January 1, 2016
As globalization is gaining momentum, not only are the lines between FinTech sectors are getting blurred, but each of us is becoming a citizen of the world. However, formal and legal borders still exist. Legal complexities sometimes hold companies back from the opportunity to go global. FinTech represents a new generation of enterprises that leverages technological advancement to serve such a multi-dimensional world where people are actively crossing borders.
International citizens represent a very interesting segment of the population that has become attractive for FinTech startups. A variety of companies are looking to serve the underbanked, vulnerable or financially excluded population. A simple need to send money back to your country can become a problem with traditional services. International remittance is a whole industry with a significant problem to solve. Traditional financial services providers often seek high margins for the opportunity for customers to leverage their international network to send money to families in their home countries.
However, the situation has been changing since 2015, ...