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Neobanks, or digital-only banks, can be defined as fintech companies offering direct banking services to their customers. The term neobank was first coined around 2016[1] to describe fintech companies that challenge traditional banks.

Remittance service providers (RSPs) play a crucial role in the global financial system by helping migrants in the world to send money back home. Considering that remittances are the primary source of income for many emerging markets, RSPs’ vital importance for much-needed financial stability is undeniable. However, despite carrying a crucial responsibility on their shoulders, […]

Remittance flows are lifelines for migrants and their families in need. They are also one of the main sources of income for developing countries and play a crucial role in their economic survival. With the class of global citizens getting crowded and the gig economy passing $340 billion in 2021, the finance industry needs to […]

The word ‘remittance’, originally coined by the World Bank, refers to the sum of personal money and compensation transfers of migrant workers to their home country, usually for household maintenance purposes. Today, around 800 million people in the world are supported by money sent home by their family members who have migrated for work.[1] Considering […]

Cross-border money transfers usually flow through a correspondent banking network that consists of chains of banks, cooperatively working to transfer funds from the payer to the payee. However, this model is problematic, as it adds extra time and cost to money transfers, and demands a lot of operational effort on the banks’ side.

Correspondent banking is defined as “agreements or contractual relationships between banks to provide payment services for each other”.[1] In this model, one ‘correspondent’ bank holds deposits owned by other ‘respondent’ banks, and provides payment and other services to those respondents.[2]

Central bank digital currency (CBDC) is a form of digital money that is issued, backed, and controlled by a country’s central bank. CBDCs have been developed in two main forms: retail CBDCs for the use of individuals and entities like cash in digital form, and wholesale CBDCs for the use of financial institutions with central […]