01 Oct, 2020
Immigrant Remittances Are Growing In 2020 Vs. 2019 From U.S. To Latin America And Trans-fers By Indians, Filipinos, Nigerians To Families At Home Grow Despite COVID-19; iQSTEL Inc. (OTC: IQST) Launches Fintech Division With The Initial Target Market
Oct 01, 2020Despite the COVID-19 crisis, end-user immigrants in the U.S. from Latin America and Indians, Filipinos, Nigerians are sending more money than last year to their families at home, according to an article by the NY Times. In this environment, iQSTEL Inc. (OTC: IQST) has launched a new Fintech Division which is initially targeting immigrant end-users and offering global digital transactions. It offers the Company new revenue stream options in a global business-to-consumer (B2C) model. It will be synergistic with the iQSTEL Inc. (OTC: IQST) existing Telco Division.
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Immigrant Remittances Are Growing In 2020 Vs. 2019 From U.S. To Latin America As Transfers By Indians,Filipinos, Nigerians To Families At Home Grow Despite COVID-19; iQSTEL Inc. (OTC: IQST) Launches Fintech Division With The Initial Target Market End-User Immigrants
The NY Times said The World Bank had predicted a plunge of 19.7% in remittances to low and middle income countries this year due to COVID-19, including by Latin American and Caribbean immigrants. In 2019, remittances were measured at $554 billion. The World Bank then predicted a 5.6% rebound in 2021 to $470 billion. Instead, trends now show that forecast in 2020 is unlikely to materialize as immigrants are determined to send even more remittances to their families at home. Immigrant Remittances Are Growing In 2020 Vs. 2019 From U.S. To Latin America And Transfers By Indians, Filipinos, Nigerians To Families At Home Grow Despite COVID-19; iQSTEL Inc. (OTC: IQST) Launches Fintech Division With The Initial Target Market End-User Immigrants.
In this bullish global remittance environment and as digital financial transactions are becoming more frequent globally due to their low costs and blockchain-driven transparency, iQSTEL Inc. (OTC: IQST) has founded a new Finch Division with customized experience in global transfers and other services. At lower costs, minimal payment fees and access to debit card cash, the Fintech Division offers immigrants digital accuracy. The services include:
- Sending money domestically and internationally with low fees;
- Sending money using iQSTEL's customized SMS service (No SmartPhone is required);
- Paying utility bills with minimal payment fees (mobile, electricity, gas services);
- VISA debt card solution for easy access to funds, could be sent to their native countries.
iQSTEL Inc.'s (OTC: IQST) new Fintech Division is synergistic with the company's existing Telco Division. Mr. Iglesias, CEO of iQSTEL Inc. (OTC: IQST), said, "The knowledge gathered over the years through our Telco Division, along with strong customer relations with the large mobile operators around the world, has positioned iQSTEL to be the 'point man' between the immigrant end-user population and global telecommunications systems, a perfect setup for us to offer global Fin Tech products and services."
He added, "The development of our Fintech Division tied in to our intricate immigrant population consumers and knowledge was a given. Helping this sector transact digitally with near instant delivery, as compared to high risk cash transactions and travel requirements, is expected to be a huge benefit to the immigrant consumer." Immigrant Remittances Are Growing In 2020 Vs. 2019 From U.S. To Latin America And Transfers By Indians, Filipinos, Nigerians To Families At Home Grow Despite COVID-19; iQSTEL Inc. (OTC: IQST) Launches Fintech Division With The Initial Target Market End-User Immigrants.
Fintech Industry Seen Growing To $500+ Billion In Annnual Remittances
The Finch industry is growing at an almost exponential rate with greater than $500B in annual remittances and over $1.5 T in annual mobile payments, according to Global X and Mauro F. Romaldini (TopTal). Immigrant Remittances Are Growing In 2020 Vs. 2019 From U.S. To Latin America And Transfers By Indians, Filipinos, Nigerians To Families At Home Grow Despite COVID-19; iQSTEL Inc. (OTC: IQST) Launches Fintech Division With The Initial Target Market End-User Immigrants.
iQSTEL, Inc. (OTC: IQST) Expands List Of Subsidiaries
The parent company owns a 75% stake in blockchain subsidiary itsBchain LLC, iQSTEL Inc. (OTC: IQST) wholly owns Miami-based subsidiary, Etelix.com USA, LLC, an American-based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It owns 51% of SwissLink Carrier AG. SwissLink Carrier AG provides international VoIP connectivity worldwide and more. It owns 51% of QGlobal SMS LLC, a U.S.-based company which has international interconnection with Tier 1 SMS aggregators to more than 100 countries worldwide. It has acquired 51% of an Austin, Texas-based SMS U.S.-Mexico Service provider. Most recently it acquired IoT Labs MX SAPI. This Internet of Things (IoT) company is the creator of the "IoT Smart Gas" platform and application.
Source: Stock Market Press
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