Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ Fri, 21 Jan 2022 23:17:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://coptheathwharf.co.uk/wp-content/uploads/2021/03/cropped-coptheathwraf-32x32.png Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ 32 32 Blockchain Tech Can Facilitate Cross-Border Payments https://coptheathwharf.co.uk/blockchain-tech-can-facilitate-cross-border-payments/ Fri, 21 Jan 2022 23:17:02 +0000 https://coptheathwharf.co.uk/blockchain-tech-can-facilitate-cross-border-payments/ Cross-border B2B payments can be challenging, with regulatory differences, language barriers and high global money transfer costs. Regulatory differences increase transaction and negotiation execution times, leading to increased operational costs, Tranglo CEO Jacky Lee said PYMNTS. Language barriers can cause key points to be lost in translation. Companies should therefore consider whether they should support […]]]>

Cross-border B2B payments can be challenging, with regulatory differences, language barriers and high global money transfer costs.

Regulatory differences increase transaction and negotiation execution times, leading to increased operational costs, Tranglo CEO Jacky Lee said PYMNTS.

Language barriers can cause key points to be lost in translation. Companies should therefore consider whether they should support multiple languages.

High global remittance costs – with fees averaging 6.3%, according to World Bank data cited by Lee – exist due to the complexity of routing and central intermediaries.

Tranglo has the experience to meet these challenges. Founded in 2008, the company helps financial institutions (FIs) and businesses pay globally with Tranglo Connect, its proprietary cross-border payments solution.

In addition to the challenges, the company sees these opportunities, Lee said: “High potential in enterprise payments in terms of unleashing the global trade and cross-border B2B payments industry through the use of blockchain technology to more transparency, security and speed”.

Performing a full cost-benefit analysis

Tranglo now supports cross-border B2B payments in 25 countries, including several in Asia, Africa and South America, as well as Australia, Russia and Turkey. When there is significant demand from current partners for a certain corridor, the company performs a comprehensive cost-benefit analysis.

“The few things we typically pay attention to before committing: existing infrastructure and regulatory support, the risk appetite involved, any short or long-term plans that may affect our operations, and sufficient demand from end consumers,” Lee said.

Typically, a business will seek assistance from Tranglo, as it finds it time-consuming and costly to have to negotiate commercial terms as well as service specifications with respective payment partners for each market or corridor in which it wish to enter.

Additionally, each payment partner also requires businesses to pre-fund with them, which limits working capital, and without a single partner to streamline and choose the best payment option for each transaction, payments can typically take days to complete. be received.

“Tranglo’s unique connection to a vast network enables companies to enter markets quickly,” said Lee. “Integration with the RippleNet network and Tranglo payment solutions allows them to move funds faster and more cost-effectively compared to existing banking rails.”

Aim to penetrate the European and Middle Eastern remittance markets

Lee added that Tranglo customers can pre-fund Tranglo using Ripple’s On-Demand Liquidity (ODL) solution, maximizing cash flow and working capital.

“ODL, the new cross-border solution, was launched in September, first on the Philippine corridor and then on our other corridors,” Lee said.

Citing another achievement from last year, Lee said Tranglo exceeded its total processing value target in 2021 with a 26% year-over-year increase.

Looking ahead, Lee said Tranglo plans to continue expanding its new cross-border solution and entering new markets.

“We call it the year of ODL,” Lee said. “We are also aiming to enter the remittance markets in Europe and the Middle East.”

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of US consumers believe biometric authentication methods are faster, more convenient and more reliable than passwords or PINs. So why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed over 2,200 consumers to better define this perception in relation to the usage gap and identify ways companies can increase usage.

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Private sector urges government to develop mechanism to facilitate remittances through banking channels – myRepublica https://coptheathwharf.co.uk/private-sector-urges-government-to-develop-mechanism-to-facilitate-remittances-through-banking-channels-myrepublica/ Thu, 20 Jan 2022 13:46:19 +0000 https://coptheathwharf.co.uk/private-sector-urges-government-to-develop-mechanism-to-facilitate-remittances-through-banking-channels-myrepublica/ KATHMANDU, 20 January: The private sector has asked the government to provide subsidies to increase interest rates on remittance earnings to enable migrant workers to send the money they have earned through banking channels. In a meeting with Finance Minister Janardan Sharma on Thursday, three umbrella organizations – the Federation of Nepalese Chambers of Commerce […]]]>

KATHMANDU, 20 January: The private sector has asked the government to provide subsidies to increase interest rates on remittance earnings to enable migrant workers to send the money they have earned through banking channels.

In a meeting with Finance Minister Janardan Sharma on Thursday, three umbrella organizations – the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce – demanded the government to facilitate the inflow of remittances. through banking channels to combat the current economic problem. According to them, the country receives only half of the actual amount of transfers due to the absence of a government mechanism to facilitate bank money transfers.

Currently, the government is struggling to maintain foreign exchange reserves mainly due to the decline in the country’s remittance income. It also had a negative impact on the liquidity position with banks. Importantly, an increasing use of the informal channel popularly known as “hundi” has been blamed for the recent drop in remittances.

FNCCI chairman Shekhar Golchha said the government should grant an additional interest rate on subsidies to migrant workers who send their money through banking channels. According to him, many banks have already started offering an additional 1% interest rate over the normal deposit type for the remittance transaction through formal channels.

CNI Chairman Vishnu Agrawal said the government must allow business outlets to operate by implementing safety protocols even amid the continued spread of the coronavirus. “Despite the high rate of spread, the risk due to the pandemic is relatively low at present. Thus, the government must develop a mechanism to manage the economic activities smoothly,” Agrawal said.

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The real estate sector will “roar” in 2022 https://coptheathwharf.co.uk/the-real-estate-sector-will-roar-in-2022/ Tue, 18 Jan 2022 10:34:00 +0000 https://coptheathwharf.co.uk/the-real-estate-sector-will-roar-in-2022/ The Year of the Tiger will see the local real estate sector roar and regain its lofty stature, according to real estate analysts. Citing data from First Metro Securities Brokerage Corp., Claro Cordero Jr., director and head of research, advisory and advisory services, Cushman and Wakefield told BusinessMirror that the next 12 to 24 months […]]]>

The Year of the Tiger will see the local real estate sector roar and regain its lofty stature, according to real estate analysts.

Citing data from First Metro Securities Brokerage Corp., Claro Cordero Jr., director and head of research, advisory and advisory services, Cushman and Wakefield told BusinessMirror that the next 12 to 24 months will bring good times for the sector. Philippine real estate boosted by a better operating environment and easier mobility while increased vaccination rates are seen as supporting a sustainable economic reopening.

Exhibition PHirst Park Homes Tayabas

The residential segment, according to Cordero, will see a boom propelled by the stable purchasing power of households, the recovery of the labor market and the continued flow of Filipino remittances abroad, as well as the availability of credit to consumers. . In addition, the easing of restrictions will lead to a faster recovery in sales in the retail segment and finally put an end to the rental reprieve. Although it is observed that rental charges are currently between 30% and 50% of normal levels, “landlords were now reassessing rental concessions quite frequently to enable them to set prices in the recovering operating environment. “.

Meanwhile, Colliers Philippines Associate Director Joey Bondoc expects increased remittances from Filipino Overseas Workers (OFW) to drive residential demand growth. Data from the Bangko Sentral ng Pilipinas (BSP) showed that remittances in September 2021 reached $2.7 billion (135 billion pesos), up 5.2 percent year-on-year. For 2022, BSP forecasts a 4% growth in remittances.

Colliers believes the nation’s workforce, led by millennials, will support the demand for integrated communities. “The concept of building offices, condominiums, shopping malls, schools and hospitals within one community responds to millennial demand for greater mobility and convenience,” said Bondoc. .

After two consecutive quarters of year-on-year (YoY) declines, the Bangko Sentral ng Pilipinas (BSP) Residential Property Price Index (RREPI) recorded a growth of 6.3% in the third quarter of 2021, units condominium showing a price increase of 13.6%. percent year-on-year while townhouse prices rose 37.1 percent year-on-year. A modest decline was recorded in duplex housing units by 0.2% year-on-year, while detached/attached houses contracted by 4.2% year-on-year. The improvement in the overall RREPI resulted from the slight recovery in demand for residential properties due to a more favorable economic outlook, while the low interest rate environment boosted new residential real estate loans by 51.1% year-on-year annual in the third quarter of 2021. Residential prices in the National Capital Region also posted faster growth of 11.4% year-on-year compared to residential units outside Metro Manila, which increased by 4, 9% YoY.

Bondoc said the recovery in residential prices accelerated alongside the economy’s better-than-expected performance from the third quarter of 2021, encouraging an increase in residential transactions.

Go digital for growth

Bria Homes, a subsidiary of Golden MV Holdings, has chosen the digital route to stay competitive despite the pandemic.

Eduardo Aguilar, president and chief operating officer of Bria Homes, told BusinessMirror that going digital by strengthening its online presence and allowing virtual transactions to thrive has enabled the company to continue selling its products. in the affordable market.

“To date, Bria Homes’ strong digital connections stand firmly in the safety of its potential buyers as they explore the wide range of options offered by Bria Homes. Imagine getting a glimpse of one of Bria Homes’ 50+ residential projects from the safety of their homes by immersing yourself in Bria’s 360 Virtual Tours,” said Aguilar.

Official virtual tours also offer potential clients from anywhere in the world to check out developments of their choice and help them visualize what their new home would look like.

In response to the growing demand for vertical living, Aguilar said Bria will ramp up the construction of its vertical villages this year. “Prepared to meet the needs of mobile young professionals and start-up families, these mid-rise condos will offer comfortable and intimate co-living in elegant walk-up buildings where residents will be encouraged to forge small, tightly-knit communities,” said- he explained.

In addition to featuring compact and efficiently laid out living spaces, Aguilar said the Vertical Villages of Bria will feature a nice set of amenities rarely offered in mid-size budget condos, such as communal pavilions with bathrooms. reception, spacious swimming pools and playgrounds, as well as comprehensive sports facilities. . There will be jogging paths, landscaped gardens and walkable green spaces to encourage residents to adopt active and holistic lifestyles.

He said all vertical projects will be strategically located to allow residents to have easier access to economic hubs.

Aguilar is confident that the company will be one of the best performing companies in the real estate market in 2022 going forward.

“Bria Homes prides itself on offering the best value for money to all aspiring Filipino homeowners,” said Aguilar. “As the pandemic continues to reshape the way Filipinos spend or invest their money, our resolve to provide well-designed homes of choice to potential buyers can only grow stronger.”

Meanwhile, PHirst Park Homes recently launched its ninth development and the furthest south project from 2021. “It is a 23 hectare development. It will be the future home of approximately 2,000 Filipinos here in Tayabas, Quezon,” PPHI General Manager for Tactical Sales Robert Gil said at the launch of PHirst Park Homes Tayabas.

The property launch also showcased the beauty of Tayabas and the grandeur of PPHI properties. This four-part digital miniseries inspired by the “Amazing Race,” featuring online influencers and PPHI employees, unveiled the various activities adventure-seeking owners can enjoy inside PPHI Tayabas. The unique launch not only showcased the fascinating ecological wonders of Tayabas, Quezon, it was also an avenue that recognized the city’s rich heritage and culture.

“We’ve been all over the North, we’ve been all over the South. And we will continuously develop and supply the units that we call affordable, beautiful, complete homes nationwide,” Gil said.

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Visible signs of distress as expats dip into non-residents’ deposits in Kerala banks – The New Indian Express https://coptheathwharf.co.uk/visible-signs-of-distress-as-expats-dip-into-non-residents-deposits-in-kerala-banks-the-new-indian-express/ Sun, 16 Jan 2022 21:46:00 +0000 https://coptheathwharf.co.uk/visible-signs-of-distress-as-expats-dip-into-non-residents-deposits-in-kerala-banks-the-new-indian-express/ Express press service KOCHI: Bank deposits by non-resident Keralites have declined, perhaps for the first time, indicating distress in the state’s large expatriate community. NR deposits in banks in Kerala decreased by Rs 593 crore to Rs 235,897 crore for the quarter ending September 2021 compared to the previous quarter, according to figures made available […]]]>

Express press service

KOCHI: Bank deposits by non-resident Keralites have declined, perhaps for the first time, indicating distress in the state’s large expatriate community. NR deposits in banks in Kerala decreased by Rs 593 crore to Rs 235,897 crore for the quarter ending September 2021 compared to the previous quarter, according to figures made available on Saturday.

Experts said the decline indicates that expats are dipping into reserves as large numbers have returned to the state after losing their jobs, mostly from West Asian countries, in the past two years. In July last year, around 15 lakh Keralites returned to the state from all over the world since the first week of May 2020. Of these, 10.45 lakh cited ‘job loss’ as the reason for their return.

NR deposits have been steadily growing in Kerala banks despite the recent change in the structure of the Malayali workforce in the Gulf countries, focusing more on white collar jobs, where there are fewer opportunities.

NR deposits soared by a whopping Rs 54,867 crore from Rs 181,623 crore in September 2018 to Rs 236,490 crore in June 2021, before dropping for the first time in the September 2021 quarter. should not be confused with remittances, the experts said.

NR remittances are currency funds sent by NRIs to their families and relatives for maintenance and upkeep while NR deposits are currency deposits made in a bank in the country by a non-resident Indian , which can be repatriated at maturity.

“The pandemic has had a disproportionate impact on Kerala migrants, especially those from the Gulf. This is evident from the pattern of remittances since the start of 2020. , around 15 lakh, have returned to Kerala since the outbreak. All of these have contributed to a drop in remittances and hence NRI deposits in Kerala,” said Divya Balan, assistant professor and migration expert at FLAME University of Pune.

She said that since this pandemic-induced return migration was unplanned and unplanned, many returnees are forced to withdraw money from their NR accounts for living expenses, as in many cases migrants have had to leave the Gulf without receiving their benefits. “Some withdrew funds to start small subsistence businesses due to the uncertainty of remigration to the Gulf or elsewhere,” Balan said.

Joseph KV, director of the International Institute of Migration and Development based in Thiruvananthapuram, estimated that the pattern of declining NR deposits would continue for a few more quarters before leveling off and even growing again.

“What we are seeing now is due to the return of expatriates from the Gulf countries. But we are also seeing a large number of people migrating from Kerala to the United States, Canada, Australia and Europe in recent times. So , I expect these people to start sending money home within the next year or two,” he said.

According to the government agency NoRKA Roots, there are about 40 lakh Keralites outside the country. However, it does not have data on expatriates who have emigrated or returned to their overseas destinations.

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UAE – Pakistan is on track to receive $32 billion in remittances… https://coptheathwharf.co.uk/uae-pakistan-is-on-track-to-receive-32-billion-in-remittances/ Sat, 15 Jan 2022 04:00:59 +0000 https://coptheathwharf.co.uk/uae-pakistan-is-on-track-to-receive-32-billion-in-remittances/ (MENAFN – Khaleej Times) Posted: Sat, Jan 15 2022, 7:33 AM Pakistan is on track to hit a record $32 billion in remittances in the current fiscal year 2021-22, as more than nine million foreign workers sent $15.8 billion during the first half ended December 31, 2021. The latest data released by the central bank, […]]]>

(MENAFN – Khaleej Times)

Posted: Sat, Jan 15 2022, 7:33 AM

Pakistan is on track to hit a record $32 billion in remittances in the current fiscal year 2021-22, as more than nine million foreign workers sent $15.8 billion during the first half ended December 31, 2021.

The latest data released by the central bank, the State Bank of Pakistan (SBP), showed that non-resident Pakistanis sent 11.3% more money home during the July-December period than compared to the same period last year.

“With $2.5 billion in inflows in December 2021, worker remittances continued their strong momentum remaining above $2 billion since June 2020. In terms of growth, remittances have increased by 2.5% on a monthly basis and by 3.4% year on year. on an annual basis in December 2021,” according to the central bank.

Pakistan’s economy has received much-needed support and relief from a steady upward trend in remittances since June 2020. The government expects $31 billion in remittances for the current fiscal year. 2021-22. Pakistan received a record $29.4 billion in remittances in 2020-21, compared to $23 billion received in 2019-20.

United Arab Emirates and Saudi expats in the lead

Overseas Pakistanis residing in the United Arab Emirates and Saudi Arabia contributed a significant share of total remittances, as they sent $3 billion and $4.03 billion respectively during the first semester 2021-2022.

Non-resident Pakistanis in the United Arab Emirates sent $453.2 million in December, while Saudi workers sent $626.6 million, according to central bank data.

The United Kingdom ($340.8 million) and the United States of America ($248.5 million) were other significant contributors to remittances in December.

“Proactive policy measures by the government and the SBP to encourage the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed to the sustained inflows of remittances since last year,” said the SBP in a press release.

READ ALSO :

  • Pakistan surpasses $31 billion remittance target

The central bank further clarified that July-November data on workers’ remittances has been revised upwards to reflect inflows into Roshan Digital Accounts (RDAs) that are tied to local consumption, such as the payment of utility bills, transfer to local Rupee Pak account, etc. As data on these conversions were not previously available by country, they were reported under “other private transfers” in the balance of payments statistics. Data for December 2021 is also compiled accordingly, and this treatment will be followed in the future,” the central bank statement read.

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Rising inflation, lower remittances and depletion of foreign exchange reserves https://coptheathwharf.co.uk/rising-inflation-lower-remittances-and-depletion-of-foreign-exchange-reserves/ Thu, 13 Jan 2022 13:17:01 +0000 https://coptheathwharf.co.uk/rising-inflation-lower-remittances-and-depletion-of-foreign-exchange-reserves/ Rising inflation, lower remittances and depletion of foreign exchange reserves Bank of Nepal Rastra, Baluwatar. (File photo) KATMANDU: Year-on-year consumer price inflation stood at 7.11% in the fifth month of the current 2021/22 fiscal year, down from just 2.93% a year ago. According to the current macroeconomic and financial situation report released by Nepal Rastra […]]]>

Rising inflation, lower remittances and depletion of foreign exchange reserves

Bank of Nepal Rastra, Baluwatar. (File photo)

KATMANDU: Year-on-year consumer price inflation stood at 7.11% in the fifth month of the current 2021/22 fiscal year, down from just 2.93% a year ago.

According to the current macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on the basis of five-month data ending mid-December 2021, food and beverage inflation stood at 5 , 67 percent while non-food and services inflation stood at 8.25 percent in the review period.

The price of ghee and oil; transport; pulses and legumes; education and tobacco products increased by 28.52 percent, 16.25 percent, 11.79 percent, 11.78 percent and 11.74 percent, respectively, year-on-year.

Inflation in the Kathmandu Valley, Tarai, Hills and Mountains has also increased compared to last year.

Meanwhile, that inflation in neighboring India was 5.59% in December 2021.

Trade (import and export)

In terms of trade, exports increased 105.6% to 102.92 billion rupees, compared to an increase of 5.1% in the same period of the previous year in the five months of 2021 / 22. During the period considered, exports to India and other countries increased by 138.0% and 28.5 respectively, while exports to China decreased by 1.4%.

Exports of cardamom, tea, zinc plate, wire, copper rod, among others, decreased during the review period, while exports of palm oil, soybean oil, cakes, polyester yarns and yarns, jute, among others, have increased.

At the same time, imports increased by 59.5% to Rs. 838.41 billion. Imports from India, China and other countries increased by 44.6%, 57.8% and 111.2% respectively.

The total trade deficit increased by 54.7% to reach 735.49 billion rupees in the five months of 2021/22. Such a deficit had contracted by 10.9% during the corresponding period of the previous year. The export-to-import ratio increased to 12.3 per cent during the review period from 9.5 per cent in the corresponding period of the previous year.

In the first five months of the fiscal year, imports from India by paying convertible foreign currency amounted to Rs. 92.34 billion.

Remittances

Likewise, remittances fell 6.8 percent to 388.58 billion rupees during the reporting period, compared to an increase of 11.0 percent during the same period last year.

In US dollars, remittances fell 7.3 percent to 3.26 billion during the review period, compared to an increase of 6.4 percent during the same period last year.

At the same time, the number of Nepalese workers (institutional and individual-new and legalized) who obtained approval for overseas employment increased significantly to reach 131,082 during the reporting period. It had declined 92.7% over the same period last year.

The number of Nepalese workers (Renew Entry) who obtained approval for overseas employment increased by 295.8% to 99,580 during the review period. It had declined 77.3 percent over the same period of the previous year.

Foreign exchange reserves

Gross foreign exchange reserves declined 13.2 percent to 1,214.03 billion rupees in mid-December 2021 from 1,399.03 billion rupees in mid-July 2021. In US dollars, gross foreign exchange reserves were decreased by 14.7% to 10.03 billion in mid-December 2021 compared to 11.75 billion in mid-July 2021.

Of the total foreign exchange reserves, reserves held by the NRB decreased by 12.9% to Rs 1084.64 billion in mid-December 2021, compared to Rs 1,244.63 billion in mid-July 2021.

Reserves held by banks and financial institutions (except the NRB) also declined by 16.2 percent to 129.40 billion rupees in mid-December 2021 from 154.39 billion rupees at the mid-July 2021. The share of Indian currency in total reserves stood at 25.1 percent in mid-December 2021.

Based on the five-month imports of 2021/22, the banking sector’s foreign exchange reserves are only sufficient to cover prospective imports of goods of 7.5 months and imports of goods and services of 6.8 months.

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Lynx dives into the metaverse https://coptheathwharf.co.uk/lynx-dives-into-the-metaverse/ Tue, 11 Jan 2022 17:07:30 +0000 https://coptheathwharf.co.uk/lynx-dives-into-the-metaverse/ Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) (“Lynx” or the “Company”) is pleased to announce its commitment to expand its financial infrastructure to include support metaverse-based services. This will further expand the Company’s current offering to provide advanced financial services to its target customers in Southeast Asian markets. “While the […]]]>

Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) (“Lynx” or the “Company”) is pleased to announce its commitment to expand its financial infrastructure to include support metaverse-based services.

This will further expand the Company’s current offering to provide advanced financial services to its target customers in Southeast Asian markets.

“While the metaverse is widely discussed across all industries right now, for Lynx we have always focused on building an inclusive digital economy. The ability to integrate the virtual economy into our legacy financial system is another opportunity to give people access to daily financial transactions, regardless of their income level or where they live; to develop their own local economy, ”said Mike Penner, CEO.

Since the previous acquisition of BRB (Philippines) and its other regional operations, Lynx has a relevant banking and crypto license, as well as an electronic money issuer license. The goal now is to fully integrate the existing payment and financial infrastructure with a virtual metaverse community. The company will assess opportunities in the metaverse, but has identified two use cases that will be central to its initial product offering.

Two initial use cases:
Play to win (P2E)
P2E is defined by a working population that plays crypto-based games to create and earn valuable digital items that can be sold to generate income. According to Reuters, this model generated $ 2.5 billion in the first half of 2021.

During Covid, the Play-to-Earn industry took off as hundreds of thousands of people gave up their careers as store owners, pedicab drivers, and restaurant workers to become NFT players, virtual factory workers creating new assets in a new digital economy. This new engine and new crypto economy has given people the ability to replace their income in markets where the government has not been able to provide them with Covid payments. A real case of digital financial inclusion. More than half of these P2E users were from the Philippines and Vietnam. This highlights the scale of the opportunity for the Lynx platform as the region rapidly shifts to digital incomes in a still limited market with a 70% underbanked population.

Currently, it is still difficult and costly for these digital gamers to turn their NFT gaming winnings into cash and payments to shop for groceries, pay their bills, and meet their daily needs.

Lynx is building that technology and payment layer that turns NFT gaming revenue into real cash for day to day living. With Lynx’s versatile digital payment and cashout / cashout wallet, Play-to-Earn employees can easily cash their NFT token earnings into fiat cash or a Lynx prepaid card that allows them to purchase products from grocery shopping, paying their bills and experiencing true financial inclusion. This will be done through Lynx’s Metaverse financial platform.

The remittance experience is enhanced with the metaverse
According to the World Bank, remittances (money transfers to low- and middle-income countries) are estimated at $ 540 billion).

Lynx intends to reimagine the global remittance product via a Metaverse-enabled money transfer experience: by creating digital meeting spaces that will allow a sender to visit and communicate with loved ones while making it easier to streamlined, fun and cost-effective money transfer. , and in a secure manner. The Company believes that becoming a leading player in Metaverse remittances will have long term benefits.

Bill Gates recently said he believes most business meetings will take place in the Metaverse over the next 2-3 years.[4]. The Lynx Metaverse payment and financial infrastructure will provide this capability to its user base and is currently working towards this goal.

“I think this is potentially the most exciting time to be an entrepreneur in our financial history – the Metaverse, Blockchain and Cryptocurrency technologies that we are about to develop and deploy are going to change the financial landscape forever. small businesses with a management entrepreneurial spirit like ours that can be nimble enough to outperform incumbents and big players who are bogged down in their legacy systems – Lynx is positioning itself as the integrated technology layer that connects this new and exciting digital economy to existing legacy systems so that users can easily between the two worlds, ”concluded Mike Penner, CEO.

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Chinese Minister in Sri Lanka to discuss “Belt and Road” https://coptheathwharf.co.uk/chinese-minister-in-sri-lanka-to-discuss-belt-and-road/ Sun, 09 Jan 2022 20:07:05 +0000 https://coptheathwharf.co.uk/chinese-minister-in-sri-lanka-to-discuss-belt-and-road/ COLOMBO, SRI LANKA (AP) – Chinese Foreign Minister Wang Yi was in Sri Lanka yesterday to try to push forward Beijing’s ambitious Belt and Road initiative as the island nation struggles to extricate itself from a currency and debt crisis. Wang arrived in Sri Lanka from the Maldives on Saturday on the last leg of […]]]>

COLOMBO, SRI LANKA (AP) – Chinese Foreign Minister Wang Yi was in Sri Lanka yesterday to try to push forward Beijing’s ambitious Belt and Road initiative as the island nation struggles to extricate itself from a currency and debt crisis.

Wang arrived in Sri Lanka from the Maldives on Saturday on the last leg of a multi-city trip that also took him to Eritrea, Kenya and the Comoros in Africa.

In Sri Lanka, Wang met with President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa. Later, Wang and the prime minister met at the port city of Colombo, a reclaimed island developed with Chinese investment.

The visit comes as Sri Lanka faces one of its worst economic crises, with foreign exchange reserves of around $ 1.6 billion, barely enough for a few weeks of imports.

It also has external debt obligations exceeding $ 7 billion in 2022, including the repayment of bonds worth $ 500 million in January and $ 1 billion in July. China loaned money to build a seaport and an airport in the southern district of Hambantota, in addition to an extensive network of roads.

Figures from the Central Bank show that current Chinese loans to Sri Lanka total around $ 3.38 billion, not including loans to state-owned enterprises, which are accounted for separately.

“Technically, we can pretend we’re bankrupt now,” said Muttukrishna Sarvananthan, senior researcher at the Point Pedro Development Institute.

Sri Lankan President Gotabaya Rajapaksa (left) and Chinese Foreign Minister Wang Yi arrive at the China-funded Sea Salvage Project in Colombo, Sri Lanka. PHOTO: AP

“When you have foreign exchange reserves in the red, that means you are technically bankrupt. ”

The situation has left households facing severe shortages.

People line up to buy essentials like powdered milk, cooking gas and kerosene.

Prices have risen sharply and the Central Bank said the inflation rate reached 12.1 percent at the end of December from 9.9 percent in November. Food inflation rose to over 22 percent over the same period.

Due to a shortage of foreign exchange, importers are unable to clear their cargo containing essential products through customs, and manufacturers cannot purchase raw materials from abroad.

Remittances from expatriates also fell after the government ordered mandatory foreign currency conversion and exchange rate controls.

The downgrades of rating agencies have cost Sri Lanka much of its borrowing power.
In December, Fitch Ratings noted an increased likelihood of credit default.

The Central Bank has added a $ 1.5 billion Chinese currency exchange to reserves, but economists disagree on whether this can be part of foreign exchange reserves or not.

Wang’s visit is also of regional significance, as China and India, Sri Lanka’s closest neighbor, compete for influence on the island.


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New foreign currency restrictions for imports https://coptheathwharf.co.uk/new-foreign-currency-restrictions-for-imports/ Sat, 08 Jan 2022 01:55:26 +0000 https://coptheathwharf.co.uk/new-foreign-currency-restrictions-for-imports/ Amid the depletion of foreign exchange reserves, the central bank has reduced the amount of foreign exchange that importers of various agricultural products can purchase from banks to pay for imports. According to the unified guidelines released Friday by the Nepal Rastra Bank, importers of agricultural products can purchase a maximum of $ 50,000 per […]]]>

Amid the depletion of foreign exchange reserves, the central bank has reduced the amount of foreign exchange that importers of various agricultural products can purchase from banks to pay for imports.

According to the unified guidelines released Friday by the Nepal Rastra Bank, importers of agricultural products can purchase a maximum of $ 50,000 per import. Government approval is still required to import such products.

These importers must obtain government approval to import grain and grain-based food products; oil and ghee; milk and dairy products; fruits and vegetables, frozen and processed fish and meats, dried fruits such as walnuts and cashews; food for children; drinks; chocolate and chewing gum; snacks; spices; honey; and sugar and other processed food products.

Narayan Prasad Pokharel, deputy spokesperson for the central bank, will not enter into the specific provisions. But he said: “We have also taken a number of measures to discourage further imports. “

The import of agricultural products from the country is increasing as people’s incomes have increased over the years, with remittances playing a crucial role in increasing people’s purchasing capacity.

According to a study by the National Planning Commission, Nepal imported agricultural products worth over Rs 200 billion in fiscal year 2019-2020, although these products are produced domestically. Most of the agricultural products originated from India, according to the study entitled “Status of exports and imports of agricultural products”.

The external sector of the economy is threatened because the country’s imports are several times greater than its exports. This has led to a higher foreign exchange outflow as the country struggles to increase its foreign exchange earnings due to a slowdown in remittance flows and tourism income due to the Covid-19 pandemic, according to data from the central bank and the Customs Department.

Exports, imports, foreign exchange reserves and remittances are part of the external sector of the economy.

Foreign exchange reserves and remittances have declined for four consecutive months since the start of the current fiscal year, according to the central bank.

Thus, the government and the central bank have taken measures in recent weeks to discourage imports and encourage remittances.

On December 20, the central bank made it mandatory for importers to keep a margin amount of 100 percent [guarantee given by importer to the bank] open a letter of credit (LC) to import a number of goods.

According to the central bank, traders must keep a 100% margin to open a letter of credit for importing alcoholic beverages, tobacco, money, furniture, sugar and foods containing candy, glucose , mineral water, energy drinks, cosmetics, shampoos, hair oils and dyes, caps, shoes, umbrellas and building materials such as bricks, marble, tiles and ceramics, among others.

Importers of motorcycles and scooters and those importing private diesel-powered cars are now required to maintain a 50 percent margin to open a letter of credit. As potential importers have resorted to short-term credit without depositing cash, the central bank directive is expected to stem the importation of these products.

The central bank also decided not to provide foreign currency more than twice a year to people traveling to foreign countries. A Nepalese citizen can purchase a maximum of $ 1500 per overseas trip. Previously, the central bank had also set an exchange limit allowed for importing money.

But the central bank has allowed importers of peas, betel nuts, dried dates and pepper to obtain customs clearance even in the current fiscal year 2021-22 if their shipments had taken place before the end of the year. fiscal year 2020-21.

The government had authorized the importation of peas, betel nuts, dried dates and pepper until mid-July by setting quantitative limits for each item — 80,000 tonnes for peas, 25,000 tonnes for walnuts. of betel, 5,000 tonnes for dried dates and 15,000 tonnes for pepper in the last financial year ending in mid-July 2021.

However, the government has not taken any decisions regarding the provision of foreign currency for the importation of these items during the current fiscal year 2021-2022.

Thus, importers who had not taken delivery of these goods during the last fiscal year encountered difficulties in obtaining customs clearance.

But the unified guidelines released on Friday opened the door for importers of the aforementioned four food items to receive currency and customs clearance even in the current fiscal year if their shipment had taken place in the past fiscal year.

Previously, the central bank said it would provide foreign currency for such imports if shipments had taken place before the end of last fiscal year, but the bank withdrew the announcement hours after reports of a dispute on the issue between the central bank and finance. ministry.

Pokharel, deputy central bank spokesperson, said a new step had been taken to ease the situation for importers of the items.

“Importers whose consignments arrived in the previous fiscal year but were unable to obtain customs clearance can submit a request to the central bank for foreign currency and the bank will make decisions on a case-by-case basis,” he said. he declared.


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MoneyGram invests in Bitcoin kiosk operator Coinme https://coptheathwharf.co.uk/moneygram-invests-in-bitcoin-kiosk-operator-coinme/ Wed, 05 Jan 2022 21:41:36 +0000 https://coptheathwharf.co.uk/moneygram-invests-in-bitcoin-kiosk-operator-coinme/ MoneyGram has acquired a 4% stake in Coinme. The money transfer company said the investment will support the bitcoin cash exchange’s growth plans. Coinme currently operates in 48 US states and aims to expand internationally. Remittance giant MoneyGram has acquired a minority stake (4%) in the bitcoin-to-cash exchange Coinme, according to a press release on […]]]>

  • MoneyGram has acquired a 4% stake in Coinme.
  • The money transfer company said the investment will support the bitcoin cash exchange’s growth plans.
  • Coinme currently operates in 48 US states and aims to expand internationally.

Remittance giant MoneyGram has acquired a minority stake (4%) in the bitcoin-to-cash exchange Coinme, according to a press release on Wednesday. The investment closes Coinme’s Series A funding round in a bid to propel its international expansion plans and help MoneyGram bridge the gap between the bitcoin and fiat worlds.

“At MoneyGram, we continue to be optimistic about the vast opportunities that exist in the ever-growing cryptocurrency world and our ability to function as a compliant bridge to connect digital assets to local fiat currency,” said said Alex Holmes, chairman and CEO of MoneyGram. said in a statement. “Our investment in Coinme further strengthens our partnership and complements our shared vision to expand access to digital assets and cryptocurrencies.”


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