Never regarded as the most glamorous banking activity, the appeal of the remittance business has grown in the post-Lehman environment, thanks in part to the sector’s resilient capital flows and steady revenues. The resulting heady mix of local banks, postal services, telcos and money transfer operators (MTOs) are jostling for business in Asia-Pacific, sometimes competing, sometimes cooperating. New technology, strategies and alliances are unfolding as companies look for new ways to tap into the large migrant capital flows.
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