IBS Journal: The iconic monthly FinTech magazine

February 2020 issue out now! Subscribe now

Launching India FinTech Report 2020

Market sizing and forecast of Digital Lending, Payments, WealthTech & RegTech. Subscribe now

Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

Cross-border banking service Rewire develops into a neobank for migrants in Europe

Cross-border banking service provider for migrants, Rewire has announced the development of it as a neobank for migrants in Europe. The development will see Rewire offer customised accounts focussed on the specific needs of migrants and the introduction of a new line of banking products that will serve the customers in the host country as well as the country of origin.

Guy Kashtan, CEO, Rewire stated, “We have come a long way since our beginning and we continue to shape the way international workers manage their finances. We believe in complete transparency, simplicity, and a fair banking system for everyone and we’re proud to be a leading banking solution for migrants in Europe that will make them feel at home. Our values of doing social good, pushing new boundaries, and valuable opportunity for all, are part of everything we do. We are here to evolve the way underserved migrants from developing countries are integrated into the global financial system and support them in creating a more secure future for themselves and their families.

Rewire will provide its clients with a free Euro account, debit card, as well as additional banking services, including insurance, mortgages and savings accounts. It will allow customers to link the Euro account to a bank account in their home country with an option to receive salaries directly to the Euro account.

Alex Bakir, MD/GM Europe, Rewire stated, “Enormous progress has been made across our European operations allowing our recent growth. Migrants still rely on three to four financial institutions for their financial needs and we’ll continue to help provide our customers with their first, all-inclusive digital banking solution. We’ll leverage our success to reach more customers globally, and keep developing the positive financial and social impact our products create for Rewire’s users.”

Amsterdam-based Rewire provides an international neobank solution for migrant workers who transfer most of their income to their countries of origin. By partnering with leading banks in the migrants’ home countries, Rewire’s technology enables migrants to deposit money into a digital bank account which can be used locally, issue a debit card and transfer funds home.

Related Posts