Khaleej Times has proudly featured the story of our journey in creating a revolutionary international payment system. The UAE is among the top ten countries worldwide for sending remittances, and our innovative business model has been proudly showcased in Dubai as a critical invention that has the potential to change the world of global remittance. REMITR CEO Kanchan Kumar, harbouring a scientifically-inclined brained, questioned how Indian payments are subjected to markup fees when being transferred outside the country. Eager for an answer, this commenced his journey of consulting with various industry heavyweights and bank operators. He discovered that there are inefficiencies regarding customer experience, managing money and getting to know your clients within the current processes that lead to these fees. Banks and alternative providers are heavily reliant on resources in this specific area, thus leading to higher costs and inadequacy for customers. This also has fueled the vast size of the illegal grey market that occurs under the table. Kanchan came to the realization that bank processes are not as efficient as they could be and that technology has the potential to piece together these inconsistencies. Read more in Khaleej Times to learn about how our company is implementing technological advancements and the digitalization of international remitting to improve inefficiencies in the industry and how we are helping combat the illegal grey market.
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