Collaboration, not conquest_ fintech’s impact on the global remittances market _ investing news network

Fintech is a dynamic sector, perhaps best known for its ability to radically reshape and transcend traditional industry boundaries between finance and technology. Front porch designs for small houses Therefore, the analogies between today’s fintech market and and remittances market are obvious. Pump start relay wiring diagram While the fintech market breaks down intellectual and industry borders between technology and finance, the latter facilitates the flow of capital across national borders.


Xpress Money is one of the players in the remittances market, with 180,000 agent locations across 160 countries. Softball tournaments in pa The company is continually growing along two axes: increasing its network of partners across all our existing markets, and venturing into new territories across Latin America, Africa, the Middle East, and Europe.

The Investing News Network sat down with the company’s COO, Sudhesh Giriyan, to learn more about the remittances market and the ways in which fintech is impacting its outlook. College softball rankings 2016 Specifically, we wanted to know where the biggest trends are emerging, and where savvy investors should put their money. Car making high pitched noise when accelerating Read on to hear Giriyan’s views on this rapidly transforming global market and the ways in which fintech will strengthen, rather than reshape, the existing landscape.

I nternational money transfer brands are a key part of the financial services ecosystem as a whole. Mls softball According to Giriyan, “there are roughly 250 million people – or 3.4 percent of the world’s entire population– that live and work away from their country of origin. Lattice semiconductor stock Many of them already are contributing to the economies of their home countries in the form of remittances.” Furthermore, “there are roughly $600 billion moving from expats abroad to their home countries every year, across the world. Miami baseball team In size, remittance flows far outrank aid flows. Peach aviation review And more importantly, they are a stable source of uplift. Timber merchants liverpool Unlike foreign direct investment (FDIs), remittances don’t escape to more attractive markets the minute there is an economic setback.” In his view, remittances are the greatest force for income equality, and their power is only growing.

Indeed, global money transfers are an essential part of the global economy and are key to the United Nations Sustainable Development Goals. Softball fans In Giriyan’s words, “they promote income equality between nations, create disposable incomes, and spur investments in education and healthcare.” Accordingly, international money transfer brands don’t operate in a vacuum. Baseball pitch cutter Instead, companies like Xpress Money “believe that there is tremendous scope for collaboration within the financial value chain to deliver more value to the consumer, bring financial inclusion to wider audiences, and create seamless money transfer transactions.” Future outlook for the remittances market

Historically, remittances have posted strong year on year results, worldwide. Counterfort retaining wall design example However, 2015 and 2016 have been relatively challenging for the global economy, and that fact has been reflected in the pace of growth. Baseball field clipart Nonetheless, Giriyan takes a very hopeful perspective: “while the World Bank estimates that remittance growth to emerging markets slowed in 2016, the World Bank still estimates that remittances to low and middle-income countries (LMICs) will hit USD 442 billion – an increase of 0.8 percent. Batting cages las vegas We expect global remittances to continue growing overall in 2017, and accelerate further in 2018 and beyond.”

The growth will be accelerated by the sector’s increasingly sophisticated abilities to address customer demands. Fantasy sports espn Xpress Money advocates for better industry-wide standards, lower transfer fees, and an emphasis on customer service. Flag football leagues near me The company is “very cognizant of the important role remittances and money transfers play in linking global economies and enabling the wheels of commerce” by pushing for market liberalization, customer choice, and equitable overheads. Timber suppliers glasgow The company also works towards “financial inclusion wherever possible, because engaging with large untapped audiences enables those customers and also catalyses business growth.”

For instance, “the average cost of transferring money is reducing. Fantasy basketball draft Lower remittance costs bring more customers to official and sanctioned channels, and also drive remittance growth. What is irrigation Developing low-cost money transfer corridors is part of the United Nations Sustainable Development Goals.”

Time, in addition to money, is a commodity which customers value highly. Auburn softball coach Increasingly, “customers want their financial transactions to be as real-time as the rest of their online experience.” Giriyan notices that speed and customer service are being prioritized by the industry: “collaboration between partners in the financial value chain are involving new audiences, delivering better and more seamless transactions, and enabling more services to be delivered online or at a single point of contact.”

Finally, fintech is a key trend to watch out for. Gardening At the convergence of finance, remittances, and new technology, fintech has the potential to transform how people avail themselves of financial services. Basketball court size However, Giriyan takes a relatively conservative view when it comes to timelines: “just because fintech is very much in the news doesn’t mean it has yet gathered the critical mass necessary to benefit large audiences … the innovations coming from the fintech arena will eventually gain the needed momentum to transform the customer experience — in the next five to ten years.”

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