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How Global Businesses Could Drive Sustainable Development

Fintech has not only been touted as a lucrative venture but also a means to bridge the gaps in efficiency and accessibility of financial services. Especially in Southeast Asia, fintech companies have played a role in extending these services to demographics that have been traditionally underserved such as the rural populations and migrant workers.

Within the sector, the potential for growth in the payments space is substantial.

For example, the World Bank predicts that the largest inflow of foreign capital to developing countries in 2019 will not come from foreign direct investments like previous years but from remittances. An estimated 270 million migrants will send a combined US$689 billion to their home countries.

It is not surprising that businesses have rushed to make the most of this booming industry by setting up e-wallets and other mobile applications ultimately helping people connect and transact with their families internationally. One such recent entrant is the financial arm of Southeast Asia’s leading ride-hailing app. Grab Financial is looking to launch its first cross-border remittance corridor between Singapore and the Philippines.

And with the rise of local and cross-border cashless payments, there is also a growing need for more transparent settlements across borders.

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For these transactions to be made more cost-effective and efficient, global businesses could choose to work with strategic third-party partners to improve the supporting infrastructure.

EMQ, a growing start-up is working towards fulfilling this need. The start-up’s neutral network infrastructure and proprietary technology seamlessly integrate with global businesses’ systems, removing intermediaries, unnecessary fees while adhering to local compliance regulations.

By providing both enterprises and individuals the tools to transfer money more efficiently and cost-effectively, EMQ is poised to play a role in driving sustainable development. According to the World Economic Forum, innovative solutions via mobile, which are helped by companies such as EMQ, have cut the cost of remittances in half.

For example, Tencent Holdings utilised EMQ’s technology to allow foreign domestic workers most of whom are from the Philippines and Indonesia, to send money back to their families on their smartphones without having to queue for hours in a money shop at a more affordable rate.

Fostering better flexibility for everyone

Apart from making some financial services more accessible to migrant workers, EMQ’s flexible infrastructure has been utilized by other businesses to serve individuals’ needs from all walks of life.

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Its network offers more affordable currency transfer fees across worldwide borders, empowering a more mobilised workforce that relies on work from all over the globe. The company’s infrastructure network facilitates a cashless society, fuels the gig economy further, and enables businesses to enter markets that didn’t seem possible before.

Co-founder and CEO Max Liu describes EMQ as a “Global financial backbone infrastructure with the ability to settle any kind of cross-border movement of capital around the world.”

A trusted partner across Asia-Pacific and beyond

Through its neutral and independent network, EMQ has forged strategic partnerships with several key industry players including Visa, Shanghai Commercial Bank, Kotak Mahindra Bank in India, and HDBank in Vietnam.

Apart from strengthening its foothold in the Asia-Pacific region, the company has already expanded to Europe, the Middle East, and Africa. The team is poised to venture into the United States and Latin America in 2020.

Source: e27

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