The new service will provide Azimo’s potential 350 million European customers with the ability to send money direct to every personal bank account in China. Remittance figures are forecast to continue to boom up to 2025, as the number of Chinese nationals living and travelling abroad continues to grow.
According to The World Bank, China remains the second largest receiver of remittances globally, behind India, with an estimated USD 60 billion in 2013, including USD 899 million from Germany, USD 1.4 billion from Italy, USD 615 million from France, USD 991 million from Spain and USD 719 million from the UK. China Tourism Academy (CTA) estimated that the number of Chinese tourists visiting Europe in 2014 reached to nearly 7 million, while the number of Chinese citizens working and studying abroad grew to an estimated 700,000 in France, 500,000 in the UK and 300,000 in Italy.
In recent news, the company has launched an upgraded money transfer service for instant payments provided to customers in Europe and a number of African countries.
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