The German fintech’s dramatic collapse is likely to reshape the payment processing landscape as market rewards players leading innovation and value creation

Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.

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.

Remittances slowed in 2014 mainly due to exchange rate volatility, as remittances are reported in US dollars.

Central banks worldwide increasingly recognise the benefits of wholesale central bank digital currencies (wCBDCs) in making remittances and other cross-border transactions cheaper, faster and safer. Pilot projects set in motion seek to identify opportunities and risks as well as explore the possibility of having shared infrastructure to automate cross-border payments, foreign exchange and settlements.

Alipay retains its top spot in this year’s ranking, while Apple Pay climbs higher with its expanded financial services ecosystem

Member countries of the Arab Monetary Fund are enhancing global cross-border transactions through streamlined payments, improved compliance, and increased financial inclusion.