India receives over $70 billion in remittances every year from Indians working abroad and pays nearly $5 billion a year or about 7.5% in fees as a cost of receiving remittances.
PM Modi at G20 summit a few days ago sought a definite timeline before year 2030 for reduction in cost of transferring money, a move that will help India save nearly $4 billion a year in cost of remittances.
Monetago, a blockchain technology enabled transaction company uses proprietary architecture that can bring down the cost of money transfer to nearly 2%.
"The reason for high cost of remittances is because of the traditional correspondent banking system in which the funds have to be moved through a series of banks before reaching the beneficiary. Every bank has its charges and the communication happens via SWIFT messages.
We at Monetago have presence in over 40 countries and 28 currencies. Our proprietary money transfer infrastructure uses blockchain technology enabled digital currency that reduces the time, cost and pipeline of entities involved in the remittances. We have done our pilot tests successfully and will soon make an application to regulatory authorities for commencement of services. Our target is to bring down cost of remittances to nearly 2%." Said Atul Khekade, regional Director - India at Monetago Inc.
Monetago Inc. is a New York headquartered company with its wholly owned corporate presence in India. Monetago has successfully completed several pilot remittance projects. Monetago is also one of the first company to apply for Bitlicense with New York Department of Financial Services.
"We aim to work with leading banks, financial institutions and regulatory authorities in India to enable our services". Mr. Atul Khekade added.
Blockchain enabled digital currency architecture of Monetago claims to keep cross border payments and remittances relatively unaffected by volatility of currency valuation.
For More Information: http://www.monetago.com
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