Vietnam Amongst the Top 10 Remittance Earning Countries in the World, says a Report

The global remittance business is $500+ billion strong. Numerous stakeholders are involved in this business including banks, money transfer operators and even third party players such as mobile operators. A current trend that is being witnessed in this space is lowering of remittance costs for the end consumer. The remittance cost has seen reduction from 15% to 8%. The Group of 20 leading economies has already come up with plans to cut the cost of remittance to around 5%. Countries such as Saudi Arabia have already lowered it to 3%. Established players like Western Union are facing new challenges from new players which are further disrupting the space. For example, Azimo is a new startup in this space which is providing services at lowest costs possible. Another example is of LINE app which is using its messaging platform to bring remittance services in new model.

Vietnam retained 9t ...

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