For IMTC WORLD in Miami this past November, I decided to present my estimates on the size of the international Money Transfer and X-Border Payments industry, coming to a figure of approximately 1,025 billion USD, based on private communications with industry players and my own analysis (INFOGRAPHIC). The estimate starts from the 600B estimated by…
Co-Chair Olivia Chow reflects on The Blockchain Series (TBS) pilot at IMTC WORLD 2017 in Miami A lot has changed since IMTC Director Hugo Cuevas-Mohr invited Roger Ver, the so-called Bitcoin Jesus, to the IMTC in Miami in 2012, just five years ago. He debated Arun Sharma professor at the University of Miami School of…
QUÉ NOS DEJÓ EL 2017 y cómo vemos a la industria en el próximo año. En un breve resumen escrito según mi perspectiva, voy a recorrer cuatro principales acontecimientos que vivimos en la Industria durante el 2017 y presentarles lo que podemos esperar para el 2018 con el fin de, en conjunto, mantener las empresas del…
On November 15th, the Financial Services Advisor, a Newsletter published by The Interamerican Dialogue, a Washington, DC think tank where well-known remittance expert Manuel Orozco is the Director of the Migration, Remittances and Development Program, has published a Q&A entitled What Is Driving Remittances to the Region? where Manuel and several colleagues – including myself, most obliged,…
We thank our colleague Carlos Grossman, for the report out of Chile where the Antimonopoly Division of the National Economic Prosecutor Office (División Antimonopolios de la Fiscalía Nacional Económica – FNE) reports the investigation that took place after an August 2015 complaint by a Forex Firm denouncing seven banks of denying the opening of a…
As you recall from the earlier blog, there are many reasons for MSBs to be cautiously optimistic: new banks are opening with a focus on various types of MSBs, regional and community-based financial institutions are gearing up to perform appropriate due diligence on potential clients, online firms who do not require branches for deposits are…
Let’s first remember. In April 15, 2017, Alibaba’s financial affiliate Ant Financial (Ant) agreed to purchase MoneyGram International, Inc. (MGI) for $18 per share. Ant, which is controlled by the famous Alibaba CEO Jack Ma, increased its price from $13.25 to $18 after RIA’s Euronet put in a bid for $15.20. In order for the…
Key positive developments in banking for MSBs It’s been a bleak period for money transmitters over the past several years. The specter of derisking —that business-killing policy of many banks in the US and globally—may be disappearing. At least in the US where other entities are stepping up. Our colleagues in other parts of the…
I am going to venture myself to write this article on Compliance, with the disclaimer that I am not a compliance professional and that the idea behind this is to get compliance colleagues to comment and compliance officers to pay attention. Talking last week to a fintech company about their payment processing services in Mexico,…
On Friday, September 22nd, we closed our first Africa Conference. As I mentioned to all participants, the whole process of developing the conference was, from the start, an uphill race, surmounting obstacles and convincing sceptics. But just days before the event, the pieces of the puzzle came in together and a bright and inspiring panorama…
De-risking was an acute illness for the Caribbean financial sector in 2015 and 2016. In 2017, the height of the fever has broken, but the patient is still sick. Though correspondent banks in developed countries are no longer dropping services to Caribbean banks at a rapid pace, the region’s economies remain encumbered with a residue…
Daniel Trías, Consultor y especialista en comercio exterior, banca, finanzas y remesas familiares, fundador de DT Consultoría y Miembro del Consejo Asesor de la IMTC y quien ha acompañado las Asociaciones del Cono Sur en sus reuniones, sus iniciativas para buscar soluciones al De-Risking, como la creación de la CIASEFIM, nos entrega este Documento titulado:…
How De-Risking is changing the face of Financial Services worldwide In July 6th & 8th the Economist published two articles that, again, raised the de-risking threat discussion to new levels. The July 6th article was entitled “The great unbanking [1] – Swingeing fines have made banks too risk-averse – It is time to rethink anti-money-laundering…
Los migrantes mexicanos en los EEUU son los mexicanos de primera clase. Es en general la población tomadora de riesgos, trabajadora, que tiene un diferente Work Ethic, aun con respecto a los propios trabajadores americanos promedio. Le dan un valor diferente al esfuerzo y la remuneración que por dicho esfuerzo perciben. Algunos son verdaderos emprendedores…
Leon is a seasoned expert and business leader in the payments, remittances and money transfer industry. He has over 25 years hands-on experience and since 2007 has led DMA, Developing Markets Associates, a development consultancy based in the UK that provides a broad range of services that helps to mobilise funds into developing markets. Leon…
How the financial crisis, the evolution of Banking and Unbanking and the rise of technology in financial services are all connected The financial crisis and the rise of technology in financial services, that has led to an increase in the importance of NBFIs (Non-Bank Financial Institutions) in the provision of financial services, has created a…
The more I learn about money transfer comparison websites, the more I am fascinated by the results that they provide. And they are getting better and better, and they are each finding a way to present their information and develop their own character. Are they being used by end-users? Who, how? Are they been used…
Last week, The Global Knowledge Partnership on Migration and Development (KNOMAD1) published its Migration and Remittances Brief #27 (April 2017) prepared by Dilip Ratha, Supriyo De, Sonia Plaza and the rest of the team2 of the Migration and Remittances Unit of the Global Indicators Group of the World Bank. As I mention in the IMTC conferences,…
A new trend is ready to reinvigorate the remittance industry The International Money Transfer & Payments industry has always relied on a large network of brick & mortar agents, both in the sending side of a corridor as well as in the receiving side. It is more true in the sending side, where mom & pop…
In the process of building the RemTECH Awards http://bit.ly/RemAwards1 and asking ourselves what innovation in the remittances industry meant, I searched the internet and talked to colleagues, both in the traditional financial services sector, bank and non-bank, as well as in fintech start-ups. I began with fintech and what is truly interesting is that there…
(update) MoneyGram and Ant Financial Services Group announced on April 17 that the companies have entered into an Amended Merger Agreement under which MoneyGram will merge with Ant Financial. Ant increased the offer price from $13.25 per share to $18.00 per share in cash (The transaction is valued at approx. $1,204 million). The operation will…
Never before in an IMTC Conference we have had so many representatives from such a large number of sectors of society: politicians, ex-politicians, researchers, academics, pollsters, migration specialists, opinion makers, journalists, social workers, representatives of NGOs, cooperatives, “Cajas” (community banks), workers’ banks, entrepreneurs, remittance companies directives and commercial bank executives. I think that three factors…
Stories from the startups on the front lines from Luis Buenaventura Luis Buenaventura and his team at Bloom are passionate pioneers of the Bitcoin remittance industry as well as its most enthusiastic observers, and this book is their contribution back to this growing community. Luis has spent the last few years focusing exclusively on cryptocurrency…
Update – February 16, 2018 ; New Bill in Oklahoma and Nebraska – Contributed by the MSBA Georgia & Iowa move to leverage a tax on remittances – Financial Institutions are reacting In a previous blog (in Spanish), posted in the midst of the many reporter calls, especially from Latinamerica (driven by the anxiety over the…
THE FIRST AWARDS TO BRING FINTECH INNOVATION ON REMITTANCES FORWARD Selection is now open to the RemTECH Awards!. Nominees will be announced at the IMTC USA 2017 in San Francisco on June 13 and winners will be announced and awarded at the Global Forum on Remittances, Investment and Development at the GFRID2017 in New York…
Hace casi 10 años escribí este poema titulado “encontrando espacio” que fue publicado en mi libro de poesía “más allá del mar” de 2008. El compositor italiano Massimiliano Agelao creó una canción titulada “vamos llegando” que fue grabada y presentada por un grupo joven de músicos y cantantes en Colombia llamado Grupo Musicalizando. La canción y…
Después de una serie de entrevistas a los medios un par de semanas atrás, en un viaje a Guatemala, me di cuenta en un momento que estaba siendo testigo de un cambio en la percepción pública de las remesas que no había captado antes. Respondiendo una por una las preguntas de los periodistas, era incuestionable…
“It is the migrant, most of the time forgotten, who is sustaining the economy”
Diario La Hora – Guatemala – Jan 20, 2017
Hugo Cuevas Mohr, director of IMTC (International Money Transfer Conferences), has worked for years advising bank and non-bank institutions on international money transfers, payments and remittances. In preparation for the IMTC regional forum that will be held in Antigua, Guatemala in March 8-10, he visited the country to talk about migration and remittances, in a moment where the appointment of Donald Trump as President of the United States has brought the subject to the foreground.
Cuevas-Mohr warned that countries in the Central American region and Mexico should not wait to take preventive measures that could protect migrants should US authorities push for legal changes that affect them.
“Es el migrante, muchas veces olvidado, el que está financiando toda la economía”
Diario La Hora – Guatemala – Ene 20, 2017
Remesas se incrementaron por incertidumbre tras victoria de Trump
Hugo Cuevas Mohr, director de IMTC (Internacional Money Transfer Conferences), ha trabajado durante años asesorando a empresas bancarias y no bancarias sobre los asuntos de transferencias de dinero y remesas. Previamente al foro regional de IMTC que se llevará a cabo en la Antigua Guatemala en marzo, visitó el país para hablar sobre migración y remesas en el contexto del nombramiento de Donald Trump como presidente de los Estados Unidos. Cuevas-Mohr advierte que los países de la región centroamericana y México no deben esperar para tomar medidas preventivas que puedan proteger a los migrantes en caso de que las autoridades estadounidenses impulsen cambios legales que los afecten.
Durante las primarias presidenciales republicanas del año pasado, Donald Trump expuso su propuesta de cómo forzar a México a pagar por el muro de 1,000 millas en la frontera entre Estados Unidos y este país. Los periodistas Bob Woodward y Robert Costa del Washington Post publicaron en Abril 5 de 2016 la noticia (http://wapo.st/2jbWHFn) en la cual Trump manifestaba su intención de amenazar a México con “cortar el suministro de remesas”. Trump envió en esta ocasión un memorando de dos páginas…
