1. Increasing adoption of digital payment solutions in MEENA Region
Click to know: Major trends in MENA Remittance Market
The MENA region is one of the largest remittance markets in the world, with millions of people sending and receiving money from overseas. The remittance industry in this region is dominated by countries like Saudi Arabia, the UAE, Qatar, Kuwait, and Oman, which host millions of expatriate workers from various countries, including India, Bangladesh, Pakistan, the Philippines, and Nepal.
One of the notable trends in the MENA remittance market is the increasing adoption of digital payment solutions. With the growing popularity of mobile phones and the internet, many remittance service providers in the region are leveraging digital technology to offer fast, secure, and cost-effective remittance services to their customers. This trend is expected to continue as more people embrace digital channels for money transfers.
2. Regulatory changes are also shaping the MENA remittance market
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Finally, regulatory changes are also shaping the MENA remittance market, with governments in the region implementing measures to promote transparency, security, and efficiency in the industry. This includes the implementation of Know-Your-Customer (KYC) regulations, anti-money laundering (AML) measures, and the introduction of new licensing requirements for remittance service providers. With 25 crore covered, KYC data of nearly a fifth of India's population is digital. Recent regulation such as the EU 6th Anti Money Laundering Directive and the U.S. Anti-Money Laundering Act of 2020 has impacted MENA-based businesses with access to those markets. The regulations require a more detailed compliance response, including ultimate beneficial ownership (UBO) details for certain third-party relationships.
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3. Uncalled Migration in MENA countries
When people migrate illegally, they often face difficulties in finding legitimate employment in the host country. This can lead to them accepting jobs with lower wages or working in the informal sector, where they may not have access to banking services or other formal channels for remitting money back to their home countries. As a result, the volume of remittances from uncalled migration may be lower than that from legal migration, which can affect the overall size of the remittance market.
Secondly, the lack of legal documentation for uncalled migrants can make it difficult for them to access formal remittance channels, such as banks or money transfer operators. This may force them to rely on informal channels, such as hawala or other underground networks, which may not be regulated and can be subject to fraud, theft, or other risks. This can affect the security and reliability of the remittance market, as well as the overall volume of remittances.
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