Fintech's potential to tap the region's US$256 bil remittance industry

SINGAPORE (May 7): One out of every 10 people in Asia and the Pacific is directly affected by remittances, finds a study conducted by the International Fund for Agricultural Development (IFAD).

Based on the study’s key findings, almost 80 million migrants in the region remit money to their countries of origin to benefit an estimated 320 million family members, amounting to private financial flows that exceed more than 10 times net official development assistance (ODA) from all sources combined.

Family remittances to the entire Asia and Pacific region amounted to US$256 billion over 2017, whereas families receiving the money are able to save and invest up to 30% or US$77 billion of their remittances for asset-building, says IFAD.

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