Fintech PR
Western Union: Nearly 2 in 5 migrants living in Canada state that without being able to send money back home their family would be in poverty
DENVER, July 11, 2023 /PRNewswire/ — New research released today by Western Union has revealed that nearly 2 in 5 (35%) migrants living in Canada believe their friends or family would be in poverty if it wasn’t for them sending regular payments back home.
The report – The Value of Remittance – looks to shed a light on the real-world impact of remittance payments, finding that 40% of migrants believe that without being able to send money, their family or friends would not be able to afford medical treatment and 32% state that members of their family would not be able to attend school or further education. Forty-six percent went on to say that without their support, their family or friends back home would not be able to afford good quality food.
The study, which surveyed migrants living in Canada, demonstrates the positive affect that remittance payments have on families around the world. The report found that 61% of migrants believe that their families’ quality of life has improved vastly due to the money that they send and 60% believe that their family and friends have more opportunities in life as a result of their remittance payments.
How is remittance being used by families of migrants living in Canada?
On average migrants were found to send 9% of their annual income as remittance. With the primary reasons being to support their families with the cost of groceries (61% of respondents), healthcare (54%) and accommodation (33%). Ninety percent of migrants were found to have sent money to family back home in the past 12 months and 43% of migrants state that being able to send money to family back home was a key factor in their decision to move to Canada.
The most common uses of remittance amongst families of migrants:
- Groceries (61%)
- Healthcare (54%)
- Accommodation (33%)
- Paying off family debt (26%)
- Education (25%)
- Transport costs (15%)
- Paying towards family childcare (12%)
- Supporting a family members business (11%)
- Paying towards family wedding costs (11%)
The pressure of providing back home
The study found that amongst rising inflation, many migrants are struggling with the pressure of providing for their families and friends back home. Over half (57%) of migrant’s state that due to the rising cost of living, they have had to work extra hours or have started another job to continue sending remittance payments and 47% say that they have had to reduce the amount of remittance that they send due to rising living costs. Over a third (34%) reported that they were concerned about the possibility of losing their job in the next 12 months and the impact this will have on their families back home.
Top 10 countries migrants living in Canada are sending money to:
- India
- Philippines
- China
- France
- Pakistan
- Vietnam
- Germany
- Italy
- Lebanon
- United States
(Source: KNOMAD/World Bank Bilateral Remittance Matrix)
This pressure is having a profound strain on the mental wellbeing of migrants living in Canada. Over two-thirds (37%) state that the responsibility of having to support their family or friends can sometimes be too much to bear and over half (53%) of migrants say that they regularly make sacrifices in their own life to ensure that they are able to continue sending money to their friends or family. Thirty-six percent also reported that they often feel lonely, suggesting many migrants are prioritising work over building their own personal relationships.
Despite this, nearly three-quarters (74%) of migrants of state that the fact that they are able to send money to their friends or family gives their life a sense of purpose and 46% of migrants say that without having moved to Canada they may not have been able to support their friends or family financially at all.
Bob Rupczynski, Chief Marketing Officer at Western Union says: “This research highlights the crucial role that remittance payments play in supporting families and communities around the world.
The money that migrants send provides an essential lifeline for their families and friends back home and at Western Union we recognise the immense impact that these payments have, providing access to basic needs, healthcare, education, and opportunities for a better life.
We are proud to help facilitate these important connections and to help power people’s pursuits all over the world. It’s our guiding mission to make finance accessible to all, so that we can all achieve financial prosperity, wherever we are.”
For more information and to read the full report please visit: https://www.westernunion.com/blog/en/ca/value-of-remittance-canada/
Note to editors:
If you choose to run this story, please provide a link back to the Western Union page: https://www.westernunion.com/blog/en/ca/value-of-remittance-canada/
Methodology
Research was conducted by 3Gem on behalf of Western Union in March 2023. The research surveyed 1,500 migrants who regularly send remittance across the following countries:
|
Country |
N= |
|
UK |
350 |
|
Italy |
300 |
|
Spain |
300 |
|
Canada |
200 |
|
Australia |
200 |
|
New Zealand |
150 |
|
Total |
1500 |
The top 10 countries for outward remittances were sourced from: KNOMAD/World Bank Bilateral Remittance Matrix 2021, December 2022: https://www.knomad.org/data/remittances
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com .
View original content:https://www.prnewswire.co.uk/news-releases/western-union-nearly-2-in-5-migrants-living-in-canada-state-that-without-being-able-to-send-money-back-home-their-family-would-be-in-poverty-301873536.html
Fintech PR
Bybit’s CEO Meets with Vietnam’s Minister of Finance to Support Regulatory Sandbox and Strengthen Crypto Compliance
DUBAI, UAE, April 19, 2025 /PRNewswire/ — Ben Zhou, Co-founder and CEO of Bybit, one of the world’s second-largest cryptocurrency exchanges by trading volume, met with H.E. Nguyen Van Thang, Minister of Finance of Vietnam, to express Bybit’s strong support for the country’s regulatory sandbox initiative and its vision to build a safe, transparent, and innovation-friendly digital asset ecosystem.
Hosted at the Ministry of Finance headquarters, the meeting centered on Vietnam’s efforts to establish a comprehensive legal framework for crypto assets. Minister Nguyen Van Thang outlined the Government’s plan to launch a pilot sandbox mechanism that will allow regulators to test the issuance and trading of crypto assets in a controlled environment. This initiative is designed to mitigate risks, strengthen investor protection, and ensure regulatory readiness before introducing official legislation.
A key part of the discussion focused on safeguarding the market against illicit activities. The Minister emphasized the importance of robust compliance frameworks, including Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, to prevent the misuse of digital assets and support the country’s financial security.
In response, Ben Zhou welcomed Vietnam’s measured and responsible approach to digital asset regulation and reiterated Bybit’s long-standing commitment to compliance:
“Vietnam’s forward-thinking regulatory sandbox is a critical step toward unlocking the full potential of blockchain technology. At Bybit, we are fully aligned with the Government’s focus on investor protection and financial integrity,” said Ben Zhou, Co-founder and CEO of Bybit. “We are proud to share our expertise in KYC, AML, and global compliance standards, and we look forward to supporting Vietnam in building a resilient, secure, and dynamic crypto economy.”
Bybit expressed its readiness to collaborate with Vietnamese authorities on several fronts, including system architecture design, transaction oversight, and the implementation of international best practices in AML/KYC. The exchange also proposed support in capacity building, such as training financial regulators and sharing experiences from other jurisdictions.
Minister Nguyen Van Thang welcomed Bybit’s proactive approach and assigned the State Securities Commission to coordinate with Bybit on concrete proposals. He also commended Bybit’s reputation for strong financial capabilities, technological resilience, and its adherence to legal and regulatory requirements in the markets where it operates.
This meeting underscores Bybit’s growing role as a trusted international partner for regulatory dialogue and innovation. It also highlights Vietnam’s readiness to embrace blockchain technology while ensuring financial safety and public confidence in the digital asset space.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
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View original content:https://www.prnewswire.co.uk/news-releases/bybits-ceo-meets-with-vietnams-minister-of-finance-to-support-regulatory-sandbox-and-strengthen-crypto-compliance-302432942.html
Fintech PR
Breaking Borders, Building Bridges: How “Shanghai Summer” Is Redefining Global Consumption
SHANGHAI, April 19, 2025 /PRNewswire/ — Summer consumer campaigns have long been a key engine for economic growth. Now, Shanghai is stepping into the global spotlight with a bold “urban consumption experiment.” On 18 April, the 2025 “Shanghai Summer” International Consumption Season was officially launched at Xujiahui Centre, unveiling innovative concepts such as “240-Hour Products” and City Customised Events, aiming to redefine the summer experience across retail, travel, and lifestyle.
According to China UnionPay, foreign card spending surged by 68.2% during the 2024 campaign period. Key commercial areas stood out significantly: Huaihai Road saw a 208.6% increase in overseas card spending (with an average spend of RMB 1,597), while the Lujiazui-Zhangyang Road area rose by 119.9% (average spend: RMB 1,998). Total offline consumption in Shanghai reached RMB 815.9 billion, marking an 8.2% year-on-year increase, with dining consumption up by 26.9%.
The “240-Hour Products” initiative will bring together top-tier city resources to provide overseas visitors with an immersive “starter kit” experience. China Eastern Airlines will offer direct discounts on group flight packages across 30 international routes, supported by smart mobility tools such as the English-language versions of Air Travel Assistant and AutoNavi Map.
In payment, China UnionPay enables foreign card acceptance at 65,000 merchants across Shanghai. Visa is co-developing “Payment-Friendly Zones” to enhance QR code payments and tax refund experiences for international travelers. A “Shanghai Summer” themed card and spending promotions further support this multi-channel payment ecosystem.
Visitors can unlock transport and retail perks with the “Shanghai Pass” one-day ticket, valid for metro, ferry, and sightseeing tunnel rides. Travel platform Trip.com has launched a dedicated “Discover Shanghai” page, featuring integrated “Shanghai Express” free city tours to offer a seamless digital experience. The city’s dining scene has also been elevated with multilingual menus and themed culinary campaigns from Marriott and Jin Jiang, available in Chinese, English, and Korean.
Culture takes center stage in this year’s campaign.The 2025 edition of “Shanghai Summer” will spotlight global lifestyle IPs through immersive activations — including experiences from Shanghai Disney Resort, the LEGO China-hosted “World Play Festival,” and POP MART’s “Summer Trend Play” campaign. By blending global trends with food, music, and local creativity, the city will be transformed into a vibrant, multi-sensory celebration of summer, bursting with international flair and dynamic urban energy.
The multilingual official website www.shanghaisummer.com is now live, featuring an AI-powered travel assistant and virtual avatar, “Shanghai Xiaoxia,” to help visitors plan itineraries and explore the city interactively. Global KOLs will take part in the campaign across platforms including Instagram, Xiaohongshu, and TikTok — bringing the essence of Shanghai’s summer to audiences around the world. From the first weekend of July to the second weekend of October, Shanghai offers a renewed invitation to the world — a thoughtfully curated urban journey that highlights the city’s global charm as a destination to shop, enjoy, and explore.
Media Contact: Lu media@shanghaisummer.com
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View original content:https://www.prnewswire.co.uk/news-releases/breaking-borders-building-bridges-how-shanghai-summer-is-redefining-global-consumption-302432937.html
SHANGHAI, April 19, 2025 /PRNewswire/ — The 2025 “Shanghai Summer” International Consumption Season officially launched on 18 April at Xujiahui Centre. With innovative offerings like the “240-Hour Products” and “City Customised Events,” this year’s programme presents a city-level consumer experience that blends international lifestyle with summer vitality. The first stop of the global roadshow will arrive in Osaka, Japan this May, continuing to share Shanghai’s summer story with international audiences.
A new wave of flagship events is set to unfold. Three globally popular IPs—LEGO China， POP MART, and Shanghai Disney Resort—will join forces in Shanghai. The LEGO China Discovery Resort will enter trial operations, with the ” World Play Festival” making its global debut. POP MART will bring its “Summer Trend Play” series to life, featuring IP exhibitions, new product launches, and interactive pop-ups. Shanghai Disney Resort will also unveil various summer-themed activations, creating immersive entertainment experiences for all ages.
To enhance inbound tourism, “Shanghai Summer” integrates transportation, attractions, and retail districts into a “starter kit” experience tailored for international travellers. China Eastern Airlines will offer discounted group packages across global routes. In terms of payment, Visa is co-developing “Payment-Friendly Zones” to enhance QR code transactions and tax refund scenarios for international travelers. China UnionPay is expanding foreign card acceptance to 65,000 merchants citywide and has launched the “Shanghai Summer” themed card along with a variety of promotional offers—creating a diversified payment ecosystem that integrates credit cards, mobile payments, and digital RMB.
In 2024, offline spending in Shanghai reached RMB 815.9 billion, an 8.2% increase year-on-year. Dining consumption rose to RMB 96.4 billion, up 26.9%. Foreign card spending surged by 68.2%, with Huaihai Road seeing a 208.6% increase and the Lujiazui-Zhangyang Road area growing by 119.9%—demonstrating the city’s growing international appeal.
The official website www.shanghaisummer.com is now available in five languages. AI assistant “Shanghai Xiaoxia” is also online, with many offerings equipped with Japanese-language support—welcoming global travellers to join this vibrant summer celebration in Shanghai.
Media Contact: Lulu media@shanghaisummer.com
Photo: https://mma.prnewswire.com/media/2667335/Shanghai_Design_Week.jpg
View original content:https://www.prnewswire.co.uk/news-releases/shanghai-summer-a-one-of-a-kind-seasonal-experience-302432728.html
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