FinTech: Disrupting the Traditional Market and Benefiting Migrants Globally

136

One of the most remarkable technological advancements involves the rapid shift in the way remittances are sent – from being mainly cash to, at last, more digital forms.

Ideally, for the last ten years, sending money back home meant using a local store down the street, and now all of a sudden, you don’t even have to get out of the house to send money across the globe; mind-blowing, isn’t it?

Wherever their home or host countries are, for most migrants, sending money back home is a significant priority. Their families depend on that money to meet their day-to-day needs; some intend to save it up to build a house, buy land, start a business, get a degree, marriage, or other longer-term goals. 

Therefore, remittances are essential to migrant households, many of which are low-income or otherwise vulnerable, and they’re imperative at the national level, too.

Traditional Remittance Model 

Despite the dire need and significance of remittances, they have remained stuck in inefficient models for a very long time. The only way people knew how money could transfer from one point to another was by the traditional remittance model. Here’s how it works:

  • Immigrant working in the host country earns wages or salaries in the host country’s local currency.
  • Upon receiving the compensation, the migrant then takes out some hard-earned cash and goes to a money transfer outlet where they pay a hefty fee to send the money to their family back home. 
  • The family then gets word on when the funds will arrive. 
  • Someone from the home country then goes to the closest money transfer outlet (which is often not particularly that close), pays yet another hefty fee, and receives the remittance as local currency cash. 

It is all an expensive, complex, and inefficient hassle.

Many then resort to the unregulated network that goes by the name hawala. Nevertheless, the process here is still the same: A migrant gives cash to an agent operating in the host country where the migrant is currently working. The chosen agent has an associate in the migrant’s home county; the home-country agent delivers an equivalent amount of local currency cash to the migrant’s intended beneficiary.

The most apparent issue with both of these models is cost, questionable vendors, and money not being delivered timely.

Over the years, there has been substantial growth in FinTech money transfer companies.

InstaKin – Leading All the Way

Named as one of the most innovative FinTech companies in the USA, InstaKin is standardizing this industry and has completely changed the way migrants interact with their families back home.

But how did this happen? What were the factors that led to this?

InstaKin Offers Instant Services 

Instakin continues to expand its offering of last-mile services back home.

  • Documentation services

From HEC attestation to get a police clearance, InstaKin manages all your documentation-related tasks.

  • Property management

We at Instakin provide a One Window Solution for all your property management tasks back home.

  • Legal Services

From getting your company registered to deal with any local civil matters, InstaKin is a one-stop solution for any legal services that you may require. We connect you with verified vendors.

  • Consumer Electronics

Migrants can send consumer electronics to their families back home using InstaKin’s vendor network for fulfillment.

  • Customized Gift & Events

InstaKin makes it easier for expats to send customized gifts to their friends and family with a fast, secure, and highly reliable ordering process. Events are a big part of the South Asian Community. By helping migrants connect with verified event planners back home, we allow them to interact with them through our product and make direct mile-stone-based payments.

  • Special Request

InstaKin Concierge service helps you to request any service back home. Just post a request with your order details, and we will get it done. Recently, an overseas Pakistani contacted us to arrange home care for her parents. This is just one example of how InstaKin is helping migrant communities by providing greater access.

As it grows, InstaKin will continue to add more services and exciting features to its product. Our motto is to improve lives of migrant communities.

Our Customer App

Safe, instant, and convenient – InstaKin’s App is designed for both Android and iOS users. Our algorithm matches customers’ requests with the most relevant vendors based on availability, location, service, type, ratings, and service levels.

Key features to securely provide immigrants with access back home:

  • Secure Transactions
  • InstaPay for payment security
  • Multi-Payment Options
  • Digital Wallet
  • Community Chat & Message Boards
  • Vendor Collaboration

We Offer You the INSTAKIN Guarantee

With InstaKin around, you don’t have to rely on unverified and questionable vendors in your home country. We guarantee to provide you with already operational, verified, and trusted vendors through a quick, accurate, and compliant financial platform. Taking care of all your needs back home while you sit back, relax, and focus on your everyday life is our motto.

What Matters to Us

At InstaKin – We believe in empowering Migrant Communities. You can count on InstaKin’s platform to manage all your tasks back home. 

Post a request or become our partner today.