Many migrants rely on community-based networks operated by people from their home countries who offer highly personalised and affordable services. This relationship-based system holds particular appeal for those new to their host countries. Conversely, regulated digital options are often less tailored, featuring arduous identity verification processes and lacking an individual contact for handing over funds.
Digital money transfer provider Remitly is moving beyond pure technology to address the “emotional” reasons migrants still turn to unregulated money transfer systems, its Chief Legal and Corporate Affairs Officer, Saema Somalya, revealed in an exclusive Q&A with The Fintech Times. The company acknowledges that for legitimate customers, informal networks thrive on a potent combination of customisation and personal trust that many licensed alternatives fail to replicate.
“While we provide a high level of affordability and reliability through our digital-only intake, we also prioritise replicating the trust and immediacy of traditional interactions, whilst ensuring customers have the safety and transparency that only a regulated provider can offer,” Saema Somalya explained. This approach includes offering diverse distribution options, local language customer support, and accepting legitimate identification for non-standard consumers such as seafarers. Remitly’s goal is to make sending money digitally feel as personal and reliable as handing it to someone you know, but backed by modern financial infrastructure.
A recent Remitly study highlighted the scope of this challenge, finding that 32% of Brits would consider using unregulated methods, with 28% in the South Asian community still using informal networks despite 21% knowing someone who has suffered financial loss. This insight underscores the importance of financial education, which Remitly views as fundamental to building trust.
To tackle this, the company invests heavily in demystifying digital finance. In the UK, it launched Quid’s English, a free online glossary designed to help residents who speak English as a second language better understand financial terms and http://digital financeeveryday money slang. These educational efforts sit alongside partnerships with organisations like Get Safe Online to offer scam-awareness resources.
The most creative element of this educational push is the Don’t Get Scammed.FM campaign, a new radio station that blends humour, culture, and education. Remitly partnered with the iconic British Pakistani character Chabuddy G and personal finance expert Bola Sol to deliver serious content with warmth and relatability. The duo uses top tips and real-life case studies to shine a light on underground systems like hawala, encouraging consumers to move to licensed, secure digital channels and growing their confidence in recognising and avoiding fraud. Somalya noted that important messages about safety only resonate when they connect authentically with the communities served.
Balancing innovation with compliance remains an industry tension, but at Remitly, Somalya stated the two are not competing priorities but work hand in hand. As consumers demand faster transfers, the compliance and identity and trust teams partner to implement next-generation technologies to detect suspicious activity in real time. The company leverages machine-learning models to help identify risks before they impact customers while maintaining a seamless experience for genuine transfers.
Looking ahead, Somalya sees the future of remittances being shaped by three forces: speed, safety, and inclusion. Instant-payment infrastructures and open banking will continue to drive real-time money movement, while artificial intelligence and data analytics will strengthen compliance and fraud prevention. However, she stressed that inclusion and customer-centricity remain at the heart of progress. The launch of Remitly One, an all-in-one financial membership announced in September, demonstrates the company’s intent to broaden its role beyond remittances, with the ultimate goal being to build a future where international money movement is not just faster, but fairer and more empowering.
