Vietnam struggles with labour shortages at home due to annual emigration of 130,000-150,000 workers, despite significant remittance revenue of $6-7 billion/year, impacting key sectors like seafood export.
Nigeria advances a regulatory framework for cryptocurrency to boost transparency and innovation. Meanwhile, African leaders discuss leveraging diaspora remittances as investment capital, and Bukavu enterprise Joella turns organic waste into livestock feed.
Western Union partnered with Rain to launch Stablecard, a digital wallet and Visa card allowing users in 37 markets to hold and spend USDPT, a US dollar-backed stablecoin issued on the Solana blockchain.
A Bank of Italy study on 200 USDC remittances across 10 corridors found stablecoins did not offer a systematic cost or speed advantage over traditional payments, primarily due to fiat on/off-ramp frictions. While often cheaper than the global average, they were less competitive than services like Wise in most comparable corridors, highlighting the importance of payment infrastructure and regulatory design.
Kakao Group, including Kakao Pay and Kakao Bank, signed an MOU with Circle Internet Group to explore won-backed stablecoin payments and cross-border remittances in South Korea, anticipating upcoming crypto regulations.
Pakistan received a record $41.6 billion in remittances in the fiscal year ending June 30, 2026, surpassing total exports. The State Bank of Pakistan reported an 8.6% increase from the previous year, with Saudi Arabia and the UAE being the largest sources.
The Philippines' recent upgrade to upper-middle-income status by the World Bank has been met with skepticism by citizens and advocacy groups. Many Filipinos, like Ann Michelle Federez-Abato, struggle with high inflation and daily expenses, finding the GNI per capita figure of $4,850 unrealistic.
The Chaoshan-dialect film 'Dear You' unexpectedly earned over US$265 million at the Chinese box office, resonating deeply with Chinese communities in China and Southeast Asia by depicting intergenerational migration and the emotional significance of qiaopi remittance letters.
Toss Bank is partnering with Solana to test blockchain-based global remittance infrastructure. The proof of concept aims to integrate stablecoin settlement within a regulated bank app, potentially improving speed and cost while maintaining customer relationships.
MoneyGram has become a validator on the Solana blockchain, staking SOL tokens and processing transactions. This move deepens the company's integration of digital assets, following its stablecoin launch and broader industry trends in crypto adoption for remittances.
A protracted conflict in the Gulf is jeopardizing billions in remittances vital for families across Asia and Africa. Migrant workers face job insecurity and rising costs, with some depleting savings. Economists predict regional growth slowdowns, highlighting the precarious economic model reliant on foreign labor.
African nations like Nigeria, South Africa, and Kenya are shifting from crypto bans to regulation, recognizing its role as a payment system for remittances, savings, and trade. This move aims to integrate digital assets into the financial system, addressing issues like expensive remittances and inflation.
Chinese state media and influencers are defending the indie film 'Dear You' against accusations it's a tool for Beijing's influence over the diaspora, ahead of its release in Southeast Asia. The Teochew-language film explores Chinese migration and heritage.
Ripple has acquired an equity stake in Flutterwave, a major African fintech company, valued at $3.3 billion. The deal aims to deepen Ripple's presence in Africa's growing cross-border payments market and will see Flutterwave integrate Ripple's stablecoin and XRP Ledger for faster, cheaper transactions.
Ripple has acquired an equity stake in Flutterwave, a major African fintech company, as part of its expansion into the continent's growing cross-border payments market. The deal will see Flutterwave integrate Ripple's stablecoin and XRP Ledger for faster, cheaper transactions.
Chinese film 'Dear You' has generated significant anticipation among Singapore's Chinese diaspora, grossing over $236 million in China. However, concerns have arisen over potential Mandarin dubbing in Singapore, raising questions about preserving the film's authenticity and heritage.
Envioscuba.com, a major platform for Cubans in the US to send remittances and goods to relatives on the island, has stopped taking new orders due to US sanctions targeting Cuban businesses. The platform cited reasons beyond its control for the cessation of services.
A Teochew-language film exploring Chinese migration and heritage has achieved significant box office success in China, while also igniting discussions across Southeast Asia regarding China's soft power and influence among Chinese diaspora communities.
Movement, a Move-based blockchain network, announced it has gained access to licensed payment rails across the US, Canada, and EU. This move aims to enhance its cross-border payment offerings, connecting traditional banking with stablecoin settlement networks, particularly for emerging markets.
MoneyGram has launched MGUSD, a US dollar stablecoin on the Stellar blockchain, integrated into its app via a self-custodial wallet. This move deepens its blockchain-based cross-border payment strategy, aiming to reduce remittance costs and offer global fund movement and local currency conversion.
Overseas money transfers via India's Liberalised Remittance Scheme have stabilized around $30 billion. While education remittances dropped due to international restrictions, investments in foreign equity and debt markets have nearly doubled in three years, indicating a shift in remittance patterns.
Indians significantly reduced overseas travel spending in March, with remittances dropping by over $212 million from February, according to RBI data. This decline is attributed to rising oil prices, a weakened rupee, and a call from PM Modi to curb foreign travel.
Google-owned remittance app Pring will end all services on December 1, 2026. Acquired by Google in 2021 for over 10 billion yen, the integration with Google Pay never materialized. Pring will stop new registrations in June 2024 and gradually halt services, with remaining balances to be automatically refunded.
Asian migrant workers in the Gulf are testing stablecoins as a backup channel for sending money home, as the Iran war heightens fears that the risk of US sanctions could disrupt remittances that millions of families and several Asian economies rely on. Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets – in Nepal, it is as high as 10 per cent, according to data from the Global Settlement Network. Concerns over remittance...
