The GFRID hosted the RemTECH Awards, developed by Mohr World Consulting and the International Money Transfer & Payments Conferences (IMTC), which showcased the most innovative and outstanding ideas, models and projects to improve remittance services worldwide. Prior to presenting the awardees, key points about remittance technology were discussed. The remittance industry is rapidly changing, with new players entering the market and established incumbents developing innovative solutions. New technologies, such as blockchain, are democratizing the industry, allowing smaller players with less capital and limited resources to enter the arena. With more remittance start-ups than ever before, banks are no longer the substantial gatekeepers of remittances.
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.