Bringing banking services near to the migrant workers
Applicant name: Md Rezaul Karim
Innovation Name: Expat Savings
Innovation Type: Product
Mission: Bringing banking services near to the migrant workers
Innovation Description: There is no saving scheme or EPF for expatriate in abroad unless someone takes own initiative to save certain portion of their salary to their bank account at home country. Most cases it does not happen to migrants due to lack of financial knowledge or day to day cash demand for family maintenance. It has been noticed that most of the expatriates spend almost 100% of their earning on family maintenance and there is no savings after tenure of their working contract. Ultimately, a long migrant life does not make any change in long run and there is no financial security sustain for them. Even though there is improvement on their expenditure and average life standard, but there is lack of productive uses of remittance that could improve the financial capacity of migrants. My innovation will solve the problems of migrants saving. Apart from the savings, they will get special rate of return from Banks on the net saving amount. Moreover they may convert the saving to buy fixed deposit products whereas the rate of return is higher than usual
Status of Innovation: Concept
Innovation Active Since: 30/10/2018
Applicant Type: Individual
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2017
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
My innovation is basically creates opportunity for the migrant workers to save certain portion of the overseas earning that will consider financial security for their future. They will be able to use that fund for small business or any other scopes to ensure financial sustainability. This will also ensure the use of remittance in better and productive means. It will be applicable for almost all the source countries of Migrant workers. Example Bangladesh, Nepal, India, Indonesia, Philippine etc. I believe this will be first in kind to think about provident fund for the migrants. Due to the lack of integration between the stakeholders there is a gap to maximize the uses of remittance for the migrant’s future and to bring financial solvency in long run. My innovation will be benefited by all the parties.
Employer- Employee motivation. Recognize by regulators and other stakeholders
RSPs- Group remittance though small ticket size, Customer loyality
Host Country- Minimal tendency of migrants turn in to illegal (without valid documents
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
My innovation maximize the purpose of remittance. In conventional method cross boarder remittance is just serve the purpose of transferring the money from one country to another (either to cash/bank/mobile/wallet). Sometime it may service the purpose, ex. Bill payment airtime top up etc. However, my product/idea is not just a transfer but a long run purpose for the large number of people.
There is synergy between the sender, correspondent banks, host country and the employers. Moreover, it may consider another steep to create a cashless society in both home and host country
Full Name: Md Rezaul Karim
Expat Savings Deck: http://docdro.id/aNxyJc8