Digitisation in the cross-border money transfer industry might leave fewer opportunities for incumbent banks and operators to grow. How they cultivate alliances and digital innovation to stay ahead of competitive will be critical moving forward.
The development of digital platforms that enable direct global money transfer is a nascent but fast growing business model from the remittance industry. The model does not envisage traditional banks as part of the long term plans, and competes with the largest global money operators head on.
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