GMTS2014

We chose to hold our 9th GMTS2014 at Level 39 in Canary Wharf, a renown technology accelerator space for those in Fintech.

Thank you to all our members who attended, and especially to those who sponsored: Ria Financial, Jumio, Dahabshiil, Omaar Global, Tempo Money Transfer, Grey Systems and Samsara Money Transfer.

The event brought together a diverse group of industry experts, regulators, and others from around the globe. We are delighted with the high calibre of speakers, who examined both the successes and challenges the industry face today. We believe we had a very productive, and at times a very passionate discussion. It was clear that the industry is adapting to this challenges and that technology is driving this changes. 

Next year is the 10th Anniversary of IAMTN, and we hope to be able to have a bigger and better event for which we need your support. If you are considering sponsoring this event, please let as know as soon as possible.

Global Money Transfer Summit

Remittances remain a key source of external resource flows for developing countries, far exceeding official development assistance and more stable than private debt and portfolio equity flows. For many developing countries, remittances are an important source of foreign exchange, surpassing earnings from major exports, and covering a substantial portion of imports. 

The remittances industry should be safe, efficient and reliable. The regulatory environment is constantly changing and currently around the world items ranging from AML directives to taxes on remittances are being constantly debated and, in many cases, brought into law without meaningful consultation with the money transfer industry. 

The International Association of Money Transfer Networks (IAMTN) will continue to enhance its work with all stakeholders and to represent the industry wherever we can.

As every year the International Association of Money Transfer Networks (IAMTN) is inviting money transfer professionals from all over the world to the major event of the industry - the GMTS2014. This year the Summit is the 9th Annual Remittances Summit organized by IAMTN. The event will be held on 11-12th November at Level 39, Canary Wharf, London. 

Participants will be given the opportunity to meet potential project partners, find initiatives to participate in, collect information on innovative programmes aimed at leveraging the role of remittances for development, get in touch with stakeholders, participate in discussions, and promote their own activities.

Registration is now open!

Register here

Silver Member you can enjoy 35% discount ticket 

Gold Members you can enjoy 1 free ticket and 40% discount for other employees from same organisation.

Instant Cash – Ria alliance

Instant Cash Global Money Transfer, a member of the Emirates Post Group, has recently entered into a strategic alliance with Ria Money Transfer, a wholly owned subsidiary of Euronet Worldwide, Inc. that will give the United States-based remittance provider access to the growing pay out network of Instant Cash.

Instant Cash is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 60 countries through more than 150,000 locations. The move comes a few months after Instant Cash, which enables immediate remittance payment to the beneficiaries across its growing global network, had tied up with India Post and Philippines Post amongst others to bring thousands of locations within its growing network of payout locations.

The agreement gives Ria Money Transfer – the third largest global money transfer service provider – access to Instant Cash’s network. It also gives Instant Cash and its agent’s direct access to the global network of Ria Money Transfer of more than 219,000 locations, including the European and US markets.

  

UNISTREAM Money Remittances Volume Through QIWI Kiosks Doubled in the First Half of 2014

QIWI plc, (Nasdaq:QIWI) ("QIWI" or the "Company") and UNISTREAM International Payment System of Money Transfers today announced that UNISTREAM money transfer volumes through QIWI kiosks nearly doubled in the first half of 2014 as compared to the same period of the prior year. In the past 3 years average volume growth was as high as 100% a year.

UNISTREAM and QIWI established partnership in December 2009 and introduced money transfers through QIWI kiosks and Visa QIWI Wallet web site. Further development was marked by adding an option to transfer money to CIS countries in March 2010 and later to non-CIS countries. In summer of 2011 money transfers through QIWI kiosks became available to holders of the UNISTREAM unified client card. Its number was used as an identifier for the transfer.

Thereafter UNISTREAM money remittances volume trough QIWI kiosks demonstrated nearly 100% yearly growth.

A special offer is available in QIWI kiosks for UNISTREAM money transfers until the end of November: a transfer through self-service kiosk is commission free.

There are two ways to do a money transfer through QIWI kiosk: either using the number of the UNISTREAM client card or by entering the names of the sender and the recipient. In the first case the customer should choose the appropriate button in the menu and provide information including full card number, full name, recipient's country of residence (customer can choose the country from the drop down list if it is not his first transfer), sender's phone number and the remittance amount; then the costumer inserts cash in the kiosk. The identification number of the transfer that has to be passed to the recipient is both printed on the bill and delivered to the sender via sms. If the customer uses second option, he needs to provide full name of the sender as well as that of the recipient, sender's mobile phone number and the recipient's country.

Currently intra-Russia transfers can be conducted through QIWI kiosk as well as transfers to Armenia, Belorussia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Tajikistan, Uzbekistan and Ukraine as well as non-CIS countries including Bulgaria, United Kingdom, Vietnam, Israel, Mongolia, Czech Republic and Turkey. The user can send and receive up to 10 transfers a day with the maximum limit of RUB 150,000 and 40 transfers per month with the maximum limit of RUB 599,999.

QIWI's network includes more than 171 thousands kiosks and 70 mln users.

"Our longstanding cooperation with such significant partner as QIWI shows great results and demonstrates high demand for our services among both kiosk users and clients of our money remittance system." – said Kirill Palchun, Chairman of the Board of Directors of the UNISTREAM bank.

"For the last 5 years Russia has been among the countries were money remittance services are very popular. Moreover, not only within country transfers are in demand, transfers outside the country play an important role as well, especially transfers to CIS countries. Rapid increase in volumes proves not only the relevance of our service, but also its convenience for such type of payments." – said Anna Stoklitskaya, managing director of QIWI group.

About UNISTREAM

The UNISTREAM International Payment System of Money Transfers is one of the popular systems in Russia and CIS countries. It operates in some 100 countries worldwide through some 333.5 thousand service points, including self-service payment terminals.

UNISTREAM has its own networks in Greece, the United Kingdom, and Cyprus. Over 450 financial institutions all over the world cooperate with the System.

The UNISTREAM System is the co-founder of the National Payment Council, founded under the aegis of the Central Bank of the Russian Federation and the Association of Russian Banks.

The International Financial Magazine named UNISTREAM the Best Money Transfer System for Eastern Europe 2013. 2012 UNISTREAM was nominated for IAMTN (International Association of Money Transfer Networks) Prize and Global Banking & Finance Review Awards.

About QIWI plc.

QIWI is a leading provider of next generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed over 15.8 million virtual wallets, over 171,000 kiosks and terminals, and enabled merchants to accept over RUB 50 billion cash and electronic payments monthly from over 70 million consumers using its network at least once a month. QIWI's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.

Yakov Barinskiy
Head of Corporate Development
and Investor Relations
+7.499.709.0192


Varvara Kiseleva
Investor Relations
+7.499.709.0192

Kendy money transfer service launched

Kendy Money Transfer, a Pan African Remittance Service provider has launched its service in the country.

Kendy is the brand product of Kendy Money Transfer Ltd, an African money transfer company offering a bouquet of solutions to send money and make payments in Africa and abroad. Kendy is affiliated to Connect Africa Payments, registered in Mauritius.

Kendy is one of the money transfer companies recently issued with a license by Central Bank of Kenya. 

Mrs. Caroline Cherotich Rukaria, G.M, said Kendy is looking at leveraging on innovative money transfer options to reduce costs and increase penetration within Africa. 

“We have already established a presence in several locations in Kenya, where our customers can access our various services. This is an ongoing exercise,” said Mrs Rukaria

Mrs Rukaria said the firm plans to widen its network and service delivery through partnering with licensed financial institutions such as banks, forex bureaus and mobile cash agents.

The company cross transfers remittances between the following countries: Kenya, Uganda, Tanzania, Ethiopia, Mali, Guinea Bissau, Benin, Togo, Senegal, Ivory Coast, Niger, Mauritania, Ghana and Gambia and the Kendy network continues to grow.

Some of the services provided by Kendy Money Transfer to recipients include: transfers to cash, bank deposit, mobile wallet, and bill payments.

Mrs Rukaria said the potential for Africa remittance is huge as the market in Africa remains relatively underdeveloped.  “Africa has a huge share of cross-border remittances flowing through informal channels and significantly higher remittance costs, than most parts of the world,” said Mrs Rukaria.

Kenya is a key remittance market as it receives, on average, 60 percent of remittances to East Africa and an average of 10 percent of all remittances to the Sub-Saharan region.

According to the Central Bank of Kenya, remittances to Kenya increased by 8.6 percent, to USD 119.7 million in May 2014 compared to USD 110.1 million in May 2013. Europe and North America account for approximately 75 percent of remittance inflows while the rest of the world (including Africa) account for the balance.

Mrs Rukaria said that though the company focuses on Pan African remittances, in its various markets it is rolling out domestic services as well.

Information on Remittances to Somalia

Remittances play an important role in Somalia, supporting livelihoods and economic development.
We know how important it is for you to be able to send remittances to your family and friends in Somalia.
We understand that developments in remittance markets are causing uncertainty and concern.
Government, community representatives and SOMSA have worked together to produce this factsheet.
It aims to provide information on multi-agency efforts to ensure remittances continue to flow through secure, accessible channels to Somalia and information on available options for sending remittances.
We will update the factsheet regularly as new developments happen. But we also want to hear from you through planned community meetings, your community representatives and social media sites.

What are we doing?
The UK Government established the Action Group on Cross Border Remittances to form a public-private partnership to address challenges in remittance markets.
Our aim is both to help banks have greater confidence in transactions and protect you by ensuring that funds are transferred through secure channels and reach the people you intend them for.
The Action Group, chaired by Sir Brian Pomeroy, has met monthly supporting dialogue between banks, remittance companies, regulators and government.
The Action Group has three work streams to a) improve guidance on regulatory compliance in the remittance sector; b) improve understanding of risk and c) develop a ‘Safer Corridor’ pilot for UK-Somali remittances.
New guidance has been developed for remittance companies and for banks that provide services to remittance companies.
Detailed consultations have been held with banks and remittance companies to assess understanding of the risks in the sector and identify how these risks can be better managed.
The Safer Corridor pilot for UK-Somali remittances is developing a set of measures to improve the security and transparency of remittance transactions.
The pilot is a unique collaboration between industry, banks, regulators, government and the community which work together through the Advisory Group to design and implement the project. A stakeholder group is also being set up in Somalia.

Implementation of the pilot is on track against the plan agreed by the Advisory Group. A design and consultation phase will continue until September to identify interventions. These interventions will be tested and evaluated September to end-December 2014.
Leading technical experts are developing proposals to use technology to improve customer due diligence and develop an independent ‘trusted third party’ to monitor and audit remittance transactions from sender to receiver.
Discussions are being held with remittance companies, regulators and banks to identify ‘regulation-plus’ measures that can be implemented to make our MSBs ‘best-in-class’ for compliance and risk management.
And, we will conduct detailed consumer research to understand how you use remittance services, to ensure that they continue to meet your needs and protect your rights as consumers.
The challenges faced by UK remittance markets are global. The UK Government is working closely with international partners. The UK and World Bank succeeded in securing the commitment of the G20 Global Partnership for Financial Inclusion to call for action.
Information on all of this work can be found on the Action Group for Cross Border Remittances webpage:
https://www.gov.uk/government/policies/helping-developing-countries-economies-to- grow/supporting-pages/enabling-the-continued-flow-of-remittances.

What is happening in the Market?
SOMSA has provided information on which companies are providing remittance services to Somalia. Currently, all SOMSA members remain operational:

Amana Express Amal UK
Bakaal Worldwide

Dahabshiil Hodan Global Iftin Express Juba Express

Iftin Express Juba Express Kaah Express Ladan Express

Medina Money Transfer Mustaqbal UK
Olompic Money Transfer Tawakal UK
Towfiiq Express

Useful links
Action Group on Cross Border Remittances
Somali Matters IAMTN

https://www.gov.uk/government/policies/helping- developing-countries-economies-to-grow/supporting- pages/enabling-the-continued-flow-of-remittances. www.somalimatters.org
www.iamtn.org 

Network International and TimesofMoney's Remit2India launch 24/7digital remittance services for NRIs in UAE

New service ensures convenient, speedy and secure money transfers Enables use of local credit cards and bank transfers to send money to bank accounts in India

June 23, 2014, Dubai/Mumbai: UAE-based non-resident Indians can now use a locally issued credit card and bank transfers to seamlessly transfer money to any bank account in India through Remit2India, a global leader in online cross-border remittances. Remit2India is a service offering from TimesofMoney, which is majority owned by Network International, the leading payment solutions provider in the Middle East.

"While India remains the largest recipient of international remittances according to World Bank figures, touching US$ 70 billion in 2013 alone, it is interesting to note that the number one source country for outflows to India is the UAE," said Bhairav Trivedi, Chief Executive Officer, Network International. "More than 20% of the total remittance to India last year, was from the UAE, and Non Resident Indians (NRIs) in this country are always on the lookout for speedy, secure and convenient means to remit money to their loved ones back home. We are delighted to launch this new service offering through Remit2India, which will enable NRIs to transfer money to a bank account in India, anytime and from anywhere."

Avijit Nanda, CEO, TimesofMoney, said: "Remit2India always makes a positive impact on its customers. We have added new ways of sending money to India from the region, where an NRI can use his local credit card or a bank transfer to send money home. With our service, customers get simple, cost-effective and transparent methods of sending money home. With a strong NRI population of around 1.8 million in the UAE, remitting around US$14billion last year, we are confident of offering a superior product to meet this growing need of Indians in the UAE."

The new service enables NRIs to use a locally issued credit card or a bank-to-bank transfer to send money seamlessly through Remit2India, and have it deposited into any bank account in India. The service also comes with 24/7 customer support and real-time transaction alerts to ensure peace of mind for the customer.

Since Remit2India services are 100% online, it saves the customer precious time by eliminating the hassles of visiting an agent's office and standing in long queues. With no paperwork involved, the online remittance service can be accessed 24/7, any time of the day or night.

NRIs interested in using this service need to register on www.remit2india.com and also include the recipient bank account details in India. A remittance transfer can be made through entering the UAE card details or bank details and the amount to be transferred. Payment processing is powered by Network International, ensuring the security of the transaction and confidentiality of the customer's details.

With its state-of-the-art technology and unmatched reach, Remit2India currently offers NRIs across 23 countries a safe, secure and speedy way to send money. With a wide delivery network in India spanning 90 banks across 62,500 branches, it is now offering the same superior service to NRIs in the UAE.

About TimesofMoney

TimesofMoney is India's leading digital payment service provider catering to a diverse base of Indian and international clients, individuals and companies across the globe.

Headquartered in Mumbai, it provides a wide spectrum of offerings including retail online remittances (Remit2India & Remit2Home), specialized NRI Services (Window2India), managed white-label remittance platforms and online payment gateway solutions (DirecPay). The services offered center around the diaspora of ethnic communities across the globe - facilitating money transfers to their home country and offering the convenience of using an internet or mobile platform.

With over 13 years of rich experience in the payments and remittance space, TimesofMoney is now driven by an even stronger backing of Network International, the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa region (MENA). As the largest stakeholder, Network International brings huge complementary synergies, adding even more value to the businesses of TimesofMoney.

About Network International:

Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa (MENA) region. The company's service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, ecommerce services and mobile solutions for the payments industry. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions with the objective of enabling speedy, secure, convenient and efficient payment transactions for customers. Network International has Operation centers in the UAE, Egypt and India, with its corporate office in Dubai. The company continues to invest in strategic partnerships that will increasingly see its influence spread across the region.

Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a majority stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.

For further information, please contact:Sudha Chandran ASDA'A Burson-MarstellerDubai, UAETel: 971-4-4507600 Fax: 971-4-4358040Email: Sudha.chandran@bm.com

Remittances to Pakistan

Remittances to Pakistani reached US $ 12.895 billion during first 10 months of current fiscal year against US $ 11.57 billion in comparable period of 2012-13. According to the ministry of overseas Pakistanis, the government is considering a proposal to substantially boost foreign remittances and foreign exchange reserves as Gulf region is to be effectively tapped by exporting the maximum manpower. The government is expecting good opportunities of manpower export during the event of Expo 2020 in Dubai. Moreover, massive new construction plans in Saudi Arabia will also provide opportunities for Pakistani manpower which will decrease not only unemployment rate in the country but also boost up the remittances.

The ministry said the vision of government was to promote export of Pakistani manpower abroad to elevate the living conditions of working class and secure the decent working conditions for them. It said since 1971 up to March 2014, around 7.4 million overseas Pakistanis working/living around the globe with main concentration of Overseas Pakistanis are in Middle East 49.2 percent, Europe 28.3 percent and America 16.2 percent.

Remittances, creating opportunities while mitigating risks

The Regional Conference on Money Services Business (MSB) was held in Kuala Lumpur, Malaysia from 19-21 May 2014 and was attended by over 350 participants from 28 countries. The event was jointly organised by Bank Negara Malaysia (the Bank), the World Bank and the Malaysian Association of Money Services Business and was supported by the International Association of Money Transfer Networks.

Stakeholders and Regulators in the MSB Industry were able to share experiences and best practices whilst discussing issues such as policy and regulatory reforms as well as current market trends and innovations.

According to a World Bank report, it is estimated that nearly 1 person in 7 is a migrant, reflecting a more diverse world demographic community. As a result, “Remittance services play an important role in complementing banking institutions who provide financial services to communities in both the developing and developed world. Given the forces of change that are reshaping the financial industry, it is timely to consider how these forces impact the expectations, opportunities and challenges facing the MSBs.”, said Veronica Studsgaard, Co-Founder and CEO of the International Association of Money Transfer Networks.

During the three days, a wide range of topics were discussed, including the importance of MSBs to support the economy and Financial Inclusion, as well as the opportunities and challenges facing the current legal and regulatory framework. We also learnt of new payment infrastructure innovations, new technologies such as mobile based-tools, virtual currencies, etc. Exclusivity versus Competition was also part of the programme as well as Industry Association with its roles and benefits.

Mr Mohit Davar, Chairman of the Committee Board of the International Association of Money Transfer Networks, resonated the opportunities and concerns of the participants. He mentioned that while there was a need to raise the profile of the MSB, it was clear with this industry that; “Perception is not reality”.