Flint Telecom Group, Inc. announced yesterday that they plan to expand their debit card and mobile remittance operations to Europe and the Middle East. The Company will accomplish this by enhancing their existing resources in Ireland. Flint Telecom, by growing existing operations in Ireland, is looking to provide prepaid debit cards and mobile remittance technology and services to European and Middle Eastern mobile operators, banks and other program sponsors in the region in the second half of this year. The Irish office’s responsibility is to develop relationships with banks and mobile operators in the region and to strengthen links with Flint Telecom’s growing number of partner banks in India and Vietnam.
Mr. Vincent Browne, Chairman and Chief Executive Officer of Flint Telecom Group, Inc., commented, “I am obviously very pleased to announce enhancement of our operations in Ireland, my home country. Despite the downturn, Ireland, as a key member of the European Union, continues to punch above its weight with regard to attracting foreign investment given its access to European markets, educated and experience workforce and to its firm commitment to low corporation tax. We already have a strong team in Ireland with years of international sales and market development experience that we will leverage to grow our mobile remittance business in these geographies. While we do not expect any revenues from this office in 2011, we are taking the steps now to establish ourselves in these markets, at no additional cost to the group, to establish ourselves as a key player in these markets.”
The market for mobile remittance services and prepaid debit cards continues to experience quick adoption and growth. Juniper Research recently forecast that, based on gross transaction values driven principally from migrant workers based in developed countries, the international mobile money transfer market will be worth more than $65 billion by 2014. They also expect North America and Western Europe to be the main remittance sending regions by that time. Juniper Research is a leading international research firm.
Mobile phones provide a new remittance channel with greater reach than traditional methods. Mobile phones now outnumber ATMs significantly. Mobile phones give mobile operators a level of reach much greater than money transfer providers and banks as well. Consequently, they are uniquely positioned to solve the access problem and push costs down to levels that open the formal remittance channel to users that would otherwise look for informal methods of remittance.
Based in Overland Park, Kansas, with offices throughout the United States, India and Ireland, Flint Telecom Group, Inc. is an international Telecoms Technology Organization. They have a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services worldwide.
Flint Telecom Group ranked number 72 in the 2010 Deloitte Technology Fast 500™. This is Deloitte’s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven record of accomplishment in building and maintaining international technology companies.
For more information visit: www.flinttelecomgroup.com
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