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GFRID 2018 Asia-Pacific: 8-10 May
Newsletter 7

 
4 days until GFRID 2018 

Quick Links: GFRID 2018 Agenda

 
UPDATED AGENDA:
PLEASE FIND THE AGENDA WITH UPDATES INCLUDING ALL SPEAKERS AND STRUCTURE HERE.
Mobile phone networks, Internet-based tools and digital money initiatives herald a potentially transformative force for sending and receiving remittances, reducing costs and saving time. In a statement below, Nika Naghavi, Senior Insight Specialist for Mobile Money at Groupe Speciale Mobile (GSM) Association, explains how mobile technologies can help make remittances faster and safer.


MOBILE MONEY: SUPPORTING THE RISE OF FORMAL REMITTANCES AND ACCELERATING THEIR DIGITIZATION
 
The mobile money industry had a demonstrable impact on the global effort to extend access to financial services and to provide a gateway to the digital economy. With 690 million registered accounts across 90 countries at the end of 2017, mobile money has enabled financial inclusion, giving people access to transparent digital transactions and the tools to better manage their financial lives.

Building on the success of mobile money for domestic remittances, mobile money-enabled international remittances have been flourishing and show promising signs of growth. Available across 184 corridors and connecting migrants in 35 remittance-sending countries to their families in 40 remittance-receiving countries, mobile money is becoming a widespread channel for remittances.

GSMA research in 2016 revealed that mobile money was driving a price revolution in international remittances. A new study in August 2017 showed that the cost of sending $200 via mobile money stood to 1.7 per cent on average, well below the Sustainable Development Goals (SDGs) target of 3 per cent. This represents a significant reduction of nearly 40 per cent compared to 2016, clearly indicating that low-cost, mobile money-enabled remittances are a sustainable trend rather than the result of short-term promotional efforts. 
Beyond availability, accessibility and affordability, mobile money offers unique advantages that can help accelerate the digitization of international remittances through formal channels. While less tangible than cost savings, attributes such as convenience, security, and the opportunity to access the digital economy can weigh heavily in the decision to use a formal digital channel over informal alternatives.

Several barriers are slowing the expansion of mobile money international transfers across a greater number of countries and, especially, across South Asia, the region that saw the highest year-on-year growth in mobile money accounts in 2017. These barriers include the lack of enabling regulation, largely stemming from a limited understanding of the business models of new digital players, low levels of customer trust and the established nature of cash-based transfers. Some of these barriers can be addressed through greater awareness of the industry’s best practices such as GSMA Industry Guidelines on International Remittances.

The GSM Association sees the Global Forum on Remittances, Investment and Development (GFRID) as a great opportunity to engage with a wide range of stakeholders who are interested in joining forces to mobilize the development of international remittances via mobile money across a greater number of markets. GSMA Mobile Money will be launching their next report on mobile money and international remittances, Competing with informal channels to accelerate the digitisation of remittances, next week.
 
Hear more from Ms. Naghavi during the forum private sector day on 10 May, and learn about more of the forum panels and workshops on the GFRID 2018 agenda.

GFRID 2017 Marketplace, United Nations Headquarters, New York (USA)
 
THE REMITTANCE MARKETPLACE – FULLY BOOKED!

We are pleased to announce that all of the Remittance Marketplace exhibitor spaces have been filled!
 
Running in parallel to the Forum, the Remittance Marketplace will offer a unique platform for the exchange of views and ideas, addressing challenges and opportunities, as well as an occasion to meet and network. These will be the GFRID 2018 Marketplace Exhibitors:
 
AFI, AZIMO , Bitspark , CIMB (Speedsend), CONTACT, Democrance , Developing Markets Associates(DMA), HOMESTRINGS, IAMTN, International Fund for Agriculture Development (IFAD), IMTC, International Organization for Migration (IOM), Local product, , Malaysian Association of Money Services Business (MAMSB), Max Money, Merchantrade, NYUVO, RemitRadar, Ria Money Transfer, Tik FX, Malaysia Sdn Bhd (Tranglo),TransferTo, Travelex, Valyou, World Bank Group, Western Union, Xpress Money Services Ltd.

Read more about the Remittance Marketplace on the Forum agenda.
THE INTERNATIONAL DAY OF FAMILY REMITTANCES
 
GFRID 2018 acknowledges the forthcoming International Day of Family Remittances (IDFR), celebrated every year on 16 June. The IDFR recognizes the significant financial contribution migrant workers make to the well-being of their families back home and to the sustainable development of their countries of origin. Find more information about the IFDR in this video and on the dedicated pages:



 
 
DID YOU MISS THE PREVIOUS NEWSLETTERS?

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GFRID 2018 NEWSLETTER #6
GFRID 2018 NEWSLETTER #5
GFRID 2018 NEWSLETTER #4
GFRID 2018 NEWSLETTER #3
GFRID 2018 NEWSLETTER #2
GFRID 2018 NEWSLETTER #1

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GFRID 2018 Stakeholder Events

The  forum organizers, partners and other selected entities will host a series of meetings and side events on day 2 with agencies and government representatives, open to all forum participants. GFRID 2018 stakeholder events will enable participants to explore key themes in significantly greater detail.
 
HARNESSING MIGRANT REMITTANCES FOR RURAL INVESTMENT: IFAD'S REGIONAL PROGRAMME IN ASIA (IFAD AND ACCESS ADVISORY)
  
  1. Promoting digital innovation for inclusive and sustainable markets in Asia  (UNCDF)
  2. The RemTECH seminar: roundtable on remittance innovation
  3. Harnessing migrant remittances for rural investment: IFAD's regional program in Asia (IFAD and ACCESS)
Since 2014, IFAD has supported the development of “inclusive remittances” for rural migrants and their families that enable them to save and invest in their local economies. Inclusive remittances combine "wealth building" packages of financial products, partnerships that enable migrants to remit into them, and locally based financial institutions that mobilize those savings into farms and rural enterprises. During this session, the project implementing partners will discuss the tools and methods necessary for developing inclusive remittances, the project's accomplishments, and the challenges that still need to be addressed in order to make inclusive remittances more accessible and effective. Read more about the forum stakeholder events the GFRID 2018 Agenda.

Are you making logistical arrangements for the GFRID 2018?
Find the information note here.
For further information, please contact us at: 

registrations@gfrid2018.org | info@gfrid2018.org
Kuala Lumpur office: +603-2691-6545 | Rome office: +39-06-5459-5066
 
 
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