Genxzine january-01-2013
0 likes228 views
1) EastNets Remittance has expanded its en.MoRes mobile remittance platform to include Nepal through a partnership with Qtel, allowing over 200,000 Nepalese in Qatar to transfer money to Nepal. 2) Payza has launched a new service called Simply SendBD to facilitate money transfers to Bangladesh, enabling Payza members to send money regardless of account ownership. 3) According to the World Bank, India was the top recipient of migrant remittances in 2012, receiving $70 billion, followed by China with $66 billion.
Genxzine january-01-2013
- 1. EN. MORES MOBILE REMITTANCE.................... 1 January-01 GenXzine-02 2013 PAYZA LAUNCHES NEW SERVICE IN BANGLADESH ................ 1 REMITTANCE ON GROWTH IN BAHRAIN ...................... 2 ETHIOPIA FALLS AND INDIA TOPS IN REMITTANCE ........ 2 En.MoRes Mobile Remittance Platform expands Coverage to Nepal More than 200,000 Nepalese in Qatar to benefit from secure, affordable mobile covering almost all cities and suburbs by approximately 2400 p payment locations. It is our focus financial service mission to provide convenient, accessible, affordable and secure mobile financial services EastNets Remittance, a leading global provider that will benefit the large expatriate population in of Mobile Remittance Solutions, has announced the GCC and around the world. en.MoRes is that it has expanded its service coverage to therefore pleased to announce the la launch of the include Nepal through its partnership with Qtel, new mobile remittance service to Nepal in the leading international communications head collaboration with Qtel. We are fully committed to quartered in Qatar. With Nepal now part of the continue to expand the scope of our services to en.MoRes network coverage, customers can allow more people to enjoy the true benefits and use the Qtel Mobile Money service to transfer advantages of the en.MoRes technology platform, platform, money to Nepal, benefitting more than 200,000 said Hazem Mulhim, CEO, EastNets Group. Nepalese who reside throughout Qatar. The easy, safe and convenient money transfer en.MoRes interconnects global Mobile Network service offers a 24/7 facility to transfer funds Operators (MNOs) to a financial community of more instantly to Himalayan Bank, which provides than 10,000 banks via the SWIFT worldwide financial instant connection to 2400 payment network messaging network. It obtained the SWIFTRemit and a/c credit to 32 major commercial banks in conformance label in 2011; t SWIFTRemit is the Nepal. Himalayan Bank is the first and only designed to support financial institutions' needs for bank in Nepal to be certified for SWIFTRemit. low low-value, cross-border person-to-person payments - Himalayan Bank has pioneered to render rem -- otherwise known as remittances ittance service in Nepal since its establishment in 1993. The bank has its proprietary remittance service branded as HimalRemit. Payments sent through en.MoRes network are paid through HimalRemit system in Nepal. The bank has the largest remittance payment network in Nepal Payza Launches New Service to Facilitate Money Transfers to Bangladesh Payza has announced a new service, Simply SendBD, to facilitate money transfers to Bangladesh Bangladesh. This new low low-cost, convenient and fast online service will enable Payza members to send enient money to friends and family in Bangladesh, regardless of whether or not they have a Payza account. Earlier this year, Payza became the first online payment processor to be licensed by the countrys central bank, Bangladesh Bank. According to the banks countrys estimate, there was more than $14 billion in remittances that entered the country in 2012.
- 2. Ethiopia: Remittance Industry Fails Poor India top recipient BY ISMAIL AHMED ISMA ISMAIL of migrant remittances in 2012: World Bank Remittance industry in Remittance market in This is hardly India was the top Bahrain on a growth path Africa has for too long been surprising, given that the recipient of migrant said UAE country head. monopolized by companies existing arrangements remittances in 2012, imposing inordinate fees that are, according to a new report benefit both Western Union Bahrain economy in 2012 on average, three times those released by the World Bank. and their correspondent is witnessing a growth in the eyes charged on remittances to Asia. According to the report, India banks. received $70 billion as of the remittance agencies, said the They combine a pricing structure Country Head of the UAE migrant remittances in one that imposes extortionate This long-term remittance term Exchange, Deepak Nair. He told year, followed by China with minimum charges with malpractice has meant the $66 million. the Bahrain News Agency, that this consistently poor services. stently growth has also much to do with cost of sending money to The officially recorded the forward movement of the Africa has remained high. remittance flows to This has its roots in Western According to the World Bank, developing countries are economy. The construction industry Union's early activities on the in 2011, the average cost of estimated to have reached is re-emerging and an indicator of that is the increase in labourers, he African continent. As the first sending money from Ghana $406 billion in 2012 - a added. Projects that remained in formal mover in the money growth of 6.5 per cent over to Nigeria was 38.94pc of the limbo are now gathering steam and transfer market, it worked to 2011. These figures are send amount, and it was as t expected to rise by 8 per with that has come the rise in establish long long-standing much as 47.24pc, between labour employees, said Nair. exclusivity agreements with all cent in 2013 and 10 per cent Tanzania and Kenya. In in 2014 to reach $534 billion Indicators point to a positive growth major African banks and monmoney of the countrys economy, he contrast, the cost of sending in 2015. he other top transfer agents, barring them money from Malaysia to the recipients were the added. We launched the Smart from working with competitors. Pay, a new offering that benefits Philippines is less than three Philippines ($24 billion), the labourers. In Smart Pay percent. Mexico ($24 billion), and Such exclusivity agreements Nigeria ($21 billion). The companies pay us the lump sum amount at the end of each month have propelled Western Union to Companies working in remittance amounts to and the labourers or employees of a near monopoly monopoly-like position, in developing countries are remittance need to become such companies can visit any of the key African corridors, and have reportedly now more than increasingly customer- customer UAE Exchange branches and prevented competitiveness within three times that of official focused. When we start to development assistance. withdraw their salaries, said the the industry. In spite of look at the needs of those country head. The benefit of this The report also stated that success successful campaigns, on the transferring money to Africa, scheme, he said, is that they can the US Remittance Transfer part of African Diaspora groups, what becomes clear is that Rule, which will be imp - withdraw the amounts and remit the which have resulted in the same immediately to their accounts migrants, particularly those lamented in February 2013, banning of exclusivity clauses by earning a weekly wage, will increase transparency for back home. Projects are emerging, African governments, progress prefer to send smaller consumers and thereby which is expected to bring in business. The growth for now is has generally been very slow. amounts of money more market competition. happening in select pockets of the Among the developing frequently. service industry. The trickle down In West Africa, for instance, country regions, South Asia effect is sure to happen, he added. regulators have been particularly and Middle East and North successful in breaking down the At present, exorbitant African saw the strongest While the remittance industry is one minimum fees, which can be area, another is the mobile phone barriers, created by Western growth, driven primarily by Union's near near-monopoly position. as much as half of the he strong economic activity in segment, where the numbers are said to be moving on an upward Despite signs that the markets transferred amount, leave the Gulf countries, said the spiral, said the country head of the are opening up, however, and migrants with little choice, report. UAE Exchange. As for the that competition is finally but to wait until the end of The World Bank report exchange itself, our business has beginning to flourish, in some the month to remit stated that the US is the seen a 65 per cent growth year African remittance corridors, comparatively large largest recipient of migrants over year, he added and quipped banks and other financial se service from developing countries as amounts, typically values that the curve was not yet dipping. providers have been slow in well as the largest sender of greater than 200 dollars. The exchange house now plans to entering into new relationships remittances. It claimed that enter the Adliya market by end of with money transfer companies the US economy has August, he added. offering lower fees. resumed growth, although still modest, after shrinking in 2008 and 2009.
- 3. zs GenX Solutions Solutions- GENX Software Services SOLUTIONS: Simplifying Technology at work for you Business Remittance & ERP Software AML/KYC Software Our ERP Software is At GenX, Our an Enterprise Resource Software Solutions suits Planning (ERP) platform that banks and financial unifies your entire institutions that specialize in organization onto one foreign exchange, money integrated business software Set-up analysis & markets and payments. It is suite. The real-time flow of recommendations an end-to-end solution fully end information with customers, Documentations-Manuals & Alternative Payments integrating e e-Banking, e- suppliers and your employees Policies, Web Content, Systems Trading and the frontfront-office is made simple and efficient Company Profiles Etc. At GenX Solutions, We into a single unified giving you the power to Liaison Services Sending provide state of art solutions operating core platform that optimize your business Agents, Receiving Agents, for online payments, mobile addresses all aspects of your performance.ERP Software is a Banks & Money Products payments and issuing prepaid enterprise. complete solution that Trainings-Remittance, cards. The ability of our software to combines business functions handle multiple product lines Software, AML/KYC, Our prime products are: into one easy to use with enterprise enterprise-wide reach Customer Service, Basic application. This minimizes Prepaid Card combined with the capability ned Forex, etc. data redundancy and allows Mobile Wallets to port data from multiple Software Remittance, fluid information and process- makes us complete AML AML/KYC, ERP, Alternative Payroll Processing flow throughout your Solution. The breadth and Payment Systems. Transfer to card organization increasing depth of the risk risk-based AML Web Integration Services. productivity and control. Program compliance engines, business modeling and reporting will Designed to handle the Management sophisticated requirements of enforce your compliance Web Payment policies and procedures and organizations that operate in the global marketplace, the GENXZINE portals. will enforce a stron AML strong regime. Available in SAAS . solution is multi-currency and EDITOR and Licensing Options. multi-language enabled. MS IRAM SALEEM DIRECTOR OPERATIONS & COMPLIANCE Wishing You All A Happy, Prosperous & Prolific New Year 2013 For more details contact: GenX Solutions support@genxsolutions.in www.genxsolutions.in