Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ Sat, 12 Jun 2021 02:01:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://coptheathwharf.co.uk/wp-content/uploads/2021/03/cropped-coptheathwraf-32x32.png Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ 32 32 Analysis: Money transfer firms are slow to add bitcoin, despite El Salvador’s move https://coptheathwharf.co.uk/analysis-money-transfer-firms-are-slow-to-add-bitcoin-despite-el-salvadors-move/ https://coptheathwharf.co.uk/analysis-money-transfer-firms-are-slow-to-add-bitcoin-despite-el-salvadors-move/#respond Fri, 11 Jun 2021 17:55:00 +0000 https://coptheathwharf.co.uk/analysis-money-transfer-firms-are-slow-to-add-bitcoin-despite-el-salvadors-move/ Bitcoin banners are seen outside a small restaurant on El Zonte beach in Chiltiupan, El Salvador on June 8, 2021. REUTERS / Jose Cabezas El Salvador may be touting the use of bitcoin to help its citizens living abroad send funds home, but the biggest money transfer companies are cautious about offering cryptocurrency services. In […]]]>

Bitcoin banners are seen outside a small restaurant on El Zonte beach in Chiltiupan, El Salvador on June 8, 2021. REUTERS / Jose Cabezas

El Salvador may be touting the use of bitcoin to help its citizens living abroad send funds home, but the biggest money transfer companies are cautious about offering cryptocurrency services.

In a move that could be a harbinger of crypto becoming a more popular way to send money across borders, El Salvador on Wednesday became the first country to adopt bitcoin as a parallel legal tender. Read more

President Nayib Bukele highlighted the potential of bitcoin as a remittance currency for Salvadorans abroad.

But despite the possible long-term risk to their business if such moves escalate, only a few of the traditional money transfer companies that send the bulk of cross-border transfers are trying.

Any effort to enter crypto could be a double-edged sword, driving down the fees that are the bedrock of their business.

“For Western Union and some of the other remittance providers, keep in mind that most of the volume in the remittance industry goes from developed to emerging markets, mostly to the people – families and friends – who operate in cash, “said Kenneth Suchoski, American. Payments and fintech analyst at Autonomous Research.

“As bitcoin is not embraced and widely accepted, these remittance providers will still be relevant for years to come,” he added.

Less than 1% of global cross-border remittance volume is currently in crypto, Suchoski estimated. But going forward, crypto is expected to account for a larger share of the more than $ 500 billion in annual global remittances.

Yet bitcoin offers, in theory, a fast and inexpensive way to send money across borders without relying on traditional transfer channels.

A forerunner among money transfer companies, MoneyGram International (MGI.O) said last month that it would allow customers to buy and sell bitcoin for cash at 12,000 outlets in the United States. United in a partnership with Coinme, the largest licensed cryptocurrency exchange in the United States.

“We have built a bridge to connect bitcoin and other digital currencies to local fiat currency,” MoneyGram said in an emailed statement to Reuters. “As cryptocurrencies and digital currencies gain in importance, one of the main obstacles to further growth is the ramps of access to local fiat currencies. “

Western Union (WU.N), the world’s largest money transfer company, had tested the use of bitcoin and crypto in the past and failed to come up with a good “use case” that involved cost savings important, said Suchoski.

Western Union and other big players, including Wise, WorldRemit, Remitly, Xoom, and Ria Money Transfer did not respond to requests for comment.

CRYPTO CRIME

The remittance industry has successfully shifted from physical point-of-sale transfers to online transfers in recent years, a trend accelerated by the COVID-19 pandemic.

Cross-border remittances via mobile money increased 65% in 2020 to reach $ 12 billion.

But any transition from digital to crypto can be more difficult.

“I really have a hard time seeing how they’re going to compete, unless they really lower their price – you can’t compete for free,” Ray Youssef, CEO of the Paxful crypto platform, which is popular in Africa and seeks to compete with traditional money transfer companies.

Money transfer companies are already under pressure to reduce fees, which were on average 6.5% in the fourth quarter of 2020, according to a World Bank report, more than double the Nations sustainable development goal United for 2030 for transfer fees.

In contrast, the fee for transferring bitcoin in Nigeria, for example, would typically be around 2% to 2.5%.

Rising regulatory costs associated with anti-money laundering and anti-terrorist financing efforts are another burden for traditional money transfer businesses.

Western Union’s annual compliance costs have risen to nearly $ 200 million, up from around $ 100 million a decade ago, Suchoski said.

Bitcoin would likely add to this burden.

The potential of Bitcoin for anonymous transactions has long been of concern to regulators, who fear that it could facilitate money laundering and terrorist financing. Many crypto companies have stepped up compliance steps, such as requesting a user ID, but this is an expensive process.

“Bitcoin has been used in many underground transactions,” Suchoski said.

Our Standards: Thomson Reuters Trust Principles.

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IMF Executive Board concludes 2021 Article IV consultation with Guatemala https://coptheathwharf.co.uk/imf-executive-board-concludes-2021-article-iv-consultation-with-guatemala/ https://coptheathwharf.co.uk/imf-executive-board-concludes-2021-article-iv-consultation-with-guatemala/#respond Fri, 11 Jun 2021 15:28:15 +0000 https://coptheathwharf.co.uk/imf-executive-board-concludes-2021-article-iv-consultation-with-guatemala/ Washington, DC: International Monetary Fund (IMF) Executive Board Concludes 2021 Article IV Consultation [1] with Guatemala on June 9, 2021. The pandemic has hit Guatemala at a time of macroeconomic stability and firming growth, with strong remittances, growing investor confidence and accommodating macroeconomic policies. The economic impact of the COVID-19 shock has been relatively small […]]]>

Washington, DC: International Monetary Fund (IMF) Executive Board Concludes 2021 Article IV Consultation [1] with Guatemala on June 9, 2021.

The pandemic has hit Guatemala at a time of macroeconomic stability and firming growth, with strong remittances, growing investor confidence and accommodating macroeconomic policies. The economic impact of the COVID-19 shock has been relatively small given a rapid reopening of the economy, unprecedented political support, and resilient remittances and exports. Despite large-scale government support, already low social indicators, including on poverty and malnutrition, deteriorated further in the wake of COVID-19 and the two main hurricanes that hit Guatemala in November 2020.

Real GDP is estimated to contract by 1½% in 2020, showing Guatemala’s resilience in a regional comparison, amid a favorable production and export mix, resilient remittances and support. unprecedented monetary and fiscal policy. Although temporary factors put upward pressure on headline inflation, inflation expectations have remained well anchored throughout, reflecting weak demand and core inflation. The current account balance increased significantly to reach 5½% of GDP in 2020 (from 2.4% in 2019), reflecting the resilience of remittances and a lower trade deficit due to stronger terms of trade, compression of imports and strong exports of agriculture, food and chemicals.

The authorities have deployed an unprecedented set of macroeconomic policy measures to counter the impact of the pandemic. Fiscal policy quickly supported the economy and the most vulnerable, as authorities tapped into available fiscal space with an overall program of 2.3% of GDP to improve health care capacity, secure lifelines and support demand. The central bank lowered the policy rate by 100 basis points (to a historic low of 1 de per cent) and provided additional liquidity to support payment systems and meet prudent demand for liquidity. The monetary council temporarily relaxed credit risk regulations to facilitate loan renegotiations and allowed banks to record interest on restructured loans on an accrual basis.

Economic activity is expected to increase 4.5% in 2021, with leading indicators showing a recovery in key sectors of trade, manufacturing and construction, and a slower recovery in hospitality. The outlook will be supported by the recovery in the United States, fueled by the vaccine and the US bailout, and by improving prospects among the remaining trading partners. In the medium term, growth is expected to stabilize at its potential pre-COVID rate of 3½% by 2023. Short-term inflation is expected to converge towards the midpoint of the target range (4 +/- 1%), as supply shocks fade, offsetting inflationary pressures due to the decline in the economic slowdown. As the pandemic recedes, the current account balance is expected to deteriorate to -0.6% of GDP over the medium term due to weaker export growth, improved imports and increased disbursements. ‘IDE.

The risks to the outlook are on the downside. Slower vaccine deployment and / or new viral strains could prolong the global and national recovery. A prolonged worsening of poverty and malnutrition could trigger social discontent, and further natural disasters could strain recovery and livelihoods. A premature withdrawal of financial sector support measures could reduce bank profitability and credit flows for the recovery. On the positive side, a swift resolution of the pandemic, along with faster-than-expected progress in business reforms, could further boost investment and growth.

Board assessment [2]

Directors commended the Guatemalan authorities for maintaining sound macroeconomic policies and for implementing a swift and unprecedented political response to the COVID-19 pandemic, which has allowed the economy to reopen quickly. Directors agreed that the short-term outlook is favorable although recovery depends on progress in immunization. They recommended that macroeconomic policies remain favorable in the short term until the recovery takes hold, while guarding against any downside risk of the pandemic. Noting that the pandemic and recent hurricanes have exacerbated Guatemala’s long-standing challenges, Directors underscored the importance of ensuring more inclusive and sustainable growth, building resilience to natural disasters and ensuring the sustainability of the country. debt.

Directors recommended that as fiscal stimulus measures are phased out, the authorities step up much-needed social programs and infrastructure spending aimed at reducing poverty and boosting potential growth. To this end, there is a need to improve revenue mobilization and expenditure efficiency to expand fiscal space. Specifically, directors encouraged continued efforts to strengthen tax controls, combat smuggling, and reduce red tape and corruption. They also stressed the importance of improving transparency, governance, the quality of public services and the profitability of purchases.

Directors agreed that accommodative monetary conditions should continue, provided inflation expectations remain firmly anchored. They stressed the need to guard against any unintended consequences of last year’s monetization of part of the budget deficit. Directors also encouraged authorities to closely monitor the quality of banks’ assets and to remain vigilant against financial stability risks. They looked forward to the early adoption of the Banking Law and the revised AML / CFT Law, which would strengthen financial stability and integrity.

Directors commended the authorities’ reform agenda to boost potential growth and build resilience, noting that its swift implementation would help improve the business climate, foster employment opportunities and facilitate external rebalancing. . Given the high risk of natural disasters in Guatemala, they recommended complementing past efforts in climate change mitigation and adaptation with an improved disaster risk management strategy and effective implementation of disaster risk management programs. reduction of emissions.

Guatemala: Selected economic and social indicators

I. Social and demographic indicators

Population 2020 (millions)

17

Gini index (2014)

48

Percent of Aboriginal population (2018)

44

Life expectancy at birth (2018)

74

Population below the poverty line (Percentage, 2014)

59

Adult illiteracy rate (2014)

19

Rank in the UNDP Development Index (2019; out of 189)

127

GDP per capita (US $, 2020)

4,603

II. Economic indicators

Projections

2017

2018

2019

2020

2021

2022

(Annual percentage change, unless otherwise indicated)

Income and prices

Real GDP

3.1

3.3

3.9

-1.5

4.5

4.0

Consumer prices (end of period)

5.7

2.3

3.4

4.8

4.5

3.6

Monetary sector

M2

8.4

9.4

9.6

18.9

7.8

6.3

Credit to the private sector

3.8

7.0

4.9

6.4

6.8

7.3

(As a percentage of GDP, unless otherwise indicated)

Savings and investment

Gross domestic investment

13.6

13.8

14.3

12.9

14.1

14.5

Private sector

12.5

12.2

12.4

12.2

13.4

13.9

Public sector

1.1

1.5

1.9

1.3

1.2

1.1

Gross national savings

14.7

14.6

16.6

18.4

16.5

16.2

Private sector

14.8

14.8

16.8

21.8

18.4

17.7

Public sector

-0.1

-0.2

-0.1

-3.4

-2.0

-1.5

External backup

-1.1

-0.9

-2.3

-5.5

-2.3

-1.7

External sector

Current account balance

1.1

0.9

2.3

5.5

2.3

1.7

Trade balance (goods)

-9.5

-10.9

-10.3

-7.6

-9.9

-10.4

Exports

13.5

13.2

12.9

13.5

13.3

12.7

Imports

23.0

24.1

23.2

21.2

23.2

23.1

Of which: oil & lubricants

3.5

4.0

3.8

2.5

3.4

3.2

Trade balance (services)

0.4

0.2

0.1

-0.3

-0.8

-1.0

Other (net)

10.2

11.5

12.6

13.4

13.0

13.1

Of which: remittances

11.4

12.7

13.6

14.6

14.6

14.8

Capital account balance

0.0

0.0

0.0

0.0

0.0

0.0

Financial account balance (Net loan (+))

0.6

0.4

1.3

4.4

2.3

1.7

Of which: IDE, net

-1.3

-1.1

-1.0

-0.9

-1.4

-1.4

Errors and omissions

-0.6

-0.5

-1.0

-1.0

0.0

0.0

Change in asset reserves (Increase (+))

3.6

1.3

2.3

4.1

0.0

0.0

Guatemala: Selected economic and social indicators (End)

Net international reserves

(Stock in months of NFGS imports for next year)

6.0

6.5

8.6

9.2

8.8

8.5

(Stock on short-term debt, residual maturity)

1.8

1.9

2.3

3.2

2.5

2.5

Public finances

Central government

Income

11.4

11.3

11.2

10.7

10.6

11.0

Expenses

12.8

13.2

13.5

15.6

14.0

13.8

Current

10.5

10.6

10.7

12.6

11.2

11.2

Capital city

2.3

2.6

2.7

3.0

2.8

2.6

Primary balance

0.1

-0.3

-0.6

-3.2

-1.5

-0.9

Global balance

-1.4

-1.9

-2.2

-4.9

-3.4

-2.8

Financing of the central government balance

1.4

1.9

2.2

4.9

3.4

2.8

Net external financing

0.2

0.1

1.2

1.7

1.7

0.6

Net domestic financing

1.2

1.8

1.1

3.2

1.7

2.2

Central government debt

25.1

26.5

26.5

31.5

32.4

33.4

External

11.4

11.5

11.8

13.5

14.5

14.4

National 1 /

13.7

15.0

14.7

18.0

17.9

19.0

Memorandum Articles:

GDP (billions of US dollars)

71.6

73.2

77.0

77.6

82.1

86.0

Output gap (% of GDP)

-0.1

-0.2

0.2

-2.1

-0.9

-0.4

Sources: Bank of Guatemala; Ministry of Finance; and IMF staff estimates and projections.

1 / Does not include recapitalization of central bank obligations.


[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with its members, usually annually. A team of employees visit the country, collect economic and financial information and discuss with those responsible for the development and economic policies of the country. Back at headquarters, the staff prepare a report which forms the basis for the Board of Directors’ discussion.

[2] At the end of the discussion, the Managing Director, in his capacity as Chairman of the Board, summarizes the points of view of the Executive Directors, and this summary is sent to the country’s authorities. An explanation of all the qualifiers used in the abstracts can be found here: https://www.IMF.org/external/np/sec/misc/qualifiers.htm.

/ Public distribution. This material is from the original organization and may be ad hoc in nature, edited for clarity, style and length. See it in full here.

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Arrington Capital Launches $ 100 Million Fund to Invest in Algorand-Based Initiatives https://coptheathwharf.co.uk/arrington-capital-launches-100-million-fund-to-invest-in-algorand-based-initiatives/ https://coptheathwharf.co.uk/arrington-capital-launches-100-million-fund-to-invest-in-algorand-based-initiatives/#respond Thu, 10 Jun 2021 17:05:00 +0000 https://coptheathwharf.co.uk/arrington-capital-launches-100-million-fund-to-invest-in-algorand-based-initiatives/ Arrington Algo Growth Fund to Focus on Expanding Algorand Ecosystem SEATTLE, Wash., June 10, 2021 / CNW / – Arrington Capital, a digital asset management firm in blockchain-based capital markets, today announced the launch of a new US $ 100 million funds to support initiatives leveraging Algorand, a leading blockchain accelerating the convergence of decentralized […]]]>

Arrington Algo Growth Fund to Focus on Expanding Algorand Ecosystem

SEATTLE, Wash., June 10, 2021 / CNW / – Arrington Capital, a digital asset management firm in blockchain-based capital markets, today announced the launch of a new US $ 100 million funds to support initiatives leveraging Algorand, a leading blockchain accelerating the convergence of decentralized and traditional finance. The Arrington Algo Growth Fund (AAGF) aims to encourage and stimulate further development in Algorand, which has recently seen significant growth and adoption in DeFi (decentralized finance), traditional finance, public sector, NFT space and Moreover.

AAGF will invest in Algorand-focused projects, including liquid and illiquid coins, to bolster projects that create new financial applications in the Algorand ecosystem. Algorand, the original idea of ​​the Turing Prize winner Silvio micali, was designed from the ground up for modern financial applications and offers the security, decentralization, scalability and efficiency needed to support billions of users, all on a carbon-negative blockchain.

“We are inspired by the traction Algorand has in the market right now. With unmatched technology, robust development resources and a vision of long-term sustainability, Algorand makes it easier for its community to create the future. of finance, “said Michael arrington, partner at Arrington Capital. “The launch of this fund represents our commitment to support the growth and success of the Algorand ecosystem.”

Recent highlights of Algorand adoption include Exodus‘announcement of their digital security ($ 700 million Evaluation), MAPay transform Bermuda health system and relocation $ 800 million in traditional health payments in Algorand, following revolutionize the remittance market by Europe and LatAm by processing a first $ 100 million in remittances on Algorand, and SAP provide an open connector API to enable its corporate customers the much-needed interoperability between SAP and Algorand’s public blockchain.

“It has been our approach at Algorand from the start to partner with those who make a significant contribution to the Algorand ecosystem as they invest and deploy capital,” said W. Sean Ford, COO of Algorand. “The Arrington Algorand Growth Fund represents another key strategic pillar to support the momentum of those who build on what we believe to be the best technical platform for the regulated challenge and the future of finance.”

The launch of AAGF follows cohesive funds that were created to support Algorand-based initiatives, including accelerators through Asia and Europe:

  • $ 25 million funds in Miami
  • $ 400 million Borderless Capital funds
  • $ 10 million funds for DFTs, and
  • $ 250 million Algorand Foundation scholarship program

In total, more than half a billion dollars in investments have come from various groups that align with Algorand’s long-term vision for the future of finance.

About Arrington Capital
Arrington Capital is a digital asset management company primarily focused on blockchain-based capital markets. The company, founded in 2017 by TechCrunch and the founder of CrunchBase Michael arrington and CEO of TechCrunch Heather Harde, count more $ 1 billion under management and has invested in hundreds of startups around the world. Arrington Capital is a seasoned international team of Silicon Valley veterans and traders with extensive venture capital experience and native crypto roots. Arrington Capital’s first fund was Arrington XRP Capital and has expanded to several funds over time. For more information on Arrington Capital, visit http://arringtoncapital.com/.

About Algorand Inc.
Algorand Inc. created the first open source, unauthorized, pure proof of stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is an original idea of ​​the Turing Prize-winning cryptographer Silvio micali. A technology company dedicated to removing friction from financial exchanges, Algorand Inc. is fueling the evolution of DeFi by enabling the creation and exchange of value, by creating new financial tools and services, by bringing assets to the chain and by enabling the creation and exchange of value. providing responsible privacy models. For more information visit https://www.algorand.com/.

Contact: [email protected]

SOURCE Algorand

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SEC Chairman Examines Incentives For Stock Trading https://coptheathwharf.co.uk/sec-chairman-examines-incentives-for-stock-trading/ https://coptheathwharf.co.uk/sec-chairman-examines-incentives-for-stock-trading/#respond Wed, 09 Jun 2021 20:09:38 +0000 https://coptheathwharf.co.uk/sec-chairman-examines-incentives-for-stock-trading/ Share Tweeter Share Share Share E-mail U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is seeking an audit of laws governing the U.S. stock market, including best execution requirements, the Wall Street Journal (WSJ) reported Wednesday (June 9). Following the stock market rallies, the rules governing the market are now under closer scrutiny, including […]]]>

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is seeking an audit of laws governing the U.S. stock market, including best execution requirements, the Wall Street Journal (WSJ) reported Wednesday (June 9).

Following the stock market rallies, the rules governing the market are now under closer scrutiny, including how wholesale brokerage firms – such as Citadel Securities and Virtu Financial – work in partnership with retail brokers to finalize deals. traders orders.

“Brokers profit when investors trade,” Gensler said in a speech at the Piper Sandler Global Exchange & FinTech conference, according to the WSJ.

“For brokers who have these deals – and not all of them – a higher transaction volume generates more payment for the order flow. What makes the current commission-free brokerage environment different is that investors don’t see their costs when they execute trades, so they can perceive them as free, ”Gensler said, according to WSJ.

The SEC is considering rule changes regarding how US stocks are traded and the price incentives used to attract orders, Gensler told the conference. He also described a larger investigation into the structure of the market. Gensler once asked why investment orders are usually sent to big wholesalers instead of public exchanges, according to the outlet.

“The question is whether our stock markets are as efficient as they could be, in light of technological changes and recent developments,” Gensler told the conference, according to the WSJ.

The SEC is already examining the price spike surrounding even stocks such as AMC and GameStop. Goldman Sachs, Citigroup, Bank of America, and Jefferies Financial Group are just a few of the banks and brokerage houses that review risk controls in blue chip brokerage operations.

The SEC is also examining Special Purpose Acquisition Companies (SPACs) and how investors can be better protected. Gensler submitted written testimony to the U.S. House Appropriations Committee last month that indicated stronger protections are needed. At the end of May, around 118 traditional initial public offers (IPOs) had been filed, compared to only 138 for the whole of 2016.

Gensler said earlier in May that the agency wanted to know how retail brokerage apps drive stock trades and profits when trades are executed. He said there could be a conflict of interest and indicated that gamification could be at work in apps.

——————————

NEW PYMNTS DATA: STUDY ON CRYPTOCURRENCY PAYMENTS – MAY 2021

About the study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plans say they plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and non-users in the United States to examine how they plan to use crypto to make purchases, what crypto they plan to buy. ‘use – and how merchant acceptance can influence merchant choice and consumer spending.



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Global Digital Remittances Market Report 2021 Market SWOT Analysis, Key Metrics, Forecast 2027: Western Union (WU), Azimo, TransferWise – KSU https://coptheathwharf.co.uk/global-digital-remittances-market-report-2021-market-swot-analysis-key-metrics-forecast-2027-western-union-wu-azimo-transferwise-ksu/ https://coptheathwharf.co.uk/global-digital-remittances-market-report-2021-market-swot-analysis-key-metrics-forecast-2027-western-union-wu-azimo-transferwise-ksu/#respond Wed, 09 Jun 2021 04:13:35 +0000 https://coptheathwharf.co.uk/global-digital-remittances-market-report-2021-market-swot-analysis-key-metrics-forecast-2027-western-union-wu-azimo-transferwise-ksu/ MRI Precision Reports recently introduced a new title on “Global Digital Remittances Market: Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2027“Its database using various methodologies aims to examine and present in-depth and accurate data regarding the global Digital Remittance market. The report provides the study with in-depth overview, outlining the scope of the product […]]]>

MRI Precision Reports recently introduced a new title on “Global Digital Remittances Market: Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2027“Its database using various methodologies aims to examine and present in-depth and accurate data regarding the global Digital Remittance market. The report provides the study with in-depth overview, outlining the scope of the product / industry and elaborates the outlook and market status (2021-2026).

  • Market Snapshot
  • Key players and competitive landscape
  • Growth drivers and constraints
  • Segmentation
  • Regional analysis

FREE | Sample request is available @ https://www.mraccuracyreports.com/report-sample/328001

Main competitive players:

Western Union (WU), Azimo, TransferWise, Ria Financial Services, Remitly, PayPal / Xoom, InstaReM, MoneyGram, WorldRemit, TransferGo, Smiles / Digital Wallet Corporation, WeChat Payment, TNG Wallet, Avenues India Pvt Ltd, OrbitRemit, Coins.ph , Ant Financial / Alipay, FlyRemit, Toast

On the basis of product type, the report describes the share of major product types in the regional market. Products mentioned as follows: Digital Remittance Banks, Digital Money Transfer Operators.

The report defines the major application share of the global market. Application mentioned as follows: Migrant labor, study abroad and travel, small businesses.

The Digital Remittance report, through its overview section, provides the overall scenario and global Digital Remittance market dynamics with its definition and other details. Furthermore, the Key Players and Competitive Landscape segment of the report involves various players who actively participate and compete with each other in the global market. The report also concerns new entrants in the market. Major market players include. The report encompasses the major manufacturers along with their respective share in the global market in terms of revenue. Additionally, he mentions their tactical milestones over the past few years, leadership changes and investments in product innovation to help make informed decisions and also to stay ahead of the competition.

Moving on to the growth drivers and restraints section, it will be introduced all the factors that are directly or indirectly contributing to the growth of the global digital remittances market. To become familiar with market growth statistics, it is essential to assess the various market drivers. In addition, the report also puts forth existing trends as well as new and possible growth opportunities in the global market. Moreover, the report includes the factors which can possibly hamper the growth of the market. Understanding these factors is just as crucial as they help to understand the weaknesses in the market.

Promising Regions & Countries Mentioned In The Digital Transfer Market Report:

  • North America (United States)
  • Europe (Germany, France, United Kingdom)
  • Asia-Pacific (China, Japan, India)
  • Latin America (Brazil)
  • The Middle East and Africa

Request the COT report (Table of contents) @ https://www.mraccuracyreports.com/reportdetails/reportview/328001

The global digital remittances market segmentation segregates the market based on different aspects such as further each segment is worked out by providing all essential details along with growth analysis for the forecast period. The report also divides the market by region into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The regional analysis covers the assessment of volume and income for each region as well as their respective countries. In addition, the report also comprises various aspects of the market such as import and export, supply chain value, market share, sales, volume, etc.

Primary and secondary approaches are used by analysts and researchers to compile this data. So, this Global Digital Remittances Market: Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2027 report aims to orient readers to better, more insightful, and clearer facts and data of the market. global digital remittances.

Key details and USP of the existing report study:

  • Global market size of digital money transfer market in terms of volume (K units) and value (USD Million) for historical period (2016 – 2019) and projected years (2020 – 2026)
  • Regionally (North America, Europe, Asia-Pacific, Latin America & Middle East & Africa) market size of Digital Money Transfer Market in terms of Volume (K Units) and Value (USD Million) for the historical period (2016 – 2019) and projected years (2020 – 2026)
  • Market size at country level (US, Canada, Germany, UK, France, Spain, Italy, China, Japan, India, South Korea, Southeast Asia, Brazil, Mexico, GCC, Africa South, RoW) of Digital Remittances Market in terms of Volume (K units) and Value (USD Million) for historical period (2016 – 2019) and projected years (2020 – 2026)
  • Market size type divided into its individual product type (concentration, temperature, combustion, conductivity and others) in terms of volume (K units) and value (USD Million) for historical period (2016 – 2019) and years projected (2020 – 2026))
  • Demand side and supply side perspective and analysis
  • Market share of companies / actors / manufacturers / suppliers / service providers
  • Analysis of the competitive landscape, the competition matrix and the positioning of the players
  • Market dynamics, trends, factors affecting the growth of the market in the coming year
  • Analysis of key buyers and end users
  • Value chain and supply chain analysis, including distribution and sales channels, as well as upstream and downstream integration scenarios
  • Analysis of the manufacturing cost structure
  • Analysis of key raw materials
  • Key pricing strategies adopted in the market
  • Key marketing strategies adopted in the market
  • Porters Five Forces Analysis
  • SWOT analysis
  • PESTLE analysis

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World Bank estimates 2 million more Filipinos became poor in 2020 due to COVID-19 pandemic https://coptheathwharf.co.uk/world-bank-estimates-2-million-more-filipinos-became-poor-in-2020-due-to-covid-19-pandemic/ https://coptheathwharf.co.uk/world-bank-estimates-2-million-more-filipinos-became-poor-in-2020-due-to-covid-19-pandemic/#respond Tue, 08 Jun 2021 06:21:41 +0000 https://coptheathwharf.co.uk/world-bank-estimates-2-million-more-filipinos-became-poor-in-2020-due-to-covid-19-pandemic/ At least two million more Filipinos became poor in 2020 due to declining household incomes and disruption of business activities amid the COVID-19 pandemic, the World Bank said on Tuesday. Citing the July 2021 edition of the lender’s Philippine Economic Update, World Bank economist Kevin Chua said that “poverty is expected to increase by about […]]]>

At least two million more Filipinos became poor in 2020 due to declining household incomes and disruption of business activities amid the COVID-19 pandemic, the World Bank said on Tuesday.

Citing the July 2021 edition of the lender’s Philippine Economic Update, World Bank economist Kevin Chua said that “poverty is expected to increase by about 1.4 percentage points between 2018 and 2020 based on the cut-off. poverty of average incomes lower by $ 3.2 per day ”.

“This is about two million more poor Filipinos in 2020 than in 2018,” he added.

In its report, the World Bank said that the significant drop in household income, combined with the reduction in business income and in remittances, will likely lead to an increase in poverty despite government assistance.

“The COVID-19 pandemic may have caused the national poverty rate to increase from 16.7% in 2018 to around 21% in 2020, even after accounting for the effects of government subsidies (for example, the program improvement) ”, the multilateral lender mentioned.

Chua explained that the COVID-19 pandemic has had a significant negative impact on economic activities.

“People can’t go out, people are scared… it affected business operations, it affected household income and in 2020 it also affected remittances,” Chua said.

The Philippines has been in community quarantine since mid-March last year.

Quarantine measures were gradually relaxed around the second half of 2020 through early 2021, but the increase in the number of new COVID-19 cases seen in March and April of this year triggered the reimposition of the classification of strictest quarantine in Metro Manila, Cavite, Laguna, Rizal and Bulacan — collectively known as the NCR Plus bubble.

The NCR Plus bubble was placed under enhanced community quarantine (ECQ) from March 29 to April 11, followed by the modified ECQ which lasted until May 14 as daily new cases of COVID-19 saw an increase without previous.

Since May 15, the bubble has been subject to a more relaxed general community quarantine but with “increased restrictions”.

“The reimposition of stricter community quarantines risks further increasing poverty. However, if wages and non-farm employment increase with the expected growth in GDP (gross domestic product) and inflation is stable, the poverty rate is likely to return to its 2018 level by 2021 and maintain a trend of the decline until 2022, ”said Chua.

The World Bank further said that the return to stricter community quarantine measures that began in late March, and uncertainty over when these will be relaxed, are further slowing the rebound in economic activity.

“Like last year, this will lead to job losses and further erosion of household income,” he said.

“The results of the World Bank’s COVID-19 follow-up surveys (December 2020 – January 2021) show that households continue to experience income losses, with 41% of households reporting a decrease or no income compared to their usual income before the pandemic, ”he added.

The National Authority for Economy and Development (NEDA) previously admitted that the government’s initial target of reducing the incidence of poverty to 14% by 2021 from P16.7% in 2018 will not be met. due to the COVID-19 pandemic.

However, he said the goal of reducing the poverty rate to 14% by the end of President Rodrigo Duterte’s term in 2022 is still achievable despite the economic challenges posed by the COVID-19 pandemic.

“From 23.5% in 2015, the poverty rate has dropped significantly to about slightly below 17% in 2018. Despite COVID-19 and the impact on people this year, we still see our goal of 14%. % by 2022, ”said the secretary for socio-economic planning. and NEDA chief Karl Kendrick Chua said.

The NEDA chief said that a poverty rate of 14% means some six million Filipinos have been lifted out of poverty. -MDM, GMA News

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Louisiana Legislature Returns Two 2022 Poll Amendments Regarding Investing State Money In Stocks And Electronic Filing And Remitting Sales Taxes https://coptheathwharf.co.uk/louisiana-legislature-returns-two-2022-poll-amendments-regarding-investing-state-money-in-stocks-and-electronic-filing-and-remitting-sales-taxes/ https://coptheathwharf.co.uk/louisiana-legislature-returns-two-2022-poll-amendments-regarding-investing-state-money-in-stocks-and-electronic-filing-and-remitting-sales-taxes/#respond Mon, 07 Jun 2021 14:15:05 +0000 https://coptheathwharf.co.uk/louisiana-legislature-returns-two-2022-poll-amendments-regarding-investing-state-money-in-stocks-and-electronic-filing-and-remitting-sales-taxes/ The Louisiana legislature voted last week to propose two amendments to the November 2022 ballot. Louisiana increases maximum amount invested in stocks for certain state funds Amendment (2022) This amendment would increase the portion of money in certain public funds that could be invested in stocks from 35% to 65%. The increase would apply to […]]]>

The Louisiana legislature voted last week to propose two amendments to the November 2022 ballot.

Louisiana increases maximum amount invested in stocks for certain state funds Amendment (2022)

This amendment would increase the portion of money in certain public funds that could be invested in stocks from 35% to 65%. The increase would apply to the following funds:

  • Louisiana Education Quality Trust Fund;
  • Artificial Reef Development Fund;
  • Trust Fund for Lifetime Licenses;
  • Rockefeller Wildlife Sanctuary Trust and Protection Fund; and
  • Russell Sage or Marsh Island Refuge Fund.

The amendment would also remove a provision in the constitution that limits the ability of the legislature to increase the amount of Millennium Trust money that can be invested in stocks and instead allows the legislature to provide for investments by general law.

The Legislature passed House Bill 154 on June 2 with a 36-0 vote in the Senate and 100-0 in the House. In Louisiana, a two-thirds vote is required in each chamber of the Louisiana state legislature to return an amendment to the ballot.

Louisiana Creation of the Commission amendment of the sales tax and rationalized use of the state and region (2022)

This amendment would create the National and Local Commission for Simplified Sales and Use Taxes. The commission would be made up of eight members. The purpose of the commission would be to provide a streamlined electronic filing and remittance of all sales and use taxes. It would also be responsible for promulgating rules relating to all sales and use taxes levied by any state tax authority. The administration of the commission would be funded by sales and use tax revenues. The amendment would require a two-thirds (66.67%) qualified majority vote of the state legislature to enact any laws relating to the functions and funding of the commission. The commission would replace the Louisiana Sales and Use Tax Commission for Distance Sellers and the Louisiana Uniform Local Sales Tax Council after one year, with all employees transferred to the new commission.

This amendment was introduced as House Bill 199 (HB 199) on March 26, 2021. On April 21, 2021, the House passed HB 199 by a vote of 97-4 with three absent. The Senate unanimously passed the bill with amendments on May 12, 2021. The House rejected the Senate amendments and a conference committee was convened. Both houses unanimously adopted the conference committee version of the bill on June 3, 2021.

Potential polling measures in Louisiana for 2021 and 2022

There are eight other constitutional amendments for the 2022 poll and three amendments for the 2021 poll that were passed by a chamber of the Louisiana Legislative Assembly. They would appear on the statewide ballot if passed by the second chamber.

Louisiana Historical Ballot Measurement Statistics

From 2000 to 2020, a total of 132 constitutional amendments appeared on the statewide ballot in Louisiana. A total of 96 amendments appeared on the ballot in even years and 36 amendments appeared on the ballot in odd years. The average number of amendments appearing on the ballot statewide was 10 in even years and 4 in odd years. Voters approved 71.88% (69 out of 96) and rejected 28.13% (27 out of 96) of the amendments in even years. Voters approved 69.44% (25 out of 36) and rejected 30.56% (11 out of 36) of the amendments in odd-numbered years.

Further reading:

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Pakistanis in the United Arab Emirates are the main remittances senders via the GDR – News https://coptheathwharf.co.uk/pakistanis-in-the-united-arab-emirates-are-the-main-remittances-senders-via-the-gdr-news/ https://coptheathwharf.co.uk/pakistanis-in-the-united-arab-emirates-are-the-main-remittances-senders-via-the-gdr-news/#respond Sun, 06 Jun 2021 08:52:33 +0000 https://coptheathwharf.co.uk/pakistanis-in-the-united-arab-emirates-are-the-main-remittances-senders-via-the-gdr-news/ Home finance and insurance products may soon be added to RDAs, a senior official said. Pakistanis in the United Arab Emirates are the largest senders through the GDR, accounting for about a third – $ 433 million – of $ 1.3 billion in remittances. The UAE also ranks second in terms of account openings, as […]]]>

Home finance and insurance products may soon be added to RDAs, a senior official said.

Pakistanis in the United Arab Emirates are the largest senders through the GDR, accounting for about a third – $ 433 million – of $ 1.3 billion in remittances.

The UAE also ranks second in terms of account openings, as 20% of Roshan digital accounts have been opened by Pakistanis who live and work in the UAE.

READ ALSO :

>> Remittances to Pakistan Hit Record High of $ 24.2 Billion

RDAs were initially launched in cooperation with eight banks, which have now grown to 12.

State Bank of Pakistan Deputy Governor Dr Murtaza Syed said Pakistanis in the UAE have made them very welcome.

“We have a good answer but we are still scratching the surface. My request to Pakistanis in UAE is to try Roshan digital account and tell friends about it so this word can be spread, ”he said.

Syed said the Naya Pakistan Savings Certificate has attracted over $ 800 million.

More products added

Pakistan is also considering adding new products including home financing in Roshan Digital Accounts (RDA) for overseas citizens, he added.

“We are looking to expand the range of products available through RDAs. For example, we are considering adding real estate finance, insurance and annuity products that meet the needs of overseas Pakistanis, ”said Syed.

So far, around 160,000 Roshan digital accounts have been opened with remittances from over 170 countries around the world since its launch in September 2020.

Syed said about 1,500 accounts are opened every day.

“It’s about $ 8-10 million a day and the pace of the flow has picked up in the last 3-4 months. Pakistan receives around $ 250 million per month and this is very encouraging … This is just the tip of the iceberg as there are around 8-9 million Pakistanis abroad who can still be exploited Syed said.

Syed was speaking at a webinar hosted by Dubai Islamic Bank (DIB) Pakistan. Junaid Ahmed, Chairman and CEO of DIB Pakistan; Afzaal Mahmood, Ambassador of Pakistan to the United Arab Emirates; Syed Irfan Ali, Managing Director of Deposit Protection Corp. at the State Bank of Pakistan; Sohail Baig, CEO of Emaar Pakistan also participated in the webinar.

Afzaal Mahmood, Pakistani Ambassador to the UAE, said there are around 1.6 million Pakistanis in the UAE and the majority of them find it more convenient to use the GDR.

Highlighting the problems faced by Pakistanis in the UAE when sending money through the GDR, he said there was no problem when sending money in local currency, but sending Money in US dollars becomes a challenge because it takes longer to reach the recipient.

waheedabbas@khaleejtimes.com


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Digital Money Transfer and Remittance Market Share, Growth, Statistics, by Application, Production, Revenue and Forecast to 2026 https://coptheathwharf.co.uk/digital-money-transfer-and-remittance-market-share-growth-statistics-by-application-production-revenue-and-forecast-to-2026/ https://coptheathwharf.co.uk/digital-money-transfer-and-remittance-market-share-growth-statistics-by-application-production-revenue-and-forecast-to-2026/#respond Fri, 04 Jun 2021 18:37:59 +0000 https://coptheathwharf.co.uk/digital-money-transfer-and-remittance-market-share-growth-statistics-by-application-production-revenue-and-forecast-to-2026/ The last Digital Money Transfer and Remittance Market The research report incorporates an easily understandable understanding of the factors that will drive and hinder the growth of the industry in the years to come. Additionally, it lists the different opportunities in different geographies and other submarkets, followed by an in-depth look at the competitive landscape. […]]]>

The last Digital Money Transfer and Remittance Market The research report incorporates an easily understandable understanding of the factors that will drive and hinder the growth of the industry in the years to come. Additionally, it lists the different opportunities in different geographies and other submarkets, followed by an in-depth look at the competitive landscape.

According to experts, the industry is expected to grow significantly throughout 2021-2026, registering a XX% CAGR throughout.

Speaking of the latest updates, in addition to covering recent mergers, purchases and partnerships of major competitors, the research literature highlights the impact of Covid-19 and how it has changed the business scenario. While some companies have adapted well to the pandemic, many continue to face challenges. With this in mind, our comprehensive analysis mentions strategies and opportunities to help companies generate strong returns in the near future.

Request a copy of this report @ https://www.business-newsupdate.com/request-sample/134422

Key Features of the Digital Money Transfer and Remittance Market Report:

  • Impact of Covid-19 on the industry’s growth model
  • Records of sales volume, net income and market size.
  • Major industry trends
  • Business expansion opportunities
  • Growth rate forecasts for the market
  • Advantages and disadvantages of using direct and indirect sales channels
  • Leading distributors, resellers and traders

Digital Money Transfer and Remittance Market Segments Covered in the Report:

Geographic fragmentation: North America, Europe, Asia-Pacific, South America and Middle East & Africa.

  • Market analysis at national and regional level
  • Sales achieved, returns collected and shares captured by each regional market
  • Predictions of revenue and growth rate for each region over the stipulated period

Product Types: Domestic Money Transfer and International Money Transfer

  • Price models for each product category.
  • Market share approximations based on sales and profits gained by each product segment

Application spectrum: consumer and business

  • Product pricing based on scope of application
  • Sales and revenue estimates for each type of application over the expected time frame

Competitive Dashboard: Western Union (WU), Ria Financial Services, PayPal / Xoom, TransferWise, WorldRemit, MoneyGram, Remitly, Azimo, TransferGo, InstaReM, TNG Wallet, Coins.ph, Toast, OrbitRemit, Smiles / Digital Wallet Corporation, Avenues India Pvt Ltd, FlyRemit, WeChat Payment and Ant Financial / Alipay

  • Commercial summary of listed companies
  • Range of products and services of the main players
  • Sales, pricing, revenue, gross margin and market share figures for each major market
  • SWOT analysis of large companies
  • Analysis of industry concentration rate and commercialization rate
  • Review of popular business tactics exercised by large companies

Important features found in the offering and report highlights:

  • Detailed overview of digital money transfer and remittance market trends
  • Changing industry market dynamics
  • In-depth market segmentation by type, application etc.
  • Historical, Current and Projected Digital Money Transfer and Remittances Market Size in terms of volume and value
  • Recent industry trends and developments
  • Competitive Landscape for Digital Money Transfer and Remittance Market Share
  • Strategies of key players and product offerings
  • Potential and niche segments / regions showing promising growth

Request customization on this report @ https://www.business-newsupdate.com/request-for-customization/134422

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who run the country’s economy https://coptheathwharf.co.uk/who-run-the-countrys-economy/ https://coptheathwharf.co.uk/who-run-the-countrys-economy/#respond Fri, 04 Jun 2021 14:11:46 +0000 https://coptheathwharf.co.uk/who-run-the-countrys-economy/ Mexico added between January and April 2021 a total of de $ 14,663 million in transfersAn increase of 19.14% compared to the same period in 2020. the Amount of the transfer Between January and April, it was up from $ 12,307.2 million in the first four months of last year, Bank of Mexico in your […]]]>

Mexico added between January and April 2021 a total of de $ 14,663 million in transfersAn increase of 19.14% compared to the same period in 2020.

the Amount of the transfer Between January and April, it was up from $ 12,307.2 million in the first four months of last year, Bank of Mexico in your monthly report.

Conversions over the four-month period averaged $ 361, up 6.12% from the same period in 2020 – down from $ 340 – and the number of transactions increased from 36.19 million to 40.63 million.

Most of them were for Electronic transfer.

Last April, Mexico recorded $ 4,047.6 million in remittances, which is high but lower than the record high of $ 4,157.4 million last March.

The previous record was in March 2020, at the start of the coronavirus pandemic in the region, and was $ 4.016 million.

This significant increase in remittances in the first four months of 2021 continues the upward trend seen since March of last year.

Amid the coronavirus pandemic, 2020 was a record year for remittances from Mexico, reaching $ 4,0606.7 million, an increase of 11.4% from $ 36,438 million in 2019.

President Andres Manuel Lopez Obrador having thanked 38 million Mexicans in the United StatesHe described them as “heroes”, enjoying the benefit of their remittances. 10 million poor families.

This money comes mainly from Mexican immigrants living in the United States, is the second largest source of foreign currency in Mexico, after car exports.

Therefore, the Government of Mexico is convinced that these transfers Help revive the country’s economy, which registered a contraction of 8.2% in 2020, according to the National Institute of Statistics and Geography (Inegi).

This year, the Mexican authorities expect the economy to recover by more than 6%.

In 1995, the first year the Bank of Mexico reported results, remittances amounted to $ 3.672 million (adjusted at the current exchange rate).

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