MANILA, Philippines – Two of the country's mobile telecommunications firms, as well as a team of Filipino software developers, bested more than a hundred other entries to become finalist at the 2009 Asia Mobile Awards.

Software development firm MPAY Solutions (www.mpay.ph) is one of the four finalists in the Mobile Money for the “Unbanked” Category.

The company was nominated for its service called “m-bux, a mobile phone-based payment system that also does phone credit loading, funds transfer and overseas remittances. It is currently being used in several local farmers' cooperatives.

It essentially connects to a bank, thus removing the need to have an alternative currency type and uses real money that is accessed by the account holder's mobile phone and only used to pay for certain services or transfer money.

“MPAY is really built on simple insights: that many of the unbanked, demand basic financial services; that mobile is the most convenient and cost-effective method of delivering these services; and that people are generally comfortable with the concept of prepaid,” according to MPAY CEO Maner Puyawan.

Incidentally, MPAY will compete in the same category with Smart Communications, which has its “Smart Islands Activation Program.”

Smart is also nominated in three other categories: Best Mobile Advertising or Marketing, Best Green Mobile Award and Best Mobile Money Service”.

Aside from MPAY and Smart, Globe Telecom was also announced as nominee in the Best Mobile Money Service category for its GCash Click service.

There are a total of 10 categories for this year's Asia Mobile Awards, which honors global companies that create the most creative and innovative products and services for the mobile segment.

The Asia Mobile Awards is organized by the GSM Association. Winners will be announced on November 19 during the GSMA Mobile Asia Congress in Hong Kong.