World Remit, the London based International Money Transfer (IMT) startup valued at half a billion dollars, has announced that it is to be the first to run on Google’s Android Pay system, the company announced last week. Read more
India is the world’s largest receiver of remittance inflows; some $62.7 billion was sent in 2016-17 – more than the total Foreign Direct Investment (FDI) into the country.
Now, thanks to a partnership between mobile payments provider TerraPay and private sector lender Yes Bank, India’s diaspora will be able to make instant cross-border money transactions into the country.
It seems we may well be heading towards a world where, when sending money internationally, the only thing we need to concern ourselves with is the exchange rate – because transaction fees are rapidly being consigned to history.
Starting from today, Circle, a money transfer service and app that allows its users to ping money to one another using a mobile messaging service, is introducing fee-free person-to-person (P2P) money transfer services for users in the UK, Spain, and the US. Read more
An early fintech disruptor, Monitise achieved a colossal £2 billion valuation in 2014. The company, founded back in 2003, rose to prominence as a mobile banking, payments and commerce solution that was significantly ahead of its time. Read more
Over the past few years, thanks to the rise of a number of disruptive Financial Technology, otherwise known as FinTech businesses, it has become far easier, and cheaper to send money overseas.
Until recently most of us would have used either a wire transfer agency, such as Western Union or Ria Money Transfer, or a high street bank to send money internationally, but there were 3 major drawbacks to this approach. Read more
The Monetary Authority Singapore has agreed to share data and explore potential joint innovation projects with the Association of Supervisors of Banks of the Americas (ASBA). Read more
It may only be available for the flagship Samsung Galaxy S8 or S8+, and it may only be available for Korean speakers, but Samsung are taking big strides towards making voice controlled banking a reality. Read more
The fifth edition of FinTechCity’s Fintech50 was announced today. The list is compiled by selected industry experts and celebrates innovation across a wide range of disruptive financial services companies.
The first list was published back in 2012, when fintech was a nascent industry that was just beginning to find its feet. Today, the Fintech50 contains a multitude of companies that are fast becoming household names. Read more
If you have been wondering what the latest big trend in Fintech is, wonder no more. It’s the “Regulatory Sandbox”.
What is a regulatory sandbox? Essentially, it’s a strategy being adopted by different governments and regulatory authorities in order to encourage young Fintech startups to experiment with new products, services, and systems, without having to worry about breaking the law. Read more
A few years back when people referred to “digital currencies” it would be safe to assume that they were referring to bitcoin – but not any longer.
Literally hundreds of digital currencies have flooded the market since the blockchain and Distributed Ledger Technology emerged as potentially the future of the financial services industry. Read more
Zopa first launched in 2005 as a peer-to-peer lending site. Since then, it has lent over £1.8 billion and helped its lenders earn more than £75m of interest.
The company says it has “built a profitable, scalable and viable business”, but now, subject to regulatory approval, it wants to “launch a next generation bank to complement our existing peer-to-peer products.” Read more
The Monetary Authority Singapore MAS) and a consortium of big banks including Bank of America Merrill Lynch, Credit Suisse, DBS Bank Ltd, HSBC, J.P. Morgan and Mitsubishi UFJ Group have successfully produced a digital representation of the Singapore dollar for interbank settlement.
Whilst the world’s media obsess about Fintech and Blockchain technology, it’s easy to forget that SWIFT, The Society for Worldwide Interbank Financial Telecommunication to call it by its full name, still rules the financial messaging roost.
In fact, SWIFT has been the top dog for nearly 40 years – since it was first founded, in 1973 with the support of 239 banks in 15 different countries.
API stands for Application Programming Interface. In the banking world, APIs can be used by “third party” developers to access data stored by banks.
A good example would be where a third party developer, say a credit reference agency, could use APIs to access somebody’s credit history, allowing them to make a more informed judgment about whether the applicant constituted a credit risk.
But there are plenty of other ways that an API can be used. For example, an app developer could use an API to offer customers a real-time view of the money they are spending using a bank card, by requesting access to a users’ bank account and downloading the information.
Banks and wire transfer services charge too much in fees and offer the least favourable exchange rates
If you are a follower of the financial news media, you are probably aware that how people are sending money abroad is changing.
The most common ways to send money abroad at the turn of the decade would have been to either use a money transfer agency like Western Union or Ria, or to visit your high-street bank.
But what many people don’t realise is that because of the monopoly that the banks, and these two transfer agencies had on the market, they were able to charge unnecessarily high fees, as well as offering you a price that did not accurately reflect the current value of a currency.
There are all sorts of reasons for sending money abroad. But whether it’s for business purposes; paying the wages of an overseas employee, for example; personal, buying a property or sending money to a new country before relocating there; or family, paying for a son’s or daughter’s education perhaps; the same rules apply when searching for the right service.
Let’s take a look at the 5 things to look out for before making a transfer. It pays, literally, to plan in advance, take your time, and consider all the options available to you. You might be surprised how many there are.
Overseas money transfer between two countries to be made easier thanks to Seven Bank International Money Transfer App.
Mobile banking is growing in influence globally. A recent report from the World Bank suggests it is the cheapest way to transfer money overseas.
Blockchain; $107m Investment Round For R3 Group – But Signs Of A Major Issue For Distributed Ledger Tech?
R3’s fundraising largest ever for a blockchain / distributed ledger technology provider – yet people are talking about banks that didn’t invest.
The blockchain is what made Distributed Ledger Technology (DLT) famous, but now imitation platforms and services are springing up everywhere
The latest major force is R3, an independent group developing innovative DLT for finance services, such as trading, or international money transfers. Read more
Ria Money Transfer offering Indian customers chance to win 100 grams of gold.
The country of India is the world’s largest market for receiving migrant remittances. It’s no surprise therefore, that Ria Money Transfer is making a concerted effort to increase market share in the region.
Ria will provide its new Gold Standard service using a network of 3 leading local agents. Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited have all agreed to become partners. Read more
There may be all kinds of reasons why you might want to transfer money to Malaysia. You may be a Malaysian living overseas who wants to send their money back home to relatives. You may be a business paying a Malaysian supplier, or setting up an office there. Perhaps you want to pay for a holiday in advance, or pay ahead for some tuition. You may be buying a property there.
Well, we can’t find you a flat in downtown Kuala Lumpur, but we can help you on the currency side – by showing you how easy it can be to transfer money overseas. Read more