WorldRemit introduces zero fee transfers to Pakistan

Updated 25 March 2019

WorldRemit introduces zero fee transfers to Pakistan

  • The online money transfer company joins the Pakistan Remittance
  • Initiative (PRI) to maximize the impact of diaspora contributions

KARACHI: Leading digital money transfer service, WorldRemit, has announced to offer its customers zero fees for transfers of $210 or more to Pakistan, read an official handout on Monday.

WorldRemit has introduced the fee waiver to further support its overseas Pakistani customers and maximize the impact of the money they send home. Pakistanis living in over 50 countries, including the USA, UK and Australia, can now send fee free, fast and secure money transfers to Pakistan directly from their phones to recipients with or without access to a bank account, read the statement.

Customers can choose to transfer money to Pakistan for cash collection, bank deposit or mobile money.

The World Bank estimates that the Pakistani diaspora sent home over $20 billion in 2018, representing nearly 7% of the country’s GDP. 

However, a significant portion of remittances to Pakistan are still sent through informal channels, which can at times be expensive and puts customers at risk of delayed delivery times or fraud.

"The WorldRemit fee waiver has been introduced as the company joins the Pakistan Remittance Initiative (PRI), a joint program by the State Bank of Pakistan (SBP), Ministry of Finance and Ministry of Overseas Pakistanis to encourage Pakistanis living overseas to use formal money transfer methods to send money home," according to the statement.

Hamza Islam, Country Director for Pakistan at WorldRemit, said: “We are delighted to enable our customers to make fast, secure and fee free money transfers to Pakistan with a few taps from their phones. The fee waiver is applied automatically, and customers can follow their money’s journey at every step using our ‘Track your Transfer’ function."

"By bearing the cost of sending remittances, the Government of Pakistan is incentivizing Pakistanis to send money without fees via more secure and convenient formal channels,” he said.

Mr, Moinuddin, Head of PRI and Divisional Head EPD at State Bank of Pakistan, said: “By enabling trusted remittance providers to waive their fees, we are offering the Diaspora a cheaper and more secure way to send money back home to support their loved ones and contribute to Pakistan’s bright future.”

US intelligence says Huawei funded by Chinese state security: report

Updated 20 April 2019

US intelligence says Huawei funded by Chinese state security: report

  • The accusation comes at a time of trade tensions between Washington and Beijing
  • Huawei dismissed the allegations

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.