The document provides an overview of remittances and discusses several key topics. It begins with general information on remittance volumes, statistics, characteristics like corridors and provider types, and migrant expectations and behaviors. It then covers main issues such as the informal vs formal debate, costs of remittances which remain quite high despite commitments to lower prices, challenges with reaching rural "last mile" recipients, and debates around how remittances are used. Existing solutions discussed include suggestions from development organizations to enhance offerings, promote "bi-bancarization", focus on productive investments, and utilize new technologies. The Planet Finance approach aims to promote affordable remittances through partnerships, financial literacy training, and tailored financial products.
Asset management in Europe_The case for reform-DigitalToby Illingworth
The asset management industry plays a key role in Europe's economy by raising money from investors and reinvesting it across a wide range of activities. It accounted for 29% of global assets under management in 2012. Asset managers help encourage economic investment across Europe by investing over €6 trillion in assets in 2013. This benefits the over 22.5 million European households that are invested in mutual funds. A sound and vibrant asset management industry is important for economic growth in Europe as banks continue to de-risk.
Monday October 15, 2012 - Top 10 Risk Management NewsCompliance LLC
The document discusses concerns around the European Union's new liquidity rules for banks as outlined in the Capital Requirements Regulation (CRR). Key points:
1) The Liquidity Coverage Ratio (LCR) requires banks to hold enough high-quality liquid assets to cover net cash outflows over 30 days during a stress scenario. Estimates suggest EU banks will need over €1 trillion in additional liquid assets to comply.
2) Strict definitions of eligible liquid assets and assumptions around cash outflows could crowd out over €1 trillion in lending and investments. Calibration is needed to avoid unintended consequences.
3) The document analyzes areas for calibrating the LCR, including expanding eligible liquid
Peter J Buckley's presentation at the FDI Statistics Workshop (20 March 2014) during the session on whether or not FDI statisics are still a useful metric when measuring investment globalisation.
Find out more at http://www.oecd.org/daf/inv/measuring-globalisation-fdi-statistics-workshop-2014.htm
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
This document provides an overview of Chile's financial system and Banco Security, a Chilean bank. Chile has a well-developed financial system regulated by several supervisory agencies. Its financial markets are internationally competitive and Chile maintains high credit ratings. Banco Security focuses on serving large corporate clients and high-net-worth individuals. It has established a representative office in Hong Kong to better serve the needs of clients in Asia. The office aims to provide market insights and financing solutions to potential investors.
The UK has the leading global FinTech ecosystem based on an analysis of 7 regions across 4 attributes: Talent, Capital, Policy, and Demand. The UK ranks highly across attributes and particularly excels in supportive government policy. While the UK leads in many areas, California has a larger FinTech investment market and stronger tech talent pipeline. Maintaining the UK's position will require continued efforts to support FinTech growth given rising competition from other regions.
Asset management in Europe_The case for reform-DigitalToby Illingworth
The asset management industry plays a key role in Europe's economy by raising money from investors and reinvesting it across a wide range of activities. It accounted for 29% of global assets under management in 2012. Asset managers help encourage economic investment across Europe by investing over €6 trillion in assets in 2013. This benefits the over 22.5 million European households that are invested in mutual funds. A sound and vibrant asset management industry is important for economic growth in Europe as banks continue to de-risk.
Monday October 15, 2012 - Top 10 Risk Management NewsCompliance LLC
The document discusses concerns around the European Union's new liquidity rules for banks as outlined in the Capital Requirements Regulation (CRR). Key points:
1) The Liquidity Coverage Ratio (LCR) requires banks to hold enough high-quality liquid assets to cover net cash outflows over 30 days during a stress scenario. Estimates suggest EU banks will need over €1 trillion in additional liquid assets to comply.
2) Strict definitions of eligible liquid assets and assumptions around cash outflows could crowd out over €1 trillion in lending and investments. Calibration is needed to avoid unintended consequences.
3) The document analyzes areas for calibrating the LCR, including expanding eligible liquid
Peter J Buckley's presentation at the FDI Statistics Workshop (20 March 2014) during the session on whether or not FDI statisics are still a useful metric when measuring investment globalisation.
Find out more at http://www.oecd.org/daf/inv/measuring-globalisation-fdi-statistics-workshop-2014.htm
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
This document provides an overview of Chile's financial system and Banco Security, a Chilean bank. Chile has a well-developed financial system regulated by several supervisory agencies. Its financial markets are internationally competitive and Chile maintains high credit ratings. Banco Security focuses on serving large corporate clients and high-net-worth individuals. It has established a representative office in Hong Kong to better serve the needs of clients in Asia. The office aims to provide market insights and financing solutions to potential investors.
The UK has the leading global FinTech ecosystem based on an analysis of 7 regions across 4 attributes: Talent, Capital, Policy, and Demand. The UK ranks highly across attributes and particularly excels in supportive government policy. While the UK leads in many areas, California has a larger FinTech investment market and stronger tech talent pipeline. Maintaining the UK's position will require continued efforts to support FinTech growth given rising competition from other regions.
- Special Economic Zones (SEZs) have been operating in Poland since 1995 and have contributed to increased investment, job creation, and higher GDP per capita in regions with SEZs. However, their tax exemptions are set to expire in 2020.
- A survey conducted for this report found that over half of current SEZ investors do not plan new investments if SEZs only operate until 2020, but up to 81% would invest if they operated longer. The limited duration of tax exemptions is the top concern of investors.
- Extending the operation of SEZs would help retain current investors and attract new ones, boosting Poland's competitiveness. It could also encourage the development of industry
The document provides information on investing in Serbia. It outlines key country data, Serbia's priorities such as EU integration and infrastructure development. It details integration processes and incentives for investing, including in transportation, underdeveloped regions, and large projects. Serbia offers a favorable tax regime and ensures energy stability. The country provides unique export potential and access to over 1 billion consumers through various trade agreements.
European Private Equity & Venture Capital AssociationLucas Wyrsch
Executive Summary
Fundraising → Pages 7-26
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012 only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by 51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each.
• Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.
Investments → Pages 27-59
• The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.
• The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26% compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011 although the investment amount reduced by 19%.
Divestments → Pages 61-72
• More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained stable the amount divested at cost decreased by 29%.
• Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%. Prominent exit routes were trade sale, sale to another private equity firm and public offering.
• Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
Madis Müller. Finance Estonia Forum 2014Eesti Pank
The document discusses recent developments in the European financial system. It notes that government bond yields have declined due to accommodative monetary policy. However, interest rates on loans to corporations still vary substantially between countries. While the European Central Bank has implemented new supervisory mechanisms, banks continue struggling with bad loans and weak profitability. The document also examines the Estonian banking sector, which has strong capitalization and profitability compared to other countries. It notes early promising signs of growth in alternative funding sources for Estonian businesses like private equity funds, but the capital markets remain underdeveloped.
On the 11th of April 2016, FinTech innovators and leaders from across the world were brought together for the annual Innovate Finance Global Summit. Attended by over 1400 delegates, the summit looked at the growth of the FinTech sector, opportunities, challenges and acted as a celebratory point for the last year in FinTech. Attendees gathered on the day included global FinTech hubs, financial institutions, regulatory bodies, international press, industry organisations and the most exciting FinTech startup companies.
The document discusses how multinational enterprises use complex financing structures involving special purpose entities to channel investments through multiple countries. This can distort foreign direct investment statistics by double-counting investments and misrepresenting the true source and destination countries. To address this, the OECD developed guidelines recommending countries compile FDI statistics separately for resident special purpose entities to provide a more accurate picture. With many countries now implementing these standards, detailed statistics excluding special purpose entities investments are available, providing insight into how these entities impact aggregate FDI flows and allowing analysis of source and destination countries for special purpose entity investments.
The article discusses the opportunities and challenges for foreign asset managers in the pension markets of eight Central and Eastern European countries that joined the EU on May 1, 2004. While the potential for growth is large, early entrants have faced significant regulatory, distribution, and cultural barriers. The Polish pension market is the largest and most promising but still restricts foreign investment and third-party management. Overall distribution challenges and a need for local infrastructure make it difficult for foreign firms to penetrate these emerging markets.
The EBRD provides trade finance and guarantees to support trade. It has agreements with over 100 local issuing banks in 20 countries and over 800 confirming banks globally. The EBRD guarantees political and commercial payment risks to facilitate trade transactions. It also provides cash facilities to local banks to finance post-import transactions. The EBRD has supported over 13,500 trade transactions totaling €8.8 billion since 1999. It also provides trade finance training to local banks. The panel discussion will focus on the role of multilateral institutions like the EBRD in developing external trade.
This document provides an analysis of financing needs and opportunities in the cultural and creative sector in Europe. It finds that cultural and creative industries (CCIs) face specific challenges in accessing finance due to their small size, lack of business skills, and difficulties valuing intangible assets. A wide range of financial instruments exist across Europe, including loans, guarantees, equity, tax incentives and grants. However, CCIs make limited use of these tools. The document recommends that local and regional authorities play a key role in developing tailored financial schemes for CCIs and improving relations between the sector and investors. Public support can help address market failures and trigger greater private investment in CCIs.
This document provides data on new listings, delistings, and total listed companies from 2014 to 2019 according to FESE members. It includes charts showing trends in the number and market capitalization of new listings and delistings by market type, industry, and market cap. Contact details are provided for each FESE member that contributes data to their statistics.
This document discusses expanding business into the UK and provides information about UKTI support services. Some key points:
- UKTI provides various services to support both new investors and export businesses expanding into the UK, including introductions, advice, reports, location selection help, tax advice, visa support, and ongoing government assistance.
- The UK is highlighted as a top destination for business expansion due to its vast market opportunity, favorable business environment, high quality of life, access to talent, and attractive tax regime.
- Choosing a business location is an important decision, as it impacts costs and revenues. Various regions and locations in the UK offer different advantages in terms of labor costs, office rents, and more.
This thesis examines establishing and growing international businesses in Kosovo's market. It analyzes Kosovo's business environment, economy, and key sectors through a PEST analysis. Interviews were conducted with foreign and domestic investors and clients of Factor Leasing, a case study company. The conclusions recommend that foreign investors initially partner with local companies, develop a strategic plan, choose experienced local management, be flexible given Kosovo's informal business culture, and emphasize keeping promises to build trust in the emerging market.
Horizon Capital Ukraine Ground Floor Opportunity pptHorizon Capital
The document presents a bullish case for investing in Ukraine in 2015, arguing it presents a ground-floor investment opportunity. It outlines Ukraine's lost potential over the past decades due to a lack of reforms but notes the situation has changed significantly. A new pro-Western government elected by both East and West aims to implement structural reforms to attract investment. Recent macroeconomic stabilization and fiscal discipline further improve Ukraine's investment prospects despite challenges remaining.
This research statement discusses factors that influence foreign direct investment (FDI) inflows in Middle East and North Africa (MENA) countries compared to European Union countries. It notes that MENA countries have implemented reforms to liberalize economies and encourage FDI, but FDI inflows remain relatively low. A key reason is that MENA countries invest little in science and technology infrastructure and research, and have fewer patents and scientific publications than other regions, limiting their ability to attract and benefit from FDI. Strengthening business linkages between foreign investors and domestic small- and medium-sized enterprises could help transfer technology and skills to upgrade domestic firms in MENA countries.
Italy is the 65th country in the world ranking of the factors determining a country’s capacity of attracting capitals, because of procedures, time and costs required to start a new business. Nevertheless, Italy is now the Chinese second most important market in Europe (after UK) and the fifth worldwide.
Doing business in Georgia. Discover new opportunities Eurofast
1. Georgia at a glance: tax and legal system & Investing in Georgia
2. Banking in Georgia: general overview and features of the banking system
3. Free industrial zones in Georgia. Make your business tax-free
4. Georgia as an attractive non-EU hub for international business structuring. Georgian “Virtual zone entities” for IT business sector
5. Citizenship and residency in Georgia: requirements, procedure, costs. Tax residency in Georgia and its benefits.
The Black Sea Trade and Development Bank (BSTDB) was established in 1997 by 11 countries as a regional multilateral development bank to foster economic growth and cooperation. It provides financing to public and private entities for projects in member countries. Loans are provided directly to large corporates and projects, while trade finance, SME financing, and other products are primarily delivered through local financial institutions. The BSTDB seeks to mobilize other sources of financing and also manages technical assistance funds to support private sector development.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Similarly, many Bay Area companies have affiliates throughout Europe. Initiatives to strengthen political and economic cooperation can further boost these important transatlantic connections.
"Introductory Presentation on Remittances" by Dominique Villeneuve, PlaNet Fi...hmagrissy
This document summarizes a presentation on remittances given at a workshop. It begins with an introduction and overview of remittances that defines them as money flows sent by immigrant workers to relatives. It then discusses key topics like the huge and growing volumes of remittances globally, important characteristics of remittance corridors and providers, and migrants' expectations and behaviors. The document outlines main issues around the formal vs informal sector, costs of remittances, reaching remote recipients, and use of funds. It concludes by summarizing approaches to remittances by organizations like AFD, the African Development Bank, and PlaNet Finance which focus on partnerships, financial products, and financial literacy.
Kurt Salmon - Migrants market - A.Arkam, H. Cambournac Aude Arkam
In light of our market watch and interviews with experts, Kurt Salmon point of view provides banks with some key points to succeed in targeting this kind of market
- Special Economic Zones (SEZs) have been operating in Poland since 1995 and have contributed to increased investment, job creation, and higher GDP per capita in regions with SEZs. However, their tax exemptions are set to expire in 2020.
- A survey conducted for this report found that over half of current SEZ investors do not plan new investments if SEZs only operate until 2020, but up to 81% would invest if they operated longer. The limited duration of tax exemptions is the top concern of investors.
- Extending the operation of SEZs would help retain current investors and attract new ones, boosting Poland's competitiveness. It could also encourage the development of industry
The document provides information on investing in Serbia. It outlines key country data, Serbia's priorities such as EU integration and infrastructure development. It details integration processes and incentives for investing, including in transportation, underdeveloped regions, and large projects. Serbia offers a favorable tax regime and ensures energy stability. The country provides unique export potential and access to over 1 billion consumers through various trade agreements.
European Private Equity & Venture Capital AssociationLucas Wyrsch
Executive Summary
Fundraising → Pages 7-26
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012 only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by 51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each.
• Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.
Investments → Pages 27-59
• The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.
• The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26% compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011 although the investment amount reduced by 19%.
Divestments → Pages 61-72
• More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained stable the amount divested at cost decreased by 29%.
• Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%. Prominent exit routes were trade sale, sale to another private equity firm and public offering.
• Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
Madis Müller. Finance Estonia Forum 2014Eesti Pank
The document discusses recent developments in the European financial system. It notes that government bond yields have declined due to accommodative monetary policy. However, interest rates on loans to corporations still vary substantially between countries. While the European Central Bank has implemented new supervisory mechanisms, banks continue struggling with bad loans and weak profitability. The document also examines the Estonian banking sector, which has strong capitalization and profitability compared to other countries. It notes early promising signs of growth in alternative funding sources for Estonian businesses like private equity funds, but the capital markets remain underdeveloped.
On the 11th of April 2016, FinTech innovators and leaders from across the world were brought together for the annual Innovate Finance Global Summit. Attended by over 1400 delegates, the summit looked at the growth of the FinTech sector, opportunities, challenges and acted as a celebratory point for the last year in FinTech. Attendees gathered on the day included global FinTech hubs, financial institutions, regulatory bodies, international press, industry organisations and the most exciting FinTech startup companies.
The document discusses how multinational enterprises use complex financing structures involving special purpose entities to channel investments through multiple countries. This can distort foreign direct investment statistics by double-counting investments and misrepresenting the true source and destination countries. To address this, the OECD developed guidelines recommending countries compile FDI statistics separately for resident special purpose entities to provide a more accurate picture. With many countries now implementing these standards, detailed statistics excluding special purpose entities investments are available, providing insight into how these entities impact aggregate FDI flows and allowing analysis of source and destination countries for special purpose entity investments.
The article discusses the opportunities and challenges for foreign asset managers in the pension markets of eight Central and Eastern European countries that joined the EU on May 1, 2004. While the potential for growth is large, early entrants have faced significant regulatory, distribution, and cultural barriers. The Polish pension market is the largest and most promising but still restricts foreign investment and third-party management. Overall distribution challenges and a need for local infrastructure make it difficult for foreign firms to penetrate these emerging markets.
The EBRD provides trade finance and guarantees to support trade. It has agreements with over 100 local issuing banks in 20 countries and over 800 confirming banks globally. The EBRD guarantees political and commercial payment risks to facilitate trade transactions. It also provides cash facilities to local banks to finance post-import transactions. The EBRD has supported over 13,500 trade transactions totaling €8.8 billion since 1999. It also provides trade finance training to local banks. The panel discussion will focus on the role of multilateral institutions like the EBRD in developing external trade.
This document provides an analysis of financing needs and opportunities in the cultural and creative sector in Europe. It finds that cultural and creative industries (CCIs) face specific challenges in accessing finance due to their small size, lack of business skills, and difficulties valuing intangible assets. A wide range of financial instruments exist across Europe, including loans, guarantees, equity, tax incentives and grants. However, CCIs make limited use of these tools. The document recommends that local and regional authorities play a key role in developing tailored financial schemes for CCIs and improving relations between the sector and investors. Public support can help address market failures and trigger greater private investment in CCIs.
This document provides data on new listings, delistings, and total listed companies from 2014 to 2019 according to FESE members. It includes charts showing trends in the number and market capitalization of new listings and delistings by market type, industry, and market cap. Contact details are provided for each FESE member that contributes data to their statistics.
This document discusses expanding business into the UK and provides information about UKTI support services. Some key points:
- UKTI provides various services to support both new investors and export businesses expanding into the UK, including introductions, advice, reports, location selection help, tax advice, visa support, and ongoing government assistance.
- The UK is highlighted as a top destination for business expansion due to its vast market opportunity, favorable business environment, high quality of life, access to talent, and attractive tax regime.
- Choosing a business location is an important decision, as it impacts costs and revenues. Various regions and locations in the UK offer different advantages in terms of labor costs, office rents, and more.
This thesis examines establishing and growing international businesses in Kosovo's market. It analyzes Kosovo's business environment, economy, and key sectors through a PEST analysis. Interviews were conducted with foreign and domestic investors and clients of Factor Leasing, a case study company. The conclusions recommend that foreign investors initially partner with local companies, develop a strategic plan, choose experienced local management, be flexible given Kosovo's informal business culture, and emphasize keeping promises to build trust in the emerging market.
Horizon Capital Ukraine Ground Floor Opportunity pptHorizon Capital
The document presents a bullish case for investing in Ukraine in 2015, arguing it presents a ground-floor investment opportunity. It outlines Ukraine's lost potential over the past decades due to a lack of reforms but notes the situation has changed significantly. A new pro-Western government elected by both East and West aims to implement structural reforms to attract investment. Recent macroeconomic stabilization and fiscal discipline further improve Ukraine's investment prospects despite challenges remaining.
This research statement discusses factors that influence foreign direct investment (FDI) inflows in Middle East and North Africa (MENA) countries compared to European Union countries. It notes that MENA countries have implemented reforms to liberalize economies and encourage FDI, but FDI inflows remain relatively low. A key reason is that MENA countries invest little in science and technology infrastructure and research, and have fewer patents and scientific publications than other regions, limiting their ability to attract and benefit from FDI. Strengthening business linkages between foreign investors and domestic small- and medium-sized enterprises could help transfer technology and skills to upgrade domestic firms in MENA countries.
Italy is the 65th country in the world ranking of the factors determining a country’s capacity of attracting capitals, because of procedures, time and costs required to start a new business. Nevertheless, Italy is now the Chinese second most important market in Europe (after UK) and the fifth worldwide.
Doing business in Georgia. Discover new opportunities Eurofast
1. Georgia at a glance: tax and legal system & Investing in Georgia
2. Banking in Georgia: general overview and features of the banking system
3. Free industrial zones in Georgia. Make your business tax-free
4. Georgia as an attractive non-EU hub for international business structuring. Georgian “Virtual zone entities” for IT business sector
5. Citizenship and residency in Georgia: requirements, procedure, costs. Tax residency in Georgia and its benefits.
The Black Sea Trade and Development Bank (BSTDB) was established in 1997 by 11 countries as a regional multilateral development bank to foster economic growth and cooperation. It provides financing to public and private entities for projects in member countries. Loans are provided directly to large corporates and projects, while trade finance, SME financing, and other products are primarily delivered through local financial institutions. The BSTDB seeks to mobilize other sources of financing and also manages technical assistance funds to support private sector development.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Similarly, many Bay Area companies have affiliates throughout Europe. Initiatives to strengthen political and economic cooperation can further boost these important transatlantic connections.
"Introductory Presentation on Remittances" by Dominique Villeneuve, PlaNet Fi...hmagrissy
This document summarizes a presentation on remittances given at a workshop. It begins with an introduction and overview of remittances that defines them as money flows sent by immigrant workers to relatives. It then discusses key topics like the huge and growing volumes of remittances globally, important characteristics of remittance corridors and providers, and migrants' expectations and behaviors. The document outlines main issues around the formal vs informal sector, costs of remittances, reaching remote recipients, and use of funds. It concludes by summarizing approaches to remittances by organizations like AFD, the African Development Bank, and PlaNet Finance which focus on partnerships, financial products, and financial literacy.
Kurt Salmon - Migrants market - A.Arkam, H. Cambournac Aude Arkam
In light of our market watch and interviews with experts, Kurt Salmon point of view provides banks with some key points to succeed in targeting this kind of market
Remittances: Lessons Learned and Private Sector OpportunitiesRobert
This document discusses remittances and opportunities for the private sector. It notes challenges sending remittances to rural areas and recommendations from Tunis to increase competition, empower actors, and regulate effectively. It introduces the Financing Facility for Remittances, a $18 million multi-donor fund housed at IFAD that manages 40 projects globally. The FFR aims to lower costs, improve rural access, and bank the unbanked. It announces a 2010 call for proposals up to $250,000 to maximize remittances' development impact.
Diaspora bond unlocking diaspora savings opportunities for investments in cam...Emmanuel Lao
This digital artifact highlights the importance of mobilizing the diaspora savings through "diaspora bonds" to finance development projects in a developing country like Cameroon with a growing and dynamic diaspora around the world.
This document summarizes key findings from an IFAD report on remittances sent to Africa and provides comments on the findings and policy recommendations. Two main money transfer operators control 65% of remittances sent through money transfer operators, which account for 90% of total remittances to Africa. Remittances to Africa are generally very costly. The report recommends policies to increase competition, discourage exclusivity agreements between operators, increase financial literacy, and develop financial products that complement the insurance role of remittances.
The Finance, The Digital & The Society - Smart Cities Summit 2018 - AlgiersSmart Algiers
The document discusses the development of fintech and its impact on traditional banking. It provides several case studies of fintech startups operating in areas like payments, lending, equity crowdfunding, and trade receivables. The second wave of fintech is growing quickly and banks are responding by either cooperating with fintech firms or developing modular offerings. The rest of the document focuses on Banxy, a new mobile-only bank launched by Natixis Algeria to provide a more accessible and convenient banking experience for customers.
The document discusses payment system infrastructure for international remittance services. It focuses on improving infrastructure to increase efficiency of remittance services, per the CPSS-World Bank General Principles. There is an asymmetry between well-developed payment systems in major sending countries versus less developed systems in many receiving countries. The document recommends reforms to facilitate development of cross-border payment mechanisms and enable efficient, secure remittance payments between countries.
Giorgio Anania Photonics Venture Capital Initiatives in Europe Financing Phot...EPIC Photonics Investing
This document summarizes financing for photonics innovations in Europe. Venture capital financing in Europe significantly lags the United States, with Europe receiving only 15% of global VC funding compared to 68% for the US. While US VC seems to be increasing, EU VC spending remains below pre-2008 levels. Government agencies and programs in European countries are becoming more active in VC investment to help address gaps. However, total public funding for photonics in Europe is still small compared to other private sources of financing like corporate venture capital funds, which are increasingly focusing on hardware areas including photonics. Efforts are underway to better organize the ecosystem and connect photonics innovators with sources of financing, but more work remains to close financing gaps in
Giorgio Anania Photonics Venture Capital Initiatives in Europe Financing Phot...EPIC Photonics Investing
Photonics is a key pervasive technology that enables innovative and revolutionary solutions and products in diverse markets such as lifescience, agrofood, healthcare, security, defence, consumer, environment, energy, telecom/datacom…
The photonics industry is going through a transformation due to the maturity of the technologies and the fact that the implementation of these mature technologies is economically viable. The industry is going through numerous acquisitions, and there are many companies raising capital (www.epic-assoc.com/funding/venture-finance – spreadsheets “List of investments in photonics” & “List of M&A in photonics”).
Yet the photonics industry is hard to navigate both because of the vast amount of companies (there are 5000 companies in Europe involved in Photonics but 86% of them are SMEs), and the intrinsic fact that there are no ‘photonics’ companies but rather companies that develop sensors, lasers, optics, fibres, photonic integrated circuits, …
Fintech in Ukraine 2018 (English language)UNIT.City
Introducing you the first market map of FinTech Industry in Ukraine, powered by USAID Financial Sector Transformation Project and UNIT.City.
Foreign partners, potential investors, banks often ask us about the state of any part finteсh industry of Ukraine.
Today, we present a research that will become a tool for finding partners for Ukrainian and international investors, corporations, R&D centers, journalists, startups and businesses in FinTech.
P.S. If you are creating a fintech business in Ukraine, but did not find your company on the map – write us and we will add it to the next update of this map.
Management of commercial banks in ethiopia from the perspective of financial ...Alexander Decker
1. Financial inclusion is the process of ensuring access to appropriate financial products and services for vulnerable groups like low-income individuals at an affordable cost. It has become a policy priority in many countries to promote inclusive growth.
2. The document discusses the need for financial inclusion in Ethiopia, as most rural households do not have access to financial institutions or services. Initiatives are needed to improve living standards through new economic activities supported by banks and other organizations.
3. Benefits of financial inclusion include establishing bank account relationships, facilitating efficient allocation of resources, enabling remittances at low cost, and improving daily financial management. Several countries have implemented legislative and voluntary measures to promote access to banking.
11.management of commercial banks in ethiopia from the perspective of financi...Alexander Decker
1. Financial inclusion is the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as low-income groups at an affordable cost in a fair and transparent manner by mainstream banks.
2. In Ethiopia, expanding bank branch networks, especially in rural areas, engaging business correspondents, and using ICT can help increase financial inclusion. National Bank of Ethiopia should encourage banks to open more branches and engage business correspondents to reach remote villages.
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UMM Worhsop Frankfort - Dominique Villeneuve
1. WELCOME to the 10th
“University Meets Microfinance”
Workshop
at the Frankfurt School of
Finance & Management
Thursday, July 4th 14:30 – 16:00
Introductory Presentation on Remittances
04/07/2013
Dominique Villeneuve, PlaNet Finance
1
2. Section I – General overview
Huge and still growing volumes…
… but be careful with statistics
Some important characteristics
Corridors
Providers
Migrants expectations
Migrants behaviour
Section II – Main issues
Section III – Existing solutions
2
3. SECTION I
Definition
Remittances are, roughly speaking, defined as the money flows that immigrant workers send home
to their relatives.
In milions
International migration is impacting more than 200 million people in the world (1/3 from North
to South and 1/3 from South to South)
International migrant stock by origin and destination 1990- 2010
Source United Nations Department of Economic and Social Affairs
3
4. SECTION I
Huge and still growing volumes…
According to the World Bank, officially recorded remittance flows to developing countries reached
an estimated $401 billion in 2012, growing by 5.3 percent since 2011. Remittance flows are
expected to grow at an annual rate of 8.8 percent on average between 2013-2015 to reach about
$515 billion in 2015.
4
5. SECTION I
Huge and still growing volumes…
Geographical repartition
Total 401 billion US dollars ; source World Bank
5
6. SECTION I
… but be careful with statistics
Example inbound remittances : Algeria
Source
Banque de France 2004 : remittances France – Algeria
Amount
283 million euros
Evaluation Ecorys study
1 500 million euros
Statistics World Bank : inbound remittances 2007
2 906 million US $
Statistics Rapport co-développement 2003 remittances
France Algérie
3 150 million euros
Statistics IFAD : inbound remittances 2006
5 399 million US $
6
7. SECTION I
… but be careful with statistics
Example : outbound remittances Switzerland 2010
Population : source office des migrations
Outbound remittances : source Worldbank
7
8. SECTION I
A key factors : Corridors
Example : stock of Mediterranean migrants in Southern Europe
France
Italy
Albania
Spain
Turkey
Greece
Morocco
Algeria
Tunisia
Egypt
Libya
Corrido
factors
remitta
dynam
Stock o
status
system
countri
from on
anothe
Source : The migrant expectations for remittances in the Euro-Mediterranean area ;
Study conducted by PlaNet Finance 2009
8
9. SECTION I
In Europe, there exists a multiplication of corridors
Stocks
of migrants repartition
in Europe
Source : demo.istat.itc
Source :INSEE
Total : 4 179 000
Source “International Migration and the United
Kingdom, 2010.” Report of the United Kingdom
SOPEMI
9
10. SECTION I
Some important characteristics : providers
Banks
Posts
MFIs
Money Transfer
Organizations (MTOs)
Informal
>
Individuals
Hawala
Cash to Cash
Account to Cash
Account to Account
> 80 % of formal
flows
10
11. SECTION I
Some important characteristics : providers by corridors
Example : Corridors France vs Morocco, Senegal,Mali & Comoros
Source : Bank African of Development
Morocco
Mali
Senegal
Comoros
11
12. SECTION I
Some important characteristics : migrants expectations
Source : The migrant expectations for remittances in the Euro-Mediterranean area ;
Study conducted by PlaNet Finance 2009
12
13. SECTION I
Some important characteristics : migrants behaviour
Cost driven
Is looking for the less expensive service
Very sensitive to fees
Women are more sensitive to costs
Convenience driven
Is looking for a cheap and easy-to-use service
Sensitive to the opening hours
Habit driven
Uses always the same service by habit
Is very sensitive to the employee that he used to work with
Prefers confidence and someone speaking in his language
Community driven
Prefers the informal channels
Has more confidence on the people he knows
Lack of real other choice than informal
Source : The migrant expectations for remittances in the Euro-Mediterranean area ;
Study conducted by PlaNet Finance 2009
13
14. Section I – General overview
Section II – Main issues
Formal vs informal
Prices
The last mile
What for ?
Section III – Existing solutions
14
15. SECTION II
Informal vs formal
Main reasons for informal
•
•
•
•
Costs
Existence of a black market for the exchange rate of the currency
No tax records
Weakness of the banking system of the migrants country of origin
Volumes
Surveys of migrants and remittances recipients and other secondary sources suggest that informal
remittances flows, which are not included in the IMF estimation, could be equal to or exceed official
figures for Sub-Saharan Africa (Page and Plaza 2006; IFAD 2009). Central banks in some African countries,
such as Uganda, are making efforts to estimate these informal flows—through, for example, foreign
exchange transactions data and remittances beneficiaries surveys—but these efforts appear to be limited
to a few countries.
15
16. SECTION II
Informal vs formal
A global trend towards more formal remittances
Example : Mali
According BCEAO statistics, formal inbound flows in Mali have been twice as much important for a threeyear period from 80 billion in 2005 FCFA to 180 billion in 2008. Meantime, the stock of migrants has just
slightly changed.
This would signify that informal flows share fell from 73 % in 2005 to 42% in 2008
Source
Etude de capitalisation des initiatives et mécanismes en matière de transferts de fonds au Mal 2010
Frédéric Ponsot Bruno Obegi
Benefits from more formal remittances
(1) as bank deposits from remittances increase, banks are able to make more loans
(2) remittances receivers who use banks can gain access to other financial products and services
(3) banks that provide remittances transfer services are able to “reach out” to unbanked recipients and
those with limited financial intermediation (Aggarwal et al, 2006). Also, in economies where the
financial system is underdeveloped, remittances made through official channels can help alleviate
credit constraints and promote growth (Giuliano and Ruiz-Arranz, 2006).
16
17. SECTION II
Costs of remittances remain quite high
Trends in Remittances Prices Worldwide
17
18. SECTION II
Commitments towards a decrease of remittances cost face
tough resistance
Commitment [#77]
5x5
“We will work to reduce the average cost of transferring remittances from 10
percent to 5 percent by 2014, contributing to release an additional 15 billion
USD per year for recipient families.”
G20 Summit Document, November 2008
According to World Bank, progress towards reducing the cost of sending remittances have paused in
2012.
18
19. SECTION II
The last mile
As mentioned previously, proximity with the recipient is the most
important factor for migrants to select the remittances channel
Rural areas represent a large part of remittances recipients :
in Africa, for instance IFAD estimates that 30 to 40 percent of
remittances are going to underserved rural areas
The most successful solutions will be those able to reach easily « the last
mile »
19
20. SECTION II
What for ?
The issue of the use of remittances is a very sensitive question because
it handles with private money and no commitment has to be addressed
to the migrants for the way their families use their remittances
-
The use of remittances will depend mostly on :
Generation of migrants (1st, 2nd,…)
Age of migrants
Country of origin, etc
Financial literacy has been pointed out to be crucial to help the migrants
and their families for using remittances in the most appropriate way for
them.
Some remarkable works have been done in this sense by GIZ and ILO
20
21. SECTION II
What for ?
Example : Repartition according to the use of remittances from France in 4 corridors
Family help
Housing
project
Investments
Source : African Bank of Development
21
22. Section I – General overview
Section II – Main issues
Section III – Existing solutions
Suggestions made by AFD- African Bank of Development
PlaNet Finance approach
22
23. SECTION III
Suggestions made by AFD- African Bank of Development
Four main preconisations
Enhancement of existing offers
Promotion of « bi-bancarization »
Special care for productive investment
Use of new technologies
Study made by Epargne sans Frontieres for Agence Française de Développement
and African Bank of Development
23
24. SECTION III
Enhancement of existing offers
As the « last mile » is always a tough issue, all the solutions enabling to reach the final
recipient closer to his home will enhance the existing solutions
Either with « technological tools » : cards,..
example : The Postepay Gift card issued by Poste Italiane can be used to pay for purchases in Italy and abroad
wherever MasterCard® is accepted. The card is issued instantly at the time of purchase and can be loaded with
flexible denominations of up to E500.
Or by the recruitment of new agents : MFIs
example : The MFIs have developed very large networks close to their clients.
Depending their size and the regulatory aspects of their country they can play
an active role. For instance experiment of PAMECAS in Senegal with MTO Money Express for the corridor Italy
Senegal which developed innovative financial services for migrants and their families
24
25. SECTION III
Promotion of bi-bancarization
Services of bi-bancarization aim to enable the possibility for money senders to have
access to a whole range of financial services in their country of origin
Some examples : same bank Attijariwafa Bank
Agreement between Banks Attijariwafa and la Banque Postale
Key question : the existence of bank accounts for non-residents :
for instance, there were some problems in Senegal about this issue
Some success stories especially for the corridor between Spain and Ecuador but
some limits for the obtention of a credit in the North for a project in the South
25
26. SECTION III
Special care for productive investment
All the steps are crucial
Detection
Orientation – Advice for the
entrepreneur
Set up of
the project and training
Assistance for the
financement
Assistance for the realization
of the project
26
27. SECTION III
Special care for productive investment
MFIs resolve the information and institutional constraints facing migrants by:
Developing and offering a financial product for migrants to invest in
Diversifying the migrants’ money across many borrowers
Providing monitoring services to the migrant-investors
Information &
financial services
Migrants
Remittances
Monitoring
MFIs
Investment
27
Local
Businesses
Salaries
Employment
28. SECTION III
Use of new technologies
Channel : mobile phone - examples
Companies
Sending
countries
Receiving
countries
Product type
MTO + Telco
Western Union +
Orascom
Middle East, Asia,
Europe
Algeria, Tunisia,
Pakistan, Egypt,
Bangladesh,
Cash to Mobile
Telco
Orange
Côte d’Ivoire
Côte d’Ivoire
Mobile to Mobile
Type
Channel : internet - examples
Type
Companies
Sending
countries
Receiving
countries
Product type
Bank + posts
La Banque Postale
France
22 countries
Account to cash
Bank
Barclays
UK
India
Account to account
Source : Remittances - how to shorten the long way home Gera Voorrips ING
28
29. SECTION III
PlaNet Finance approach
A comprehensive approach
Promote cheap and convenient remittances
by building adequate partnerships
Train migrants and their
families on financial literacy
and entrepreneurship
Foster the creation
of new financial products
fitted to the needs
of the migrants
and their families
29
30. Target group and area: Filipino migrants’ organizations in Spain, Italy, and Dubai; and families in the
Philippines of Filipino migrants living in Spain, Italy and Dubai.
Component
Objective/targets
Achievements
I. Build partnerships
Establish 6 partnerships between
remittance service providers and
microfinance institutions.
5 partnerships between remittance
service providers and microfinance
institutions.
II. Train migrants and
their family members
Train 700 migrants and their
families on financial literacy and
entrepreneurship.
Train 1598 migrants and their families
on financial literacy and
entrepreneurship.
III. Help MFIs offer
migrant-oriented
products
Assist MFIs to develop 3 products
that help 500 clients per MFI save
$100 each, and 250 clients per MFI
access credit.
•
•
•
•
15 products developed
2571 clients have saved $67 each on
average (thru May)
2199 clients borrowed $552 on
average (total $1,300,000)
1230 clients have life insurance
30
SECTION III
Remittances Building Linkage for Development of
Migrants and their Families through Microfinance Services
31. SECTION III
PlaNet Finance – UPU project in Western and Central Africa
Partners
Leader
PlaNet Finance
Union Postale
Universelle
La Poste de Côte
d’Ivoire
Campost
Associate
La Poste du Mali
SONAPOST
Le Groupe La
Poste
Improve the quality of service of International Electronic Money Order by checking the good
implementation of procedures
Provide financial literacy to migrant populations and their families in the target countries (sending and
receiving)
Extend the access by creating new points of contact in postal branches or with local shopkeepers
Develop a new offer of financial services for the partnering Posts fitted to the migrants needs
Organize and coordinate regional workshops in order to mutualize the results with neighboring
countries
31