[ronhose]

Great analysis. One thing thats worth adding is the lack of efficiency in the current system. The average cost of remitting money home for filipinos is about 8% (~1/12), or in other words, filipino migrant workers work about one month a year for free, just to pay off remittance fees.

[HiLo]

Not only does it make people targets, it's highly conducive to money laundering - an oft forgotten, but EXTREMELY important purpose, that seems to be too often forgotten in the fintech community.