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Remittances 2010: Products, Players and Strategies
VRL Financial News Publishing, July 2010
Migration, and migrant remittances in particular, are growing phenomena that are drawing increasing attention from the political, social and economic realm.
Investigate these new developments from the supply side.Study the role that governments, banks, financial institutions, card companies and mobile operators are playing and how this new 'ecosystem' can be harnessed to deliver real benefits to the poorest of the world.
Remittances are today considered the most significant flow of capital from developed to developing economies: in 2008 they represented a $318 billion market, with the potential to grow to $1 trillion by 2012. This market is now perceived to be one of the most appealing opportunities in today's financial services environment.
In recent years, a great deal of technological innovation has been shaping the traditional remittance landscape, lowering the costs involved in the process and bringing long-term benefits in terms of inclusion in the global financial circuit. Since these new developments are still in a nascent phase, the key questions focus on which services and which business models will be round in the near future.
A survey of migrant workers completes the report, assessing whether supply is moving in the right market-led direction.
Read this report to:
- Get to grips with international migration trends
- Understand the macroeconomic effects of remittances
- Reduce remittance costs
- Make the most of technological innovations
- Investigate mobile-based remittances
Migration, and migrant remittances in particular, are growing phenomena that are drawing increasing attention from the political, social and economic realm. Remittances are today considered the most significant flow of capital from developed to developing economies: in 2008 they represented a $318 billion market, with the potential to grow to $1 trillion by 2012. This market is now perceived to be one of the most appealing opportunities in today’s financial services environment.
Still, half of this market is not being properly served because of the many drawbacks that the remittance process entails, such as high transaction costs, firms’ limited geographic reach and related regulatory concerns. Having recognised that this void is too profitable to be left unfilled, many new players are struggling to tap the remittance boom, offering different and new value propositions.
In recent years, a great deal of technological innovation has been shaping the traditional remittance landscape, lowering the costs involved in the process and bringing for people living in the developing world additional, long-run benefits in terms of inclusion in the global financial circuit. Since these new developments are still in a nascent phase, the key questions focus on which services and which business models will be around in the next years.
The purpose of this work is to investigate these new developments from the supply side. It discusses what role governments, banks, financial institutions, card companies and mobile operators are playing and how this new “ecosystem” can be harnessed to deliver real benefits to the poorest of the world.
Finally, a survey of migrant workers will complete the report, assessing whether the supply is moving in the right market-led direction.
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