The 2018 Remittances Innovation Awards (RemTECH Awards) will take place in May 8-10 at the GFRID2018 in Malaysia. The Remtech award celebrates the businesses, organizations, collectives and individuals transforming remittances.
For the second year, the RemTECH Awards are developed by IMTC Conferences in partnership with Mohr World Consulting to showcase the most innovative and outstanding technological solutions designed to improve remittance services worldwide.
The incremental technology change reduces risk and costs but does not receive much recognition. Moreover, the innovative solutions demonstrate the role of technology by facilitating connection and stability within countries and societies.
The RemTECH Awards are aligned with the GFRID2018 vision & objectives, committed to raising awareness about the power of innovation, facilitating dialogue between entrepreneurs, international organizations and governments, in order to promote collaboration on the contribution of migrant remittances to development by building partnerships to achieve the Sustainable Development Goals (SDGs).
The remittance industry evolves rapidly, with new players entering the market and established incumbents developing innovative solutions. New technologies, such as blockchain, are democratizing the industry, allowing smaller players with less capital and limited resources to enter the arena. With more remittance start-ups than ever before, banks are no longer the substantial gatekeepers of remittances.
Remittances and FinTech
As is estimated by the World Bank Group remittances to low- and middle-income countries are expected to reach $466 billion in 2018 and total global remittances to $616 billion, which is about 60% of the estimated size of the money transfer market valued at around $1,025 billion.
The pace of innovation in the financial services industry is staggering and fundings for fintech startups have increased to over 41% in the last four years, crossing over $40 billion in cumulative investment. The global fintech investment dollars and deal activity could reach an all-time year high in 2017. At the same time fintech firms are gaining in mainstream adoption in many countries, with China leading with a 69% adoption rate, India follows with 52%, then the UK (42%), Brazil (40%), Australia (37%) and finally the US (33%). Most global financial service companies are increasing their partnerships with fintech companies, 88% “expressing concern” about losing revenue to innovators. Most Fintech developments are notable in the domestic payment sector as well as in Insurtech and Regtech.
The RemTech sector
In the Remtech sector several start-ups are making strides. But innovation in the money transfer sector is not limited to start-ups. The drive towards innovation is happening at many levels all over the globe.
Moneytrans has expanded its activities, to be the first and only fintech company to offer a complete range of services for migrants & companies in 2018 through mobile and web platform iMoneytrans : international transfers, FX solutions, bill payments, prepaid cards, mobile top up….2018 marks another important milestone for us with the launch of our new quasi-banking service that will greatly complement Moneytrans’ existing business lines in an effort to further contribute to the financial inclusion of our underbanked customers, both in Europe and in their home country.
We also strive to implement innovative solutions developed by other companies specialized in RegTech, IDTech, Fraud Control, Digital Agents. Innovation is about collaboration.
The award categories
- B2B solutions
- Compliance Solutions
- End user experience
- Technology innovation
- Remittance for development
- Remittance synergies
Moneytrans into the competition
Moneytrans enter into the competition thanks to its new multi-service platform allowing their customers to :
- send money to their loved ones
- buy, recharge and manage a prepaid Mastercard
- top up their own phones or their families ones
- pay their bills or the ones of their family
- have a payment account to receive and pay
This new casi banking service is very interesting; financial exclusion isn’t a problem limited to the developing world and at least 138m individuals across Europe are outside the formal banking sector.
It’s a Monday morning and the rent on your flat — clean, comfortable and nestled in a desirable street in any European capital — is due. How do you pay it? For the majority of the European population this is a hurdle easily overcome. A simple bank transfer — from your desk at work, your living room sofa or even your phone during a commute — will ensure that your family has a roof over their heads for another month at least.
But for 138m people from Iceland to Russia’s Pacific coast, the process is much more complex. These are the ranks of Europe’s financially excluded. Without a bank account, they operate in a cash-only environment where simple tasks like paying the rent are complex, dangerous and time consuming.
So, millions of people across Europe – including 12% of the UK population are categorized as “underbanked”- same thing for North America with a lack of access to even the most basic financial utility – a savings account – while tens of millions more live precariously from pay cheque to pay cheque without access to credit. It’s arguably the greatest potential cause for future social and economic instability.
A study suggests the main reasons behind the absence of a full bank account or banking services are a lack of knowledge, and mistrust of the banking sector. One in five of those currently unbanked do not want a bank account at all and a further 10% say they do not trust banks with their money.
The leaders in financial inclusion policy are nowhere to be found in Europe, but rather in countries like Peru, India, and the Philippines, whose financial inclusion strategies have moved to encompass digital and mobile technology at the forefront of inclusive finance. European leaders need to rethink their strategies and recognise the key role that non-bank services such as mobile money can play in increasing formal financial activity among the unbanked to ensure that this doesn’t become the norm across Europe.
Together with innovation and education, digital prepaid solutions and electronic payments can help to bridge gap between technology and financial services by tapping into the rapid rise in technology, Moneytrans wants to develop new solutions to ensure everyone in Europe has access to the financial system.