Why we choose Remittance industry?

Example of Remittance companies:

Traditional MoneyTransfer (western union and moneygram)

  • present in over 200 countries and territories, operating in almost every country on the planet
  • deals with over 130 different currencies.
  • WorldRemit serves a considerable share of African migrants, while Ria Money Transfer targets migrants from Latin American countries, and Azimo focuses on the European Market.
  • Another success story is TransferWise, Through their borderless and global expansion strategies, they have been able to quickly reach over 6 million users and process £4bn in monthly transactions

SCENARIO IN DEVELOPING COUNTRIES

  • People rely on remittances as a critical financial inflow, which can account for a primary income source relative to GDP
  • Many families don’t have bank accounts or can’t get access to banking services so they rely on informal channels to receive money
  • remittance market is highly regulated and in some countries restricted to select Money Transfer Operators. As a result of limited competition, these Money Transfer Operators charge excessively high fees per transaction.

Major Concern in Existing Remittance Industry

  • The majority of the remittance industries rely on third-party intermediaries and financial institutions, which makes the current system quite inefficient.
  • Secondly, the payment of remittances through traditional banking channels is that the recipient should have a banking account to receive the payment. But what if people receiving money do not have a bank account?
  • Moreover, such traditional services are expensive and slow as the transferring funds may take days or even weeks.

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BREMIT

BREMIT

Uber for Cross Border Money Transfer. Blockchain based peer to peer decentralized remittance platform. https://www.bremit.io