Redefining Remittances: A Catalyst for Global Business Success
- admin cys
- 10 hours ago
- 2 min read
A Report by CYS Global Remit Digital Media Marketing Team
When "remittance" is mentioned, many immediately think of migrant workers sending money to their families. While this aspect is indeed crucial, it represents just one piece of a much larger ecosystem. Today, remittances drive global commerce, supporting everything from SMEs and payroll firms to e-commerce platforms and international supply chains. In this dynamic landscape, CYS Global Remit stands as a trusted partner for both individual and business remitters across the Asia Pacific.
According to the World Bank, one in every 28 people lives outside their country of birth. In 2017 alone, migrants remitted US$636 billion, with three-quarters sent to developing nations, forming a substantial percentage of GDP in many economies. Even small cost reductions can inject billions into local markets, with mobile-to-mobile remittances providing faster, cheaper access to funds.
Yet, it's not just individuals who rely on remittances. Businesses, particularly SMEs, need fast
and secure cross-border payments to maintain operations. Payroll firms must disburse wages across borders, and suppliers need prompt payments to prevent disruptions. CYS Global Remit collaborates closely with these companies, ensuring liquidity, managing FX exposure, and streamlining international payments through compliant, bespoke solutions.
E-commerce giants like Amazon, eBay, Alibaba, and Etsy are fuelled by efficient cross-border payment systems. Their success hinges on digital wallets and payment platforms that enable seamless international transactions. This accessibility has accelerated global trade, particularly for C2B, B2C, and small business transactions.
Nevertheless, businesses still face significant hurdles. For instance, a U.S. company paying a Hong Kong supplier may encounter high SWIFT fees, FX conversion losses, and clearing delays, all of which can slow operations and tie up capital. Businesses seek cross-border solutions that mimic the ease of domestic payments. At CYS, our treasury manages over US$2.2 billion in contracts annually, half of which involve cross-border B2B payments, ensuring timely, cost-effective service with localized currency support.
This growing demand presents an opportunity for remittance providers to expand from retail into B2B. The stakes are higher—delays impact cash flow, goods release, compliance, and ultimately, reputation. CYS Global Remit has embraced this evolution, offering business clients transparency, FX stability, and reliable settlements across complex Asian currencies.
To excel in the B2B remittance sector, providers must offer:
Seamless digital onboarding
Transparent FX rates and real-time processing
Compliance-ready documentation
Comprehensive multi-currency, multi-market coverage
With four decades of expertise, CYS Global Remit is strategically positioned as a payment partner for businesses navigating Asia’s dynamic markets. Our platform, fortified by strong banking alliances and regulatory trust, empowers both individuals and corporations to transfer money securely and efficiently.
Remittance transcends the simple act of sending money home; it’s about propelling economies forward. CYS Global Remit remains at the forefront of this movement, driving progress and innovation in global financial landscapes.
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