Remittance Infographic: The Demystifying the Cross Border Ecosystemby Fintechnews Singapore September 25, 2017
The World Bank estimates that remittances will total USD 636 billion in 2017, and with this comes the advent of e-wallets and disruptive fintech solutions seeking to help increase efficiency and smoothen the flow of these large sums of money.
These innovative solutions have more than halved operating costs of traditional money transfer operators. The Demystifying the Cross Border Ecosystem infographic serves to clarify and debunk myths about sending money through these avenues and raise awareness on the cost saving and easily accessible alternatives available to both businesses and individuals.
Here’s a short breakdown of the infographic:
- How big a deal is remittance? We lay it out in terms relevant to Singapore
- Who are the traditional remittance players and how they work
- Who the new kids on the block are and how they disrupt the traditional methods
- An example comparing the remittance processes of both traditional service providers and newer innovative solutions.
Feature image via InstaRem Facebook