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/
- Civil Wants to Make News More Ethical - July 23, 2018
- GeTS Links ASEAN and China with Cross Border Trade Blockchain - July 20, 2018
- A SVPER Secure Instant Video Dating Network - July 20, 2018
- Change Launches Mobile App for Fee-Free Crypto Trading - July 20, 2018
- IAB Tech Lab Lifts Veil on Digital Advertising Potential - July 19, 2018
- Grid7 Gets $1 Million DOE Grant for Decentralized Energy Grid - July 19, 2018
- Seth Shapiro’s Blockchain TV Platform Wants to Improve on Netflix with “Proof of Engagement” - July 19, 2018
- Korean Fund Hashed Backs Ad Platform XCHNG - July 18, 2018
- TaTaTu is Giving Away $50 Million in Tokens - July 17, 2018
- CoinFlip Adds Dash to US Crypto ATM Network - July 17, 2018
- UK Can Become Blockchain Leader by 2022: Report - July 17, 2018
- Tezos Offers Innovation Grants for Platform Projects - July 16, 2018
- Content Protection Platform Typerium Files Patents - July 16, 2018
- 4NEW is Mining Crypto with Waste Power - July 16, 2018
- Fujitsu’s Business Analysis Service Offers Speedy Crypto Project Review - July 13, 2018
- Binance Backs Malta’s Decentralized Founders Bank - July 13, 2018
- Self-Regulation is an Option for Crypto Exchanges: AEI - July 12, 2018
- Pundi X Puts POS in Hong Kong Restaurants - July 12, 2018
- TokenPay Strikes Deal With Litecoin to Buy Stake in WEG Bank - July 12, 2018
- ConsenSys Joins Blockchain Consortium to Disrupt Mineral Trading - July 11, 2018