Finastra has announced plans around a range of initiatives which will enable its customers to accelerate through change, as well as creating positive outcomes for millions of people around the world.

Overall, remittances to the Asia-Pacific region will drop 12 percent in the second half of 2020 compared with the same period last year, Fitch Ratings says.

A new agreement between IFC and the Mongolian Bankers Association will help improve access to funding for 200,000 micro, small and medium enterprises cumulatively over the next five years by developing a vibrant market for value chain finance in Mongolia.

Government travel restrictions and orders to defer repayments and lower interest rates on loans due to COVID-19 have reduced the ability of Myanmar’s microfinance companies to help rural people who desperately need capital.

The Indonesian Fintech Lenders Association has offered to help accelerate the disbursement of national economic recovery program funds as the government struggles to amass the data needed to deliver the money to the right places. 

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

Singapore residents are increasingly adopting digital payments due to the COVID-19 pandemic, according to a GlobalData report.

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report.