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Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.
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Foreign direct investment in Brazil plummets 57.4 percent in August
Central Bank data shows that Brazil recorded a net inflow of USD 4.3 billion in foreign direct investment (FDI) in August, down 57.4 percent from a year earlier. This is the worst result for an August since 2020, when FDI was affected by the pandemic-related economic shutdown.
FDI is a key component of a country’s balance of payments. It measures how much money is flowing in and out of the economy through investment, currency trade, profit remittances, and even tourism. Unlike foreign investment on the stock market, FDI is the flow of long-term investment, such as construction or the opening of multinational offices.
Between January and August 2023, international direct investment in Brazil amounted to USD 37.9 million, about 36 percent less than the USD 59.2 billion recorded in the same period of the previous year. The 12-month FDI has been on a downward trend since the beginning of 2023, falling to USD 65.9 billion in August from USD 71.7 billion in July. The value represents 3.21 percent of Brazil’s gross domestic product (GDP), the lowest index in a year.
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The ruble’s collapse this summer has had a noticeable effect on the economies of Russia’s neighbors. For example, the exchange rate of Kazakhstan’s tenge, which was recently at its highest level since 2016, sharply declined in mid-August. And even after the ruble recovered some of its value when Russia’s Central Bank hiked its key interest rate on August 15, the tenge continued to decline for several more days. Kazakhstan’s National Bank was frank about what it sees as the cause of the decline, calling it a “reaction to the weakening of the ruble.” Meduza looks at how directly the ruble’s exchange rate affects the currencies of other countries in the Commonwealth of Independent States (CIS) — and why this could lead to an outflux of labor migrants from Russia.
What factors influence the exchange rates of CIS currencies?
The economies of the CIS countries have many similarities but can be separated into three broad categories:
Some CIS countries, such as Azerbaijan and Turkmenistan, regulate their national currency’s exchange rate. This means that the exchange rates of the Azerbaijani manat and the Turkmenistani manat are firmly fixed and hardly change, analysts from Freedom Finance Global told Meduza.
The government partially regulates currency exchange rates in CIS countries like Uzbekistan and Tajikistan.
Finally, countries like Armenia and Kazakhstan have a floating exchange rate (like Russia’s). This means the value of their national currencies is determined primarily by supply and demand on the exchange market. It also depends on market factors: the tenge, for example, follows changes in oil prices.
What's the relationship between the ruble and the currencies of Russia’s neighbors?
Russia has one of the largest economies in the region and is a key trade partner to the Eurasian Economic Union (EAEU) and many CIS countries. Moreover, the Russian ruble is the dominant currency used in trade between EAEU member states. Also, a significant portion of international settlements within the EAEU are conducted in Russia’s currency; the ruble still makes up more than 70 percent of the currency used in both imports and exports. This, in particular, suggests that companies from Kazakhstan, Kyrgyzstan, Armenia, and other countries purchase rubles in order to trade with Russia.
Additionally, many migrants from Central Asia and Armenia travel to Russia for work. They receive their salaries in rubles, which they often send back home. This, too, strengthens CIS countries’ reliance on the ruble (we’ll explain how below). An economist from a major financial firm told Meduza that remittances in Tajikistan, for example, make up about a third of GDP.
And rubles are brought into CIS countries not only by labor migrants but also by Russian emigrants. This increased significantly after the start of Russia’s full-scale invasion of Ukraine and had a considerable impact on exchange rates; other national currencies began to strengthen as newly arrived Russians sold their rubles and purchased local currencies, increasing the ruble supply on the market. As a result, in 2022, three non-Russia CIS member states entered the list of the top 10 currencies against the U.S. dollar: the Armenian dram, the Georgian lari, and the Tajikistani somoni.
The flow of Russians into Armenia and Georgia has persisted, and the dram and lari have remained strong in 2023 as a result. Tajikistan, however, has seen the opposite: since the start of the year, the exchange rate of the U.S. dollar to the somoni has risen by 8 percent. This can largely be attributed to the somoni’s strong dependence on the ruble, which is the currency many of the country’s labor migrants are sending back home.
Is this dependence really strong enough to determine the exchange rates of CIS countries?
Undoubtedly, the ruble affects some of its neighbors’ currencies, but not all of them and not directly. Most dependent are the small economies with strong links to Russia. For other countries, the ruble’s fluctuations are just one of many factors that indirectly impact their currencies’ exchange rates, analysts from Freedom Finance Global told Meduza.
Tajikistan is the country whose currency exchange rate is most easily affected by the ruble due to the high flow of remittances coming into the country, according to an economist from a large financial company.
Additionally, the ruble affects the economies of Armenia and Georgia, but the exchange rates of these countries’ currencies are also vulnerable to numerous other factors. In Armenia, for example, the economy is greatly affected because the flow of cash from diaspora members increases significantly during difficult periods such as wars and pandemics. As a result, the dram is far from the stablest currency in the post-Soviet space; in the last five years, its exchange rate against the ruble has risen by 50 percent. In Georgia, meanwhile, the steady inflow of tourists is a powerful factor — one of many that serve as a counterweight against the ruble’s depreciation.
Kazakhstan’s position is more difficult. Like Russia, Kazakhstan is a major exporter of oil. As a result, the value of the Kazakhstani tenge depends heavily on changes in oil prices. The ruble’s exchange rate and the price of oil are the two fundamental factors affecting the tenge's exchange rate, Kazakhstani National Bank Deputy Chairwoman Aliya Moldabekova said in 2019.
At the same time, Kazakhstan exports more goods to Russia than it imports from it. As a result, the ruble’s fluctuations can have an inverse effect on the value of the tenge. For example, the ruble’s strong appreciation in 2022 led to the tenge’s weakening and caused prices in Kazakhstan to rise. In other words, the relationship between the ruble and the tenge is less straightforward than it might initially appear, an expert told Meduza.
The EAEU currency most dependent upon the Russian ruble is the Belarusian ruble, an economist from a Russian bank told Meduza. Another economist agreed: Russia is Belarus’s largest trading partner, and many citizens of Belarus go to Russia for work, so there is indeed a dependency.
At the same time, the two currencies’ values don’t always show a tight correlation, because the country’s Central Bank does not fix the Russian ruble’s exchange rate, while the Belarusian National Bank often interferes with its currency’s exchange rate, analysts from Freedom Finance Global told Meduza.
How does a weak ruble lead to an outflow of migrants from Russia?
The recent drop in the Russian ruble’s value directly impacts migrants’ desire to travel to the country for work. This is because it wasn’t only the ruble’s exchange rates against the U.S. dollar and the euro that fell but also its exchange rates against the currencies of other CIS countries.
Since the start of 2023, the ruble’s exchange rate against the Kyrgyzstani som has fallen by 22 percent; its exchange rate against the Uzbekistani som has fallen by 18 percent; and its exchange rates against the Armenian dram and the Kazakhstani tenge have each fallen by 25 percent.
This has caused the income of migrants who get paid in rubles to drop, making work in Russia a less attractive option for them.
According to Bakhrom Ismailov, the head of Moscow’s Uzbekistani diaspora, the ruble’s plummeting exchange rate could cause Russia to lose up to a third of its migrant workers. In a recent interview, Anton Glushkov, the head of Russia’s National Builders’ Association, said that the currency’s collapse will especially make Russia a less attractive market for migrant construction workers. He said most workers are sticking around for now, but this could change in 2–3 months.
In 2021, the average monthly salary for migrant workers in Russia was 47,100 rubles (about $640), according to data from Moscow State University and the organization Federation of Migrants of Russia. The most lucrative industry for migrant workers that year was construction and repair, with an average monthly salary of 54,000 rubles ($734).
In 2022, the number of labor migrants in Russia rose 33 percent (approximately 847,000 people) from the previous year.
There are two main factors behind this large increase:
First, by the end of the pandemic, the number of migrants in Russia had fallen almost fourfold, and it didn’t start to recover until 2021.
Second, the ruble was strong. In 2022, the ruble appreciated due to Russia’s high number of exports and reduced imports. That summer, the dollar’s value on the Moscow stock exchange fell to 50 rubles, and only at the end of the year did it again approach 70 rubles.
An economist from one of Russia’s banks told Meduza that migrants working in Russia might indeed leave in response to the ruble’s falling exchange rate. According to him, the currency’s decline will exacerbate the already-dire shortage of workers in Russia.
But the ruble’s depreciation isn’t the only factor stopping potential migrant workers from coming to Russia, nor is it the most important one. Because of Russia’s full-scale war against Ukraine, many migrants are justifiably concerned that they could be mobilized and sent to the front, according to an economist at a large financial firm. While mobilizing a citizen of a foreign country is difficult, the risk is real — and migrants are taking it into account.
Would a decline in immigration be bad for Russia?
In a word, yes. Russia’s labor shortage is becoming a problem for the economy, and an outflow of migrants would only aggravate the situation.
Russia’s working population continues to decrease as opponents of the war leave the country and as hundreds of thousands of other people are drafted and sent to the front. Last year, the number of workers younger than 35 decreased by 1.3 million people — the largest decrease in Russia’s modern history (excluding 2020, when pandemic restrictions were in place).
In June 2023, unemployment reached a record low of 3.1 percent. In July, about 42 percent of Russian companies reported personnel shortages, although 35 percent of businesses were reporting shortages as early as April, according to data from the Gaidar Institute for Economic Policy.
In 2022, despite the influx of migrants, their numbers remained 15.3 percent lower than in 2019, the last year before the pandemic. And the potential outflow due to income reduction threatens to worsen the situation.
Migrant workers have several options to choose from, including a rapidly growing Turkey, as well as South Korea, according to an economist at a major financial company. Russia, he said, will have to start competing for migrants, including by raising their wages. It is unclear whether there will be anything to protect them from the risk of mobilization.
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Sending Money Abroad Will Burn a Bigger Hole in your Pocket Soon - @lawyer2ca ✅ Whether you're investing in a home or stock market abroad, or sending money to your family or friends, money transfers, no matter how much or how little, are about to get more expensive as the blanket application of 20% TCS for all remittances, other than travel and medical will be applicable. ✅ In the case of educational expenses, like university fees, the tax collection at source (TCS) norms remain unchanged. ✅ The rate of TCS for international remittance under LRS for education purposes continues to remain the same at 5% on transfers above Rs 7 lakh and 0.5% if the source of funds is through a loan from a financial institution. ✅ The tax collection for overseas remittances will surely cause hindrance to travelers, especially students who would be going abroad for higher education. #Lawyer2CA #incometax #UnionBudget2023 #NirmalaSitharaman #finance #Global #india #Budget2023 #TCS (at Lawyer2CA) https://www.instagram.com/p/Co6sWUPSLOy/?igshid=NGJjMDIxMWI=
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Shifting Towards Digital Spell the End of Agents in Remittance. Yes or No?
Going digital has become a natural trend across most industries, and Remittance is no exception. It brings both opportunities and threats to existing business models. On the one hand, the agent network stands to lose out. The reason is digital, which means that money transfer consumers have direct access and a direct relationship with the money transfer operator (MTO). When tables turn, the agent directly relates to the end consumer (the remitter).
The challenge faced by many MTOs is to cope with the efficiencies and opportunities that digital offers. Adding on, it should not compromise with the agent network business by putting them at risk. Large MTOs have established agent networks and need to find ways of looking after them.
Do we require agents?
Agents are a great way of building out a business network without the cost of building a branch network. However, the primary purpose of this approach is that the agent owns the relationship with the end consumer, not the MTO.
Many MTOs, with solid and recognisable brands, are often in reality B2B companies operating in a B2C market. It means that they have masses of data on transactions and know little about their end consumers. While the agents, on the other hand, recognise their consumers' requirements. So ultimately, the consumer becomes more loyal to its local agent than to the MTO behind them.
Benefits of digital agents
Digital technology enables agents to manage reporting and compliance with anti-money laundering (AML) and know your customer (KYC) worldwide. Sometimes smaller MTOs find it hard to retain bank accounts. This scenario exists predominantly in the US and Australia. Therefore, it opens the door for the larger MTOs to adopt the right digital technology platform, portals, and risk management. The concept of the 'super MTO' could provide a valuable revenue stream.
Preparing for the future
There is pressure on the remittance market to reduce the cost of international money transfer. According to Africa Progress Report, a few large MTOs and their exclusive arrangements with banks and agents lead to higher fees.
While a debate is on for disintermediation in the money transfer market for some time, however, it was inconceivable for some regions. This deliberation means that MTOs would need to work harder to maintain the relationship with the agent network. In this situation, digital technology would bring both an excellent relationship enabler and a differentiator for MTOs and banks.
A new relationship
Adopting digital technology in the remittance industry does not necessarily mean the end of the agent network. But it probably does spell the beginning of the end of existing business models. Instead, MTOs should embrace digital as a way of enhancing their relationship with their agents. This change will enable them to foster agent loyalty and ensure enough margin in the transaction to support the agent network.
RemitAll Software brings opportunities for the agents to onboard with us. We help your clients to reach out to their respective local agents wherever they are.
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The Future of Cryptocurrency in Developing Countries
Cryptocurrency is rapidly emerging as a transformative force in developing countries, reshaping the financial landscape and driving economic growth. As traditional banking systems face challenges such as limited access, high transaction fees, and inefficiencies, digital currencies and blockchain technology are stepping in to bridge the gap.
In this article, we’ll explore how cryptocurrency adoption in emerging markets is revolutionizing financial inclusion, boosting remittances, and empowering communities. We’ll also examine the role of blockchain technology in fostering transparency, reducing corruption, and driving sustainable development.
1. The Promise of Cryptocurrency in Emerging Markets
In developing countries, a significant portion of the population remains unbanked or underbanked, with limited access to traditional financial services. Cryptocurrency offers an alternative, enabling individuals to store, transfer, and grow wealth without needing a bank account.
Key Benefits:
Financial Inclusion: Crypto allows anyone with a smartphone to access financial tools.
Low Transaction Costs: Sending and receiving money via crypto is cheaper than traditional methods.
Speed and Efficiency: Blockchain transactions are faster and bypass traditional delays.
2. Cryptocurrency and Remittances
Remittances play a vital role in the economies of developing countries, yet traditional methods are often costly and slow. Cryptocurrencies like Bitcoin and stablecoins are revolutionizing this space by offering:
Lower Fees: Eliminating intermediaries reduces costs for families.
Instant Transfers: Funds can be sent and received in real-time.
Currency Stability: Stablecoins offer protection against local currency volatility.
Example: In countries like El Salvador and Nigeria, crypto adoption for remittances has grown exponentially due to these advantages.
3. Blockchain Technology: A Tool for Development
Beyond currency, blockchain technology has immense potential to address systemic issues in developing countries:
Transparency: Blockchain’s immutable ledger can reduce corruption in public projects.
Land Ownership: Secure digital records prevent land disputes and fraud.
Supply Chain: Blockchain ensures traceability in agriculture, healthcare, and manufacturing.
4. Challenges to Crypto Adoption in Developing Countries
Despite its potential, several hurdles remain:
Regulatory Uncertainty: Governments are still grappling with how to regulate crypto.
Infrastructure Gaps: Limited internet and smartphone access hinder adoption.
Education and Awareness: Many remain unaware of crypto’s benefits and risks.
Solutions: Public-private partnerships and educational initiatives can address these barriers, fostering wider adoption.
5. The Role of Stablecoins in Emerging Markets
Stablecoins, which are pegged to stable assets like the US dollar, play a unique role in developing countries:
Inflation Hedge: Protect savings from local currency devaluation.
Ease of Use: Simplify transactions for day-to-day needs.
Global Integration: Facilitate cross-border trade and payments.
6. Crypto and Small Businesses
Cryptocurrency empowers small businesses by:
Enabling Global Trade: Accepting crypto removes barriers to international markets.
Reducing Costs: No need for costly payment processors.
Enhancing Security: Blockchain minimizes fraud risks.
Empower your business with crypto trading tools at GCB Exchange.
7. Success Stories of Crypto Adoption in Developing Countries
El Salvador:
As the first country to adopt Bitcoin as legal tender, El Salvador aims to boost financial inclusion and attract crypto investment.
Nigeria:
With one of the highest rates of crypto adoption globally, Nigerians are leveraging crypto for remittances and as a hedge against inflation.
Kenya:
Innovative blockchain projects in agriculture and healthcare are transforming Kenya’s economy.
8. The Future of Crypto Adoption in Developing Countries
The future of cryptocurrency in emerging markets looks promising as:
Infrastructure improves, making crypto more accessible.
Governments embrace regulations, fostering a safer environment.
Blockchain innovations address unique local challenges.
Stay ahead in the crypto revolution with GCB Exchange.
Conclusion
Cryptocurrency and blockchain technology hold the potential to redefine the financial systems of developing countries, empowering individuals, driving economic growth, and fostering transparency. While challenges remain, the rapid pace of innovation and increasing adoption suggest a bright future for crypto in emerging markets.
For secure and user-friendly crypto solutions, explore GCB Exchange, your trusted partner in the evolving world of digital finance.
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Why Are Cross-Border Payments Essential in Global Trade?
In today's interconnected world, global trade forms the backbone of modern economies. Businesses are no longer confined to borders; they can seamlessly sell goods, offer services, and collaborate with partners across the globe. At the heart of this dynamic landscape lies cross-border payments, an essential mechanism that enables financial transactions between parties in different countries.
Despite being a critical enabler of international trade, cross-border payments come with their own set of challenges. To understand why they are indispensable, let’s delve deeper into their importance, the obstacles they present, and how businesses can optimize their cross-border payment processes to thrive in a global marketplace.
The Role of Cross-Border Payments in Global Trade
1. Facilitating Global Business Transactions
Cross-border payments enable businesses to exchange money across nations, creating opportunities for collaboration and revenue generation. For instance, a company in the United States can pay a supplier in China for raw materials or outsource IT services to India. These transactions are the lifeline of global supply chains, ensuring smooth operations across industries.
2. Empowering eCommerce Growth
The rise of eCommerce has made cross-border payments even more significant. Consumers from one country often shop from businesses in another, drawn by competitive pricing, unique products, or global brands. Without efficient cross-border payment systems, online shopping would lack the trust and convenience that makes it such a popular choice.
3. Supporting Global Workforce Expansion
Remote work and freelancing have expanded the global talent pool, allowing companies to hire professionals from different countries. Cross-border payments are vital to compensating these employees or contractors in their local currencies, fostering equitable and efficient payroll practices.
4. Enabling Remittances
Millions of individuals rely on cross-border payments to send money to their families and friends across the globe. These transactions, often small but frequent, contribute significantly to the economies of developing nations, acting as a lifeline for many households.
5. Driving Foreign Direct Investment (FDI)
For businesses looking to expand into international markets, cross-border payments facilitate capital investments. Whether it’s funding new ventures, acquiring assets, or supporting joint ventures, these transactions are instrumental in driving economic growth and fostering international cooperation.
Challenges in Cross-Border Payments
While the role of cross-border payments is undeniably crucial, the process is not without its complexities. Businesses and individuals often face significant challenges when engaging in international transactions:
1. High Costs
Cross-border transactions are often burdened with fees from banks, payment processors, and intermediaries. Additionally, currency conversion fees and hidden markups further inflate the cost, making these transactions expensive for businesses and individuals alike.
2. Slow Processing Times
Unlike domestic payments, which are often instantaneous, cross-border payments can take several days to settle. The delays are typically caused by multiple intermediaries, time zone differences, and stringent verification processes.
3. Regulatory Complexity
Every country has unique regulatory requirements, such as anti-money laundering (AML) rules, know-your-customer (KYC) procedures, and taxation policies. For businesses operating across borders, staying compliant with all these regulations can be time-consuming and costly.
4. Currency Volatility
Fluctuations in exchange rates can significantly impact the final amount received or paid in cross-border transactions. For businesses operating on tight margins, these unpredictable changes can lead to financial losses.
5. Fraud and Security Risks
Cross-border transactions are particularly vulnerable to fraud due to the involvement of multiple parties and varying standards of security. Cyber threats, phishing attempts, and payment interception add to the risk of international payments.
6. Lack of Transparency
Many businesses struggle with tracking the status of cross-border payments. The lack of visibility into fees and processing times often leads to confusion and mistrust between parties.
Why Businesses Must Prioritize Optimizing Cross-Border Payments
Despite these challenges, the importance of cross-border payments cannot be overstated. Businesses that optimize their cross-border payment processes stand to gain significant advantages, including:
1. Improved Cash Flow
Faster settlement of payments allows businesses to maintain a steady cash flow, ensuring they can meet operational needs and avoid delays in supply chains.
2. Cost Savings
By choosing efficient payment methods and negotiating better terms with payment providers, businesses can significantly reduce transaction costs, boosting profitability.
3. Enhanced Customer Experience
For eCommerce businesses, offering seamless and secure cross-border payment options can enhance customer trust and loyalty, leading to higher conversion rates.
4. Scalability
Streamlined cross-border payment systems enable businesses to scale operations and enter new markets without worrying about the complexities of international transactions.
5. Risk Mitigation
Leveraging advanced security measures and fraud detection tools minimizes exposure to cyber threats and protects sensitive financial data.
How Merchant of Record (MoR) Solutions Can Help
For businesses looking to simplify cross-border payments, partnering with a Merchant of Record (MoR) can be a game-changer. An MoR takes on the responsibility of handling payment processing, compliance, and tax management, offering the following benefits:
Regulatory Compliance: The MoR ensures adherence to international regulations, saving businesses from the complexities of navigating different legal systems.
Currency Conversion: MoRs handle multi-currency payments, making it easier for customers to pay in their local currency while businesses receive funds in their preferred currency.
Fraud Prevention: With advanced fraud detection systems, an MoR protects businesses from security risks associated with international payments.
Cost Efficiency: By negotiating better rates with payment processors and optimizing transaction routes, MoRs reduce the overall cost of cross-border payments.
Customer Convenience: MoRs offer localized payment methods and transparent pricing, enhancing the customer experience and building trust.
Final Thoughts
Cross-border payments are the engine that drives global trade, enabling businesses and individuals to connect, collaborate, and grow. While they come with challenges like high costs, slow processing times, and regulatory hurdles, these issues can be addressed with the right strategies and tools.
By optimizing cross-border payment systems or partnering with an MoR like Gapp Group, businesses can simplify their global transactions, reduce risks, and unlock new opportunities for growth. As global trade continues to expand, the importance of seamless, secure, and efficient cross-border payments will only grow. Don’t let complexities hold your business back—take steps to optimize your international payment processes today!
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Stablecoins are emerging as a vital component in Africa's financial landscape, now accounting for 43% of the continent's crypto market. As reported by Chainalysis, this trend signifies a growing reliance on digital currencies that offer a stable alternative to traditional fiat currencies, particularly in regions struggling with economic instability and inflation. With approximately 70% of African nations grappling with foreign exchange shortages, the adoption of stablecoins like Tether and USDC has surged. These dollar-pegged tokens provide businesses and individuals a means to manage their finances and engage in international trade without the volatility typically associated with cryptocurrencies. The need for a reliable value storage and transfer mechanism has never been more critical, especially among countries battling weaker national currencies. Ethiopia's recent economic challenges serve as a case in point. The nation's currency devaluation by 30% has driven a staggering 180% increase in stablecoin transfers. This rise is indicative of how citizens and businesses are turning to digital solutions to navigate economic hurdles. The ability to easily access and transact in stable, dollar-equivalent tokens ensures that users can mitigate risks associated with rapid currency fluctuations. Experts predict that the momentum behind stablecoin use is unlikely to fade soon. Rob Downes, head of digital assets at ABSA Bank, has voiced that these tokens are expected to become the primary use case for cryptocurrency in South Africa in the near future. The increasing demand for dollar equivalents is creating a robust market for stablecoins, which can play a pivotal role in the region's financial ecosystem. In a landscape marked by inadequate access to traditional banking systems, the benefits of stablecoin adoption extend beyond mere transactions. For instance, businesses are utilizing these tokens to facilitate cross-border payments, reducing costs and transaction times significantly. This shift also opens up opportunities for companies operating in sectors such as remittances and international trade to operate more efficiently, further integrating them into the global economy. The implications of stablecoin adoption extend beyond individual users and businesses. It carries the potential to reshape financial systems across the continent. Stablecoins could act as a bridge for unbanked populations to gain access to financial services. With an estimated 57% of Africans lacking access to traditional banking facilities, these digital currencies can facilitate economic inclusion, allowing more individuals to participate in the digital economy. Moreover, stablecoins can provide a more stable means of investment for Africans seeking to preserve their wealth. In a continent where inflation rates can soar unpredictably, the prospect of holding a digital dollar-equivalent asset offers a safety net against economic turmoil. In conclusion, the rising prominence of stablecoins represents a significant shift in Africa's financial landscape. As reliance on these digital assets grows, they are poised to play a transformative role in economic stability, inclusivity, and growth. The financial behavior of the continent is changing, propelled by the need for reliable transaction mechanisms and sound investment vehicles. As we look forward, the expectation is clear: stablecoins will likely dominate the crypto scene in Africa, marking a pivotal moment in the convergence of technology and finance in the region.
#News#SECBitcoinEthereumCryptocurrencyRegulations#AfricanMedia#DigitalCurrency#EthereumTRONStablecoinsCryptocurrencyDigitalFinance#FinancialInclusion
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Online Foreign Exchange Company in Delhi
If I will talk about the older times people don’t have the option of sending money Online. They have to wait for several days to receive their money via post. Due To this they may have also faced a lot of problems. Therefore, as the technology has evolved we have got some advantages and disadvantages also.
Advancement in technology, has made possible to send or receive money anywhere in some seconds. Technology has solved many of our problems up to a large extent. But it is also a fact that with the advancement of technology some risk is also there.
Let’s talk about some of the advantages of online international money transfer:
The very first advantage of online international money transfer is we don’t have To wait for many days to do our transactions. Now, with the help of Forex brokers And online foreign exchange companies we can easily do our international money Transfers within a minute.
Many banks and online foreign companies provide the service by the help Of which you can track your order status. For instance, banks have launched A new feature of power transfer, by which you can track your transaction Status. In the same way online foreign companies hire dedicated experienced Professionals who can track the order status of their client.
Lots of banks have enabled the feature called remittance. It is a process by Which you can receive money in your local currency and just after receiving you Can use it for any purpose.
With the service of providing online foreign exchange businesses have also Extended and now getting a global reach. Previously because of the problem of Doing international transfer entrepreneurs were not taking the risk of expanding Their business overseas but today the scenario is different. Everyone is looking For new opportunities and also trying to expand their reach in the global market.
If you want online money exchange company in Delhi contact here.
Having, talked about the advantages, it is also important t discuss some of the cons Also, so that we can keep in mind all this points while doing our online International money transfer
The commission which you have to pay while doing money transfer can be high. Therefore, it comes under disadvantage but if you will do a little research then By hiring online foreign exchange companies you can convert this disadvantage In your favor.
Sometime the involvement of credit and debit card may cause you some problem So you need to take care of this point while doing your international money transfer.
A few sites are utilized to keep cash incidentally on the off Chance that cash is not sent straightforwardly to ledger. The client passwords for these sites can be hacked by programmers bringing about the loss of cash.
When you do international money transfer it is possible that you may have to face Technical issues.
Right now all this may seem as a disadvantage to you but if you will choose a right Money exchange in Gurgaon then you need not have to face any issues while Doing International money transfer.
#money changer in gurgaon#money exchange in Delhi#currency exchange in delhi#foreign exchange in Delhi
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The Modern Way to Secure Loans, Invest, and Make Payments
In a world buzzing with options, making the right choices for your financial needs can be overwhelming. From securing loans to making seamless payments, the landscape of financial services is evolving. Muthoot FinCorp ONE - a digital financial platform is designed to revolutionize the way you access loans, invest, and manage payments.
A World of Offerings Tailored for You
Gold Loans - Anytime, Anywhere Secure quick Gold Loans effortlessly, either from the comfort of your home or at any of our 4500+ branches across India. Experience doorstep service in just 30 minutes*, benefit from low-interest rates starting at 0.83%* per month and enjoy a hassle-free process with zero* processing fees.
Digital Gold - Begin Your Investment Journey Dive into Digital Gold investments starting from as low as Re. 1. With gold purity rated at 99.99%, sell your digital holdings at market prices, securely stored for your peace of mind.
NCD: Building Financial Stability Construct your investment portfolio with as little as Rs. 10,000 and receive high returns of up to 9.43%*. Enjoy a fast-track process without extensive KYC requirements, providing financial stability with low-risk investments and flexible tenure durations.
Forex Simplified Exchange forex securely at competitive rates, ensuring hassle-free international money transfers with our 24-hour* guaranteed service and buy-back guarantee.
Payments and Recharges - Swift and Secure Seamlessly pay for anything, anytime, with zero wait time and 24x7 availability. From recharging your mobile or DTH connection to paying electricity, mobile, internet bills, and even vendor payments - experience a zero-
The Muthoot FinCorp ONE app is your key to unlocking a world of financial possibilities. Whether you need Gold Loans, wish to invest in Digital Gold, or trade Forex, the app delivers convenience at your fingertips. Expect regular updates and expanded services, as we strive to make financial management effortless for you.
At Muthoot FinCorp ONE, we're dedicated to simplifying your financial journey. From accessing loans and investments to managing payments, our goal is to provide a secure and reliable financial environment while enhancing your user experience.
Join the Muthoot FinCorp ONE community today and witness firsthand the ease and efficiency that modern financial services can offer. Your financial freedom begins here.
About Muthoot FinCorp ONE
Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.
As an SBU of Muthoot FinCorp Limited, Muthoot FinCorp ONE is backed by a legacy stretching back over 135 years, and the trust of more than 1 crore customers and is building a holistic financial ecosystem using the latest digital products for lending, investing, protection and payments.
Muthoot FinCorp ONE continues to uphold the values of the parent, the Muthoot Pappachan Group (Muthoot Blue) by providing its customers with easily accessible services, replete with unmistakable quality. The Muthoot Pappachan Group is among India’s most reputed names in the financial services industry, with customers in diverse segments like Automotive industry, Financial Services, Hospitality, Alternate Energy, Real Estate, and Precious Metals.
So what are you waiting for? Head to the Play Store and download the Muthoot FinCorp ONE app. You can also visit the website today to know more.
Alternatively, you can also follow us on Facebook, Instagram, Twitter or LinkedIn to stay tuned to our latest offerings.
Chat on Whatsapp | Branch Locator | Email us - [email protected] | Download App
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Guruji forex is the india,s largest online marketplace for currency exchange in Delhi, forex cards and international remittance. Guruji Forex brought in transparency into the currency exchange market in Delhi, Noida & Guru Gram. Now you can do Foreign Currency Exchange in Delhi online. Guruji Forex has exclusive tie-ups with banks and money changers in Delhi and throughout India and that is the reason for our best rates in the Delhi Currency Exchange market. We have the best foreign currency exchange rates in Delhi.
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What You Can Send With Automated Print & Mail Services Platform
Automated print and mail services platforms are revolutionizing the way businesses handle communications. These platforms enable the seamless creation, printing, and mailing of various documents, saving time and resources. Here’s a comprehensive guide to what you can send using these platforms:
1. Invoices and Billing Statements
Automated platforms make it easy to send personalized invoices and billing statements to customers. These can be tailored with branding elements, payment links, and detailed summaries to enhance clarity.
2. Customer Notifications
Send time-sensitive updates such as account changes, service updates, or payment confirmations. Automated processes ensure these reach customers promptly.
3. Marketing Materials
Direct mail campaigns can include postcards, brochures, flyers, or catalogs. These platforms allow personalization, enabling you to target customers with customized offers.
4. Welcome Kits
For new customers, sending welcome letters or kits enhances the onboarding experience. Automated platforms can streamline this process with tailored messages and professionally printed materials.
5. Legal and Compliance Notices
Ensure timely delivery of important documents like privacy policy updates, compliance notifications, or legal disclosures. Automated services maintain a reliable and professional approach to critical communications.
6. Subscription Renewal Reminders
Subscription-based businesses can use print and mail to send renewal reminders with detailed payment instructions or incentive offers for early renewals.
7. Event Invitations
For businesses hosting events, workshops, or webinars, printed invitations add a touch of professionalism. Automation ensures timely delivery to all invitees.
8. Employee Communications
Internal memos, benefits packages, or payroll statements can be securely handled through these platforms, especially for remote or large teams.
9. Surveys and Feedback Forms
Printed surveys or feedback forms can reach customers who prefer offline communication. Include prepaid return envelopes to increase response rates.
10. Customer Rewards and Loyalty Offers
Send personalized thank-you notes, loyalty rewards, or special discount codes to long-term customers. Physical mail often has a higher perceived value compared to digital communication.
11. Seasonal Greetings
Automated print and mail platforms are perfect for sending holiday greetings or seasonal offers. Customized cards with personal touches make customers feel appreciated.
12. Donation Appeals
Nonprofits can use these services to send donation appeals, event invitations, or impact reports. Personalization capabilities enhance engagement and response rates.
13. Product Announcements
Introduce new products or services with printed brochures or postcards. High-quality printing and timely delivery ensure your audience stays informed.
14. Customized Educational Materials
Educational institutions or training organizations can send course catalogs, class schedules, or certifications through automated services.
15. Remittance Envelopes
Include pre-printed remittance envelopes with invoices or donation appeals to simplify the payment process for recipients.
16. Direct Mail Advertising
Targeted campaigns like coupon mailers, discount codes, or promotional flyers can be automated for efficiency.
17. Healthcare Notices
Send appointment reminders, test results, or patient statements while maintaining compliance with privacy regulations such as HIPAA.
18. Transactional Mail
For industries like finance and insurance, automated platforms can handle policies, account statements, and claim notifications with precision.
Automated print and mail platforms not only enhance efficiency but also improve the overall customer experience. They allow businesses to maintain a professional image while saving costs and time associated with manual processes. By leveraging these platforms, businesses can scale their operations and focus on building stronger relationships with their clients.
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Check & Print Payment – Wix
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Remittances App Marketing Strategy Introducing our cutting-edge Remittances App, the ultimate solution for seamless and secure international money transfers. Designed with the modern global citizen in mind, our app revolutionizes the way you send and receive funds across borders. With our user-friendly interface and intuitive navigation, sending money to your loved ones has never been easier. Say goodbye to the hassle of visiting physical remittance centers or dealing with complicated paperwork. Our app puts the power of international money transfers right at your fingertips, allowing you to initiate transactions with just a few taps. Security and transparency are at the core of our Remittances App. We employ state-of-the-art encryption technologies to safeguard your personal and financial information, ensuring your data remains confidential and protected at all times. Additionally, our real-time tracking feature enables you to monitor the progress of https://millysoft.com/product/remittances-app-marketing-strategy/?utm_source=tumblr&utm_medium=social&utm_campaign=STARTERKITS
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Simplify Cross-Border Payments with a Merchant of Record (MoR)
In today’s global economy, cross-border payments are the backbone of international trade. However, they often come with challenges such as high transaction fees, currency conversion issues, and complex compliance requirements. These hurdles can make scaling your business internationally both costly and time-consuming.
One solution to these challenges is partnering with a Merchant of Record (MoR). An MoR streamlines cross-border payments by handling compliance, tax management, and fraud prevention, allowing businesses to focus on growth instead of administrative complexities.
What Are Cross-Border Payments?
Cross-border payments refer to transactions where the payer and recipient are in different countries. These payments facilitate global trade, eCommerce, and personal remittances, making them essential in an interconnected world. Whether it’s a business paying a supplier overseas or an individual sending money to family, cross-border payments are the key to enabling international commerce.
Challenges of Cross-Border Payments
Despite their importance, cross-border payments are fraught with obstacles:
High Fees: Multiple intermediaries and currency conversion markups increase costs.
Slow Processing Times: Payments can take days due to complex banking networks.
Compliance Complexity: Varying regulations across countries make compliance a challenge.
Currency Volatility: Exchange rate fluctuations create financial unpredictability.
Fraud and Security Risks: International transactions are more susceptible to fraud and data breaches.
Limited Transparency: Tracking payment progress and fees is often unclear.
These challenges make cross-border payments inefficient and risky, especially for businesses entering new international markets.
How a Merchant of Record Simplifies Cross-Border Payments
A Merchant of Record (MoR) acts as the legal entity responsible for processing payments on behalf of a business. By handling all aspects of the transaction, from compliance to fraud prevention, an MoR eliminates the complexities of cross-border payments. Here’s how:
Regulatory Compliance Every country has unique regulations for taxes, AML, and data protection (e.g., GDPR). An MoR ensures businesses comply with these rules, reducing the risk of fines and legal issues. MoRs also handle tax collection and remittance, simplifying the process for businesses operating in multiple regions.
Currency Management MoRs support multi-currency transactions, allowing customers to pay in their preferred currency while the business receives payments in its local currency. This eliminates the complexities of currency conversion and improves the customer experience.
Cost Reduction By negotiating with payment providers and optimizing payment routes, MoRs lower transaction fees and foreign exchange costs. Businesses can save significantly on cross-border transaction expenses.
Fraud Prevention Cross-border payments are prone to fraud, but MoRs implement robust fraud detection tools and secure payment gateways. They also manage chargebacks, taking the administrative burden off businesses.
Faster Processing Times Through partnerships with global payment networks, MoRs ensure that transactions are processed quickly, avoiding delays often associated with traditional methods like SWIFT.
Improved Customer Experience By offering localized payment methods, transparent pricing, and seamless transactions, MoRs create a smoother experience for customers, boosting conversion rates for businesses.
To learn more about how MoR services can help your business manage cross-border payments effectively, visit Gapp Group’s eCommerce Merchant of Record page.
Benefits of Using a Merchant of Record for Cross-Border Payments
Here are the key advantages of partnering with an MoR:
Cost Efficiency: Reduce fees associated with currency exchange, bank charges, and intermediary payments.
Compliance Peace of Mind: Stay updated with international regulations and avoid penalties.
Transparency: Gain full visibility into fees and payment progress.
Risk Mitigation: Protect against fraud, data breaches, and chargebacks.
Streamlined Operations: Avoid setting up local entities and managing complex financial processes in each market.
Why Choose Gapp Group’s MoR Services?
By choosing Gapp Group, businesses gain access to a comprehensive MoR solution tailored for cross-border payments. Gapp Group handles all aspects of compliance, tax, and payment processing, offering a secure, efficient, and cost-effective way to manage global transactions.
Key Features of Gapp Group’s MoR Service:
Multi-currency support for seamless global payments.
Advanced fraud detection tools to safeguard transactions.
Expertise in global compliance, including tax remittance and data protection.
Transparent reporting for better financial tracking and planning.
Ready to Simplify Cross-Border Payments?
Cross-border payments shouldn’t be a barrier to scaling your business globally. By partnering with a reliable MoR like Gapp Group, you can overcome the complexities of international transactions and focus on growth.
Visit Gapp Group’s eCommerce Merchant of Record services today to streamline your global payment operations and unlock the full potential of international markets.
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How the Wealthy Stay Wealthy in Dubai: Business Strategies and Insights
Dubai, known for its opulence and rapid economic growth, has become a hub for the wealthy to not only preserve but also grow their wealth. The city offers a range of opportunities that ensure long-term financial stability, especially for those involved in business and investments. With its favorable tax environment, real estate market, and strategic geographic location, Dubai has solidified its reputation as a place where wealth is not just maintained but multiplied. Here’s how the wealthy stay wealthy in Dubai, backed by facts and business trends.
1. Tax-Free Environment: A Financial Haven
The low taxes policies have remained another reason as to why the rich get richer in Dubai. Various stakeholders reap from no personal income taxes for instance individuals and businesses get to retain more of the gross profits. While corporate tax is gradually being implemented some areas like the real estate and Free Trade zones still enjoy exemptions. This allows those that are already well off to retain and re –cycle more of their profits systematically making it possible to combine massive sums of wealth over time.
2. Investing in Real Estate: A Pillar of Wealth
Premium property markets in Dubai allow the affluent to protect their wealth by offering ostentatious homes in the most affluent parts of the city that always appreciate in value. Econos said business executives and high network individuals take advantage of the increasing property prices in Dubai by investing in lucrative property for rental income operations that are also profitable in the longer run.
It has been observed that there are many businesses for sale especially in Dubai and the most popular industry is real estate and hospitality business. Buying an established or running business for sale in Dubai gives the wealthy an opportunity to tap into an already thriving market with minimal risk.
3. Diversifying Business Ventures
The wealthiest individuals in Dubai understand the importance of diversification. They spread their investments across multiple industries such as retail, logistics, hospitality, technology, and healthcare. Platforms like Bidzi.io, the UAE’s leading platform for buying and selling vetted businesses, make it easier for investors to explore and tap into these opportunities, offering a streamlined way to acquire businesses ready for growth.
The acquisition of a running business for sale in the UAE that is already experiencing profitability is a less risky and more profitable investment that wealthy individuals can look into for existing outlets as compared to starting an enterprise from scratch.
4. Dubai’s Strategic Location: A Global Trade Hub
Dubai is situated at a strategic position between the three major continents of Europe, Asia and Africa and therefore serves as an important transit hub for trade. This favorable location has seen wealthy persons and businesses invest in import-export companies, logistic firms as well as the headquarters of the big companies in the city. The infrastructures such as ports and airports in Dubai accelerate the country to position itself as the global commerce hub. It helps such complex entrepreneurs establish their businesses and connect with counterparts from different parts of the globe.
5. Business-Friendly Environment and Free Zones
Dubai has many free zones that enable the foreign ownership up to 100% and have zero taxes to entice global investors looking for the low regulation area for the Dubai Business Setup. These zones attract investments from the rich individuals based on the returns facilitated by low interjection and full remittance of profits. All these business-friendly conditions are in a way assist the rich to remain rich.
6. Wealth Preservation through Legal Stability
The example of regulating a proper business climate in the region is the Dubai International Financial Centre (DIFC). Being an autonomous legal entity and acting under the application of international laws and regulations, DIFC creates a free trade zone for financial services, estates, and investment companies. This benefits the rich people most since they are in a position to safeguard their money and enrich themselves further.
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