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Tech Innovation in the Remittance Industry

There is no consensus on the level of tech innovation in the international or cross-border money transfer and payments industry. FinTech startups think that there is none. They think that the industry is so complex, full of intermediaries, with huge margins, settlement problems, etc., that it is ready for disruption. Not totally true because the industry does need tech innovation and there is so much room for technology that we all agree that it must be encouraged, developed and invested on. This article will show you where tech innovation is happening – the baby steps.

To encourage all these efforts is the reason why we are organizing the RemTECH Awards: to bring remittance innovation forward. To highlight the companies, the people are conceiving and putting in motion technologically based ideas that are or will produce changes at any level in the complex and multifaceted remittance industry.

The RemTECH Awards will be hosted the first year by the International Fund for Agricultural Development (IFAD), the World Bank and the United Nations Department for Economic and Social Affairs (UN-DESA) in New York City on June 15 at the United Nations HQ as part of the GFRID2017 (Global Forum on Remittances, Investment and Development 2017). The nominees will be presented at the IMTC USA 2017 Conference in San Francisco two days before June 13, the most important Tech in the Remittance Industry event. The awards won’t choose the winners in the many categories available; the judging panel wants to boost the tech innovations and encourage creativity and forward thinking.

I want to draw attention to the sectors of the industry where tech innovation seems to be developing at the fastest rate. This list – and the few examples that I mention – are not exhaustive or ...

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