While remittance has advanced in many ways, challenges still remain.
Remittance has always faced regulatory issues, which have become more complex as the process moved towards digitalization. Concerns are growing about informal remittances hindering productive financial intermediation and being susceptible to illegal activities due to their largely undocumented nature and/or attributable to the high cost of human labor involved in clearing a transaction between different regulatory landscapes.
As a result, banks have cut ties with clients perceived as high-risk for money laundering or terrorism financing. This approach has adversely affected MTOs and subsequently impacted remittance flows to locations where MTOs are the primary service.While remittance has advanced technologically, challenges remain. Limited access to technology in certain regions hampers the use of digital remittance channels.
mobile money and crypto cross-border transactions for remittance. We are seeing an increasing number of innovative services to address these challenges every day. Partnerships between fintechs, MTOs and banks along with these new financial services can facilitate these changes in hopes to solve these challenges head-on. There’s no silver bullet. The way to a solution is collaboration between all the stakeholders. The sector must continue to evolve, innovate and overcome its challenges.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Council Post: The Future Of CX: Why Companies Are Merging Cloud Communication PlatformsBy merging CCaaS and UCaaS, businesses are looking for ways to provide richer and more personalized CX.
続きを読む »
Council Post: The Role Of The Finance Industry In Driving Climate ActionThe profound impact of businesses on the climate and environment necessitates a paradigm shift in the way we approach economic growth and development.
続きを読む »
Council Post: Three Crucial DataOps Strategies For Scaling OrganizationsAs you scale, it’s important to think about the end goal of your data.
続きを読む »
Council Post: Content In Context: The Foundation For Modern Knowledge ManagementAs the adoption of technology speeds up, so does the need for data that is easy to find, simple to tag and relevant to user or business needs.
続きを読む »
Council Post: Navigating Resilience And Complexity With Apache KafkaThose who implement distributed systems face numerous challenges in achieving resiliency, such as complexity, unpredictability and interdependence.
続きを読む »
Council Post: Generative AI: Accelerating Business Transformation Across IndustriesGenerative AI presents a progressive approach to leveraging the value of unstructured data for industrial use.
続きを読む »