For all the proven benefits they contribute to the regional and global economies, immigrant populations have traditionally been locked out of key financial services. With an estimated 280 million individuals currently classified as immigrants around the world, the financial gap between immigrants and critical financial opportunities has an enormous negative impact on the wider economy.
To remedy this considerable global problem, a handful of fintech companies have labored to help meet the needs of immigrants with the latest digital finance breakthroughs. Perhaps most prominent is Remitly, a company headed by Chief Executive Officer and Co-Founder Matt Oppenheimer that has helped supercharge the $802 billion annual business of overseas payment remittances.
In a recent article, Oppenheimer laid out an ambitious plan for how fintech is uniquely equipped to close the immigrant finance gap.
“With digital remittances leading the charge in this market, it’s time for the fintech industry at large to rise to the challenge and think bigger,” said Oppenheimer in the article. “Fintechs have the opportunity to catalyze change by creating inclusive financial technology that supports immigrants in a truly impactful way.”