Vision & Mission
Sustainable Development Goal 9
1 out of 9 of people
worldwide are supportedby funds sent home by migrant workers who are family members.
Of global remittances
go to rural areas
Around 50 % of global remittances go to rural areas
-60 % of a poor family’s household income is based on remittances.
1 USD Trillion of accumulated flows of money is expected to reach rural areas over the next five years
Imagine a sailor in the Philippines who is hired at a large shipping company, that pays him in cash. He must send this cash back home in remittances that go through many fees, reducing the purchase power of the final amount that is received by his family. On average, 7% of remittances sent are lost to fees, meaning a staggering $48 billion per year is taken away from local communities where they are needed most. In 2018, $689 billion in remittances were sent around the world; in 30 countries, remittances comprised over 10% of their GDP. That money would go a long way in reducing global poverty.
Remittances are vital for bringing countries out of poverty. The UN estimates that on average migrant workers send $200 – $300 home every one or two months. These amounts make up about 60 per cent of the family’s household income.
This equals to 1-9 people globally who are supported by remittances sent home by migrant workers. It is also estimated that most of this demographic live in rural areas, where three quarters of the world’s poor live.
Frequently Asked Questions
ARYZE will be a cloud-based full-reserve bank operating on the Ethereum network. the cost of remittances will be reduced significantly, thanks to digitalization and the enhanced features of blockchain technology.
BRINGING FEES TO NEAR ZERO
Over 80% of people in developing economies have mobile phone access, giving digital finance the potential to reach 1.6 billion currently unbanked people. By reducing the costs of international money transfers to near-zero, ARYZE is building an infrastructure that will allow that $48 billion to reach the digital pockets of migrant workers’ families. Boosting local economies in low-income regions around the world, diminish global income inequality, and helping solve the imperative objectives of the UN SDG goal #9.
Our remittances solution can also help reduce financial exclusion by boosting liquidity. We have done some use cases in the asia regions throughout the years, and there is a potential increase of Gross Domestic Product (GDP) by between 9% and 14% in the Philippines economy alone.