2014 Top Ten News of remittance industry

1

Remittances continue to grow, with estimates of global remittances reaching $580 billion trillion in 2014 and a $600 billion breakthrough in 2015. Remittances from developing countries around the world have increased by 4.4% per cent and will reach $454 billion in 2015.

2

A growing number of bank account closures in the US, Australia and other countries have further contributed to the suspension and risk-taking of banks, prompting the World Bank, US regulators and others to respond and report.

3

The cost of remittances and their impact on the G20 agenda will continue to be the main objective of multilateral institutions such as the World Bank, and more governments are discussing the idea of taxing remittances. Are these political?

4

The telecoms company is in action. Telecoms companies are pushing forward on remittance services, although major regulatory and technical hurdles still need to be overcome, and many partnerships and cost structures still have to be agreed upon, and mobile wallets need to be tested.

5

Online remittances disrupt traditional, agent-based ecosystems, and more and more clients seek these unconventional remittance methods, and every major remittance operator in the World (MTO) is increasing its online channel development. Are we finally going to see this shift?

6

Mobile remittances are growing, and every online remittance provider is rushing to launch their mobile solutions, with a good response from new and existing customers, and the supplier industry, which provides services to mobile devices, has been funded and constantly improving.

7

US regulators have acted and for the first time fined the compliance officer of a major remittance operator (MTO), making the remittance industry feel a crisis. Some say US regulators need a "victim", and a large number of people think it is unfair.

8

The performance of publicly traded remittance companies has been the focus of many analysts paying close attention to the pay industry. But this year was not a good year for two major remittance operators (MTO) because of competition for market share and lower prices.

9

is remittances the best driving force for the spread of financial services? The concept of universal service has been changing, and some banks have also developed agent-based networks, and will remittances become a major driver as mobile access to financial services becomes wider?

10

Is bitcoin ready to regroup as a remittance tool? We have seen a whole year of regulatory discussions about encrypted currency, the growth of the block-linked ecosystem and the rise of companies dedicated to bitcoin and remittances.

Source: Gold Rating Media

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