Catalysts for Financial Inclusion: Remittance and Digital Finance
An animated, fact driven discussion on remittances was held in one of this event’s breakout sessions. Asian Development Bank Senior Investment Specialist Sabine Spohn hosted the panel that featured KlickEx Executive Chairman Robert Bell, DMA Asia Pacific Director Jonathan Capal, and Commission on Filipinos Overseas Chairperson Imelda Nicolas.
With over 250 million people living outside their countries of birth and a remittance flow of estimated $431.6 billion in 2015, safe and affordable remittances remain very relevant. Since average transaction cost is still 7.5% of transaction amount, digital channels will further support reduction of costs.