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Understanding Remittances: Regulatory Aspects

Understanding Remittances: Regulatory Aspects

An understanding of the legal and regulatory aspects of remittances is important. The existence of multiple channels and the institutional and legal environment governing remittances transactions pose numerous challenges to fund transfer operators. Furthermore, the regulatory environment and practices substantially vary across countries in the treatment of entities engaged in fund transfers and the various modes of transfer used, which has significant implications for the business. In order to simplify the above, we have come up with our ranking of key countries in Asia when it comes to regulations and the ease of setting up a remittance business. Full Harvey Balls indicates a country which is very open to nonbanks while an empty Harvey ball indicates those which are closed (where remittance is mostly a bank’s business).

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An Interesting Alternative To Traditional Remittances

An Interesting Alternative To Traditional Remittances

For consumers who want to wire money to some far corner of the world, not much has changed since the days of the Old West. Trying to send a small amount of money from US to a relative in India or Mexico probably means queuing at a money-transfer agent, providing documents and other proof of identity and paying a hefty fee, probably reaching 10% (or more) of the value of the remittance. Similar hurdles and potential fees are observed on the receiving end. According to the World Bank the cross-border remittance market was worth total of $483 billion back in 2011. Majority of those were small amounts sent regularly by migrants to their families back home. As the number of migrants kept increasing, so did the market opportunity for remittances – about 8% annually in recent years.

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Prepay Nation, Reinventing International Money Remittances

Prepay Nation, Reinventing International Money Remittances

Prepay Nation is a US based company in the business of enabling international mobile topups and cross border micropayment services from one person to the other. Prepay Nation utilizes the prepaid mobile ecosystem to transfer values in the form of international airtime remittance. I got really excited when I came to know that there is no service charges to the sender or receiver and operates across European, US, India and other countries.

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Remittances through SMS, an innovation from Regalii

Remittances through SMS, an innovation from Regalii

According to World Bank by 2015, an estimated $515 billion will be transferred by the US immigrants to their respective countries. Remittances market is big and growing. Entrepreneurs and VC’s are taking a note of the growth opportunities in this space and are establishing startups.

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Safaricom and Xpress Money Collaborate on Mobile Remittances

Safaricom and Xpress Money Collaborate on Mobile Remittances

As of February 2014, remittances to Kenya rose to $110.42 million — an 8 percent increase from the same period last year – according to the Central Bank of Kenya. On 21st June 2014, it was announced that Xpress Money – considered the world’s most dependable money transfer brand – announced its tie-up with Safaricom to offer mobile remittance services from Saudi Arabia to Kenya.

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The Role of Mobile Money in Democratizing International Remittances and Driving Financial Inclusion

The Role of Mobile Money in Democratizing International Remittances and Driving Financial Inclusion

“Mobile money is one of the most exciting innovations in financial services, with more than 400 million registered consumer accounts across over 90 countries,” said John Giusti, Chief Regulatory Officer, GSMA. “While today mobile money services are largely used for domestic transactions, international transfers represent the fastest-growing segment of mobile money services.”

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Exclusive Interview with CEO of Currency Cloud: International Remittances, APIs and More

Exclusive Interview with CEO of Currency Cloud: International Remittances, APIs and More

In June 2015, we published the news that a UK-based international remittance FinTech company, Currency Cloud, raised $18 Million in Series C to expand in the U.S. We have followed this space diligently and recently, we had an opportunity to chat with Mike Laven, CEO of Currency Cloud. In an expansive discussion with LTP co-founder, Amit Goel, Mike shared insights into the business model of Currency Cloud, importance of APIs in banking and payments, competitors in the space and many other things. Here’s an exclusive transcription of the interview with Mike:

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FinTech Is Scaling Up: UK Banks to Enable International Remittances in Mobile App Using TransferWise’s API

FinTech Is Scaling Up: UK Banks to Enable International Remittances in Mobile App Using TransferWise’s API

Moving around $778 million internationally every month, TransferWise is turning out to be the next FinTech startup to partner with banks to provide its services to the banking customers via a bank’s mobile app. Until now, the company has taken more than 2% of the London global remittance market over a period of four years since its launch. Banks charge high fees for sending money internationally, but with TransferWise, anyone can send more at a fair rate. The pricing is transparent and the exchange rate is real. The small fee is easy to spot as well.

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Exclusive Interview with Marwan Forzley, Founder, Align Commerce: Insights on Blockchain for Remittances

Exclusive Interview with Marwan Forzley, Founder, Align Commerce: Insights on Blockchain for Remittances

We all know how hotly debated the topics of blockchain and bitcoin are in the world of FinTech. There are some who have believed in the technology and innovated using this technology while there are some who have stayed completely away from it. We had an opportunity to talk with Marwan Forzley, a 20 year veteran of the payments industry, to share his insights on blockchain technology. Marwan has sold two companies, the last being eBillMe, which was acquired by Western Union. After leaving Western Union last year, he started his venture, Align Commerce, an international payments company that uses the blockchain as a core differentiator. Marwan has a passion for launching new products into new markets both domestically (in the US) and internationally. We covered a number of topics in the remittances and blockchain space during the conversation, which was also an opportunity for Marwan and LTP CEO, Aditya Khurjekar to catch up. Here’s a summary of the interview:

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Breaking News: Bank of America Patent on Cryptocurrency Based Remittances

Breaking News: Bank of America Patent on Cryptocurrency Based Remittances

The US Patent & Trademark Office website revealed that Bank of America had filed a patent on a ‘System and Method for Wire Transfers Using Cryptocurrency’. The post shows that the patent was filed on Mar. 17th, 2014 and published on Sept. 17th, 2015. This explains the relatively low profile BoFA has kept when it came to discussing Bitcoin and cryptocurrencies in public.

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Trulioo Verifies IDs in MENA to Expand Mobile Money Remittances

Trulioo Verifies IDs in MENA to Expand Mobile Money Remittances

Trulioo’s GlobalGateway API provides instant identity verification in 50 countries via 200+ independent and reliable data sources

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Matt Oppenheimer

Matt Oppenheimer

payments. digital currencies. startups. fintech. remittances. mobile. @Harvard. @Dartmouth. @Remitly CEO

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Stone Atwine

Stone Atwine

CEO @RemitUg - Innovating international #moneytransfer (#remittances) to #mobilemoney in Africa to save diaspora time & money. stone@useremit.com

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Stone Atwine

Stone Atwine

CEO @RemitUg - Innovating international #moneytransfer (#remittances) to #mobilemoney in Africa to save diaspora time & money. stone@redcore.co.ug +256772533848

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