18-19 March 2015 , ADB Asian Development Bank, Manila , Philippines is the official host of the Forum on Promoting Remittances for Development Finance. It is opened by the ADB top honcho Mr. Takehiko Nakao, President , Asian Development Bank , with an inspiring key note speech of Mr. Jaime Augusto Zobel de Ayala , Chairman and CEO , Ayala Corporation.
The first of the forum tackles pressing issues on Remittances for Development Finance as catalyst for an inclusive and resilient economies for ADB members perhaps in the global economic hemisphere.
Sessions ranging from : Remittances as a Driver for Economic Growth and Poverty Reduction, Remittances and Household Investments, Remittances and Access to Finance - Conducive Policies and Business Environment , Remittances Innovations and Digital Finance.
The most upbeat among the 1st day sessions of the forum , is the topics on " remittance innovations and digital finance for which promises a more potent , bright solutions to the current pressing social economic inclusiveness that has more elusive, perhaps disperse in equitably , by reasons of technological divide , gender gap , insufficient regulatory framework that contained potential economic growth for each certain type of country.
"technology is very foundation , for which a certain nation could achieve economic inclusiveness through the remittances if only one aware and equip on how to utilized the immense promises of this innovations", the ending statement of " Susheela Venkataraman, Principal Director , Office of Information System and Technology , ADB.
Miss Andria Thomas, Associate Partner, Dalberg Global Development Advisors on her presentation regarding " remittance innovations and digital finance ", articulately expounded the practicability of the digital solutions , especially the mobile remittances banking since most of the populace in the Asian region have more access with the said mobile technology, it is pertinent that remittance could be harnessed using this mobile tech solutions ,which is more speedier, real time , efficient and less cost.
Considering the ' destruptive tech challenges " that may cause potential harm to the economic landscape , to the financial systems that speaker considered the idea , a gray area that needs more to be considered . Since her presentation , revolves on the great potential of the mobile remittance solutions her impending challenges that some how affects the remittance finances to cascade down in the level of economic ecology where every one can connect and benefit , is " adoption with the new idea that mobile remittance is the new norms today, given with the right ,inter operability policies from the regulators the technology could be of great help pushing the idea of inclusive and resilient economy. Thus , Miss Andria Thomas said, to attained the momentum, sustaining the full acceptance and usage of the mobile banking there must a need of vibrant mobile economic digital sphere , cultivating the community of SME's , private user to adopt the new technology.Hence, Miss Andria Thomas expertly said, that for a more mobile banking to avoid dormancy of accounts , and be a model of best practices adoptable to all the regions of the world, she said " there must a need to " partnership modality", for each segments actors of the mobile banking eco-sphere from the business to business model, from business to retail, from vendor to business . Each segments of customers is essential for the total health being of the mobile banking technology to come into full maturity.
The classic success of story using the mobile banking technology in harnessing remittance to become a fuel for a dynamic , inclusive, and resilient economy is the retail banking operation of BRAC Bank Ltd., Bangladesh , presented by Mr. Firoz Ahmed Khan, head of the Retail Banking of the said bank.
Essentially , each bank is created to conduit a funds from peoples' money ,then lend to customers individual , sme's , institutional for the capital to circulate and be engine of economic growth. Using the accumulated remittances which comes by volume , is a promising business . However, not all banks are created for the same purpose especially in serving the very retail, un banks, some sector like woman who have not enough business orientation because it would entail the banks into a more acute uncertainty of paying back . Exposing hard earned money of the OFW - through remittances is the paramount concern for each banker. And so with the needs to circulate exposure of capital opportunity to every one.
The Bangladesh bank were able to justify all these concerns , weighing what is more consciously equitable , win win solutions for each camp , the bank as a conduit of funds, the OFW as investors and potential source of capital, and users of funds the business community itself.
In Bangladesh , every one is winner. That is they are the model of the small capital remittances using the mobile technology plaftform.
Noted Filipino personality who attended the Forum is Miss Imelda Nicolas , the presidential office chair on Overseas Commission .
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