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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

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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 Remittancelooks 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:

  1. Groceries (61%)
  2. Healthcare (54%)
  3. Accommodation (33%)
  4. Paying off family debt (26%)
  5. Education (25%)
  6. Transport costs (15%)
  7. Paying towards family childcare (12%)
  8. Supporting a family members business (11%)
  9. 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:

  1. India
  2. Philippines
  3. China
  4. France
  5. Pakistan
  6. Vietnam
  7. Germany
  8. Italy
  9. Lebanon
  10. 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.

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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=

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UK

350

Italy

300

Spain

300

Canada

200

Australia

200

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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 .

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Fintech PR

Qingdao’s Laoshan district boosts innovative growth

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QINGDAO, China, Nov. 18, 2024 /PRNewswire/ — A news report from chinadaily.com.cn: 

Important in Qingdao’s development strategy, Laoshan district is a city of science and technology that is a fertile ground for innovation and a number of strategic emerging industries and future industries.

In 1994, the initial batch of high-tech enterprises in Qingdao began to congregate in Laoshan. Over the past 30 years, Laoshan has focused on expanding and strengthening the value chains of seven key industries including artificial intelligence, virtual reality, and modern finance.

The district has attracted a large number of innovative enterprises, including nine unicorn companies, 28 nationally recognized specialized and new “little giant” enterprises, 47 provincial-level gazelle enterprises, and 920 high-tech enterprises, all of which are among the top in the city in terms of quantity.

Laoshan district currently has the highest density of scientific and technological innovation in Shandong, with 178 high-tech enterprises per 10,000 companies, 52 national and provincial-level scientific research institutions, and 160 academicians and high-level talents.

By 2023, the proportion of the output value of high-tech industries in Laoshan district to the total output value of large-scale industries reached 86.55 percent, with the leading industry scale exceeding 180 billion yuan ($25.33 billion). Laoshan district has been selected as one of the nation’s top 100 industrial zones for two consecutive years.

Taking virtual reality as an example, as early as 2016, Laoshan district proposed that it become China’s virtual reality industry capital. In 2022, Qingdao constructed an industrial park featuring virtual reality in Laoshan, which has a planned area of over 2,000 mu (133.33 hectares), aiming to create an internationally leading highland for the virtual reality industry.

With the establishment of the industrial park, Laoshan district has vigorously attracted industry-leading enterprises and high-growth companies, as well as top talents in virtual reality. Currently, the park has attracted leading consumer-facing companies such as Douyin Pico and Dapeng VR, as well as core supporting enterprises such as electroacoustic components manufacturer GoerTek and Chinese virtual reality headset maker Pico. Shipments of high-end VR products from leading companies in the park account for over 80 percent of the domestic market.

In 2023, the scale of the virtual reality industry in Laoshan district surpassed 18 billion yuan, a year-on-year increase of 50 percent, and the virtual reality industry cluster was selected as a provincial-level future industry cluster.

Photo – https://mma.prnewswire.com/media/2560110/QINGDAO.jpg

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Global spotlight on Shenzhen gold enterprise’s innovative technology

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SHENZHEN, China, Nov. 18, 2024 /PRNewswire/ — Kinghood Group’s Smart Gold Store was honoured with the Certificate of the World’s First Gold Recycle Smart Terminal and made its global debut at the Kinghood Group Smart Retail Strategy launch ceremony on October 25, marking a milestone in the digitalization of gold consumption.

During the event, Zhou Bingfeng, Researcher at the Institute of Computer Science and Technology of Peking University and Head of the expert group; and Liu Dongao, Deputy Director of ZKHC (Beijing), presented the Certificate of the World’s First Gold Recycle Smart Terminal, along with the expert’s evaluation report.

The report affirmed Kinghood’s pioneering innovation in commercial gold recycling technology, which enhances gold testing efficiency, promotes sustainability, and improves accessibility and user experience.

Kinghood has been a trailblazer in the industry since 2019, debuting the world’s first generation of Smart Gold Store with a unique machine, namely ‘Gold ATM Terminal’, which integrates purchasing, customization and recycling services into a single platform. It focuses on offering lightweight gold products that resonate with younger consumers’ demand.

Kinghood’s Smart Gold Store (International Version) was officially launched in July 2024, and swiftly gained industry recognition by winning the Manufacturing Innovation Award at the 2024 JWA Sustainability Awards, organised by Informa Markets Jewellery.

The international version of the Smart Gold Store features advanced hardware, including high-precision electronic scales compatible with major global measurement units; and a universal detector with an accuracy of 0.01%. The system supports mobile phone registration in 200+ countries, multi-currency payments in 100+ countries and real-time price docking with the international gold trading markets. It can be customized to diverse regulatory, measurement and language requirements worldwide.

Looking ahead, Kinghood is committed to tailoring localized services to specific countries and regions, enhancing customer satisfaction through AI-driven customer service systems.

With the successful operation of its Macau store and the upcoming Hong Kong branch, Kinghood aims to extend its operational excellence beyond these regions and introduce China’s innovative technology in gold to the global stage.

Mr. Guan Enci, Chairman of New Green Box Pavilion Centre Limited and Kinghood’s Macau partner, commented, “Kinghood continuously drives advancements in science, technology and culture. The Smart Gold Store successfully integrates gold retailing and recycling services into a seamless experience, representing one of their significant innovations.”

Mr. Huang Shikun, Chairman of Kinghood Group, emphasized Kinghood’s dedication to innovation over the last 18 years since establishment, pioneering cutting-edge technologies and products that invigorate the gold industry. “Through collaborating with industry peers, Kinghood aims to spearhead a new era of smart gold solutions, setting a global benchmark for excellence and innovation.”

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About Kinghood Group

Founded in 2006, Shenzhen-based Kinghood Group is an integrated industrial service provider encompassing the entire gold jewellery value chain. Its key businesses include gold recycling, gold retail and product customization.

Photo – https://mma.prnewswire.com/media/2560040/Kinghood_Group_s_Smart_Gold_Store.jpg

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Xinhua Silk Road: Jing’an District of China’s Shanghai shines at import expo

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BEIJING, Nov. 18, 2024 /PRNewswire/ — During the recently-concluded seventh China International Import Expo (CIIE), Jing’an District of China’s Shanghai has held a series of investment promotion activities in an attempt to showcase its unique charm and unlimited business opportunities.

The district launched the “Quality Products Import Demonstration Zone” during the this year’s CIIE, the first of its kind in Shanghai, and introduced the “1+N” industry high-quality development policy toolkit, covering trade, finance, professional services, data intelligence, cultural creativity, life and health, etc., aiming to build an open and shared industrial ecology.

In recent years, the amount of intended purchase orders reached by Jing’an District at the CIIE has repeatedly hit new highs. During the CIIE this year, the district claimed the largest quantity of intended purchase orders among all districts in Shanghai. 

This year, 52 companies from Jing’an participated in the CIIE. The district saw ten groups of companies reach broad cooperation consensus. Key exhibitors and buyers, such as L’Oreal, Inditex, and doTERRA, signed a series of procurement and cooperation agreements. About 12 high-quality investment projects with an estimated investment of about 1 billion yuan successfully settled in the district. 

An official with Jing’an District said that Jing’an warmly welcomes friends at home and abroad to come to Jing’an, and hopes to work together with enterprises to promote the high-quality development of the district.

Original link: https://en.imsilkroad.com/p/343156.html

Video – https://mma.prnewswire.com/media/2560006/video.mp4

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