Global remittances represent one of the major international financial resources and a major source of revenue for the world’s poorest countries. Official remittances – remittances to developing countries – raised by 4.8% in 2017, reaching $450 billion. Global remittances, which include flows to high-income countries, raised by 3.9 percent to $596 billion.
The Global Money Transfer Summit is the most recognised conference in the money transfer industry and the place where X-border payment industry leaders gather to examine the areas that are having the biggest impact on the remittances. GMTS-Dubai 2018 will bring together a global network of innovators, disruptors and established participants in the remittance industry; all the stakeholders that are driving the world of the X-border payment industry and the financial services revolution in The Middle East, Central & South Asia and North Africa.
For the first time in GMTS, the potential of blockchain technology will be discussed. Cashaa, Ripple and Stellar have been invited to the GMTS-Dubai 2018 to discuss the future of the money transfer industry.
While Ripple and Stellar solutions are targeting large banks and could be an alternative to SWIFT, Cashaa is working on solving the problem of sending money to individuals. Cashaa was founded in 2016 by Kumar Gaurav, to demonstrate the power of blockchain technology in real-world use cases. Cashaa has been at the forefront of modernising how money transfer and payments for individuals and businesses are achieved. Cashaa’s banking wallet will enable anyone to store and send money to any card, digital wallet or bank account in over 200 countries, in local currency through its network.
Alongside Kumar Gaurav are discussants like Jonathan Fishman of the US Treasury, Naveen Gupta Ripple Managing Director(SEA), Nik Mohamed Din Nik Musa, Director of the Money Service Business Regulation Department in Bank Negara Malaysia. The conference also features Sebastian Plubins, Managing Director Europe, Middle East, Africa & South Asia, Ria Money Transfer, Nelson Irizarry, Chief Operating Officer at Paykii, Fred de Rooij of De Nederlandsche Bank, Annie Kumar, Managing Director and Co-founder of Nafex, Dilip Ratha from World Bank and several other speakers from central banks around the world.