Fintech Upholding UK’s Business Crown
With an increased focus in the Asian peninsula, fintech companies have followed the money trail into India, which happens to be the top global remittance destination according the UN, having received $62.7 billion in 2016.
Asia remains the main remittance-receiving region, with 55 percent of the global flows and 41 percent of total migrants. It is projected that an estimated $6.5 trillion in remittances will be sent to low and middle-income countries between 2015 and 2030.
Today, the UK’s leading Fintech companies are attempting to lead the outward transfer services from Asian markets, with India as the primary focus.
Xendpay, the world's First Pay What You Want money transfer company offers money transfer service across 205 countries, in 49 currencies and over 1,000 currency pairs. Xendpay is now launching its services in India, after having obtained approval to offer outbound remittance services from the Reserve Bank of India (RBI). This is a stringent process, as India has tough remittance laws. They will be launching their services in Q4 2017, which will further be complemented by its app launch at a later date.
RBI data shows that remittance from India to foreign countries has grown more than three times, a staggering $4bn, in the fiscal year ending March 2016. However, international money transfers through traditional banks and money transfer companies are expensive, inclusive of hidden fees and unfavourable exchange rates.
The timing of Xendpay's launch into India co-incides with India receiving a 30-point boost in the World Bank’s ‘Ease of Doing Business 2018’ report, ranking 100 and up from 130, further promising a supportive business environment.
