By Danny Bradbury.
When it comes to rethinking how we pay each other, fintechs are a driving force. Young, aggressive companies are eager to disrupt many aspects of the financial industry, and payments are no exception. How are they doing it, and will established banks help or hinder them?
Dinaro Ly, director of the fintech cluster at Toronto-based innovation hub MaRS, highlights international remittance as one of the biggest opportunities for fintech firms tackling the payments space.
“For a very long time, the industry has charged exorbitant fees to consumers for very simple things like peer-to-peer transfers and international remittances,” he says.
Blockchain technology is proving particularly useful for those needing to send or receive funds overseas, he adds. He points to fintech startups such as Paycase, which has worked with MaRS, that enable people to send money quickly and cheaply overseas.
Read more at Financial Post.