Latest news with #remittances
Forbes
9 hours ago
- Business
- Forbes
How Blockchain Is Reshaping Commerce, One Wallet At A Time
Jamie Elkaleh is the Chief Marketing Officer at Bitget Wallet. In the world of shopping, blockchain is emerging as an undeniable game changer; from enabling faster, borderless payments to reducing fees and improving transaction efficiency, the possibilities are endless and exciting. One of blockchain's most remarkable capabilities is facilitating true democratization, empowering businesses and individuals: Web3 provides merchants with lower costs and eliminates reliance on banks, offering relief from geographic, political and regulatory complications. It functions transparently; everything is available on a public ledger, allowing businesses and consumers a clear view for navigating the digital economy. It creates access to digital-first customers, as well as an opportunity to "bank the unbanked," helping those traditionally excluded from financial services due to restrictive requirements. Blockchain wallets are no longer just a more sophisticated version of electronic money. They serve an array of real-world purposes beyond just storing assets: Users can earn interest, shop and send instant, low-cost borderless payments—especially for remittances, which are growing rapidly worldwide. With Web3 and blockchain, transactions that used to take days and involve high fees can now happen in seconds with much lower costs. Blockchain is opening a world of user-friendly payment alternatives that challenge traditional financial systems—offering solutions that are cheaper, faster and more accessible. Reducing Barriers To Entry Of course, there are obstacles to inclusion. One of the biggest is the technological learning curve. That's something our company is actively working to address by providing educational resources in local communities. Even with traditional banking, accessibility is an issue. More and more high-street banks are closing down, and the days of walking into a branch and speaking to someone in person are disappearing. Everything is moving online and becoming automated, or shifting to rely on AI chatbots. Consequently, we counter the argument that blockchain is 'too complicated' by asserting that even traditional finance is becoming harder to navigate for certain demographics. We believe strongly that putting technology directly into communities and making it as easy as possible to use is both a business and ethical imperative. Creating pathways for the comprehension and use of blockchain technology allows companies not only to expand their user base but also to help these users (for instance, by minimizing issues like chargebacks, since blockchain transactions are transparent and verifiable by anyone). Companies whose business is blockchain should consider the fact that in order to gain maximum buy-in, it's essential to upskill and educate users—particularly those in local constituent communities—on how blockchain can empower their daily lives. The mission cannot be merely about introducing people to 'your' proprietary technology; rather, it should be viewed as providing them with tools they can actually, meaningfully use for their own financial betterment. For our company, this has meant not just working with individuals but also onboarding merchants, so they can learn to accept digital payments and, in doing so, realize a huge gain (eliminating high banking fees, streamlining operations). By educating them, we're helping them increase profitability and expand their customer base. We believe this education is part of our role; our success relies on users understanding the potential of these solutions. Revolutionary Trust And Accessibility One of the reasons it's so important that individuals and merchants understand blockchain is that it has changed commerce dramatically—particularly the way people shop. Blockchain enhances trust between producers, merchants and consumers. Companies like Walmart and IBM are already using enterprise blockchain solutions to track their supply chains internally. The next step is making that information public—allowing consumers to verify a product's entire journey from production to purchase, allowing them to assess everything from freshness to authenticity to ethical sourcing. Blockchain is bridging the gap between digital currencies and everyday shopping. Millions of people worldwide already own digital assets; now, thanks to new infrastructure, they can spend them seamlessly, with some high-street banks now accepting digital currency deposits into traditional banking applications. Increasingly, companies at the vanguard want to take things a step further, enabling users to shop directly with their digital assets. They can use digital currency-backed payment cards, earn interest like a regular bank account, access cashback rewards and even take advantage of installment plans. Now, with integrations like Apple Pay, digital payments are becoming just as straightforward as traditional banking methods—something that wasn't possible in the recent past. Best Practices For Implementation One major challenge we've been grappling with is the stigma around Web3 and blockchain technology. Unfortunately, we've recently seen senior global leaders publicly discussing the space in ways that don't always align with its core principles. Web3 isn't just about speculation or meme coins; there are incredible builders in this space solving real-world problems with blockchain, such as providing financial access to millions of people who have been excluded from traditional banking systems. The focus should be on tangible solutions and real-world utility rather than just the headlines. For business leaders who are new to blockchain-based payments, we have some recommended best practices: 1. Start with pilot programs. Test blockchain integrations on a small scale before full implementation. Learn from the process and build solutions tailored to your organization's needs. 2. Educate and train your teams. Employees should understand both the opportunities and the risks of blockchain. Reducing resistance and increasing capability through education will ensure smoother adoption. 3. Acknowledge the stigma. There's no denying that digital currency, Web3 and blockchain still carry a certain air of disrepute. Breaking that down through transparency and education is important to diminishing that sensibility. 4. Respect regulations. Having a strong legal team ensures compliance and reduces risk, even in strict regulatory environments. 5. Focus on scalability. Any blockchain solution must be able to handle growth efficiently, or why bother? 6. Partner with experienced providers. While no one is a true 'expert' in such a rapidly evolving space, working with trusted, knowledgeable partners is essential (and can help sidestep many rookie mistakes). The Benefit Of An Open Mindset One of the difficulties faced by many blockchain startups (which we've dealt with several times, in our organization) is not yielding to the pressure to scale as quickly as possible. We have to remind ourselves sometimes that there's a benefit to prioritizing education and growing the wider space. We also strive to maintain an open mindset. We acknowledge that we exist in a space wherein competitors are aiming to do similar things to what we do; we have to remind ourselves that if a user comes in, likes the technology and then chooses to go with one of our competitors, that's still a win for the space as a whole. Obviously, we believe in our product and our services and hope that users will recognize the value we provide. However, the key to driving mass adoption is not just having people purchase your proprietary solution but encouraging people to explore and use the technology more broadly. If people engage with Web3, have a positive experience and share that experience, the entire ecosystem wins. Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?
Times of Oman
13 hours ago
- Business
- Times of Oman
India records $13.5 billion current account surplus in Q4-FY25
Mumbai: India's current account recorded a surplus of $13.5 billion (or 1.3 per cent of GDP) in the January-March quarter of 2024-25 as compared with $4.6 billion (or 0.5 per cent of GDP) in the same quarter of 2023-24, RBI data showed Friday. Reportedly, the country's current account posted a surplus for the first time in four quarters. In the October-December quarter of 2024-25, the current account was in a deficit of USD 11.3 billion (1.1 per cent of GDP). Merchandise trade deficit, at USD 59.5 billion in Q4 2024-25, was higher than USD 52.0 billion in Q4 2023-24. However, it moderated from USD 79.3 billion in Q3 2024-25. Net services receipts increased to USD 53.3 billion in Q4 2024-25 from USD 42.7 billion a year ago. Services exports have risen on a year-on-year basis in major categories such as business services and computer services. Net outgo on the primary income account, primarily reflecting payments of investment income, moderated to USD 11.9 billion in Q4 2024-25 from USD 14.8 billion in Q4 2023-24. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to USD 33.9 billion in Q4 2024-25 from USD 31.3 billion in Q4 2023-24. In the financial account, foreign direct investment (FDI) recorded a net inflow of USD 0.4 billion in Q4 2024-25 as compared to an inflow of USD 2.3 billion in the corresponding period of 2023-24. Foreign portfolio investment (FPI) recorded a net outflow of USD 5.9 billion in Q4 2024-25 as against a net inflow of USD 11.4 billion in Q4 2023-24. In the entire year 2024-25, India's current account deficit, at USD 23.3 billion (0.6 per cent of GDP) was lower than USD 26.0 billion (0.7 per cent of GDP) during 2023- 24, primarily due to "higher net invisibles receipts." Net invisibles receipts were higher during 2024-25 than a year ago on account of services and personal transfers, RBI said. Aditi Nayar, Chief Economist and Head - Research and Outreach, ICRA Limited, said, "While the current account balance expectedly reported a seasonal surplus in Q4 FY2025, the size of the same overshot our expectations, amid a surprise dip in primary income outflows in the quarter. This led to the unexpected narrowing in the CAD to 0.6 per cent of GDP in FY2025 from 0.7 per cent in FY2024." "Amid expectations of a widening in the merchandise trade deficit as well as a moderation in the services trade surplus in Q1 FY2026 vis-a-vis Q4 FY2025, we expect the current account to revert to a deficit in the ongoing quarter, printing at 1.3 per cent of GDP. We foresee India's current account deficit to average 1 per cent of GDP in FY2026, assuming an average crude oil price of USD 70/barrel for the fiscal, which is eminently manageable in spite of the prevailing global uncertainties," added Nayar. In another news, the Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announced today that the quantum of total market borrowings by the State Governments/UTs for the quarter July - September 2025, is pegged to be Rs 2.86 lakh crore.
Khaleej Times
16 hours ago
- Business
- Khaleej Times
UAE: No free remittances for Emirates NBD customers from September
Emirates NBD on Friday said that it will implement a fee for international transfers made via the app or online banking. In an email sent to customers, the major bank said that starting September 1, 2025, customers will be charged Dh26.25 for remittances, including those done by DirectRemit. DirectRemit is a digital money transfer service that allows Emirates NBD customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds. Remittances through this service are currently charged Dh0 in fees, as can be seen below: The bank will also be charging a fee for cancelling local or international transfers. Here's the updated list:
Bloomberg
2 days ago
- Business
- Bloomberg
Crypto Platform Kraken Plans to Launch Competitor to Venmo, Block's Cash App
Crypto exchange Kraken is developing a financial services app targeting remittances and payments, further diversifying the company's revenue streams ahead of a potential stock market debut. The new app, named Krak, will allow businesses and consumers globally to send and receive both crypto and traditional currencies across borders at little to no cost, Kraken said in a statement Thursday. At launch the app will support more than 300 assets, but will operate in a partially closed system where customers can only send cash to other Krak users or withdraw to their own bank account.
Malay Mail
2 days ago
- Business
- Malay Mail
Migrant-funded dreams: How Kyrgyzstan is growing on foreign wages
BATKEN (Kyrgyzstan), June 26 — In a remote town in southern Kyrgyzstan, teacher Nur Akhmatov watched workers building a library, conference hall and women's sports centre — construction mostly funded by Kyrgyz emigrants sending money home from Russia. The project in Batken is a snapshot of how important emigrant labour has become for economies across Central Asia. The flow of remittances to the region came in at record amounts last year, according to World Bank data. An all-time high of US$3 billion (RM12.67 billion) flowed into Kyrgyzstan from migrant workers living abroad, accounting for around 25 per cent of the country's gross domestic product. In neighbouring Tajikistan, the US$6 billion made-up almost half its GDP — the highest level in the world. Uzbekistan, the region's most populous nation, received US$14.8 billion — 14 per cent of GDP. 'When I worked in Moscow, I donated 300 som (RM12) a month,' said Akhmatov, who is supervising the construction of the building in his home village. He said some 1,500 migrants recently contributed to build a new school in Batken, where the average salary is around US$235. A new sports centre is a particular source of pride for teacher Abazbek Abdinabiyev. 'Children would play in the dust ... now we have this, and a pitch,' he told AFP, showing off the bright blue and yellow indoor sports court. 'The contribution made by migrants has been enormous. Despite being far away, they have all helped to ensure that their children and brothers could have this opportunity,' Abdinabiyev told AFP. In a remote town in southern Kyrgyzstan, teacher Nur Akhmatov watched workers building a library, conference hall and women's sports centre — construction mostly funded by Kyrgyz emigrants sending money home from Russia. — AFP pic 'Duty of every citizen' Local currencies have slipped against the Russian rouble in recent months, pushing up the spending power of what migrant workers send back. The Kyrgyz government estimates that without remittances, the country's poverty rate would shoot up from 29 per cent to 41 per cent. Unable to fund such projects alone, governments encourage the contributions. 'Beautifying the country is the duty of every citizen,' reads a government banner stretched over the road in Mehrobod, northern Tajikistan. 'Each district is trying to solve its own problems: getting our children into school, keeping the streets clean and well-maintained,' said villager Abdukakhor Majidov. Around him, crews on rollers and with shovels were levelling the ground ahead of tarmacking. A new school and bridge were already completed last year. 'As soon as one street is repaired, we move on to the next,' said Majidov, who handles fundraising. Workers build a library, conference room and sports hall for women, funded by contributions from Kyrgyz migrant workers abroad. — AFP pic 'Less emigration' But leaving for Russia has lost some of its appeal since Moscow invaded Ukraine in 2022. While Russia's arms factories are booming and job opportunities are plenty, many fear being sent to fight in Ukraine. Around 20,000 Central Asian migrants who received Russian citizenship are already serving in the army, Moscow said last month. The recruitment triggered a backlash among Russia's traditional allies in the region. Without specifying what he was referring to, Tajik President Emomali Rakhmon has expressed concern about the 'hundreds of repatriated coffins' coming back from Russia, filled with those who had left 'to earn bread for their families'. There has also been a surge in anti-migrant sentiment in Russia following the arrest of four Tajiks as the suspected perpetrators of the 2024 massacre at a music venue outside Moscow, Russia's deadliest terror attack in two decades. Alongside a spike in violence and street harassment, Moscow passed laws making it easier to expel migrants. Kadyrbek Tashimbekov, 29, is among the 300,000 Kyrgyz who have left Russia — willingly or by force — between 2023 and 2024, according to Bishkek's statistics. The exodus accounts for more than half of all Kyrgyz migrants who were living in Russia. 'I was expelled after working there for eight years,' he told AFP. Now he operates the crane picking up the beams for the frame of Batken's new school. Kyrgyzstan President Sadyr Japarov has pledged to encourage labour migrants back to the country. Meanwhile locals hope to use their funds to boost living standards at home and break the cycle of emigration. The three former migrants that AFP spoke to — Abdinabiyev, Akhmatov and Tashimbekov — all said salaries were growing at home and do not plan to return to Russia. 'We are building this with the hope that if we have such centres, we will train them in the right professions, guide them,' said Akhmatov. 'And maybe there will be less emigration.' — AFP
