GlobalGateway, Trulioo’s global identity verification platform, helps businesses automate their customer onboarding processes and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
According to World Bank, the Philippines is one of the world’s largest recipients of remittances, third only to India and China. Remittances are the country’s largest source of foreign exchange income and account for approximately 10% of GDP in 2017, according to Trulioo’s official press release.
Moreover, in 2017, the country recorded inflows of approximately USD 33 billion, an all-time high, and in January 2018 cash remittances from Overseas Filipino Workers (OFW) reached USD 2.4 billion – a 9.7% increase on the previous year.
Globally, the remittance industry is massive and continues to grow — remittances are expected to reach USD 615 billion by the end of 2018 up from USD 575 billion in 2016, according to World Bank.
In June 2018, Trulioo received the 2018 RemTECH award for “Compliance Innovation” during the 2018 Global Forum on Remittances, Investment and Development in Kuala Lumpur, Malaysia. The RemTECH awards showcase the most innovative and outstanding technologies designed to improve remittance services worldwide.
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