Global Consumer Money Transfers Conference gains strength

International Association of Money Transfer Networks announced the third conference on worldwide money transfers to take place at the Dorchester Hotel, London on the 29–30 October 2007.

With a wealth of internationally acclaimed speakers the conference will provide the platform for a powerful exchange of views and opinions and be the showcase for future developments in the industry. The conference is supported by the Association of Russian Banks. It’s principal sponsor is Unistream Bank, the leading money transfers network in Russia and CIS countries.



Last year’s IAMTN Global Consumer Money Transfers Conference pro­voked interesting debate amongst a record number of delegates and an eminent selection of high profile speakers. The participated companies included Eximbank, Opal Transfer, Ria Financial service, MoneyTrans, United Card Service, Citigroup, Deloitte, London Business School, International Bank of Development, Ernst & Young, Banco de la Nacion Argentina, Travelex, Philippine Nat Bank, Paymaster Ltd, Global Express, Bloomberg, Morgan Stanley, Aurora Russia, Asia Exchange Center, Euromoney.



Gagik Zakaryan, Chairman of the association:"Increasing legislation, tech­nological advances and the growing need for transparent, low cost solu­tions are the challenges now facing the industry. We are making the third conference to explore each of these in turn, assessing the implications for participants and provid­ing valuable feedback to governments shaping legislation.”



Money Transfer Market is widely recognized as contributing signifi­cantly to global economic develop­ment. Some developing countries receive more than 20% of their GDP by remittance flows, for example, Tonga receives 31% of GDP, Moldova 27%, Haiti gets 24.8% of GDP, Philippines 13% of GDP. Top recipient countries are India ( $21.7 bn), China ($21.3 bn), Mexico ($18.1 bn), Philippines ($11.6bn). The largest source country is United States with nearly $39 billion in outward remittances.



During last10 years recorded remittances have grown much faster than private capital flows and official development assistance.(Workers’ remittances have grown from $58 bn. to $160 bn., foreign direct investment from $107bn.to $166 bn., official development assistance from $59bn. to $79bn.) Despite the prominence given to remittances from developed countries, South–South remittance lows make up 30–45 percent of total remittances received by developing countries, reflecting the fact that over half of migrants from developing countries migrate to other developing countries.

IATMN – International Association of Money Transfer Networks was founded in 2006 to improve collaboration amongst money transfer networks and banks to ensure a cohesive approach is taken by the industry in response to changing legislation and the need to promote greater transparency in ways that are effective, yet non discriminatory. Honorary President of the association is Lord Norman Lamont of Lerwick, former Chancellor of Exchequer, Chairman is Gagik Zakarian, CEO: Lady Olga Maitland.

Contact Information

Lady Olga Maitland

CEO

IAMTN

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