FAR - Finance Against Remittances

A vast majority of the over 200 million migrant workers do not have mainstream banking facilities in their Host or Home countries. A majority of these migrant workers therefore fulfil their credit requirements via; 

  • Informal loans from friends and family; but this is a very limited source.
  • Very high cost loans in the host country. In addition to the prohibitive cost, as the use of loans are normally in the home country, the FX risk is also borne by the borrower.
  • Very high cost loans in home country usually from money lenders, as the loans are given to the dependents of the migrants, and usually with substantial collateral.

A greenfield opportunity therefore exists for meeting this critical requirement for loans in the home country, loosely secured by remittances from overseas.

Salient Features of FAR

FAR synergises both the assets and liabilities products of our Bank Client in the Home country alongside assured FX and transaction fee revenues.

FAR offers our MTO partners in the Host country a loyal remittance customer through out the tenor of the loan

FAR offers the remitter trouble free, institutional access to loans in the Home country delivered to their beneficiary at a reasonable cost.

All the above processes are supported by our propreitary Blockchain enabled MIFIX ecosystem.

Watch this space. Many more platforms to come !