Rewire, the financial services platform offering tailored cross-border solutions for the unique needs of migrant workers from developing countries, partners with regtech Salv to create a more secure money management environment for its customers. Rewire’s partnership with Salv aims to enable a safe environment, free of criminal activities such as money laundering. Through this partnership, Salv helps to bring additional security to Rewire’s financial services, safeguarding it from potential financial criminals, fraudsters or money launderers trying to exploit the system through financial companies.
Today, a growing number of people are moving across countries for a better and safer life and work. The growing migration trend results in tripling the number of migrant workforce in the last decade (Global Migrant Indicators 2021), amounting up to 169 million migrant workers according to ILO’s latest estimates, which make up nearly 5% of the global labor force. This is true despite the lengthening pandemic, which showed some decrease in overall migration numbers. Looking into global financial trends, in 2020 the amount of remittances migrant workers sent back to their origin country according to World Bank data (USD 540 billion), far exceeded the sum of foreign direct investments (USD 259 billion), and oversaw development assistance (USD 179 billion), which clearly reflected the importance and strong link labor migration has in helping to develop societies.
Still, people moving between countries are often faced with many hurdles when it comes to fulfilling their basic financial needs, and thus, face the risk of financial exclusion. This is where Rewire steps in as it identifies that migrants require 3-4 different financial institutions just to fulfill their basic financial needs, a situation that often perpetuates a precarious status. This is exactly what Rewire aims to solve by providing an innovative app that is safe and makes financial services more accessible to migrants. Enabling more migrants access to financial services and including them in the financial systems will help to minimise possible financial exclusion and build stronger societies. This is also where the importance of a solid anti financial crime and cyber security infrastructure comes to the forefront as sadly, along with the growing online financial environments, we are also looking at a growing number of criminals who take advantage of the globally mobile workforce, trying to trick people out of their funds or move their illicit funds across borders.
Taavi Tamkivi, CEO and co-founder of Salv says “Sadly the geopolitical crisis also affects financial crime as criminals try to find new opportunities to move their illicit money through the financial system. Salv is excited to help Rewire better predict and mitigate potential financial crime risks, stay current on the growing list of sanctions and help better assess the possibly risky customer relationships and potential losses with our AML solutions.”
Guy Kashtan, co-founder and CEO at Rewire says “As a migrant centric company, the safety and security of our solutions has been a priority for us from the start. We are humbly aware that we are handling the most important thing for our customers, their money which is used to build a financially secure future for themselves and their families. Wanting them to feel safe using our platform is what made us turn to Salv to begin with.” Rewire promotes financial inclusion by offering a holistic migration package that is tailored to the unique needs of globally mobile workforce – including remittance services, a payment account, debit card, cross-border bill payments, insurances, and more.
“Considering how fast we are growing globally and the amount of payments we are processing every day, integrating Salv’s AML capabilities with our payment system gives us extra security knowing that we can keep the possible bad actors out of our system. We are glad to have found a partner that understands our unique needs and can keep up with our pace, while we scale into new markets across the world.” Kashtan adds, “The joint vision that leads Salv and Rewire includes a safe online environment that empowers people to manage their cross-border financial needs on their path to securing a financial future for themselves and their families.”
About Rewire
Rewire is a cross-border financial services platform for migrants worldwide. It was founded by entrepreneurs Guy Kashtan (CEO), Saar Yahalom (CTO), Adi Ben Dayan (VP R&D), and Or Benoz. To answer the unique cross-border needs of migrants, Rewire harnesses the power of innovative technology and develops strategic partnerships with leading financial institutions in the migrant’s country of origin and in their new home. From remittance and payment accounts to upcoming advanced financial services such as bill payments, savings, and mortgage loans, Rewire is able to provide innovative and accessible financial services tailored for migrants.
Rewire manages several online global communities for its diverse customer base who have migrated to Europe from over 20 countries in Asia and Africa such as the Philippines, Nigeria, India, Thailand, and China. With a Migrants at the Center approach, innovative technology, strategic partnerships, and values of equality, inclusion and social good, Rewire is the migrant’s financial partner, wherever their home is. To learn more, visit www.rewire.com
About Salv
Salv is an Estonia-based regtech startup founded in 2018. We provide technology-powered solutions for combating financial crimes and money laundering. Our core team includes experienced crime fighters who bring their expertise from Skype and Wise (formerly TransferWise). Currently, we are helping banks and fintech companies across ten European countries meet their AML screening, monitoring, and customer risk assessment needs via two core products: AML Platform and AML Bridge. We equip our customers with the industry’s best crime-fighting tools and take compliance to a new level.
Additional information:
Tiina Hiller
Salv, Head of Marketing and Communications
+372 5560 7483
[email protected]
