BGS' CEO Invited to Speak at Forum Alpbach
Vienna/Austria (22.8.2007) - On the 21st of August, Leonid Delberg, Chairman and CEO, BGS Smartcard Systems, was invited as expert speaker to hold a speech about Economy, Innovation and Development in Emerging Markets at the renowned Forum Alpach in Tyrol, Austria.
In a globalised economy, former developing countries have become global players, while other nations have lagged behind and poverty has become entrenched. What lessons can be learned from China and India, which mistakes could be avoided? Business-oriented development cooperation is aimed at promoting local growth and, as a consequence, local wealth. Innovative strategies for tapping new markets are combined with development partnerships to form a forward strategy to the benefit of all involved, in particular the local population.
In his speech Mr. Delberg emphasized the importance of the efficient provision of banking products (financial inclusion/microfinance) for the under-/unbanked segment of the population especially in rural markets. In general, microfinance is the provision of a broad range of financial products such as loans, payment services, money transfers, insurance and others to low-income households and, their micro enterprises which are usually concentrated in rural and thus more underdeveloped areas. Client access and efficient provision of financial products especially in rural markets, usually fails through missing branch infrastructure which in turn is the result of a low populated environment. One of the core problems hereby is the high transaction and service costs.
Thus, in order to offer financial services of the formal banking system to the majority of the poorer sections of the population, adequate technology solutions such as DUET are required. The DUET multipurpose system platform has been geared to offer financial institutions, operating in rural and urban cash dominated mass markets, the means to provide a flexible and profitable financial card based solution. In order to achieve the necessary outreach and functionality in areas lacking telecom and branch infrastructure, smart cards utilizing the offline card-to-card transaction conception are the basis of the solution. The usage of biometric terminals for client verification and authentication further increases the ease of use and facilitates the access for illiterate people.
The establishment of a full-coverage, low cost agent network will enable Banks and Microfinance Institutions (MFI) to successfully tap into the microfinance market, a market which aggregated represents a more than sizeable commercial value and strategic interest, both socially and economically.
Every year since 1945, the “European Forum Alpbach” has been held in the Tyrolian mountain village of Alpbach. For almost three weeks Alpbach becomes the village of experts, thinkers, and visionaries. Speakers and participants from all parts of the world, from science, economics and politics, come together in Alpbach to discuss the current issues and to formulate interdisciplinary solutions. The open character of the events promotes a climate of tolerance for different opinions and contributes to the overcoming of national, ideological and disciplinary boundaries in a harmonius way. Since its inception, more than 2,500 people from over 50 countries have taken up the invitation to participate in the European Forum Alpbach.
web: www.alpbach.org
