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 make sure that remittances safely continue flowing […]
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De-Risking: A Decades-Long Problem of The Remittance Industry
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 […]
What Are Remittances and Why Are They Important?
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.
