Q: Tell us about Obopay and why are you, the CEO of Obopay attending the World Economic Forum
Obopay is a mobile banking and payments provider. We are based in the US and India. We are recognized as a early leader in the rapidly expanding financial services sector delivering services via the mobile phone. The opportunity is massive – 4B phones but only 1.6 B bank accounts. Obopay gives those with bank accounts added convenience and those traditionally underserved access to affordable secure banking and electronic payments.
I am attending the World Economic Forum because they have recognized Obopay as a technology pioneer. Obopay is receiving an award at this annual event in Davos.
Q: What is the World Economic Forum?
The World Economic Forum (WEF) is a Geneva-based non-profit foundation best known for its annual meeting in Davos, Switzerland which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world including health and the environment. The World Economic Forum was founded in 1971 by Klaus M. Schwab, a business professor in Switzerland. Beyond meetings, the Forum produces a series of research reports and engages its members in sector specific initiatives. Regular attendees at annual meeting include Bill and Melinda Gates.
Q: What happens at the World Economic Forum Annual Meeting?
It is non-stop sessions on a variety of key global topics. In the evenings there are private events hosted by Presidents of countries and CEO’s of Fortune 50 companies. The convening of such a top level global group – spanning government, corporate, thinkers/academics, and entrepreneurs – is unique and powerful
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Q: What is the theme of this year’s Annual Meeting?
The 40th anniversary of the Annual Meeting is a defining moment for world leaders as they meet under the theme “Improve the State of the World: Rethink, Redesign, Rebuild”. Over 2,500 leaders from over 90 countries representing business, government and civil society will work together on pressing challenges. “We must look at the Meeting in the context of what’s happening in the world and we see that the present system of global cooperation is not working sufficiently,” said Klaus Schwab. Haiti will feature on the agenda: “We hope we can present a major common effort to the world community showing true corporate global citizenship in Davos,” he said.
Q: Who attends?
This is a very exclusive event. It is by invitation only and even the most powerful and influential people in the world may not be invited every year. – must be a member or invited to attend. All attendees have security checks and there is no dropping by Davos. I went in 2003 to help with a Global Giving private evening event. I thought that I would be allowed to listen into a few sessions – no way. If you were not an official attendee you were not allowed to participate.
Q. Why is Obopay going to the WEF?
Every year WEF recognizes approximately 20 technology pioneers and asks them to attend Davos. This year there were 26 companies recognized – of those 11 were IT companies, the rest were health, energy, or other. We were the only financial services company recognized this year.
Q: What are some of the sessions Obopay will be attending.
We are invited to most of the sessions at WEF – There are about 5 different sessions going on at anytime during the 4 day conference. I haven’t decided all the sessions I will attend. Below are ones I am committed to attending so far. My husband, Joe Tumminaro, is attending and he can attend sessions also.
With all the compelling topics, we plan on splitting up frequently so we can cover 2 sessions at once and then brief each other. In future blogs we will give more details about our plans and then our experiences.
My agenda so far is …
Tuesday 26 January
20.00 – 22.00 Private Dinner entitled Technology Pioneers Welcome Dinner and Awards Ceremony 2010 (Technology Pioneers meeting for Annual Meeting)
Thursday 28 January
8.30 – 10.15 Interactive Session entitled From Pioneers to Champions (Technology Pioneers meeting for Annual Meeting)
14.30 – 16.30 Workshop entitled Redesigning with Technology Pioneers
19.00 – 20.00 Your Private Session entitled Schwab Foundation 10-Year Anniversary Reception (Private Events for Annual Meeting)
Friday 29 January
8.00 – 10.15 Interactive Session entitled The Dynamic Duo (Technology Pioneers meeting for Annual Meeting)
14.30 – 16.45 WorkSpace entitled Advancing Models for Mobile Financial Services (Industry Partnership Meeting for Telecommunications)
Saturday 30 January
14.30 – 15.30 Session entitled Technology Pioneers Wrap-Up (Technology Pioneers meeting for Annual Meeting)
Obopay today announced it has been chosen by the World Economic Forum as a Technology Pioneer 2010 for its innovation, transformational technology, leadership and substantial long-term impact on businesses and society.
Obopay is one of 26 companies from around the world to be honored with this prestigious award. In addition, Obopay is one of only 11 companies in the Information Technologies, Telecommunications and New Media category and is the only financial services provider receiving the award.
Below are answers from Obopay CEO Carol Realini on what it means to be honored:
What does it mean for Obopay to be honored as a Technology Pioneer 2010 by the World Economic Forum?
We are incredibly honored to be recognized by the World Economic Forum as a Technology Pioneer. It is a badge of honor that we wear proudly. This award underscores our vision and corporate commitment to empowering all people with access to affordable banking through mobile technology.
The World Economic Forum Annual Meeting is the world’s top international event bringing together business and political leaders from around the world to discuss global challenges and how to improve the state of the world. As a result of Obopay being named Technology Pioneer 2010, I will join the Annual Meeting in Davos in January. I am very excited to be invited and I look forward to making valuable contributions and helping to further the global mission of financial inclusion.
Why is Obopay life changing?
Well, it is life changing depending upon where you are in the world. Lot’s of people don’t have access to basic banking services. That’s a fact. The statistics are sobering and the truth is that more than half of the adults in the world don’t have access to savings, credit or electronic payments which makes life incredibly difficult. Some people have to travel great distances to get access to basic banking and must wait in long lines. Others have no safe place to put their money, so the money gets lost or stolen. And, it makes it so unproductive for businesses. But, the ubiquitous mobile phone network is the catalyst that enables Obopay to deliver low cost banking services to people who have mobile phones, which is about everybody, at scale, and at a low cost.
What is the future potential of Obopay?
Obopay’s vision is to empower everyone with universal access to financial services through any mobile phone. There is a vast opportunity ahead of us and the right time is now; the mobile phone has the unique ability to change the way people in all markets interact with money and with their loved ones as well as impact how small businesses transact. The mobile phone is in an exponentially better position than the internet was to have an impact in people’s lives around the world, not just how we communicate but how we interact, how we go about our days and simplify our lives.
The landline brought many communications access. But, there was a natural ceiling. It could only go so far. The same is true of the traditional bank accounts and models. Have we reached that ceiling too? No. However, people still have limited access to banking. Mobile banking and payments is a different approach to banking. We can reach more people. In the next 5, even 10 years, just imagine that a billion more people can get access to bank accounts, credit, and electronic payments, just like everyone now has access to online communications.
Is Mobile Banking and Payments just for emerging markets?
No, the opportunity lives with the unbanked, under-banked as well as those that do existing bank relations in ALL markets – both emerging and developed markets. By launching our services in the US in 2005 and in India in 2008, we were the first to operate in both emerging and developed markets.
There is clearly a need in emerging markets because the traditional banking system can not catch up fast enough. I’m a true believer that it is also important in the United States because we’re the source of a major global network. The same is true in Europe. For example, if I left my family in the Philippines and went to work in France, I could, through the U.S. or Europe, interact and send money from one market to another. We also neglect to realize that there is a lot of unbanked people right here at home. More than 30-50 million families in the U.S. do not have affordable (or have limited access) to financial products.
How does Obopay plan to scale?
We built to scale from the beginning. Yes, Obopay is a young company, but we have already set the stage to tap into the bigger ecosystem by establishing key global relationships with global network providers such as Nokia and Mastercard. It’s all about global scale and global reach. We take a holistic approach pulling all the different stakeholders together including banks, operators, mobile device providers, M-commerce providers, distribution, merchants and small businesses to deliver affordable mobile banking and payments to all people regardless of geography. We are at the forefront of transforming the global banking industry and creating the next generation payment system. These are very exciting times!
You can also view Carol’s video interview by the WEF below:
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