The enduring strength of remittances

An excellent article by Azimo’s CEO Richard Ambrose about the enduring strength of remittances for Asia Times, one of the leading news and technology outlets in the region.

According to Richard, “The Covid-19 pandemic has taught us many lessons. One of them is never to underestimate the resilience and ingenuity of migrant workers. Amazon and a few specialist sectors aside, pandemics aren’t good for business. They are particularly bad news for industries that depend on migrant labor, such as construction, retail and hospitality. So when the World Bank predicted a 20% drop in global remittance volumes in April 2020, economists took it seriously.

Those of us in the digital remittance industry were more sanguine. Our customers are some of the hardest-working people in the world. They have crossed continents and oceans to support their loved ones, no matter the cost. Even during the financial crisis of 2008-09, remittances fell by just 6%. Where there is a will, there is a way. That’s why the strength of remittance payments to many Asian countries during 2020 was unsurprising.”

Read more: Asia Times

Source: Asia Times