{"id":12349,"date":"2018-03-12T10:16:00","date_gmt":"2018-03-12T10:16:00","guid":{"rendered":"https:\/\/www.moneytrans.eu\/moneytransblog\/2018\/03\/09\/innovative-projects-at-world-mobile-congress\/"},"modified":"2023-06-07T10:25:40","modified_gmt":"2023-06-07T10:25:40","slug":"moneytrans-remtech-award","status":"publish","type":"post","link":"https:\/\/www.moneytrans.eu\/moneytransblog\/en\/moneytrans-remtech-award\/","title":{"rendered":"Moneytrans\u00a0entering the 2018 Remtech\u00a0award :\u00a0the power of innovation"},"content":{"rendered":"

The 2018\u00a0Remittances Innovation Awards (RemTECH\u00a0Awards) will take place in May 8-10 at the\u00a0GFRID2018 in Malaysia. The Remtech award celebrates the businesses, organizations, collectives and individuals transforming remittances.<\/h2>\n

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For the second year, the\u00a0RemTECH\u00a0Awards are developed by IMTC Conferences in partnership with Mohr World Consulting to showcase the most innovative\u00a0and outstanding technological solutions designed\u00a0to improve remittance services worldwide.<\/strong><\/p>\n

The incremental technology change reduces risk and costs but does not receive much recognition. Moreover, the innovative solutions demonstrate the role of technology by\u00a0facilitating connection and stability within countries and societies.<\/p>\n

The\u00a0RemTECH\u00a0Awards are aligned with the\u00a0GFRID2018 vision & objectives, committed to raising awareness about the power of innovation, facilitating dialogue between\u00a0entrepreneurs, international\u00a0organizations and governments,\u00a0in order to\u00a0promote collaboration on the contribution of migrant remittances to development<\/strong> by building partnerships to\u00a0achieve the\u00a0Sustainable Development Goals<\/strong> (SDGs).<\/p>\n

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The\u00a0remittance industry evolves rapidly, with new players entering the market and established incumbents developing\u00a0innovative solutions. New technologies, such as blockchain, are democratizing the\u00a0industry, allowing smaller players with less capital and limited resources to enter the arena.\u00a0With more remittance start-ups than ever before, banks are no longer the substantial gatekeepers of remittances<\/strong>.<\/p>\n

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Remittances and FinTech<\/h2>\n

As is estimated by the World Bank Group <\/span>remittances to low- and middle-income countries are expected to reach $466 billion in 2018<\/strong> and total global remittances to $616\u00a0billion, which is about 60% of the estimated size of the money transfer market valued at around $1,025 billion.<\/span><\/p>\n

The pace of innovation in the financial services industry is\u00a0staggering and\u00a0fundings\u00a0for fintech\u00a0startups\u00a0have increased to over 41% in the last four years, crossing over $40 billion in cumulative investment. The global fintech investment\u00a0dollars 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\u00a0a 69% adoption rate, India follows with 52%, then the UK (42%), Brazil (40%), Australia (37%) and finally the\u00a0US (33%)[3]. Most global financial service companies are increasing their\u00a0partnerships with fintech companies, 88% \u201cexpressing concern\u201d about losing revenue to innovators. Most Fintech developments are notable in the domestic payment sector as well as in\u00a0Insurtech\u00a0and\u00a0Regtech.<\/p>\n

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The RemTech sector<\/h2>\n

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\u00a0many levels all over the globe.<\/p>\n

Moneytrans<\/strong>\u00a0has expanded its activities, to be the first and only fintech company to offer a complete range of services for migrants & companies in 2018<\/strong> through mobile and web platform\u00a0iMoneytrans\u00a0: international transfers, FX solutions, bill payments, prepaid cards, mobile top up\u2026.2018 marks another important milestone for us with the launch of our new quasi-banking service that will greatly complement\u00a0Moneytrans\u2019 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.<\/p>\n

We also strive to implement innovative solutions developed by other companies specialized in\u00a0RegTech,\u00a0IDTech, Fraud Control, Digital Agents. Innovation is about collaboration.<\/p>\n

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The award categories<\/h2>\n
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  1. B2B solutions<\/li>\n
  2. Compliance Solutions<\/li>\n
  3. End user experience<\/li>\n
  4. Technology innovation<\/li>\n
  5. Remittance for development<\/li>\n
  6. Remittance synergies<\/li>\n<\/ol>\n

     <\/p>\n

    Moneytrans into the competition<\/h2>\n

    Moneytrans\u00a0enter into the competition thanks to its new multi-service platform allowing their customers\u00a0to :<\/p>\n