This article was first published on Insights – Ripple
In early November, Ripple held its third annual Swell conference for the first time in Asia, where we had the chance to experience insightful keynotes from the world’s most trusted voices in financial services, payments, technology and policy.
We walked away from Swell with one question weighing on our minds. Humanity has been able to put a man on the moon, we can stream video from space and stop the spread of plague. However, we still aren’t able to instantly send money across borders or perform a wire transfer at a bank on Sunday—why?
Changing The Way The Game Is Played
Southeast Asia—has become a hotbed for fintech innovation. Among the region’s most notable startups include cashless payments and mobile wallets such as GrabPay, GOPay and Paytm, which compete against the likes of established global incumbents such as Western Union and Apple Pay.
As a new, inherently digital generation enters the working world and drives consumption in the region, businesses are doubling down on redefining the customer experience. In the payments space, going cashless brings added convenience and speed for users. In fact, payments via mobile wallets are now beating out credit cards in countries such as Indonesia, Thailand, and Vietnam.
Yet, for all the advancements made in mobile payments, little work has been done to solve the problems of cross-border payments. The World Bank estimates the average remittance costs more than 7 percent of the amount sent, with traditional remittances requiring numerous debits and credits across different accounts to pass on the value of money from sender to receiver.
The current infrastructure for cross-border payments cannot meet the needs of today’s individuals—five days to clear a check is too long for a family trying to make rent or the mother trying to keep her kids in school. Payments ...
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Insights – Ripple