At Chynge, we make the world a better place. With the digitisation, democratisation and socialization of money, we make payments instant, free, and safe within a decentralized financial system where people of all income levels can access simple-to-use and secure financial services.
Even though banks can transfer money for their customers instantaneously, they often profit from holding these funds as their cash ‘float’. Cross-border payment fees are saddled with hidden fees from corresponding banks, in addition to the already high service fees and large foreign exchange spreads. Further, ever more complex and demanding regulatory compliance requirements on banks drive up the costs of doing transactions; these are then passed onto their customers. The global volume of cross-border payments is estimated at US $2 trn per year of which US $500bn are from migrant workers sending money home to their families. Although the fees for money transfers have dropped by 22% over the past decade, the actual fees remain high at 7-8% of Gross Transaction Value (GTV).
The technology available today including big data, biometrics, artificial intelligence and machine learning, and blockchain has spurred financial technology (FinTech) companies to create new business models and new financial products to change the way we consume financial services. Chynge democratizes payments by making them instant, free, and safe. We mitigate reglatory risks related to money laundering, terrorism financing, corruption and other financial crimes. Our financial inclusive solutions put money back into local communities that can be used for developing infrastructure, education, healthcare, and social programs, to better the lives of our customers and those they love.
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Management Consultant - Blockchain Technology | Co-founder @BlockArmour, @BlockchainWorx | Advisor, Chief Blockchain Officer @GBX Rated on Jul 16, 2018 Modified on Dec 6, 2018
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6%
Now, here is an interesting project. Chynge:
1. Is an existing business with real clients and revenue (and is looking to further leverage the potential of blockchain technology and tokens)
2. Addresses a genuine need
i. Remittances
ii. General cross-border payments
in key Asian markets (eliminating high costs and unnecessary intermediaries)
3. .... while leveraging artificial intelligence and machine learning to prevent money laundering, terrorism financing and other financial crimes
4. Was a part of the FinLab and PayPal Incubator
I'm eager to see how the team creates a high throughput, low latency closed-loop payments network and builds required liquidity pools to efficiently facilitate the cross-border p2p transactions.
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