Fintech or, more fully, financial technology, is the buzz word in the startup world. But while the winners in this revolution are entrepreneurs and investors, there are clear benefits for the developing world.

According to a new book from the Asian Development Bank Institute, Labor Migration in Asia: Increasing the Development Impact of Migration through Finance and Technology, lowering the cost of remittances for Asian workers employed in other parts of the world will improve the overall socioeconomic outcomes of their countries of origin.

The research on the benefits of remittances is clear.

The United Nations Conference on Trade and Development says a 10% rise in remittances—that is, money sent home to the region by its expatriate workers—could lead to a 3.5% fall in the number of people living in poverty.

Read the transcript

https://bit.ly/2JJJ0wZ

Read the report

https://www.adb.org/publications/labor-migration-asia

About the event organizers and report editors

Aladdin Rillo was with ADBI at the time of the event and organized the event. He worked with Jean-Christophe Dumont and Jonathan Chaloff, from the Organisation for Economic Co-operation and Development, and Nilim Baruah, from the International Labour Organization.

Know more about ADBI’s work on labor

https://bit.ly/2LYGzF5

https://bit.ly/2LYGKQL