Digipay Guru

For many families that live in the developing countries, the money sent by their migrant relatives is nothing less than a lifeline. One in every nine people globally sustains on these funds sent by the migrant workers. On a larger scale, international remittance has become a prime contributor in the GDP of many Low and Middle Income Countries (LMICs). Only in 2018, more than  200 million migrant workers sent over $689 billion  to their respective countries. Out of the total amount, $529 billion went to developing countries. The amount sent by the migrants constitutes only 15% of their total earnings. However, the interesting point to note is that the small proportion of migrant’s earnings makes up to almost 60% of his family’s household income. Global remittance: An expensive affair There’s no doubt that global remittance has proved to be a lifeline for many families. However, it’s also true that the global remittance services are expensive as they come with a b...

FinTech is no longer a jargon of the banking industry. Instead, it has become a familiar term in technology in general. The Global investments in FinTech ventures has doubled to a whopping $112 billion as compared to $51 billion last year. This is more than an evidence to prove that the digital revolution is at the doorsteps of financial services sector. This revolution is having a huge impact on all the banks and financial institutions globally. But what actually FinTech is? Let’s see. What is FinTech? The term FinTech is derived by joining two words which are financial services and digital technology. In a nutshell, FinTech simply prompts the use of digital technology by startups to come up with innovative products and services such as  mobile payments , alternative finance, online banking, big data, and overall financial management. FinTech was introduced as a technology that was used at the back-end systems of financial institutions and banks. However, since then...