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Job Opportunity - Product Manager ( Technical) - Cross Border Remittance - Mumbai (India)

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Job Opportunity - Product Manager ( Technical) - Cross Border Remittance - Mumbai (India) Our client is an international fintech firm specializing in cross border remittances. The firm is expanding rapidly in multiple markets and consumer segments. We're looking for a senior technical product manager who would lead the consumer product platform, and manage and grow the product capabilities, feature deliveries & team. Prior Experience of working with a global remittance or money transfer product Practical exprience of product prototyping and working closely with UX,UI team Technical background with experience with API technologies - Rest, Jason and programming in Java Total Experience: 8 years + Location: Mumbai If interested, please connect with me Email - amit.nagar@techconnexions.in Call/whatsApp - +91 97129 04601 #Technicalproductmanager #internationalmoneytransfer #crossborderremittance
posted Aug 17, 2018 by Amit Nagar

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After the disappointment of US regulators blocking its purchase of MoneyGram, Ant Financial has taken a step towards dramatically lowering the cost of remitting money overseas in a move that will, in its initial stages, help the hundreds of thousands of Filipinos working in Hong Kong, who collectively remit about HK$4.4 billion ($561 million) annually to family and friends back home.

By using blockchain technology, Ant Financial aims to eventually cut the cost of remittances to near zero, according to Alibaba co-founder Jack Ma Yun, who said he wanted to find a way to help people.

“This comes from a promise I made a long time ago when Alipay was just launched,” said Ma. “I have Filipino friends who asked me when they could use Alipay to send money home because it was too expensive through banks, which charge too much.”

The blockchain money remittance service announced Monday for its AlipayHK wallet is the first of its kind globally, according to Ant Financial. It is currently available only for transfers between Hong Kong and the Philippines, which is the world’s third-largest remittance market, with inflows of $33 billion in 2017, according to Standard Chartered, which will act as the settlement bank for both AlipayHK and GCash for the blockchain transactions.

“Hong Kong is an international financial centre in Asia, and it is most fitting that Ant Financial has chosen to kick off this pilot project right here,” said the city’s financial secretary Paul Chan Mo-po. “We take pride in Hong Kong’s robust and effective financial regulatory regime that is in line with international standards. Our financial regulators are doing their part to facilitate and foster innovations in the industry with their dedicated liaison platforms and sandboxes … allowing financial service providers to conduct pilot trials of fintech solutions in confined environments.”

Hong Kong’s banks and remittance outlets charge about HKD$18, and may impose other costs such as commissions or currency conversion fees on every transfer.

Ma, speaking at the launch event, said he wants to make it possible for people to remit even 1 cent at almost no cost, compared with the higher fees charged by traditional remittance services like MoneyGram, which Ant tried to buy last year.

“At the time we wanted to buy MoneyGram and overhaul it to help people all over the world solve this issue. Due to reasons from the US our deal with MoneyGram did not succeed, so I said, ‘Let’s make one better [than MoneyGram]’ that uses the most advanced technology,” Ma said.

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The more blockchain-based initiatives there are being released into the market, the more difficult it can be to understand which of those are the most interesting applications of the technology.

Essentially, every startup harnessing this powerful new technology aspires to transform the everyday world in some way or another. It’s only natural that some will be more successful at achieving this goal than others will be according to an article originally in investopedia.

Although these startups tend to publish detailed whitepapers, these documents are not always helpful to outside investors or to those not already intimately familiar with the blockchain world. Here are a few startups that may be worth special attention in 2018.

Agrello

Smart contracts are a huge component of the cryptocurrency and blockchain space, and Agrello hopes to revolutionise them.

Agrello, an Estonian company, aims to combine artificial intelligence with legal documentation to bring smart contracts to people without extensive blockchain experience.

distributed ledger technology

 

Agrello’s interface allows users to easily create self-executing and legally binding smart contracts over the ethereum network, regardless of their level of programming experience or legal knowledge.

Bloom

Microlending has already upended the way that individuals in underserved parts of the world are able to access the broader financial system, and Bloom hopes to take that concept even further with the idea of a decentralized, blockchain-based network.

Individuals who do not have access to credit cannot develop a credit reference; Bloom aims to utilize non-credit-based payment info to generate a new type of credit score called a Bloomscore. With this, individuals who may not previously have had access to loans and other traditional banking mechanisms may finally be able to reach those things.

Everex

The financial world has long been dominated by contracts of all types. With Everex, an untapped market of roughly 2 billion people around the world who lack access to standard financial institutions will now have the opportunity to utilize services like currency exchange, microfinance, and remittance.

Everex plans to do this by using a technology called “cryptocash,” which links up a cryptocurrency’s token value to a specified fiat currency. Users will be able to convert their local currency into cryptocash through the Everex platform, providing them access to a large global network of services.

Selfkey

The above startups, and indeed many of the blockchain-based companies hitting the market at this point, all focus on the financial world. One of the promising features of blockchain technology, however, is that it has applications outside of that space, too.

Selfkey, for example, is a startup that strives to address self-sovereign identity issues. In past decades, as a digital identities have become increasingly common and complex, complicated issues of ownership have arisen. Selfkey provides users and organizations the power to completely own their digital identity using blockchain technology. With Selfkey, a user can control numerous aspects of digital identity, from citizenship to banking and more, all in one place.

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