Remittances sent to Mexico from the United States reached a record in 2020. This is despite of the Covid-19 pandemic that led to a higher unemployment rate in the US. Remittances to Mexico surged Funds sent to Mexico between January and November rose by 11% to $36,9 billion. In the whole of 2019, the total […]
Nala, a fast-growing money transfer company from Tanzania, has announced its plan to launch its money transfer service in the UK. Tanzania’s Nala to launch in the UK Nala is a relatively small, but fast-growing, money transfer company that targets Africans in the diaspora. The company was started by Benjamin Fernandez, a Tanzanian who migrated […]
UK fintech companies have started the year well as investors bet that the country will remain a financial hub even after Brexit. Earlier today, Checkout.com and Curve raised millions from venture capital firms. Checkout.com reaches $15 billion valuation Checkout.com, a company that started in 2012 announced that it raised $450 million from a group of […]
MT Global, a UK-based money transfer company, received a record fine by the HM Revenue and Customs department. Money laundering claims In a statement yesterday, HMRC ordered MT Global, to pay £23.8 million in fines for breaking money-laundering rules. This was the biggest fine ever imposed by the HMRC. In fact, the total AML fines […]
MoneyGram, the giant publicly-traded money transfer company, had an excellent December, helped by its digital platforms. MoneyGram’s digital transactions soar MoneyGram had a mixed year. On the one hand, the stay-at-home orders had an impact on its business. That’s because many people didn’t have access to MoneyGram’s physical location. On the other hand, the company’s […]
The money transfer industry had a relatively successful year, even as the world went through its worst recession in decades. Fintech companies did well in 2020 2020 was a difficult year for most industries. For example, the energy industry contended with significantly low oil prices. Similarly, the aviation industry suffered as more countries implemented lockdowns. […]
Paysend, the London-headquartered fintech company, has added thousands of new customers in the United States in the past four months. Paysend US customers grows In September, we wrote that Paysend had entered the United States market. This rollout seems to be successful. In a statement earlier today, the company said that it had managed to […]
Ripple’s ambitions to transform cross-border funds transfers hit a major wall after the Securities and Exchange Commission (SEC) launched a major lawsuit against the company. XRP price drops after the SEC lawsuit In a statement made last week, the SEC said that it was launching a major lawsuit against Ripple, a giant blockchain company. The […]
MoneyGram, the giant international money transfer company, has emerged as a leading supporter of new disclosure laws. MoneyGram supports controversial law A few months ago, the Financial Crimes Enforcement Network and the Federal Reserve Board proposed new laws aimed at preventing money laundering. These rules will require all money transfer firms to collect and submit […]
Remittances from the United States are set to rise after the American Congress agreed to a new $900 billion stimulus deal. US new stimulus After months of negotiations, American politicians agreed to a scaled-down stimulus package worth about $900 billion. The new deal has already been blessed by the Senate, House of Representative, and the […]