Sunday night Uphold’s Founder, Chairman and Chief Visionary Halsey Minor took the stage to kick off Money2020 on the Power Panel “Disruption in Cross-Border Remittances.” Fellow panelists included: MoneyGram CEO Pam Patsley; Xoom CEO John Kunze and Western Union CEO Hikmet Ersek, moderated by CNBC’s Mary Thompson.
The remittance industry, a $583 billion industry (World Bank, 2014), makes up primarily of cross-border payments sent by foreign workers to their families back home, and this massive industry is just starting to see real disruption.
John Kunzie of Xoom opened the panel by stating how conferences, such as Money2020, typically focus on the technology, but the real heart of the matter is that everyone sitting on stage is focused on the very personal act of human beings sending money to another human being who needs that money.
As Halsey Minor stated, this is where Uphold comes in: “Any person with any device should be able to send money to anyone, anywhere at anytime, instantly and with no cost, including foreign exchange.”
Uphold is taking it a step further by bringing transparency to an industry that has a legacy of opaqueness — All money in the system is held so anyone can see exactly how it is being shepherded.
The panel also discussed how a decade ago companies first looked at technologies and digital platforms to make it easier to send money, but the real disruption about to happen in the next couple of years will focus on the recipient of the money. Businesses and developers across local markets will begin to see the many different advantages the cloud can bring, most importantly more coto make financial services broadly accessible, easier and cheaper to use.
During the discussion, Kunze stated that they value add Uphold will bring financial service companies from remittance to supply chain was “amazing.” Minor followed up that he hopes in four years, all the players on stage will be effectively plugged into Uphold’s platform and driving frictionless and affordable financial services to their customers.
Minor concluded the session on networks being the key to success:
“For us it’s all about driving consumer convenience. The more networks that we can connect, because we’re frictionless since we’re costless, the better off the consumer is. The more easily they can move money from one country to another, from one bank account to another bank account, the better off the consumer is and the better our service is. We’re just trying to connect networks together. We’re connecting Europe with SEPA, we’ll connect with ACH in the US and it will keep rolling from there.”
If you are in Las Vegas, come stop by our booth #2728 to say hi.
Onwards and Upwards!
Executive Vice President, Head of Growth & Partnerships