Global Money Transfer Summit Press Release
Dubai, April 2018 – The Global Money Transfer Summit (GMTS), the most recognized conference in the money transfer industry, was held on April 29-30, 2018, in Dubai, where many speakers from various well-known money transfer industry leaders delivered speeches that tackled remittances, money transfers and banking services.
The two-day event, hosted by The International Association of Money Transfer Networks (IAMTN), brought together innovators, disruptors and established participants in the money transfer industry from around the globe.
The stakeholder driving the X-border payment industry and the financial services revolution in the Middle East, Central and South Asia and North Africa were together at GMTS.
At the event, it was announced that remittances, have fallen during 2016 and 2017 but are due to grow again in 2018. Remittances are a major source of revenue for the world’s poorest countries, and official remittances to developing countries have increased by 4.8% percent in 2018 compared to the previous year.
The increase reached $450 billion, whereas global remittances, which include flows to high-income countries, increased by 3.9 percent, reaching $596 billion this year.
The first day of GMTS 2018 discussed the future of remittances, migrants as not only remitters but also potential consumers of financial services, the role of the post offices in remittances, regional trends, and how block chain could change the world.
South Asia and MENA Managing Director at Ripple, Navin Gupta, was the key speaker during the first day while Lead Economist at the World Bank Dilip Ratha was the key speaker during the second day.
Remittance flows have grown five-fold in the past 15 years, dwarfing official aid and, by now, also foreign direct investment flows to developing countries excluding China, Mr. Ratha stressed during his speech.
The second day also saw a focus on mobile money transfer as well as access to banking services.
The participation of Shift Financial Services Ltd. was led by its marketing manager, Tarek Habahbeh, and the company's CEO, Abdullah Sahloul, who envisioned the development of industry trends in terms of money transfer and relationship building with major companies in Europe, the Middle East and the CIS countries Money across the world with the aim of increasing and developing money transfer services around the world.
Remittances play a very big role in the world’s economies and the Global Money Transfer Summit is a great opportunity to improve money transfer systems and banking services with the highest state-of-the-art tech in order to facilitate transfers for remitters around the world.
The advances in mobile technology could make mobile money transfers the easiest solution for remitters to send money to their home countries without any hustle, which could also allow better monitoring of transferred amounts to keep track of money sent and received on a global scale.