The Remittance Innovation Awards (RemTECH Awards), whose aim was to showcase the most innovative and outstanding ideas, models and projects designed to improve remittance services worldwide, were announced at the GFRID 2017. Eleven companies, among which digital and online money transfer, cryptocurrency and FinTech companies, were awarded for their innovative business models and potential for promoting further impact in the market.
The following categories were used as guidelines to submit proposals and for the independent judging panel that was chosen to select the awardees.
• End-user experience
• Social impact
• Innovative agent solution
• Back-office solution (FX management/treasury)
• Social impact
• Business service/B2B-B2P-P2B
The judging panel was composed of independent experts and coordinated by the International Money Transfer Conference (IMTC).
• More than 50 applications received
• 36 final entries accepted and rated by the Judging Panel
• Close to 30,000 votes received in webpage – Voter’s Pick
• 11 Entries were chosen to receive Awards
• 10 Entries were chose to receive Mentions
The RemTECH Awards affirmed the important role of technology in achieving the SDGs. The applicants and judging panel represent the humble part of innovation: the incremental technology change that reduces risk and costs but does not receive much recognition. Moreover, their innovative solutions demonstrate the role of technology by facilitating connection and stability within countries and societies. Global applicants, awardees and their products represented a multitude of companies, all at different stages – from the concept stage to existing incumbents. The 2017 winning categories featured companies, groups, collectives or individuals whose groundbreaking solutions are improving transparency, speed, cost and reliability for the companies and endusers sending and receiving remittances every day.