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[Music] over the past decade world remittances have increased by 60 from 437 billion in 2009 to over 714 billion in 2019 this exists three times the combined official development assistance oda and about equal to total foreign direct investment fdi if we have cross-border payments whether personal or by businesses and the gig economy with thousands of people working remotely from other countries we can be talking about 750 billion more for a total of more than 1.5 trillion dollars staggering 1 billion people or one in seven in the world are involved with remittances either by sending them or receiving them one in nine people in the world benefits from these flows adding cross-border payments we are touching the lives of one and a half to two billion people across the planet that is what the international money transfer remittances and cross-border payments industry does serve the needs of billions of customers over 50 percent of remittances are sent to households in rural areas where 75 of the world's poor and 40 insecure live rural households rely on these flows for improving their livelihoods the accumulated flows to rural areas over the next five years will reach us one trillion dollars in 2019 the number of migrants worldwide was estimated at 272 million up from 220 million in 2010 the growth rate of remittance flows has been greater than the growth rate of migration [Music] the driving force behind the remittance phenomenon are migrant workers sending an average u.s 200 each between 10 and 12 times a year to their families in their home countries between 2015 and 2030 it is estimated that eight and a half trillion dollars will be sent by migrants back to their communities of origin in developing countries about 75 percent of remittances are used to put food on the table and cover medical expenses school fees housing expenses diasporas are paying for their families electricity mortgages even seeds on livestock more than 2 billion dollars will be either saved or invested in small businesses migrant workers send an average of 200 to 300 home every one or two months this represents only 15 percent of what they earn as the rest stay in the host countries what they send can make up as much as 60 of a receiving household's total income and represents a lifeline for millions of families in times of crisis migrant workers may send more money home to cover the loss of crops or family emergencies remittances have been key to rebuilding after earthquakes in haiti nepal typhoons in asia hurricanes in the caribbean 25 of remittances are safe or invested in activities that generate income and jobs and transform economies particularly in rural areas remittances are an engine of peace and development in the absence of adequate government social protection in most developing countries remittances insulate poor families from the full pain of economic crisis and in doing so reduce the severity of grievances that fuel populist anger civil unrest and political instability remittances perform a social economical and political function and have become a de facto social welfare policy in many poor countries same as the 2008 financial crisis the covet pandemic will impact remittances this time promoting digital solutions in almost every country in an evolution in the market where there will be winners and losers where innovation will continue to drive the agenda remittances and cross-border payments are costly in certain corridors but the emergence of fintechs the technological innovations mobile technologies digitalization blockchain cryptocurrencies enhanced compliance and rectec are fundamentally transforming the markets coupled with a more conducive regulatory environment and imperative partnerships of banks and non-bank financial institutions working to better serve a growing interconnected market remittances and payment innovations around the world are driving all of us forward [Music] you