Without any doubt, we demonstrated last year that Fintech had tremendous potential to challenge the entire finance industry. As the sector keeps growing, we take upon the challenge this year to show you that Fintech is not a mere sector, nor an epiphenomenon. It is a global transformation of the way we advise customers and also spend, invest, lend and send our money. This transformation arises, connecting Fintech services to one another, partnering with existing financial institutions and expanding internationally, in order to always benefit the consumers.
Remittance: Global remittances amount to $500 billion every year. The industry has grown by leaps and bounds; yet, for a consumer, there are several issues. There have been multiple issues in the past such as high transfer costs, limited money distribution methods, limited brand options, limited ways to deal with money, etc. The advent of new players in this space is redefining the solutions provided to these problems by this industry which was known to be mainly duopolistic in nature till a few years ago. Entrepreneurs have taken note of the market opportunity in this segment and are establishing remittance platforms making use of cloud, mobility, blockchain and other technologies and concepts.