via CAAI
The GSM Association is reported to have pulled funding for a mobile money transfer service in Cambodia following concerns that the service is not complying with local regulations. Local mobile network, Mobitel launched the mobile money service without a license from the Central Bank, although it has claimed that it doesn't need any licenses for its service.
GSMA has now suspended grant payments, worth up to US$5 million, until the situation is resolved, according to a statement obtained by the Phnom Penh Post. The GSMA said that Mobitel's parent company, CamGSM was working with the National Bank of Cambodia to develop the appropriate regulatory framework and secure a formal licence.
"To this end, the two parties have agreed to suspend the payment of further grant monies until the GSMA MMU Fund Panel is satisfied that CamGSM has secured all necessary regulatory approvals," it said.
"GSMA encourages dialogue between mobile money providers and regulators, however regulation is a matter for the government in each country in which such services are developed."
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