Comment on UN-Backed Awards Scheme Seeks Startups in Cross-Border Money Transfer Innovation by Does Bitcoin/Blockchain make sense for international money transfer?

A United Nations backed initiative, the Remittance Know-how Awards (RemTECH) is trying for cross-border funds pacesetters looking for to positively impression the business, mentioned the orgainisers in a press release launched final week. 

The initiative is aligned with the International Discussion board on Remittances, Funding and Growth, which takes place in Kuala Lumpur, Malaysia on Could eight, 2018, the place the awards will probably be offered. The target is to lift consciousness and promote dialogue and cooperation between governments and entrepreneurs on how migrant remittances contribute to world financial growth.

Based on the organizers of the occasion, which has recieved backing from the World Financial institution, in addition to the UN Division of Financial and Social Affairs, digital currencies now signify a fifth of all international money transfers.

RemTECH Awards Director, Hugo Cuaves-Mohr, estimates that volumes of private and enterprise international money transfers despatched utilizing digital currencies hit USD 182 billion in 2017, almost a fifth of the overall USD 1.03 trillion international transfers performed by the business.

The World Financial institution estimates that remittances to low and middle-income international locations, alone, will develop by three.four p.c in 2018, to USD 466 billion. India stays the largest middle for remittance flows, with a complete of USD 65 billion anticipated this yr, adopted by China, the Philippines, Mexico, and Nigeria.

Prior to now years, remittances have proven to be extra steady than non-public capital movement into low and middle-income international locations, in line with the assertion.

Highlighting the important thing function of the know-how throughout the mission, a part of the awards voting course of will probably be scored utilizing a blockchain-based platform, developed with Horizon State know-how and in collaboration with Yokip Consulting, in line with the assertion. The blockchain tally will confirm that the voting occurred independently and supply an auditable account of the scoring, whereas conserving votes nameless.

The organizers are calling for submissions on groundbreaking merchandise, companies, analysis, and initiatives in international funds. The time limit for submissions is 30 March, 2018,

Web site hyperlink: https://remtech.org/

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