IMTC announced their first event to take place in Havana this June. The IMTC CUBA 2016 Conference is the first Remittances & Financial Services Conference of its kind to be held in Cuba. It will take place at the Melia Cohiba Hotel from June 27-29, 2016. Its primary purpose is to examine the remittances and financial services sectors currently available in Cuba.
Press Release: IMTC, the premier events of the International Money Transfer & Payments Industry, has announced today that after several meetings with Cuban authorities, the IMTC CUBA 2016 Conference has been given a green light. IMTC hosts the world’s largest Money Transfer Conferences and Trade Fairs. With remittances continuing to rise, the industry is seeing significant changes to the traditional business models with new developments from the Fintech sector and a strong development of digital channels.
The main objective of this one-of-a-kind event is to explore the remittance and financial service sector in Cuba, looking at the past to understand the present and analyze what the future will bring, starting from the very small number of financial services firms that exist today to the opportunities that lay ahead. Remittances are a very important source of capital for the island but estimates of remittances sent to Cuban families vary widely. Remittance expert Manuel Orozco, from the Inter-American Dialogue in Washington estimates that about 550,000 people send an average $1,250 a year to the island, or about $770 million annually. The UN Economic Commission for Latin America estimated that $1.8 billion made it to the island in 2015. But when noncash contributions of merchandise, airtime minutes and other sources are added up, the total value could be 2 or 3 times higher.
Hugo Cuevas-Mohr, Director at IMTC, states: “We want to witness the transformation first hand, from the role of the banking sector, the emerging non-bank financial sector, the present and the future importance of remittances, the foreign exchange market to the card and mobile financial services developments in the island. We need to understand and be respectful of the internal processes and changes taking place to be part of the future.”
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