Shangchi officially enters the cross-border payment field

On Sunday evening, Halsey Minor, founder and chairman of Uphold, participated in a Money2020 panel on “跨境汇款” The panelists included Pam Pasley, CEO of MoneyGram International, John Kunze, CEO of Xoom, and Simiak Ersek, CEO of Western Union, moderated by Mary Thomson of CNBC.

The remittance industry, worth $583 billion (World Bank, 2014), is a major component of cross-border payments and is a huge way for foreign workers to send money to their families, but it is beginning to break down.

John Kunze states that these conferences, such as Money2020, often focus on the technical aspects, but in reality, every attendee is concerned with the very personal act of one person sending money to another person who needs it.

Halsey Minor said what Uphold is doing is: “Anyone, anywhere, at any time, using any device, can transfer money to anyone else, instantly and with no fees, including foreign exchange.

Uphold is taking the next step in bringing transparency to a previously opaque industry by keeping all money in the system so anyone can see exactly how it is being used.

The panel also discussed how companies first focused on technology and digital platforms to make money transfers easier a decade ago. But the real change will happen in the next few years, with a focus on collecting money. Businesses and developers everywhere will begin to see the many different advantages that cloud technology brings, most importantly, more coto will use financial services to become more approachable, more convenient and cheaper.

During the discussion, Kunze said that their value-add to Uphold would transform the financial services company from汇款方to供应链, which was incredible. Mina then said that he hoped that within four years, all users on the platform would be able to effectively access the Uphold platform and bring accessible and affordable financial services to their customers.

Miner concluded online that the meeting was key to success:

“For us, it’s all about convenience for our customers. If we can connect to more networks, and because of the fluidity of our system and zero fees, it will be a real benefit to our customers. If they can more easily move money from one country to another, from one bank account to another, the customers will be richer and our service will be better. We are trying to connect to the networks together. We connect to the European network with SEPA and the US network with ACH.

You can watch the full panel on our Periscope channel, and follow us on Twitter @UpholdInc.

If you're in Las Vegas, come say hello at our booth #2728.

Always be positive!
Robin O'Connell Executive Vice President, Growth and Partnerships

Original article: https://uphold.com/en/blog/posts/uphold/uphold-takes-the-stage-for-disruption-in-cross-border-remittances
Editor: Meng Dada
Source: Babbitt Information