About RemitSCOPE – remittance markets and opportunities
RemitSCOPE, a new website portal, is designed to provide data, analyses and remittance-market profiles on individual countries. In coordination with the Global Forum on Remittances, Investment and Development (GFRID) RemitSCOPE will provide market profiles for 50 countries in the Asia Pacific region. The additional four regions will be included gradually: Africa, Latin America and the Caribbean, Europe, and Near East and the Caucasus.
RemitSCOPE intends to address the fast-changing market realities in the remittance industry in order to help bring together the goals of remittance families, as clients, and the strategies of the private-sector service providers.
RemitSCOPE is designed as a free, one-stop shop that is available to any organization or entity interested in accessing all relevant public information on remittances.
This information can help users spot gaps in the marketplace, attain a better understanding of the challenges and opportunities that each country offers, help develop business cases, profile best practices and provide contrasting examples of regulatory environments.
RemitSCOPE aims to provide information to a range of remittance industry stakeholders, as follows:
- For existing remittance service providers: Fintech entrepreneurs, potential new market entrants and other private-sector organizations, RemitSCOPE aspires to become a ready tool and reference point for decision-making purposes.
- For regulators: RemitSCOPE seeks to highlight comparative best practices along with a better understanding of opportunities and challenges for each country in order to support financial inclusion.
By providing information to private and public decision makers, RemitSCOPE ultimately targets the remittance senders and receivers (who perform almost 1 billion separate transactions in Asia and the Pacific annually) for RemitSCOPE can contribute to make remittance flows cheaper, faster, safer and more convenient, particularly for untapped and non-competitive low-volume corridors reaching into rural areas.
RemitSCOPE provides information on four areas:
Key figures on population, migration and remittances: contains relevant background information on migration and remittance flows for each country to help identify opportunities.
Markets: covers the competitive landscape in each country from both a sending and receiving perspective. It includes details regarding entities currently operating, types of products offered, key corridors and pricing, and insight into de-risking issues.
Regulatory environment: provides comparative best practices for regulators and gives companies an outline of the key elements they will need to consider when entering a market, including supervision for anti-money laundering/combating the financing of terrorism and financial protection requirements. It also provides details of relevant legal and regulatory links where additional information can be found.
Inclusive financial services: remittances offer an opportunity to expand the client base of financial service providers among the unbanked. This section includes information about the level of access to financial services linked to remittances (primarily savings, small loans and investment opportunities), as well as public-led initiatives to strengthen migrant families’ financial literacy.
The RemitSCOPE portal will be updated on a regular basis, as information becomes available, including contributions of interested stakeholders in the marketplace. RemitSCOPE is a valuable resource that can be enhanced through the active involvement of stakeholders. For example, a private-sector entity can contribute by sharing details of its business partner networks, new products launched, and/or financial inclusion promotion activities, among others. All interested parties are encouraged to provide input, data and comments to [email protected].
Key figures on population, migration and remittance
- Volumes of remittances – in and out from/to the rest of the world and annual growth rates based on 5 years trend
- Volumes of remittances – in and out from Asia- Pacific
- Importance of Asia and the Pacific for the market
- Average cost to send/ receive US$200
- Remittances as a share of gross domestic product (GDP)
- Migrant population
- Remittance-reliant population
- Migrant stock
- Remittance growth rate
- Number of banks offering remittances
- Remittance service providers operating in the market
- Number of payout locations
- Key remittance corridors
- Corridor pricing (where available)
- De-risking environment
- Names of relevant regulations
- Regulatory website location
- Type of license required for a non-bank financial institution
- Paid-up capital requirements
- Agent licensing requirements
- Name and contact details of supervising entities
- Consumer protection laws
- Other relevant regulatory information
Inclusive financial services
- Rate of financial inclusion
- Public-led initiatives to improve financial inclusion of migrant families
- Remittance-linked financial services
RemitSCOPE is brought to you by the multi-donor Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD). The FFR aims to maximize the impact of remittances on development and promote diaspora engagement in their countries of origin. Through advocacy, innovative projects and partnerships, initiatives promoted by the FFR have contributed to a raised awareness on the link between remittances and development, and its transformative impact in rural areas. The FFR is funded by the European Commission, the Government of Luxembourg, the Ministry of Foreign Affairs and Cooperation of Spain, IFAD and other key partners. The Facility’s portfolio includes 60 projects in more than 40 countries across the developing world. For further information, please visit www.ifad.org/remittances.