Migration

Updated app provides simple, convenient way for people to move money to loved ones across borders.

The global remittance market is slated to be at an all-time high in 2017, according to BBVA Research’s Yearbook of Migration and Remittances, and the U.S. has the lionshare of the market.

Remittances remain a major, if not the largest, source of foreign revenue for Mexico. In 2016, the dollar volume for remittances to Mexico jumped 8.8% over the prior year and reached an all-time high of nearly $27 billion — about 95% of those remittances came from the U.S. The U.S.-Mexico corridor is one of the largest remittance sectors in the world, and four key influences are helping to further fuel its significant growth.

BBVA’s new app-based service for remittances, Tuyyo, recently launched, focusing initially on the important U.S. to Mexico corridor, with an eye toward expanding service into other countries soon.

According to BBVA Research’s Yearbook of Migration and Remittances, that’s a good strategy as remittances, or the money sent by migrants to their home country, flows to and from many countries around the world, Mexico being just one, and not even the largest receiver among them.

Dreamers are individuals who were brought to the United States before the age of 16 and who don’t have lawful immigration status.  They’re pursuing the American dream. They came to the United States as children and many of them discovered as adolescents that they had entered the country without documents. They’re the “dreamers” - immigrants and, most of them children of immigrants who are trying to escape from their legal limbo.

Francisco González, Group Executive Chairman of BBVA, presented the book The Next Step: Exponential Life in an event held at the Massachusetts Institute of Technology,  This work collects the insights of twenty of the world’s most authoritative voices in a number of fields, analyzing the tremendous opportunities – and the risks and uncertainties – that the so-called “exponential technologies” will bring to humanity

The U.K. is convinced that London will continue to be Europe's fintech capital and a global financial center after Brexit. But other European capitals are hoping to take its place. It will all depend on the long negotiation about to begin between the EU and the U.K.

Fintech firms could be the saving grace for the U.K.’s financial sector, but greater complications to attract global talent could pose a serious problem. It all depends on the political negotiations.

According to the BBVA Bancomer Foundation, education is one of the factors that have a bigger impact on the development of people. Besides expanding knowledge, education broadens culture, instills values, helps develop a different view of the world and promotes human growth.

Mexico is one of the largest recipients of remittances in the world. In 2015 it received nearly $25 billion in remittances, the fourth highest in the world after India ($72 billion), China ($62 billion) and the Philippines ($30 billion).

The trade finance or foreign trade activity accompanies people and businesses in their activity importing/exporting goods and services, mitigating the risks that exist in international commercial relations and simplifying the settlement of operations. The same commercial transaction can require different solutions over time, depending on the moment at which it takes place and the role of the parties involved (importer or exporter).

After enduring over 40 civil wars during the 19th century, the 20th century brought the rise of the guerilla warfare to Colombia. Today, in the midst of the 21st century, the country still does not know what it means to live in peace. But hope remains alive today more than ever, thanks to the strides made in the negotiation process that Juan Manuel Santos’ government is holding with the two only guerrillas that remain active in the country, and in Latin America at large: The FARC or Revolutionary Armed Forces of Colombia and the ELN or National Freedom Army. Signing a final deal with these two groups would mean the end of one of the world’s longest-running conflicts in the world.

BBVA’s Bancomer Transfer Services, which handles a sizeable chunk of the funds sent each year to Latin America, the largest remittances corridor in the world, teamed up with media giant Univision’s products and services division to launch a digital money transfer service for the Hispanic community.

The Brexit (the term coined to refer to an eventual departure of the United Kingdom from the European Union) was the main topic discussed during the last European Council, which took place during February 18th and 19th. After two days of negotiations, an agreement was concluded that, in general terms, meets the UK’s demands.