This October, London's Banking Hall will host a landmark gathering focused on how digital innovation is reshaping the money movement sector. Running October 10-11, the Global Money Transfer Summit bri
This October, London's Banking Hall will host a landmark gathering focused on how digital innovation is reshaping the money movement sector. Running October 10-11, the Global Money Transfer Summit brings together executives from transfer operators, financial institutions, government agencies, technology firms, and legal practitioners for conversations shaped by speakers and thought leaders driving industry transformation.
Convened by the International Association of Money Transfer Networks, the event centers on examining "The future of remittance – technological advanced and how they will change the industry." Attendees will explore actionable frameworks addressing emerging opportunities within a landscape in constant flux, with sessions diving into regulatory shifts, novel business approaches, mobile-first services, Bitcoin, and blockchain systems.
"The shifts unfolding in remittance—spanning both regulatory and technological dimensions—tend to be difficult, frequently disorienting experiences," noted IAMTN's Veronica Studsgaard, the organization's founder and chief executive. "Our summit tackles these challenges frontally, equipping participants with strategic insight and real-world guidance."
The sector handled roughly US$575 billion in transaction volume during 2016, and momentum shows no signs of slowing. World Bank projections suggest the industry will expand to approximately US$615 billion within two years. Yet beneath these aggregate numbers lies competitive upheaval: agile fintech ventures are penetrating a space historically controlled by entrenched operators like Western Union and MoneyGram.
The competitive picture has shifted dramatically. Remitly, steered by Matt Oppenheimer—an alumnus of Barclays—saw its yearly transfer throughput double in 2016, crossing the US$2 billion threshold. London-headquartered WorldRemit now processes north of 500,000 transactions each month. Meanwhile, TransferWise, among Europe's most well-capitalized fintech names and supported by figures including Richard Branson and PayPal co-founder Max Levchin, facilitates transfers exceeding US$1 billion monthly based on BI Intelligence's assessment.
This influx of technology-driven players reflects the remittance sector's awakening to digital possibilities. By gathering industry participants at such a crucial inflection point, the Global Money Transfer Summit aims to foster dialogue between traditional institutions and emerging challengers, exploring how all participants can adapt within an increasingly competitive and technologically sophisticated environment.
