IME Executive Chairman invited as keynote speaker at Global Forum on Remittances 2013

Chairman of Global IME bank and Executive Chairman of International Money Express (IME) Mr. Chandra Prasad Dhakal invited in the Global Forum on Remittances: Sending money home to Asia – GFR 2013 being held in Bangkok, Thailand as one of the key note speakers from Nepal has highlighted the need for joint effort of Government of Nepal, Central Bank of Nepal, and Bank/FIs and remittance companies necessary to discourage remittances through informal channels.

Organized by the World Bank and International Fund for Agricultural Development (IFAD) with an objective to stimulate the debate on today’s market realities and tomorrow’s opportunities and help create the foundation for a common agenda for the Asia-Pacific remittance, GFR 2013 had over 400 invitees from different countries including experts and representatives from leading business groups, government regulators and civil society. GFR 2013 has been a unique platform to promote global awareness of migrant remittances and to highlight the immense impact of the money sent home to developing countries.

Presenting a paper on Market Trends, Innovation and Opportunities, Mr. Dhakal stressed on the need to tap the opportunities of remittance market expansion through the formalization of remittance flow in developing country like Nepal where still considerable volume of remittances still coming from informal channel.

 "Nepalese migrant workers in India and Korea are still compelled to use informal channels to send their money back home." Mr. Dhakal said and further added "This is because in these countries, banks and remittance companies don't have their payment system set up yet, the way IME and other private remittance companies have them in Malaysia and other Middle East countries."

GFR 2013, a three day global event will be held till May 23, 2013 ending with a side workshop towards discussing in depth approach to scaling up opportunities in Nepal and the Philippines.