With the research and input of DMA Global, the Asian Development Bank (ABD) has released a new report on 'Harnessing Digitization for Remittances in Asia and the Pacific.' The publication was prepared as part ADB's support to knowledge work on digital financial services among its developing member countries (DMCs). The research, which was carried out between November 2020 and February 2021, was able to capture the digitization trends occurring the in the market as a result of Covid-19.
The report, which can be accessed here, covers the importance of remittances to Asia, including migration pattern, remittances, remittance pricings; Challenges with remittances which included high remittance prices, de-risking, the prevalence of cash, informal remittances, differing regulatory environments in the region, and lack of data. The report then delves into the impact of Covid-19 on remittances to Asia and highlights three case studies on digitization of remittances in the Philippines, Malaysia and Pakistan. Finally, the report highlights ADB's remittances support work, presents key recommendations and summaries with the key messages.
The report has been well received by the market and is already being covered in the news.