Wizdraw and IBM Use Blockchain to Improve Financial Inclusivity

FINTECH technology with businessman holding the sysbol

Remittance among the unbanked and migrant workers is big business. The World Bank estimates that officially recorded remittances to low- and middle-income countries reached US$466 billion in 2017, an increase of 8.5 percent over US$429 billion in 2016.

Residents of low- and middle-income countries also endure high remittance charges—and it is only getting pricier every year. The same report showed that the global average price of sending US$200 was 7.1 percent in Q1 of 2018, more than twice as high as the Sustainable Development Goal target of 3 percent.

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