Draft:ACE Money Transfer (Company)

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Comment: Tone is not appropriate for an encyclopaedia and random bolding needs to be removed. Theroadislong (talk) 15:00, 11 September 2024 (UTC)

ACE Money Transfer (Aftab Currency Exchange Ltd. as its registered name) is a global fintech or financial technology company focused on home remittances. The company is known to be regulated by the Financial Conduct Authority (FCA) and HMRC in the UK, AUSTRAC in Australia, and FINTRAC in Canada, and offers digital remittance to individuals. Headquartered in Manchester, UK, the company was founded in 2002 by Aftab Ashraf, the founder, Chairman.^[1], and board of directors member^[2]. The company claimed to have processed $1 billion in remittances in 2022^[3].

Remittances constitute a significant economic pillar for numerous developing and underdeveloped countries, providing essential financial support to millions of households^[4]. Over 281 million individuals reside abroad^[5], often seeking greater economic opportunities, and many of these individuals transfer funds back to their home countries. According to World Bank estimates, the total remittance volume to low- and middle-income countries in 2023 reached a substantial $656 billion^[6], representing approximately 0.8% of global GDP^[7]

References

^ "HOW A SHOP IN BOLTON GREW INTO A £30M GLOBAL FINTECH". FEBE. 14 July 2023.
^ "ACE MONEY TRANSFER LIMITED". GOV.UK. 6 April 2016.
^ "ACE Money Transfer Hits Landmark $1 Billion in Remittances as It Celebrates 20th Anniversary". Fintech Finance News. 23 January 2023.
^ Bignell, Francis (8 August 2022). "Remittances Are a Lifeline for Developing Countries With Economic Instability". THE FINTECH TIMES.
^ McAuliffe, Marie (7 May 2024). "World Migration Report 2024 Reveals Latest Global Trends and Challenges in Human Mobility". IOM NEWS - UN International Organization for Migration (IOM).
^ "Remittances Slowed in 2023, Expected to Grow Faster in 2024". The World Bank. 26 June 2024.
^ "Personal remittances, received (% of GDP)". The World Bank. 11 September 2024.

[1] "HOW A SHOP IN BOLTON GREW INTO A £30M GLOBAL FINTECH". FEBE. 14 July 2023.

[2] "ACE MONEY TRANSFER LIMITED". GOV.UK. 6 April 2016.

[3] "ACE Money Transfer Hits Landmark $1 Billion in Remittances as It Celebrates 20th Anniversary". Fintech Finance News. 23 January 2023.

[4] Bignell, Francis (8 August 2022). "Remittances Are a Lifeline for Developing Countries With Economic Instability". THE FINTECH TIMES.

[5] McAuliffe, Marie (7 May 2024). "World Migration Report 2024 Reveals Latest Global Trends and Challenges in Human Mobility". IOM NEWS - UN International Organization for Migration (IOM).

[6] "Remittances Slowed in 2023, Expected to Grow Faster in 2024". The World Bank. 26 June 2024.

[7] "Personal remittances, received (% of GDP)". The World Bank. 11 September 2024.

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