Digital KYC Reforms ‘Vital’ To Asia-Pacific Remittance Sector

Regulators in several Asia-Pacific countries are "waking up" to demands from local remittance companies for modernised licensing and know your customer (KYC) requirements, industry insiders believe.

Although World Bank data shows low- and middle-income countries receive nearly US$500bn a year in remittances, officials estimate that the amount funnelled through informal channels is even higher — driven in part by the high cost of sending funds across national borders.

A significant part of that cost derives from a complex and burdensome regulatory environment for payment providers — but according to industry experts, there are signs that may be changing in some Asia-Pacific jurisdictions.

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