Remittances sent worldwide jump over 60% to $653 billion and FA Global Europe News.
Remittances sent worldwide have increased 64.3% in the past decade, rising from $420.1 billion 10 years ago to $653.4 billion in the last year*, according to research by the world bank.
The research notes the boom in remittances coincides with the recovery from the global financial crisis in 2011–12, adding that the rise highlights the increasingly important role that remittances from ex-pat workers play in supporting developing economies.
This is particularly the case in periods of global economic stress such as the current macroeconomic situation.
Global economic growth is expected to slump from 6.1% last year to 3.2% this year** — significantly lower than the 4.1% anticipated in January. This is due to rising interest rates and spiraling inflation. This slowdown in growth is expected to hit low-income countries harder.
Forex county Turnover
FA Global BK Finance Ltd, a London-based remittance service platform, has increased by a whopping 190% in 2021 alone.
The UK business unit estimated forecast for 2022/23 made by the company has grown significantly. Thanks to the substantial growth, the actual verified Q4 2021 remain at 3.4m GBP while the Q1–2022 added another 2.4m GBP following this the Q3–2022 further strengthened numbers.
- Currently, the UK unit is in the process of selecting an Audit provider
- MOU’s collections and increase of banking partners
- License updates for new features and ongoing upgrades are planned.
The company further announced that a retail-related app is scheduled to be released by Forex County. The app and website for retail are currently in the beta testing phase and are to boost sales of the company to the next level.
Speaking of sales, in the same news story CEO, is reported having said, “We are expanding our sales and M&A offices in Asia and focusing on launching and expanding.
“We have partnered with various institutions and major banks to provide related monetary settlement services such as pounds, euros, and dollars to Asia, Africa, and America. The optional currency type is Forex County’s main business. Typically, through a remittance retail program jointly created with Cents pay in the UK, we can cite the initial pilot launch of services for countries on the coast of the Caribbean,” he added.
MOU Beneficial Partnerships
The company has announced that FA Global Finance OÜ’s Blockshield.finance is currently going through an important transition. According to reports, the business unit in Estonia has taken a minority stake in Crypto Advisory firm — Arion Consulting LDA located in Portugal, Arion consulting advisory firm led by CEO Alex Lushpay. the business module as an advisory firm is regulatory listings consultancy to institutional authorised ETF BTC Funds.
The project manager behind GP coin is Blockshield.finance. It is an investment technology company focused on generating impressive yields for institute customers who are looking to scale their digital portfolios in a secure way. They also set to offer revolutionary ways of buying crypto by facilitating payment on-ramp methods, card purchases, manual bank transfers, and various other local payment open banking options. The company opened a sales office located in Seoul, Korea, and has a strong focus on turning the investments of its clients into digital assets.
CEO Khan added, that financial hedge funds and institutions searching for an approved regulatory host for BTC funds will further add value to the current business performance for FA Global. In the meantime, the local authorised VASP license has been withdrawn by the company and extended into Lithuania UAB planned since February 2022.
About us.
FA Global is a Fintech company group, founded in 2011 as a consultancy on one core simple belief: improving borderless technology by giving access to ID & financial inclusion. 2020 Our foundation consistently has grown from legacy 2.0 and merged 3.0 applications products and blockchain services.
