Rajesh Agrawal

Fintech Innovator, Entrepreneur & Philanthropist

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UK banks need a different mindset to work with entrepreneurs

“We have a saying in India,” reflects Rajesh Agrawal, founder of RationalFX, a foreign exchange company offering online transfers. “When you are young, spend time with older people to become wise; when you are old, spend time with youngsters to learn new concepts.

“I am getting older.”

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At just 38, Agrawal is already worth £90m, according to the Sunday Times Rich List and has been running his payments company since 2005.
Dressed in a bright pink striped shirt, grey jacket and canvas jeans, not so long ago he was at the same stage in life as some of the young people frantically trading currencies on…

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Migrant crisis highlights remittances costs

Global remittances total more than $400 billion a year, but the costs remain sky high. Rajesh Agrawal of RationalFX aims to lower fees for workers sending money home As the migrant crisis in Europe threatens to spiral out of control, it is worth considering that the direction of foreign exchange flows tend to move in the opposite way to migration routes. The market for remittances accounted for some $436 billion in 2014, according to figures from the World Bank, as…

 

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New competitors change funds’ remittance in Africa

Disruption in the money transfer market is not just business, it’s about breaking the oligarchy of the two major outfits, Western Union and MoneyGram. Remittances to Africa have grown rapidly in recent times, and it forms an integral part of the $500 billion global money transfer market. This is because several African nations rely heavily on money sent home by friends and relatives working abroad.

Hundreds of Africans are migrating daily to keep growing the influx. But the biggest gainers in this have…

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Digital-first disruptors set on lowering cost of global remittance fees

Remittances prop up the world’s most fragile economies. Yet the high fees associated with sending money abroad have created an opportunity within the FX market, and digital-first disruptors are seizing it. Franchesca Hashemi quizzes Xendpay’s CEO, Rajesh Agrawal, about the viability of his ‘pay what you want’ money transfer model

The emergence of digital-first companies is reshaping the FX. Nowadays remittances represent twice the global aid budget, according to the World Bank, which recorded that $583bn was transferred in 2014. Of this figure, 75% ($436bn) flowed to developing countries, proving the magnitude of…

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The disruptors are forcing change in the remittance industry – Ventures Africa

Disruption in the money transfer market is not just business, it’s about breaking the oligarchy of Western Union and MoneyGram

Remittances to Africa have grown rapidly in recent times, and it forms an integral part of the $500 billion global money transfer market. This is because several African nations rely heavily on money sent home by friends and relatives working abroad. Hundreds of Africans are migrating daily to keep growing the influx. But the biggest gainers in this have for long being a few firms, whose near-monopoly costs the continent about $2 billion annually in remittance fees. However, a new breed of companies are causing much needed disruption…

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UN – International Conference on Migration and Development

International Conference on Migration and Development – Theme: Harnessing Migration, Remittances and Diaspora Contributions for Financing Sustainable Development.

27 May 2015 - The Conference will focus on exploring how migration and remittances can be leveraged to raise development financing via reducing remittance costs, lowering labor migration costs including recruitment costs, and mobilizing diaspora savings and diaspora philanthropic contributions. The objective is to promote the inclusion of migration and remittances in both processes but going beyond remittances. The conference will also address the contributions of migrants, skills and qualification recognition and technology transfer. Leveraging remittances for financial inclusion and for facilitating access to capital markets through diaspora bonds and future flow securitization will also be discussed.

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Sadiq Khan is the active mayor London needs to drive sustainable growth

Sadiq Khan’s story is the story of London at its best. The son of a bus driver, he became the first ever Asian to attend Cabinet. From growing up in a council house in Tooting, he took his law firm from just two partners to employing over 50 people. If many more are to be able to follow such a path of ambition and opportunity, we will need him to be London’s mayor.

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