The growth of the FinTech industry cannot be understated and it has the potential to become a major part of the European economy. Since 2008 it has expanded at a fantastic clip, providing more cost-effective services, innovative answers to problems effecting large numbers of consumers and business and surprising ways to use data and create new ideas and businesses. (more…)
Talents attraction and motivation have long been a headache for startups. A multi-award Shanghai-based insurtech startup provides now an unconventional way to support such needs by crafting StartupCareTM, a health solution firstly targeted for startups. (more…)
Need to leave urgently from home and not able to get any auto or taxi during that time it is one of worth situation for anyone. Now if you have any Taxi App in your mobile then that can work as a savior for you, which will be there within 10 min at your designated place. With the ease of booking with these ride hailing apps users are used to with these cabs whenever you are getting late or may be doesn’t want to take any public transport, just need to have any right taxi app in your smartphone. Even some days back people used to have an idea like booking online cab is something tough job or may be have some issues about safety or may be how will make payment as they are not aware how much it is going to charge them, but with the increase of convenience by these apps while booking cab or may be kind of payment mode available it have really become very easy and awesome. Not only high prices taxi but you can also choose to club your ride with sharing as well or maybe you can choose to take shuttle as well if you are leaving any metro city. Commuting office with the help of these apps are really easy and convenient where user can find comfort & reliable ride. (more…)
The popularity of mobile gaming, including mobile casino gambling, has risen exponentially over the past few years with the evolution of blockchain. In fact, 2017 and 2018 saw the popularity of mobile gaming surpass that of pc or console gaming. While this may come as somewhat of a surprise for most gamers, the reasons for this actually make a lot of sense. To understand why mobile gaming has overtaken any other form of online or digital gaming of late, we have to begin with the device itself.
Meta Description: Are you trying to exchange their Bitcoin into Ethereum? Find out how in this guide! (more…)
In the ever expanding world of cryptocurrencies, the possibilities and opportunities are phenomenal. Ever since the advent of Bitcoin, the world has been an astonished witness to the astounding growth of the crypto industry. The blockchain technology with its magnitude of robust features such as transparency, security, reliability and fast transaction speeds to name a few have elevated the crypto trading to a whole new level. (more…)
Uris is a decentralized ecosystem. It is a non-profit organization that has been founded by a blend of venture capitalists, entrepreneurs and individual investors sharing the same belief that company ownership is the basis of development in emerging markets. It serves as one of the best platforms for projects and startups that are in requirement of no cost funds. Creators and entrepreneurs possessing excellent ideas and innovations in the present market trends can use the Uris platform for achieving their complete potential. Uris gives them the scope of sharing their innovation and technology with others. (more…)
Investing money is something that can be very rewarding if you make the right decisions. However, it can also be very risky and daunting, particularly for those that have little real experience when it comes to investments. Anyone that is thinking of investing should seek advice if they have any doubt or are uncertain about the ideal long term investments or the best short term investments for them. (more…)
Throughout history, the world has undergone multiple stages of economic and technological evolutions and our world is at the cusp of another revolution just around the corner. The prevailing generation is well versed with the growth and expansion of internet and technologies alike. (more…)
Planning for children’s college expenses can be very stressful. Not only do we not always know which college they will go to, but the costs of college have been increasing for over 20 years. From 2003 through the year 2013, the cost of a college education nearly doubled. (more…)
One of the hottest niches in tech right now is payments. If it’s big enough for Google, Apple and Paypal to pursue – it’s BIG. If the Bitcoin, a currency built specifically for instant (de-centralized) online transactions, increase in value 100-fold over a period of several years, it is another very solid indication the world is moving towards digitized transactions. In fact more than 50% of all transactions taking place in the USA are cash-free.
Building a money transfer application has more than a few hurdles. Many have tried and failed, and the others are sitting on the fence waiting for the industry to boom to make substantial profits. The top money transfer apps in 2018 are composed of large companies who have been in the domain of online payments from way before mobile apps even existed.
The difficulties of creating money transfer apps
The biggest hurdle in creating a money transfer app is definitely NOT the programming you need to put in, nor the UI, no anything else you would traditionally say is the sticking point of creating app. It’s regulation.
When you handle people’s money, you need to be carefully inspected and show beyond any reasonable doubt you are eligible to be in this position. It goes way further than just the regulator, by the way – banks are very reluctant to deal with you, and so us other providers. So, you need to be approved by a regulator (or SEVERAL regulators if you are going to accept people from different regions in the world), be in excellent relations with at least one bank, and prove one or more tax authorities people are not using your platform to evade taxation.
All of the above is far more complex than it sounds and it will require serious resources to accommodate all of the above, and particular as a startup.
If you are going to handle people money you need a line of credit to enable real-time transactions. That means that you need to cover the deficiency in cash inside your system between the time that someone pays, and until you actually receive the money. That is a significant issue and you need to have significant reserve pools just in any case. What happens if your security is breached and some money is stolen off the system? What happens if you have a an unusually high number of feedbacks in one certain month? You need a few millions of dollars to be sitting aside to facilitate a real money transfer network.
Although this aspect only comes third on our list, to compete in the payment business you have to come up with a very slick app that appears trustworthy, maintains the highest level of security (super important), and is easy to use as your target audience is very broad. In essence, you need to out-do companies which have been in the market since before the 2000 high-tech bubble like Paypal. It is obtainable, but it will require high level of expertise and yet again – a sizeable investment.
Foreign exchange – liquidity and capability
If you intend to accept clients from overseas who are paying via multiple currency, you need to be able to exchange foreign exchange through your application. This requires connecting with a source of liquidity provider who is also able to facilitate currency exchange, and a lot of additional hurdles when it comes to product development and regulation. Cross border transfers tend to be more sensitive and difficult to execute.
Finding partners / Marketing
Payment applications is a very saturated market, and thus, you will need to be able to compete through not only better offering than your competitors, but in fact have powerful business partners who are able to integrate your payment app into their systems. Apple and Google don’t need such a partner, being of such immense size and influence, but you would need them.
Not making money
When you go into an overly competitive market which is currently focused on acquisition and not profit, you would not be able to compete if your prices would be higher than your competitors. Venmo is practically free when it comes to transfers in the U.S, similarly Google Pay and Apple Pay, and cross-border applications like Transferwise’s charge as little as 0.5% off each transaction, you are not going to be making money in the short and medium term. This is a long term game.
Looking at all the hurdles expected, you should be entering the payment app industry only if you have a very solid foundation. If you plan on making your mark with your team of 4 out-of-college programmers working in your grandma’s basement, you should at softer and more niche industries.
The digital revolution has seen a huge number of advantages for every sector and industry in recent years. Businesses have been given the ability to engage more easily and effectively with their customers than ever before. While interaction has increased significantly, a new level of disconnect between the business and the customer is also very apparent. Instead of heading to a physical store, customers are now faced with businesses that hide behind a screen. (more…)
If Financial Technology is at the forefront of disrupting traditional banking and financial systems, then it could be argued that Blockchain is at the forefront of FinTech. (more…)
On Thursday the IMF and the World Bank released a paper intended to function as a guideline for regulators regarding the fintech industry. The paper contains 12 elements which will definitely affect the trading world as well as the rest of the fintech industry. So what changes can we expect for the fintech industry, and more specifically the trading business? (more…)
A serial entrepreneur and keen solo traveller, Benjamin Yee, talks to us about the challenges and advantages of steering a software startup based in Singapore. He shares what it’s like to run a business with a broad global footprint. Finally, he tells us why electronic payments are the next logical step of his business. (more…)
Thailand has a plethora of coworking spaces to fit the tastes and needs of all professionals. There are coworking spaces for specific industries and niches. There are coworking spaces for particular platforms (i.e. green business), and there is even a small but growing group of hotels that are coliving hotels or hotels that support the coworking community around them. (more…)
By Ping An,
On August 13, the National Engineering Laboratory for Big Data Collaborative Security Technology – Financial Industry Security Research Center was inaugurated in Beijing, China. (more…)
Also known as distributed ledger technology, Blockchain is on the verge of becoming a platform of choice for all those who believe in online transfer of funds. Already it has been predicted that Blockchain would rule the next generation of the Internet. Although a decade has passed since the launch of Blockchain by Satoshi Nakamoto, still it remains a source of regular innovation. (more…)
Scrutinizing thousands of profiles, spending hours trying to match the candidate profiles with that of the respective organisation’s requirement, shortlisting a few amongst them, selecting and hiring a candidate followed by the long and strenuous background verification – Only to find out that it has been a wrong hire! This kind of a nightmarish scenario is way too common in the prevalent hiring process practiced by the HR. (more…)
If you have decided to join the co-working ‘revolution’, here is a checklist of all the questions to think about before you zero in on the right co-working space: (more…)
Financial institutions know how to make money especially when it comes to lending money to buy big-ticket items. Most institutions don’t lend money unless they feel they will get the money back with enough interest to keep their company moving in the right direction. The mortgage market in Australia doesn’t do much to help people get the advice, services, and financial guidance they need to make competent decisions when they buy a home. Once a mortgage deal is in motion, it’s up to the homeowner to make payments on time regardless of the challenges they face on a daily basis. (more…)
The service-customer relationship pattern has changed greatly over the years. Nowadays, the biggest percent of how customers form their opinion of the service is based on the feedback from other clients. The Fintech companies development is greatly responsible for this shift. The 2016 Edelman Trust Barometer Report observed an increased percent of trust from the customers being ready to buy and recommend the business to their friends and family. (more…)
We all hate slow running computers, especially if it is a Mac, as you have paid a premium price for the lightning speed these computers are famous for. When your Mac becomes tired and slow, how can you fix it without paying again for an expert help? Let’s have a look at some of the quick tips to optimize the performance of your Mac. (more…)
An ‘initial coin offering’ (ICO) is the crypto equivalent of an IPO on the stock market, though they don’t function the same.
It can be better described as a type of crowdfunding where startups issue their own cryptocurrency/token to raise money which investors can purchase for fiat currency as a form of investment.
If the company takes off then these tokens can become very valuable, but the process is considered high risk. (more…)