What are the main challenges with remittances for Winvesta - UX or infrastructure, and what causes infrastructure friction for outbound remittances?

It's definitely an infrastructure issue. And then infrastructure also got a few hooks on the back because of the regulatory landscape where the regulators put in certain guardrails to say, what would broadly be a free capital convertibility?

Those guardrails have resulted in certain processes within banks which have resulted in operationally higher costs, and those operationally higher costs then make it to customers as well. Outward remittance is being dictated more due to the infrastructure, which is dictated by regulations.

You will continue to have user UX/UI challenges as well. While some banks may completely digitize the process, they might still be in high economic cost, but there might be a digital process to it. Others still maintain a paper-based and physical form-based process as well. So they've not yet digitized that, and they may have not done it because it may not be as lucrative a customer set, or they might just not have had the technology bandwidth to do it.

In the last two years, we've seen a great amount of digitization on the outbound remittance while the cost is still a question mark. We did a couple of experiments, like the UPI, and we could discuss that a bit later as well, but I think that's one of the key parts in the space.