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June 2018 in Singapore Catalysing financial inclusion for International Day of Family Remittances

Globally, there are 258 million people living outside the country of their birth, and of those, 84.3 million are migrant workers from emerging markets. It’s very common for individuals originating from developing countries to move abroad in search of better economic opportunities, with the intention to send money back home to support their loved ones – last year alone, US$466 billion crossed borders to low- and middle-income countries.

The majority of remittances are intended for necessities such as food and healthcare. The remainder generally goes to measures of long-term livelihood improvements: savings, education and investments. When looking at the bigger picture, many of these emerging markets depend upon receiving remittances as a key financial inflow and contributor to GDP (for 25 countries, remittances account for over 10% of GDP).

Currently, there’s an estimated 2 billion individuals who are unbanked worldwide, with the majority in developing countries. With such a low banking rate in emerging markets, the traditional means of sending money was inadequate to serve the masses, and in turn, led to the use of unregulated and risky methods to get around the problem.

Thanks to the mobile phone phenomenon, these people have begun to be suitably addressed and financially supported through mobile money and digital financial services. Widespread and high mobile phone penetration are leveraged upon to send international money transfers in a cheaper and more convenient manner.

Here at TransferTo, we are excited to share our dedication and support towards this year’s International Day of Family Remittances. As a leading cross-border mobile payments network, our ultimate goal is to bridge the gap between the services offered in developed markets, with those available in emerging economies. We currently support over 200 partners and have served over 100 million transactions to over 70 counties.

We also have an ongoing commitment to support the UN’s Sustainable Development Goals through our contribution to the international money transfer market. We’re working with the UN Capital Development Fund to financially empower woman and small business owners across Cambodia, Lao PDR, Myanmar, and Lao PDR.

Through our network, we help enable financial inclusion and make life easier for millions. Discover how we power digital payments for emerging markets.

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