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PRESENTATION TO THE CARIBBEAN ASSOCIATION OF INDIGENOUS BANKS

This presentation explores the historical perspective, significant changes, and opportunities for Indigenous Banks in the global remittance market. Topics include regulation, economic factors, technology/social impact, and the role of remittances in national development.

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PRESENTATION TO THE CARIBBEAN ASSOCIATION OF INDIGENOUS BANKS

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  1. PRESENTATION TO THE CARIBBEAN ASSOCIATION OF INDIGENOUS BANKS Georgetown Guyana November 12 – 15, 2007

  2. CARVING OUT OUR SPACE IN THE GLOBAL REMITTANCE MARKET Presented by: Mr. Andrew Cocking, Deputy Group President International Business

  3. HISTORICAL PERSPECTIVE • Who sends remittances & why? • Traditionally, migrant populations from less developed countries • Major players • Western Union • Moneygram • Delivery mechanisms • Delivery of cash or cheques through agent locations in receiving countries • Regulation • Level of regulation non existent to low • Use of technology • Limited, but has been increasing with customer demand for service & competition

  4. Agents of Change in the Remittance Environment Significant changes are taking place in the following areas: • Regulatory • Economic • Technology/Social

  5. REGIONAL INFLOWS – 2006 (US$ - Millions)

  6. REGIONAL REMITTANCE OUTFLOWS – 2006 (US$ M)

  7. US Remittance Flows by State

  8. IMPORTANCE OF REMITTANCE TO NATIONAL DEVELOPMENT What role do we wish to play? • Remittances are the largest source of external financing for developing countries • Remittances exceed foreign direct investments • Remittances exceed official aid • Remittances may be used as collateral in the micro finance sector • In some instances remittances exceed 5% of GDP

  9. Roadmap into Remittance services for Indigenous Banks • Collaborative Effort! • Develop our own remittance centres in the Diaspora • Control the local distribution

  10. One Caribbean Virtual Banking Platform“Bank in a Box”

  11. Services available to Deploy • Send money to family globally • Person to person • Bank account to bank account • Mobile device to mobile device • Mobile Banking • Bank Account to Bank Account, Bank Account to Person, Bank Account to Card, Person to Bank Account, Person to Card, Card to Bank Account, Card to Card • Mobile Bill Pay, Mobile Remittances, Mobile Merchant Services • Pay your taxes and bills, or your family’s taxes and bills locally or from abroad • Make investments: • Local and Overseas NGO programs • Investments offered by banks and other FIs • Government issued bonds • Charitable Donations • Government and local business payroll • Purchase cell phone minutes for your family locally or from abroad

  12. OPPORTUNITIESFOR BANKS • Revenue from Remittance Fees • Foreign Exchange Revenue • Additional Revenue Stream from Mobile Banking • Increase in Customer Base due to the increase in Service Offerings • Opportunity to cross sell/up sell other financial products and services • Leveraging existing physical and electronic networks thus reducing cost of ownership • Access to the Caribbean Diaspora Globally • Settlement on a Ubiquitous Caribbean Network • Bring Innovative Services to the Caribbean • Create a differentiation amongst Caribbean and Foreign Banks

  13. LET US WORK TOGETHER TO CARVE OUT OUR SPACE IN THE GLOBAL REMITTANCE MARKET!! Thank you Q & A

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