Harnessing Digitization for Remittances in Asia and the Pacific

Description

This report looks at the benefits of digitization for remittances in Asia and the Pacific.

Remittances are considered a lifeline of developing countries and are especially vital for migrants and their families. Digital data technology can help alleviate many of the „pain-points“ in the remittances industry. For example, it can significantly enhance the convenience, speed, security, and affordability of sending and receiving remittances. The report discusses the importance of remittances in Asia and the Pacific, the key challenges faced by the industry, and the impacts of the coronavirus disease (COVID-19) pandemic. It also includes country case studies that demonstrate the benefits of digitization and makes recommendations on how the digitization of remittances across the region can be further advanced.