President Trump signed a budget bill that reduced a proposed 5% tax on international remittances to 1%, easing concerns among remittance service providers. While the new tax, effective next year, is still contentious, industry groups view it as a better alternative compared to the initial proposal, which would have imposed a heavier burden on consumers and businesses.

Aspora has secured $50 million in funding to develop remittance solutions specifically tailored for the Indian diaspora. The company aims to enhance the efficiency and accessibility of money transfers for Indians living abroad, addressing the challenges they face with existing services. The investment will be used to expand their technology and service offerings in this growing market.