World Remittance Market
China received $64 billion, Philippines $28 billion, Mexico $25 billion, and Vietnam $11 billion.
Remittances account for a significant chunk of GDPs in some countries. In Philippines and Vietnam, remittances account for 10% and 6% of GDP respectively.
Remittances have the potential to lift families out of poverty.
They also sustain growth and development in emerging markets.
But the inefficiencies in today’s remittance system drain away much of their potential benefit,
putting a heavy burden on migrants, families, and on the development process.
Globally, there are 215 million migrant workers,or 3% of the world’s population. They spend $47bn in remittance fees annually, which is 5x India’s education budget, 14x South Africa’s healthcare budget, and the entire GDP of Kenya.
They are often charged exorbitant feessometimes up to 20% for $200 remittance - A punishing burden for poor migrants. To their families in home countries, $40 means 4-day income (in case of Philippines).
Bringing remittance prices down to 5%,which is what the G20 are targeting under the World Bank initiative, could deliver more than $15 billion in cost savings for migrant workers and their families.
Its goal is to disrupt the entire global remittance market with blockchain technology.
We believe that our remittance technology can help migrant workers and
small business owners save remittance transaction fees significantly. As a result, BluepanNet helps migrant workers, their families, and their countries prosper.
Our Remittance Cost Matrix (Real Time Data)
Click on each remittance corridor box for real time information
|PROVIDER||TOTAL FEES(%)||PAYOUT AMOUNT|
|Local Banks||1.1% + α||1.1% + α|
How Competitive is Bluepan’s Remittance Business Model
BluepanNet has successfully built cohesive remittance network in major corridors which are the strongest competitive edge over its peers.
Bluepan’s remittance website shows a table that compares its total remittance fee with those of competitors in real time. (0~3.08% vs 5.24~6.2%+ other charges)
BluepanNet completes all remittance transactions during the same day. It takes local banks 2-5 days.
For emergency remittance needs, a customer (sender) can have the beneficiary receive the fund within 10 minutes via Bluepan’s express pay-out service.
Main Office6F Pureun Bldg, 581 Gangnam-daero, Seocho-gu, Seoul, Korea
Payphil OutletThe first floor, 267, Changgyeonggung-ro, Jongno-gu, Seoul, Korea
China Subsidary(No 1-20-11)128-1 Haerbin Road, Shenhe District, Shenyang City, Liaoning Province, China