- International digital P2P remittances via mobile and online platforms expected to exceed $300 billion by 2021
- IEGH explores $32 billion Philippines remittance market
- Digital financial services enable people working abroad to remit or send money home
Consumer loan provider IEG Holdings Corp. (OTCQB: IEGH) recently announced plans to explore entering the remittance services market through the launch of a cryptocurrency by Investment Evolution Coin Ltd. (“IEC Ltd.”), a Singapore-incorporated public unlisted company managed by IEG Holdings CEO Paul Mathieson (http://ibn.fm/4YQZj). IEGH recently provided an opportunity for its shareholders to obtain shares in IEC Ltd. (http://ibn.fm/yKHWe), allowing them to be involved in the crypto industry with less risk.
Remittance is a vital financial transfer tool used by immigrants working abroad as they send money back home to support family members. A study by Juniper Research states that migrant workers are expected to remit or transfer more than $300 billion by 2021, up from an estimated $225 billion in 2018 (http://ibn.fm/QdhIi). The research also predicts that digital-only money transfer operators will increase their share of the market as blockchain technology evolves and begins to play a bigger role in secure transaction settlements.
IEC Ltd. is exploring the launch of a new cryptocurrency called Investment Evolution Coin that will simplify and lessen the expense of financial transfers to the Philippines from nationals who work in other countries such as Australia, New Zealand, the United States and Singapore (http://ibn.fm/gkDny). Lowering fees for remittance payments through the use of a secure, blockchain-based cryptocurrency is expected to disrupt traditional money transfer competitors.
In the Philippines, international remittances are a key part of the economy. Over 10 million Filipinos work abroad, and, like millions of other expats, they send part of their wages back to family members. The World Bank estimates that Filipinos remitted nearly $33 billion to their home country in 2017 and paid 7.2 percent of the amount sent (on average) to transfer the funds (http://ibn.fm/QyJFe).
“We believe potentially combining the exciting new blockchain technology with a leading sophisticated online consumer finance system, individual US state lending licenses and exposure to the Philippines $28 billion OFW (overseas foreign worker) remittance sector is a very exciting proposition,” Mathieson said in a news release.
IEG Holdings is already a global leader in consumer finance, offering unsecured, personal loans of $5,000 and $10,000 in 20 states via a state-licensed operating subsidiary, Investment Evolution Corporation, under the consumer brand ‘Mr. Amazing Loans’. Expanding its reach in the consumer lending market continues to be a primary focus of IEG Holdings. The company, which boasts an 80 percent repeat customer business rate, is working with additional states to expand consumer access to its loans through its Mr. Amazing Loans online portal, www.MrAmazingLoans.com.
For more information, visit the company’s website at www.InvestmentEvolution.com
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