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FinTech Is Pushing Banks out of the Remittance Business

Recently, the financial and non-financial worlds have been psyched about the impact of FinTech on our everyday life. There is a FinTech startup somewhere for almost any bank service nowadays, taking away the cash cow little by little from the club of monopolists. We even started to believe that FinTech is making the world a better place to live as it can solve financial issues raised in the face of civil disaster happening in the Middle East.

Nonbank market players in the financial services industry are disrupting almost every segment leaving fewer chances to the major players. The cross-border

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