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Rocket Remit launches mobile money transfer to Mongolia

Rocket Remit launches mobile money transfer to Mongolia

June 2019

mHITs (pronounced Em-HITS), the leading Australian FinTech mobile remittance pioneer, announces its Australian mobile remittance service Rocket Remit has expanded its mobile money transfer service to include Mongolia.

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This makes Rocket Remit one of the only Money Transfer Operators currently servicing the Australia-Mongolia remittance corridor.

Mongolia, like many emerging markets with diaspora working around the world, receives a significant proportion of GDP via inward remittance. According to the World Bank, in 2018 Mongolia received over USD 250 Million in inward remittance alone.

Rocket Remit specialises in international money transfer via mobile money offering the world’s fastest and simplest method for sending money from Australia to emerging markets overseas. Money transfer is instantaneous with funds directly credited to the recipient’s mobile money account without requiring a transfer agent or bank. No other transfer method or payment technology including crypto currencies can achieve this level of transaction speed and convenience.

Rocket Remit provides the world’s fastest and simplest way to send money requiring only the mobile number of the recipient to address the payment. Recipients receive funds instantly and automatically receive an SMS notification as funds are immediately credited to their mobile money account in their local currency. The recipient can access the funds instantly and securely from their mobile money account directly or depending upon their region, may also withdraw funds in cash via an agent or ATM.

Known also as digital remittance, mobile money transfer also offers the lowest cost method for sending money to emerging markets where people rely on money sent from relatives and friends overseas.

For more information on the Rocket Remit service visit www.rocketremit.com.

about mobile international remittance

Remittance is the hidden force in global economics with over US$640 billion sent globally per year. By comparison, global foreign aid is approximately US$135 billion (approximately one fifth).

Banks and money transfer operators have traditionally dominated international remittance with the majority of funds sent to developing countries. However, with the introduction of mobile phone technology and the introduction of mobile money systems in these same markets, a new alternative now exists for funds to be sent directly to a recipient via a mobile money system using their mobile number as an account number. Mobile money is simpler, more secure, more efficient, provides instantaneous transfer of funds, and because the transaction is independent of the banking system, is less than half the cost of traditional money transfer.

Mobile money systems also for the first time provide the ability for funds to be sent to regions of the world where previously money transfer was impossible because of the absence of banks or money transfer operators. Mobile technology significantly lowers the cost of remittances as it removes the need for physical points of presence. The World Bank estimates that reducing remittance commission charges by 2-5% could increase the flow of formal remittances by 50-70%. The mHITs Rocket Remit mobile remittance service is helping to achieve this goal. Reducing the cost of sending  each individual remittance encourages the delivery of lower value remittances, at values far less than today’s average transfer of US$200. Lower sending costs also encourage use of mobile remittance over unregulated informal remittance services. The GSMA forecasts that the formal global remittance market could increase to over US$1 trillion in five years with the help of mobile communications.

For more information visit www.gsma.com.

about LendMN Mongolia

LendMN Mongolia is Mongolia’s first “FinTech” company. The company provides mobile payment and financial services in Mongolia including quick loans to users using Artificial Intelligence based credit scoring using mobile phones.

AND Global is the parent company of AND Systems LLC and LendMN NBFI and is responsible for capital raising, strategic planning, implementation of strategic actions and management. After raising $1 million in seed funding in April 2016, the company received additional investment of $4 million in August 2017. AND Global will use the LendMN application model in SEA countries starting in the Philippines, Indonesia, and Japan.

For more information visit www.lend.mn