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26/December/2019   Economy

CERR and EIAS experts discuss the future of financial technologies and cross-border money transfers

On December 25, the Center for Economic Research and Reforms (CERR) under the Administration of the President of the Republic of Uzbekistan hosted a meeting with the CEO of the European Institute for Asian Studies (EIAS) Axel Goethals and senior expert Alberto Turkstra.

The purpose of the meeting was to discuss the introduction of alternative services that would increase the real incomes of migrant workers.

The Belgian expert noted that today many people have to rely on services such as Western Union or MoneyGram. They charge a high transaction facilitation fee. Therefore, according to data released by the World Bank, the average cost of sending 200 dollars amounts to 14 dollars.

It was noted that financial technologies could play an important role in reducing transaction costs and the cost of launching financial services.

To increase the efficiency of money transfers, the Belgian side proposed the introduction of innovative products, digital technologies, including the technological advantages of commercial banks. In addition, it is important to create a regulatory framework that will clearly determine the future direction of development and close interaction between market participants.

Following the meeting, preliminary agreement was reached on joint research on reducing the cost of international money transfers using fintech and developing financial instruments to finance infrastructure, in particular, solar and wind energy, for example, green bonds, and portfolio investment.

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