Greater digital financial literacy across Southeast Asia would give individuals the confidence to make better informed international remittance decisions. According to the World Bank, remittance flows to low- and middle-income countries reached approximately around $685 billion in 2024, marking a 5.8% increase from the previous year.  Focusing on the East Asia and Pacific region, remittance flows are forecasted to grow by 3% – with the Philippines accounting for nearly half of these inflows. 

A concerning fact on the back of these numbers is that a fraction under half of all migrant workers in Southeast Asia take out a loan to cover the cost of migration. These loans often have long term negative impacts on migrants achieving upward social mobility – a job made even harder when over 80 percent of remittances received at home are spent on the consumption of goods and services. 

Despite the growth of fintech platforms, digital financial literacy (DFL) is still negatively impacting 265 million unbanked adults. Migrants must feel confident when making financial decisions that if made incorrectly, will have lasting consequences. Saver Global has launched a free pioneering app SaverLearning to educate migrants and boost financial inclusion in an increasingly digitalised region.

Saver Global’s efforts are being supported by Southeast Asian governments. They are already incorporating basic pre-migration training, which can be extended to include digital financial literacy. Migrants who understand essential life skills such as opening bank accounts, saving and sending money home securely are in a much stronger position to succeed. Xprizo is a passionate believer in collaboration among governments, international organisations, and businesses to encourage migrants to become financially literate.

A better educated migrant class is a huge step in the right direction, but the next step is providing practical tools to optimise these newfound skills. This is where Xprizo steps in. By recognising the issues surrounding international remittance, Xprizo’s platform is designed in a way that helps anyone struggling with international payments from South East Asia. Its design delivers frictionless access for both users and merchants through an extensive network of local Agents working on the ground. Our platform easily onboards several popular local partners including GCash, M-Pesa, and others.

Fintech coupled with digital financial literacy is the best route forward to allow Southeast Asian migrants to confidently take ownership of their finances, save for the future, and support their families.

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Excited about Xprizo’s potential to revolutionise access to financial services in underserved communities? Contact us to learn more about our innovative fintech platform. Click here to contact Business Development. & click here to contact strategic alliances.