Tag: remittances

This post is part of a three-part series discussing the current struggles and future potential of payments globally. This first piece will discuss the huge issue of remittances and the effect that FinTech breakthroughs can have on the space to make the lives of millions of foreign workers easier. With all the technological innovation impacting people across sectors, lifestyles and regions, it’s a wonder that the finance sector seems to capture less of our collective imaginations. The potential of, say, blockchain on the FinTech sector to create a new, freer global money market is exponential. Booming e-commerce is questioning the slow pace of cross-boarder payments. Yet there has been a long standing issue that effects many of the world’s poor. With all the new questions, the old question of improving remittance payments can get overlooked. Yet FinTech innovation has the power to change the lives of millions of people, especially within the third world, where migrants and expats are struggling to send money home to their families abroad. The need to provide direct, fast, and not exorbitant ways to...