UN-Backed Awards Scheme Seeks Startups in Cross-Border Money Transfer Innovation


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A United Nations backed initiative, the Remittance Technology Awards (RemTECH) is looking for cross-border payments pacesetters seeking to positively impact the industry, said the orgainisers in a statement released last week. 

The initiative is aligned with the Global Forum on Remittances, Investment and Development, which takes place in Kuala Lumpur, Malaysia on May 8, 2018, where the awards will be presented. The objective is to raise awareness and promote dialogue and cooperation between governments and entrepreneurs on how migrant remittances contribute to world economic development.

According to the organizers of the event, which has recieved backing from the World Bank, as well as the UN Department of Economic and Social Affairs, virtual currencies now represent a fifth of all international money transfers.

RemTECH Awards Director, Hugo Cuaves-Mohr, estimates that volumes of personal and business international money transfers sent using virtual currencies hit USD 182 billion in 2017, nearly a fifth of the total USD 1.03 trillion international transfers conducted by the industry.


The World Bank estimates that remittances to low and middle-income countries, alone, will grow by 3.4 percent in 2018, to USD 466 billion. India remains the biggest center for remittance flows, with a total of USD 65 billion expected this year, followed by China, the Philippines, Mexico, and Nigeria.

In the past years, remittances have shown to be more stable than private capital flow into low and middle-income countries, according to the statement.

Highlighting the key role of the technology within the mission, part of the awards voting process will be scored using a blockchain-based platform, developed with Horizon State technology and in collaboration with Yokip Consulting, according to the statement. The blockchain tally will verify that the voting occurred independently and provide an auditable account of the scoring, while keeping votes anonymous.

The organizers are calling for submissions on groundbreaking products, services, research, and projects in international payments. The closing date for submissions is 30 March, 2018,

Website link: https://remtech.org/

About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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