the mobile

phone as a banking device as well as a

payment function. Case studies and

examples include: Bank of America, Citi,

Facebook, First National Bank, iTunes,

Microsoft, Nokia, Paypal, Twitter, Visa,

Wells Fargo, Wizzit and others. VRL

Reports, April 2010 (for purchase).

UPCOMING EVENTS

Cards Latin America. Cards Latin

America is the networking event of the year

for the Latin cards and payments industry. It

brings together a targeted group of cards

executives in one place at one time for

unparalleled access and networking

opportunities. Organized by Terrapinn.

Coral Gables, FL. October 4-6, 2010.Prepaid Cards LatAm 2010.An entire day

to discuss the avenues for growth of prepaid

cards in Latin America, from government

benefits, to transportation, to retail.

Organized by Terrapinn. Coral Gables, FL.

October 6, 2010.

Global Payments Week 2010. The

biannual event gathering central banks and

securities commissions from all over the

world. Organized by the World Bank.

Amsterdam, The Netherlands. October 19-

22, 2010.SIBOS 2010. Once a year, Sibos brings

together the financial industry to create

opportunities for individuals, organizations

and the community as a whole. Facilitated

and organized by SWIFT, this forum creates

the stimulus for learning, collaborating,

developing new business, defining future

strategies and taking collective action.

Amsterdam, The Netherlands. October 25-

29, 2010.


Payment Systems(continued from page 4)
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6/18


Mobile Money Transfer Global.Bringing

together leading players from across the

entire MMT ecosystem, MMT Global will

feature 40-plus top executive presentations

and global case studies. MMT Global will seeover 400 people come together to network

and discuss the latest industry developments

and explore the opportunities and challenges

facing the industry. Dubai, UAE. October

25-26, 2010.

Expanding the Horizon of Payment

Systems. Global Payment System

Conference organized by the World Bank

Payment Systems Development Group

(PSDG) in the context of the IFC-World

Bank Financial Infrastructure Week, Rio de

Janeiro, Brazil, March 2011.

International Payments Summit (IPS)

2011. IPS - The World's Leading Payments

Conference. Over 400-plus attendees and

110-plus international industry speakers.

Organized by ICBI. London, UK. March 21-

24, 2011.

PAST EVENTS

AFI Global Policy Forum.The 2010 event

will be a unique opportunity to review and

assess progress on financial inclusion

policymaking, take stock of key activities,

and share lessons learned, identify gaps and

challenges to address bottlenecks and

further advance financial inclusion policy in

developing countries. Co-hosted by AFI and

Bank Indonesia. Bali, Indonesia. September

27-29, 2010.

Effective Oversight of Payments, Clearing

and Settlement Systems. This 4-day

programme aimed to equip payment

systems experts in central banks to meet the

challenge to formulate an oversight

framework for ensuring the safety and

reliability of the payments, clearing andsettlement systems, along with addressing

the issues of competition, accessibility,

efficiency and the prevention of fraud.

Sponsored by Central Banking. Cambridge,

UK. August 31 - September 3, 2010.

Prepaid Cards & Mobile Payments 2010

Conference.This event examined innovative

payment technologies and forecast the

prepaid role in the evolution, update on

regulatory and legal developments, and

share best practices on mobile payment

technologies. Organized by IQPC. Denver,

CO. June 28-30, 2010.

Payments Panorama 2010.The theme for

the Payments Panorama 2010 was

Leadership, Change and Vision in the

Payments Industry. The program featured

sessions on mobile payments, international

standards, crime and payment, and

innovation and evolution in the retail

payments sector. Vancouver, Canada. June

16-18, 2010.

Prepaid 2010. By 2015 MasterCard and

PSE Consulting project the value of prepaid

spending to reach EUR131bn in Europe;

winning prepaid businesses will identify and

dominate a market niche. Prepaid 2010

provided round tables and panels around anagenda genuinely driven by audience

questions, with over 100 global prepaid

visionaries. London, UK. June 14-16, 2010.

5th Annual Underbanked Financial

Services Forum. This year's edition focused

on credit, payments and deposits. Miami,

FL. June 9-11, 2010.

infoDev Annual Symposium 2010: Clean,

Green and Mobile. Making Technology

Work for the Poor. The Mobile Phone

Applications Panel discussion focused on

how mobile services can effectively serve thepoorest at the base of the pyramid.

Washington, DC. June 9, 2010.

NEWSLETTERS AND JOURNALS

Dialogue. The Voice of the SWIFT

Community.

International Banking Systems. IBS

Journal provides news, research and analysis

covering banking operations and systems

internationally. In addition to the monthly

IBS Journal and CFS Journal, reports, case

studies and directories are also availableonline.

Journal of Payments Strategy & Systems

publishes peer-reviewed articles and case

studies analyzing best practice, emerging

issues and new thinking in how to develop a

profitable, customer-focused payments

strategy. Published by Henry Stewart

Publications.

SPEED. Settlements, Payments, E-

money & E-trading Development is a new

quarterly journal from Central Banking

Publications which focuses on policy

developments affecting financial

infrastructures at the national and

international levels.

The Lydian Payments Journal.Launched

in 2009, and published on Pymnts.com, an

online media channel featuring news and

analysis on whats next in the payments

sector, this journal is specifically targeted to

the payments professionals.

LINKS

World Bank Payment Systems

Development Group. For more than 12

years the World Bank has been paying

increasing attention to payment system

development, and has provided variousforms of assistance to over 100 countries.

Bank for International Settlements. The

Bank for International Settlements (BIS) is

an international organization which fosters

international monetary and financial

cooperation and serves as a bank for central

banks.

Western Hemisphere Payment &

Securities Settlement Forum. The Western

Hemisphere Payments and Securities

Clearance and Settlement Initiative (WHI)

has become a regional forum to discussrelevant issues in the field of payments and

securities clearance and settlement.

CIS-PI. Commonwealth of Independent

States Payments and Securities Settlement

Initiative aims to assess payments and

securities settlement systems in the

Countries belonging to the CIS with a view

to improve their safety, efficiency and

integrity.

SWIFT. The Society for Worldwide

Interbank Financial Telecommunication

provides the proprietary communicationsplatform for the exchange of financial

information to over 8,300 customers in

more than 208 countries.

CGAP. The Consultative Group for

Assisting the Poor aims to help build

efficient and equitable local financial

markets that serve all poor people with

convenient and affordable financial services.

http://www.mobile-money-transfer.com/global-summit/?phpMyAdmin=513c4b9414a6t38cff6f1http://www.mobile-money-transfer.com/global-summit/?phpMyAdmin=513c4b9414a6t38cff6f1http://www.icbi-events.com/ips/http://www.icbi-events.com/ips/http://www.icbi-events.com/ips/http://www.afi-global.org/en/news-a-events/global-policy-forumhttp://www.afi-global.org/en/news-a-events/global-policy-forumhttp://web.incisive-events.com/rma/2008/11/central-banking/EM.htmlhttp://web.incisive-events.com/rma/2008/11/central-banking/EM.htmlhttp://web.incisive-events.com/rma/2008/11/central-banking/EM.htmlhttp://www.prepaidcardsevent.com/Event.aspx?id=269228http://www.prepaidcardsevent.com/Event.aspx?id=269228http://www.prepaidcardsevent.com/Event.aspx?id=269228http://www.cdnpay.ca/conference/english/homepage.htmlhttp://www.cdnpay.ca/conference/english/homepage.htmlhttp://www.prepaid-conference.com/index.phphttp://www.prepaid-conference.com/index.phphttp://www.americanbanker.com/conferences/cfsi10/http://www.americanbanker.com/conferences/cfsi10/http://www.americanbanker.com/conferences/cfsi10/http://www.infodev.org/en/index.htmlhttp://www.infodev.org/en/index.htmlhttp://www.infodev.org/en/index.htmlhttp://www.infodev.org/en/index.htmlhttp://www.swift.com/about_swift/publications/dialogue_magazine/index.pagehttp://www.swift.com/about_swift/publications/dialogue_magazine/index.pagehttp://www.ibsintelligence.com/index.php?option=com_content&view=section&layout=blog&id=2&Itemid=3http://www.ibsintelligence.com/index.php?option=com_content&view=section&layout=blog&id=2&Itemid=3http://www.ibspublishing.com/index.cfm?section=subscribe&action=view&id=1http://www.ibspublishing.com/index.cfm?section=subscribe&action=view&id=58http://www.henrystewart.com/jpss.aspxhttp://www.henrystewart.com/jpss.aspxhttp://www.centralbanking.co.uk/publications/journals/speed.htmhttp://www.centralbanking.co.uk/publications/journals/speed.htmhttp://www.pymnts.com/journal/http://www.pymnts.com/journal/http://www.worldbank.org/paymentsystemshttp://www.worldbank.org/paymentsystemshttp://www.worldbank.org/paymentsystemshttp://www.bis.org/http://www.bis.org/http://www.forodepagos.org/english.htmhttp://www.forodepagos.org/english.htmhttp://www.forodepagos.org/english.htmhttp://www.cis-pi.org/english/index.htmlhttp://www.cis-pi.org/english/index.htmlhttp://www.swift.com/http://www.swift.com/http://www.cgap.org/p/site/c/home/http://www.cgap.org/p/site/c/home/http://www.cgap.org/p/site/c/home/http://www.swift.com/http://www.cis-pi.org/english/index.htmlhttp://www.forodepagos.org/english.htmhttp://www.forodepagos.org/english.htmhttp://www.bis.org/http://www.worldbank.org/paymentsystemshttp://www.worldbank.org/paymentsystemshttp://www.pymnts.com/journal/http://www.centralbanking.co.uk/publications/journals/speed.htmhttp://www.henrystewart.com/jpss.aspxhttp://www.ibspublishing.com/index.cfm?section=subscribe&action=view&id=58http://www.ibspublishing.com/index.cfm?section=subscribe&action=view&id=1http://www.ibsintelligence.com/index.php?option=com_content&view=section&layout=blog&id=2&Itemid=3http://www.swift.com/about_swift/publications/dialogue_magazine/index.pagehttp://www.infodev.org/en/index.htmlhttp://www.infodev.org/en/index.htmlhttp://www.infodev.org/en/index.htmlhttp://www.americanbanker.com/conferences/cfsi10/http://www.americanbanker.com/conferences/cfsi10/http://www.prepaid-conference.com/index.phphttp://www.cdnpay.ca/conference/english/homepage.htmlhttp://www.prepaidcardsevent.com/Event.aspx?id=269228http://www.prepaidcardsevent.com/Event.aspx?id=269228http://web.incisive-events.com/rma/2008/11/central-banking/EM.htmlhttp://web.incisive-events.com/rma/2008/11/central-banking/EM.htmlhttp://www.afi-global.org/en/news-a-events/global-policy-forumhttp://www.icbi-events.com/ips/http://www.icbi-events.com/ips/http://www.mobile-money-transfer.com/global-summit/?phpMyAdmin=513c4b9414a6t38cff6f1


7/18



Eurogiro Network. Through its

community of postal organizations, banks

and payment service providers, Eurogiro

provides high quality solutions in the low-

value payment market.

Payment News.This website presents the

latest news on the payment system industry.

REMITTANCES

NEWS

Bangladeshi Remittances Hit Record

High. Bangladeshis working overseas sent a

record $938 million home to their families

in August, confounding fears that the global

economic crisis would trigger a flood ofreturning migrant workers and a plunge in

crucial remittances. Financial Times,

September 7, 2010.

Sri Lanka Remittances May Rise to

Record $3.8 Billion After Civil War Ends.

Remittances sent home by Sri Lankan

nationals overseas may rise to a record $3.8

billion in 2010, a central bank official said,

adding that policy makers will ensure

stability of the currency as the flows

increase. Bloomberg, September 7, 2010.

Deal of the Day: Money-Transfer

Companies Evolve, as Remittances

Rebound. The money-transfer industry is

fragmented, and needs to adapt to new

competition, regulations and technologies.

Like other sectors, it is using the aftermath

of the Great Recession to consolidate.

Financial Times, August 25, 2010.

Philippine Remittances Rise, At a Cost.

Trade Union Congress of the Philippines

secretary general Ernesto Herrera describes

the rates the banks and other money transfer

firms slap on the remittances as "oppressive

and burdensome". Asia Times, August 19,

2010.

Congress Boosts Remittance

Transparency in Reform Bill. The financial

reform includes long-needed remittance

transparency standards that will help ensure

the safe and affordable transfer of money

from immigrant workers to their families

abroad. RemittancesGateway.org, July 17

2010.

RECENT PUBLICATIONS

Ten Years of Innovation in Remittances:

Lessons Learned and Models for the Future.

Independent Review of the Multilateral

Investment Fund Remittance Portfolio.This

report is a review of the Multilateral

Investment Funds remittance program

since its start in 2000, when it began. The

review focuses primarily on the portfolio of

remittance projects undertaken by the MIF

from 2001 to 2009, and secondarily on the

MIFs research and dissemination activities

during that same time period. Inter-

American Development Banks Multilateral

Investment Fund, by Joan Hall (Ayani NL

Consultants), May 2010.

A Review of International Migration

Policies. As flows of migrants from

developing countries to developed countriesgrow over time, migration has become an

important issue that warrant good

management. This paper reviews migration

policies that exist in various countries and,

especially those that could be applicable to

North and West African countries. The

remittance section investigates existing

mechanisms which could be used to increase

remittances and promote their investment,

reduce transfer cost, and encourage formal

channel of remittances. Securitization and

regulation of remittances are also

mentioned. Programme for the Study of

Global Migration, Graduate Institute of

International and Development Studies,

Geneva, by N. Luckanachai and M. Rieger,

2010.

An Analysis of Trends in the Average

Total Cost of Migrant Remittance Services.

The World Bank Group published the

fourth update of the Remittance Prices

Worldwide databases which tracks what

migrant workers pay to send money to their

family at home. The global average total cost

for sending US$200 is down to 8.72 percentbut that average costs for some country

corridors are still as high as 22 percent, with

some providers offering services at a cost

that exceeds 40 percent. This Policy Note

has been produced based on the latest data

collection in the Remittance Prices

Worldwide database and will be updated

periodically as new data becomes available.

The World Bank Group, April 2010.

Migration and Development Brief 12:

Remittance Flows to Developing Countries

Remained Resilient in 2009, Expected to

Recover During 2010-11.Officially recorded

remittance flows to developing countries

reached US$316 billion in 2009, down 6

percent from US$336 billion in 2008. Withimproved prospects for the global economy,

remittance flows to developing countries are

expected to increase by 6.2 percent in 2010

and 7.1 percent in 2011, a faster pace o

recovery in 2010 than our earlier forecasts.

The World Bank, byD. Ratha, S. Mohapatra

and A. Silwal, April 2010.

Migrant Remittance Flows: Findings

from a Global Survey of Central Banks.

Drawing on the findings from responses to a

2008-09 survey from 114 central banks

worldwide (33 of which are in Africa), thispaper aims to better understand how central

banks and other national institutions

regulate and collect data and other

information on cross-border remittance

flows. The World Bank, by J. Irving, S.

Mohapatra, and D. Ratha, March 2010 (for

purchase).

Remittances to Latin America and the

Caribbean in 2009. The Impact of the Global

Financial Crisis. Remittance flows to

countries in Latin America and the

Caribbean (LAC) in 2009 were not immune

to the impact of the global financial crisis.

The economic slowdown has resulted in a

15% decline in remittance receipts

compared to 2008. However, analysis of data

from the last quarter of 2009 point to a

possible stabilization of flows in 2010. Inter-


Investment Fund. March 2010.

UPCOMING EVENTS

IMTC MIAMI 2010. This is fifth

International Money Transmitters

Conference organized by the NationalMoney Transmitters Association (the

NMTA) and Mohr World Consulting

(MWC). Miami, FL. October 16-19, 2010,

Money Transfers London Summit

(MTLS). Organized by IAMTN. London,

UK. November 15-16, 2010.

Money Transfers Dubai (MTD).

Organized by IAMTN. Dubai, UAE. April

19, 2011.
http://www.eurogiro.com/http://www.eurogiro.com/http://www.paymentsnews.com/http://www.paymentsnews.com/http://www.ft.com/cms/s/0/5843b632-9bb4-11de-b214-00144feabdc0.htmlhttp://www.ft.com/cms/s/0/5843b632-9bb4-11de-b214-00144feabdc0.htmlhttp://www.ft.com/cms/s/0/5843b632-9bb4-11de-b214-00144feabdc0.htmlhttp://www.bloomberg.com/news/2010-09-07/sri-lanka-remittances-may-rise-to-record-3-8-billion-after-civil-war-ends.htmlhttp://www.bloomberg.com/news/2010-09-07/sri-lanka-remittances-may-rise-to-record-3-8-billion-after-civil-war-ends.htmlhttp://www.bloomberg.com/news/2010-09-07/sri-lanka-remittances-may-rise-to-record-3-8-billion-after-civil-war-ends.htmlhttp://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://www.atimes.com/atimes/Southeast_Asia/LH19Ae01.htmlhttp://www.atimes.com/atimes/Southeast_Asia/LH19Ae01.htmlhttp://www.remittancesgateway.org/index.php/press-clippings/other-news/752-congress-boosts-remittance-transparency-in-reform-billhttp://www.remittancesgateway.org/index.php/press-clippings/other-news/752-congress-boosts-remittance-transparency-in-reform-billhttp://www.remittancesgateway.org/index.php/press-clippings/other-news/752-congress-boosts-remittance-transparency-in-reform-billhttp://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://graduateinstitute.ch/webdav/site/globalmigration/shared/A%20review%20of%20international%20migration%20policies.pdfhttp://graduateinstitute.ch/webdav/site/globalmigration/shared/A%20review%20of%20international%20migration%20policies.pdfhttp://graduateinstitute.ch/webdav/site/globalmigration/shared/A%20review%20of%20international%20migration%20policies.pdfhttp://wbmsfpd03.50992/~/media/FPDKM/Remittances/Documents/RemittncePriceWorldwide/Analysis.pdfhttp://wbmsfpd03.50992/~/media/FPDKM/Remittances/Documents/RemittncePriceWorldwide/Analysis.pdfhttp://wbmsfpd03.50992/~/media/FPDKM/Remittances/Documents/RemittncePriceWorldwide/Analysis.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://publications.worldbank.org/ecommerce/catalog/product?item_id=9729038http://publications.worldbank.org/ecommerce/catalog/product?item_id=9729038http://publications.worldbank.org/ecommerce/catalog/product?item_id=9729038http://www.remesamericas.org/http://www.remesamericas.org/http://www.remesamericas.org/http://www.remesamericas.org/http://www.nmta.us/site/page.php?379http://www.nmta.us/site/page.php?379http://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.nmta.us/site/page.php?379http://www.remesamericas.org/http://www.remesamericas.org/http://www.remesamericas.org/http://publications.worldbank.org/ecommerce/catalog/product?item_id=9729038http://publications.worldbank.org/ecommerce/catalog/product?item_id=9729038http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief12.pdfhttp://wbmsfpd03.50992/~/media/FPDKM/Remittances/Documents/RemittncePriceWorldwide/Analysis.pdfhttp://wbmsfpd03.50992/~/media/FPDKM/Remittances/Documents/RemittncePriceWorldwide/Analysis.pdfhttp://graduateinstitute.ch/webdav/site/globalmigration/shared/A%20review%20of%20international%20migration%20policies.pdfhttp://graduateinstitute.ch/webdav/site/globalmigration/shared/A%20review%20of%20international%20migration%20policies.pdfhttp://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35163520http://www.remittancesgateway.org/index.php/press-clippings/other-news/752-congress-boosts-remittance-transparency-in-reform-billhttp://www.remittancesgateway.org/index.php/press-clippings/other-news/752-congress-boosts-remittance-transparency-in-reform-billhttp://www.atimes.com/atimes/Southeast_Asia/LH19Ae01.htmlhttp://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://blogs.ft.com/beyond-brics/2010/08/25/deal-of-the-day-money-transfer-companies-evolve-as-remittances-rebound/http://www.bloomberg.com/news/2010-09-07/sri-lanka-remittances-may-rise-to-record-3-8-billion-after-civil-war-ends.htmlhttp://www.bloomberg.com/news/2010-09-07/sri-lanka-remittances-may-rise-to-record-3-8-billion-after-civil-war-ends.htmlhttp://www.ft.com/cms/s/0/5843b632-9bb4-11de-b214-00144feabdc0.htmlhttp://www.ft.com/cms/s/0/5843b632-9bb4-11de-b214-00144feabdc0.htmlhttp://www.paymentsnews.com/http://www.eurogiro.com/


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Money Transfers Moscow (MTM).

Organized by IAMTN. Moscow, Russia.

June 21, 2011.

Money Transfer & Migrant Remittances.

Organized by ICBI. TBC. June 2011.

PAST EVENTS

Money Transfers Singapore 2010.

Organized by IAMTN. The one-day

conference was the second IAMTN

conference held on remittances in

Singapore. Delegates from money transfer

companies, banks, mobile and card payment

operators and technology providers as well

as regulators throughout Asia Pacific took

part in a packed one day event that will

addressed the key issues in the remittanceworld, in the largest receiving region in the

world. Singapore. September 21, 2010.

Money Transfer & Migrant Remittances.

The third annual event organized by ICBI.

Among the topics of this years conference:

the latest news on the World Bank 5x5

objective; how the industry has responded to

the financial crisis; and mobile money who

will be the winners and losers? Barcelona,

Spain. June 23-24, 2010.

Money Transfers Moscow 2010.

Organized by IAMTN. Moscow, RussianFederation. June 7, 2010.

Remesamericas 2010: Remittances for the

Future. Remesamericas 2010 brought

together MIF project partners and other

market actors to disseminate best practices,

innovative solutions, and lessons learned

over the 10 years that the MIF has been

raising awareness about and financing

projects that use remittances as a

development tool. Organized by the Inter-


Investment Fund. Mexico City, Mexico. May6-7, 2010.

Segunda Convencin de la Asociacin

Iberomericana de Remesadoras. This is

second forum organized by Asociacin

Iberomericana de Remesadoras for money

transfer operators in the world. Madrid,

Spain. April 8-10, 2010

NEWSLETTERS

Migrant Remittances Newsletter.

Sponsored by the U.K. Department for

International Development (DFID) and the

U.S. Agency for International Development

(USAID), and produced by The QED

Group.

Migration for Development. Facilitated

by the EC-UN Joint Migration and

Development Initiative (JMDI).

Money Transfer Newsletter. Maintained

by the International Association of Money

Transfer Networks (IAMTN).

LINKS

Remittance Prices Worldwide. The

World Bank Group Database provides data

on the cost of sending and receiving small

amounts of money from one country to

another (Available in English, Arabic,

Chinese, French, Italian, Portuguese,

Russian and Spanish). New corridors and

features available (March 2010).

Global Remittances Working Group. The

GRWG comprises of representatives from

the World Bank Group and interested

national authorities, and is chaired by the

World Bank-IFC Vice President for

Financial and Private Sector Development.Launched in January 2010, this website

informs about the structure and the

activities of the GRWG.

World Bank Certified Regional and

National Databases

These databases cover regional and

national remittance markets and fully

comply with the World Bank official

requirements for Remittance Prices

Comparison Databases.

Italy:www.mandasoldiacasa.it(Italian)

Australia and New Zealand:

www.sendmoneypacific.org

Other National Remittance Prices

Databases

These databases cover regional and

national remittance markets and are not

necessarily consistent with the methodology

of the World Bank Group database.

France:www.envoidargent.org(French)

Germany:www.geldtransfair.de

(German)

Mexico:www.profeco.gob.mx/envio/envio.asp

(Spanish)

Netherlands:www.geldnaarhuis.nl

(Dutch)

Norway:www.sendepenger.no

UK:www.sendmoneyhome.organd

www.moneymove.org

MIF. The Multilateral Investment Fund

(MIF) of The Inter-American Development

Bank (IADB) seeks to promote inclusive

growth in Latin America through private

sector development. The MIF recognizes theimpact of remittances on development and

works for making money transfers cheaper

and safer.

DFID.The Department for International

Development (DFID) is an UK Government

Agency for international cooperation. DFID

plays an important role in the field o

remittances.

Inter-American Dialogue. The

Remittances and Development Program of

Inter-American Dialogue seeks to encourage

remittances as a tool for developmentthroughout Latin America and the

Caribbean.

Mondato. Mondato Limited is an Irish-

based, international value transfer portal

that offers a consumer search function to

enable customers to find options for money

transfers that best suit their needs.

RemittanceGateway.org. This website is

meant for those interested in the field of

migration and development. It is specifically

geared towards migrant remittances and

provides news, insights and contributionsfrom leading international experts.

Remittances (continued from page 7)
http://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.icbi-events.com/remittances/http://www.icbi-events.com/remittances/http://www.iamtn.org/conference-calendarhttp://www.iamtn.org/conference-calendarhttp://www.icbi-events.com/remittances/http://www.iamtn.org/http://www.iamtn.org/http://www.remesamericas.org/http://www.remesamericas.org/http://www.remesamericas.org/http://www.aiber.es/publicaciones.phphttp://www.aiber.es/publicaciones.phphttp://www.aiber.es/publicaciones.phphttp://www.microlinks.org/ev.php?ID=13069_201&ID2=DO_TOPIChttp://www.microlinks.org/ev.php?ID=13069_201&ID2=DO_TOPIChttp://www.migration4development.org/content/ifad-financing-facility-remittanceshttp://www.migration4development.org/content/ifad-financing-facility-remittanceshttp://www.iamtn.org/http://www.iamtn.org/http://remittanceprices.worldbank.org/http://remittanceprices.worldbank.org/http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22378309~menuPK:6681487~pagePK:210058~piPK:210062~theSitePK:282885,00.htmlhttp://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22378309~menuPK:6681487~pagePK:210058~piPK:210062~theSitePK:282885,00.htmlhttp://www.mandasoldiacasa.it/http://www.mandasoldiacasa.it/http://www.mandasoldiacasa.it/http://www.sendmoneypacific.org/http://www.envoidargent.org/http://www.envoidargent.org/http://www.envoidargent.org/http://www.geldtransfair.de/http://www.geldtransfair.de/http://www.geldtransfair.de/http://www.profeco.gob.mx/envio/envio.asphttp://www.profeco.gob.mx/envio/envio.asphttp://www.geldnaarhuis.nl/http://www.geldnaarhuis.nl/http://www.geldnaarhuis.nl/http://www.sendepenger.no/http://www.sendepenger.no/http://www.sendepenger.no/http://www.sendmoneyhome.org/http://www.sendmoneyhome.org/http://www.sendmoneyhome.org/http://www.moneymove.org/http://www.moneymove.org/http://www.iadb.org/mif/home/index.cfm?language=Englishhttp://www.iadb.org/mif/home/index.cfm?language=Englishhttp://www.dfid.gov.uk/http://www.thedialogue.org/page.cfm?pageID=80http://www.mondato.com/http://www.mondato.com/http://www.remittancesgateway.org/http://www.remittancesgateway.org/http://www.remittancesgateway.org/http://www.mondato.com/http://www.thedialogue.org/page.cfm?pageID=80http://www.dfid.gov.uk/http://www.iadb.org/mif/home/index.cfm?language=Englishhttp://www.moneymove.org/http://www.sendmoneyhome.org/http://www.sendepenger.no/http://www.geldnaarhuis.nl/http://www.profeco.gob.mx/envio/envio.asphttp://www.geldtransfair.de/http://www.envoidargent.org/http://www.sendmoneypacific.org/http://www.mandasoldiacasa.it/http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22378309~menuPK:6681487~pagePK:210058~piPK:210062~theSitePK:282885,00.htmlhttp://remittanceprices.worldbank.org/http://www.iamtn.org/http://www.migration4development.org/content/ifad-financing-facility-remittanceshttp://www.microlinks.org/ev.php?ID=13069_201&ID2=DO_TOPIChttp://www.aiber.es/publicaciones.phphttp://www.aiber.es/publicaciones.phphttp://www.remesamericas.org/http://www.remesamericas.org/http://www.iamtn.org/http://www.icbi-events.com/remittances/http://www.iamtn.org/conference-calendarhttp://www.icbi-events.com/remittances/http://www.iamtn.org/conference-calendar


9/18

NONBANK FINANCIALINSTITUTIONS (Leasing, HousingFinance, Insurance)

NEWS

IFC Looks at Affordable Housing

Projects in India.IFC is in talks with severalreal estate developers and housing finance

companies to create large, affordable

housing projects in India with the hope of

one of the projects to be developed within

the next six months. Affordable housing has

been tackled in other countries such as

Mexico where 15,000 to 20,000 homes are

being built costing $7,000 to 15,000. In FY09

and GY10, IFCs highest exposure was in

India and will continue to invest

approximately $1 billion per year for the

next two or three years. The HinduBusinessLine, August 23, 2010.

High Cost of Healthcare Pushes Insurers

to Launch Cheaper Covers. The high cost of

health care service in Africa is setting the

stage for the launch of new innovative

products targeting the low-end market,

including Changamka, a micro-health cover

launched by Changamka Micro-Health. The

product allows members to receive

treatment at designated hospitals for a low

cost. Additional microinsurance products

like Bima Ya Jamii encourages savings while

providing risk cover, and Afya Milele which

covers low-income families for in and out-

patient care as well as maternity costs,

doctors fees, daily hospital charges and

prescriptions. Business Daily, September 13,

2010.

Foreign Policy: The Mobile Banking

Revolution. Mobile banking, or m-

banking, in the developing world caused a

large amount of skepticism from financial

insiders. Three years ago M-Pesa was

launched as a mobile-money transfer service

by Sararicom, the Kenyan subsidiary oVodafone. In May, with about 10 million

customers in Kenya, Sararicom partnered

with Equity Bank and began M-Kesho, an

interest-bearing savings account so that

users are able to access mobile

microinsurance and microloan products.

NPR, August 30, 2010.

RECENT PUBLICATIONS

Microfinance Default Rates in Ghana:

Evidence from Individual Liability Credit

Contacts. This paper presents evidence on

the factors that affect default probabilities in

individual-liability credit contracts. The data

is drawn from a for-profit microfinancelender in Ghana, and the sample consists of

nearly 1,000 randomly selected loans

approved between 2002 and 2007, three

quarters of which were repaid. As default is

relatively rare in microfinance, borrowers

who failed to repay their loans were over-

sampled. Impact of demographic, business

and loan characteristics are included on

default odds. It is found that repayment is

affected mainly by the number of

dependents in the household, years in

business, use of proceeds, loan status and

frequency of loan monitoring. By Gerald

Pollio and James Obuobie. Microfinance

Information Exchange, Inc. September 2010.

Financial Access 2010: The State of

Financial Inclusion Through the Crisis.

Financial Access 2010 is the second annual

survey of financial regulators in more than

140 countries by the Consultative Group to

Assist the Poor and The World Bank Group.

The survey found that the number of bank

accounts around the world was growing

even as the volume of loan and deposit

accounts dropped. Sixty-five depositaccounts were added per 1,000 adults in

2009, representing 4.3 percent average

growth in the number of deposit accounts.

The impact of the financial crisis could be

more clearly seen in the use of credit

services, with the number of loans per 1,000

adults broadly unchanged between 2008 and

2009. Consultative Group to Assist the

Poor/The World Bank Group. September

2010.

Doing Business in Pakistan 2010. Doing

Business in Pakistan 2010 is the firstcountry-specific subnational report of the

Doing Business series in Pakistan. The report

builds on the regional Doing Business in

South Asia 2005-7 series, which created

quantitative indicators on business

regulations for six Pakistani cities. Doing

Business in Pakistan 2010 documents

progress in the previously measured cities

and extends the analysis to a total of 13

cities. Doing Business investigates the ways

in which government regulations enhance or

restrain business activity. The cities covered

in Doing Business in Pakistan

2010 were selected jointly with Pakistans

Ministry of Finance. The International Bank

or Reconstruction and Development / TheWorld Bank. 2010.

Insurance in Developing Countries:

Exploring Opportunities in Microinsurance.

The potential market for insurance in

developing countries is estimated to be

between 1.5 and 3bn policies. There is a

significant demand for a range of insurance

products including health and life insurance,

agricultural and property insurance and

catastrophe cover. Microinsurance is

effective in markets with little experience o

insurance but it needs to be efficient,cheap and simple. Llyods. 2010.

UPCOMING EVENTS

Microfinance India Summit 2010.

Organized by ACCESS Development, the

Microfinance India Summit 2010 will host

policy makers, practitioners, promoters,

academics, researchers and thought leaders

on various panels, and about 1,000 delegates

from around the world will participate in the

summit. The theme is Mission o

Microfinance- Need to Reflect and

Reaffirm, and the sessions will focus on

current trends and issues relating to

sustainability, transparency, social

performance, commercialization of the

sector and client protection, among others.

Sub-events will include Microfinance India

Awards which recognize the contribution o

individuals and institutions which have

played transformational roles in helping the

sector grow in India, sponsored thematic

roundtables which will present recent

research findings, innovative and innovate

ideas with select audiences and theKnowledge Fair which will showcase various

products, services and publications on offer

by diverse stakeholders in the sector. New

Delhi, India. November 15-16, 2010.

6th International Microinsurance

Conference. Call for proposals. Hosted by

Munich Re Foundation and the

Microinsurance Network supported by

GTZ/BMZ, the Department of Finance o

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10/18


the Philippines and Georgia State

Universitys Center for the Economic

Analysis of Risk this event will have 500

participants and experts from around the

world to exchange experiences and discussthe challenges of microinsurance. The

conference will have plenary panel

discussions on key topics addressing an

interdisciplinary audience. Parallel working

group sessions will deal in depth with

different subtopics. Interactive sessions o

approximately 90 minutes are a key part of

the conference, facilitating dialogue in small

groups on emerging issues. Manila,

Philippines. November 9-11, 2010.

PAST EVENTS

Frankfurt School of Finance &

Management Summer Academy, Housing

Finance Course. - In cooperation with

Housing Development Finance Corporation,

India this course will provide

comprehensive insight into all core topics of

housing finance. Picking up on the newest

developments and best practices in the

market, it will focus on conveying practical

knowledge and tools for successfully

managing mortgage lending operations and

developing approaches and products that

meet the rising demand for housing finance.Frankfurt, Germany. July 25-30, 2010.

The Euromoney Egypt Housing & Real

Estate Finance Conference: Financing

Egypts Housing Needs Investing in Real

Estate Development. Cairo, Egypt. June 15,

2010.

International Housing Finance Program.

This annual housing finance two-week

program from The Wharton School of the

University of Pennsylvania provides the best

available in-depth review of international

best practices in housing finance. It presentsa variety of tools and helps one to

understand how to use them. The program

is useful for private sector bankers and for

public sector policy makers. Participants

come from private housing finance

institutions, government finance agencies,

academia and international development

agencies from both emerging and advanced

economies. Philadelphia, Pennsylvania. June

7-19, 2010.

4th Global Conference on Housing

Finance in Emerging Markets. World Bank

Groups 4th Global Conference, Global

Housing Finance After the Crisis, Drawing

the Lessons, Taking Stock, and Building the

Future. Agenda and presentations now

online. Washington, DC, May 26-27, 2010.

NEWSLETTERS

Microinsurance Trilogy. This newsletter

is published three times a year by the

Microinsurance Network and is available in

English, Spanish and French.

Microfinance Africa. A newsletter issued

by Microfinance Africa which includes

recent updates in the microfinance sector in

Africa.

The Microinsurance Note Series is

written for USAID by Michael McCord oThe Microinsurance Centre. The

Microinsurance Note Series provides an

accessible, brief introduction to ten major

topics in microinsurance.

InSight. As short, frequent, one-topic

bulletins, InSight is intended to share the

results of ACCION International's work

with the microfinance community as quickly

and efficiently as possible.

Microfinance Focus. Microfinance Focus

is a global magazine on microfinance and

sustainable development. It publishes newsstories, articles and editorials written by

experts who are practicing in the field.

Micro Insurance Voices. This newsletter

highlights the activities of the Micro

Insurance Academy, news and events, new

partnerships, and innovative research, and

among others, features perspectives from

microinsurance experts.

MicroInsurance Times. A newsletter

(currently in pilot phase) from MicroCapital

covering microinsurance briefs, news,

interviews and events.

Prosper. Prosper is the development

activities supplement from ICMIF and

includes articles relating to the area of

development, including microinsurance and

Islamic microinsurance.

Catalyst Newsletter. Published by

Freedom from Hunger, it aims to contribute

to greater awareness of and enthusiasm for

the microfinance and health protection

initiative.

Ventures. A bi-annual production,

Ventures offers reflections on ACCIONs

work, regional news highlights and first-

hand accounts from staff in the

field and individual stories of the working

poor succeeding with the help of

microfinance.

LINKS

PlaNet Finance. This site, available in

English and French, is an international NGO

that aims to alleviate poverty worldwide

through the development of microfinance.

Microfinance Information Exchange.

Also known as The Mix, Microfinance

Information Exchange delivers data services,

analysis, research and business information

on the institutions that provide financial

services to the worlds poor.The Microinsurance Centre. The

Microinsurance Centre is focused on a

partnership model of microinsurance

provision. This site is intended to provide

practical tools to assist in the success of these

relationships between regulated insurers,

and MFOs and banks.

LeapFrog Investments. LeapFrog is the

first microinsurance fund and targets to

strong returns for investors while reaching

25 million vulnerable people in Africa and

Asia with life-changing financial services.IFC invested $20 million in LeapFrog

Financial Inclusion Fund.

Microinsurance Academy. The

Microinsurance Academy, or MIA, is a

project of Sarvajan Unnati Bodhini

Charitable Trust. MIA is a not-for-profit

organization fully dedicated to providing

structured technical assistance in

microinsurance domain-knowledge to

organizations that focus on low-income

communities.

LIBISNet is an international insurancelibrary whose online search feature contains

microinsurance publications from

approximately 30 diffe