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By FijiCoin
Reimagining remittances in the South Pacific
INTRODUCTION
“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable.” - Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.
Defying predictions, the World Bank reports that global remittance flows have proved to be resilient during the COVID-19 crisis. In 2020, officially recorded remittance flows to low-and-middle-income countries reached $540 billion, only 1.6 percent below the $548 billion seen in 2019.
With an increased desire for migrants to support their families back home and the economic conditions in host countries proving favourable (e.g. stimulus packages), paired with shifts in flows from informal to formal channels (from hand-carry cash to digital remittances), the flow of global remittances to low-and-middle-income countries is expected to reach $565 billion by 2022.
CHALLENGES
The tiny archipelago nations in the South Pacific are often overlooked or deprioritized when it comes to expediting tangible, achievable solutions to real-world and sometimes life-threatening problems.
As we enter an age of rapid acceleration and transformation, Fijians and Pacific Islanders who are the most vulnerable to the impacts of adverse macro and micro economic conditions are left behind.
The people of the Pacific rely heavily on remittances and there has been very little improvement from service providers, to help reduce the cost of transactions and to meet UN SDGs.
THE SOLUTION
Built on the Stellar network, we would like to develop a new pathway for remittances into the South Pacific. A pathway that removes the need for traditional intermediaries and one that gives frictionless access to global financial systems to those who are often forgotten. We call it FijiCoin (working title).
FijiCoin will be a FIAT-collateralized stablecoin, pegged against the Fijian Dollar.
We will play the role of asset issuer, anchor and wallet to help facilitate transactions, manage reserves and the necessary compliance in each relevant jurisdiction. We will also play a leading role in introducing on/off-ramps into Fiji and the South Pacific.
We are in discussions with the Reserve Bank of Fiji (Central Bank) and have made a submission to their FinTech Regulatory Sandbox. They will be a key stakeholder in allowing us to tokenize the Fijian FIAT and help guide us with regulatory and compliance requirements for FX controls, monetary policy, transparency and security.
By removing the traditional barriers of sending and receiving remittances to loved ones, our aim is to help fight poverty through enhanced financial inclusion and to improve the lives and livelihoods of Fijians and South Pacific Islanders.
$50.0K
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