Economy: Remittances

Debate between Lord Risby and Lord Ahmad of Wimbledon

Thursday 4th February 2021 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

Of course, I look forward to meeting the noble Lord on that last point. We are looking at particular processes, especially in countries such as Ghana, Nigeria and Somalia, and I am sure that will form the basis of our discussions.

[Lord Risby (Con) [V]]

My Lords, does my noble friend agree, particularly in current circumstances, that it would be desirable to have an international drive to scale up digital solutions, complete with the integration of fintech, if we are to be more innovative in facilitating less costly cross-border transactions?

[Lord Ahmad of Wimbledon (Con)]

My Lords, I agree with my noble friend. The UK supports the Financial Stability Board’s work to enhance cross-border payments, and we will work through the ambitions set at the last G20. I have alluded to the work of the G7; as I said, the UK encourages innovative fintech solutions connecting cross-border mobile wallets, because it is much easier and cheaper to send remittances in that way. We support that objective.