Report on the Strategic Partnership Between Blue Remit and TerraPay and its Alignment with Sustainable Development Goals

1.0 Introduction

Blue Remit, the digital remittance subsidiary of Al Ansari Financial Services PJSC, has entered into a strategic partnership with TerraPay, a global money movement company. This collaboration is designed to significantly expand Blue Remit’s international payout network and enhance its service capabilities. The partnership directly supports several United Nations Sustainable Development Goals (SDGs) by focusing on creating a more inclusive, efficient, and secure global remittance ecosystem.

2.0 Strategic Objectives and Technological Integration

The core objective of this alliance is to leverage technological synergy to improve cross-border payment services. This is achieved through the integration of Blue Remit’s digital-first platform with TerraPay’s extensive and interoperable financial infrastructure.

• Enhanced Infrastructure: The partnership combines digital remittance channels with a global payout network, contributing to the development of resilient financial infrastructure (SDG 9).
• Expanded Reach: The collaboration enables real-time payouts to a wider range of endpoints, including bank accounts, mobile wallets, and cards across multiple geographies, with a particular focus on underserved regions.
• Improved Service Delivery: The integration aims to deliver a faster, more transparent, and fully compliant remittance experience for end-users.

3.0 Contribution to Sustainable Development Goals (SDGs)

This strategic initiative makes significant contributions to the 2030 Agenda for Sustainable Development, particularly in the following areas:

1. SDG 10: Reduced Inequalities: By facilitating low-cost, real-time transfers, the partnership directly addresses SDG Target 10.c, which aims to reduce the transaction costs of migrant remittances to less than 3%. The focus on underserved markets promotes financial inclusion and helps reduce economic disparities between and within countries.
2. SDG 8: Decent Work and Economic Growth: Efficient and reliable remittances are a vital source of household income and contribute to the economic stability of recipient countries. This partnership strengthens these financial lifelines, thereby supporting sustainable economic growth.
3. SDG 9: Industry, Innovation, and Infrastructure: The alliance is a prime example of leveraging digital innovation to build resilient and accessible financial infrastructure. By creating an interoperable system for global payments, the companies are modernizing the financial services industry.
4. SDG 17: Partnerships for the Goals: The collaboration between Blue Remit and TerraPay exemplifies the private sector’s role in achieving sustainable development. It demonstrates a multi-stakeholder partnership (Target 17.17) working to mobilize and share technology and financial resources to support the SDGs.

4.0 Executive Outlook and Vision

Leadership from both organizations has emphasized the alignment of this partnership with broader goals of financial inclusion and system modernization.

• Rashed A. Al Ansari, CEO of Blue Remit, highlighted the importance of expanding remittance corridors with strong infrastructure and compliance sophistication, which is central to the company’s growth strategy and its role in the global financial ecosystem.
• Ani Sane, Co-Founder and Chief Business Officer at TerraPay, reiterated the mission to simplify and accelerate global money movement, ensuring that remittances are fast, transparent, and compliant, especially for markets where these factors are most critical.

The shared vision is to construct an inclusive remittance ecosystem that meets the demands of digitally-native users while advancing global economic equity and supporting the Sustainable Development Goals.

Analysis of SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth – The article discusses expanding financial services, which is a key component of economic growth and inclusion.
• SDG 9: Industry, Innovation and Infrastructure – The partnership focuses on building and expanding digital and financial infrastructure (“interoperable infrastructure”) to facilitate global money movement.
• SDG 10: Reduced Inequalities – The core topic is remittances, particularly making them faster, cheaper, and more accessible for underserved regions, which directly addresses inequality in financial access.
• SDG 17: Partnerships for the Goals – The entire article is about a strategic partnership between two private sector entities (Blue Remit and TerraPay) to achieve a common goal that aligns with sustainable development.

2. What specific targets under those SDGs can be identified based on the article’s content?

1. Target 8.10: “Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all.” The partnership aims to “expand its payout capabilities” and enable “real-time payouts to bank accounts, mobile wallets, and cards globally,” which directly contributes to expanding access to financial services.
2. Target 9.1: “Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all.” The collaboration between Blue Remit and TerraPay is explicitly about strengthening “transborder infrastructure” for remittances by creating a “digital-first platform” and “interoperable infrastructure” for a “faster, more transparent, and compliant remittance experience.”
3. Target 10.c: “By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent.” The article mentions that the partnership supports “low-cost transfers,” which is the central goal of this target.
4. Target 17.17: “Encourage and promote effective public, public-private and civil society partnerships, building on the experience and resourcing strategies of partnerships.” The strategic partnership between Blue Remit and TerraPay is a clear example of a private-private partnership aimed at mobilizing technology and infrastructure (“TerraPay’s interoperable infrastructure”) to build an “inclusive remittance ecosystem.”

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• For Target 8.10: The article implies progress can be measured by the expansion of the network to new geographies and the increased volume of users accessing financial services through these new channels. The ability to make “real-time payouts to bank accounts, mobile wallets, and cards globally” serves as a qualitative indicator of increased access.
• For Target 9.1: Progress is indicated by the “expansion of payout capabilities across multiple geographies” and the successful integration of Blue Remit’s platform with “TerraPay’s interoperable infrastructure.” The reliability and speed of the service (“faster…remittance experience”) are also key performance indicators.
• For Target 10.c (Indicator 10.c.1: Remittance costs as a proportion of the amount remitted): The article directly implies this indicator by stating a goal of enabling “low-cost transfers.” Measuring the reduction in transaction fees for users would be a direct way to track progress.
• For Target 17.17: The partnership itself is an indicator of progress. The success of this collaboration, measured by its ability to “significantly expand its payout capabilities” and reach a “broader customer base,” demonstrates the effectiveness of such private-sector partnerships in achieving development goals.

4. Summary Table of SDGs, Targets, and Indicators

Source: biztoday.news