The partnership will aid in meeting the growing demand for instant remittances to the country from over 16 million Indians residing abroad, said Max Liu, co-founder and CEO of EMQ.
“India is one of the most important strategic growth markets for EMQ as it is the largest recipient of remittances in the world with $65 billion currency flow into the country in 2017, according to the World Bank,” Liu said. “Our partnership enables us to provide more accessible and affordable financial services to the millions of Indians based overseas and their families across India.”
Virat Diwanji, senior EVP and head of Branch Banking & Acquisitions at Kotak Mahindra Bank said that remittances play a vital role in contributing to India’s economic growth and there is a great demand among its customers for international remittances.
EMQ’s settlement network currently covers Hong Kong, Indonesia, Vietnam and the Philippines. The company has plans underway to expand across the fastest growing trade corridors and economic zones, spanning Asia, Europe, North America and the Middle East.
The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017.