Fintech partnership offers innovative approach to remittance markets

Details: Vaughan O'Grady; Category: Consumer Ecosystems; 20 March 2025; 12785 views

Uruguay-headquartered payment platform dLocal, which connects global merchants to emerging markets, has announced a strategic partnership with fintech Belmoney, the first remittance-as-a-service (RaaS) provider in Europe.

Through this partnership, dLocal says it enables Belmoney to facilitate cross-border payouts, leveraging over 900 local and alternative payment methods such as credit and debit cards, bank transfers, and instant transactions in Bangladesh, Ecuador, Peru and Pakistan – along with digital wallets like OPay in Nigeria and GCash in the Philippines.

This integration, it says, significantly improves processing speeds, service reliability, and cost efficiency, ensuring that users receive their funds quickly and securely.

Leveraging dLocal’s expertise, Belmoney says it is expanding into fast-growing markets like China and advancing innovation with its RaaS platform. By reinforcing payment infrastructure, the platform helps money transfer operators to scale efficiently, streamline transaction processing, and enhance compliance for seamless cross-border operations.

As dLocal points out, the global remittance industry remains burdened with high fees and slow transaction speeds. According to the IMF, it says, transfers under US$200 incur average fees of 10%, reaching up to 20% in smaller migration corridors. The United Nations’ Sustainable Development Goals call for a reduction in remittance costs to 3%, yet the current average sits at 6.5%.

Thus, says Martin Sapiurka, Head of Remittances at dLocal, his company is committed to simplifying global payments in emerging markets. He continues: “The collaboration with Belmoney ensures that more people in underserved regions have access to fast, reliable, and cost-effective cross-border payments in Africa, Asia and Latin America.”