What’s the future of finance?
Airwallex was founded by four friends, Jack Zhang, Max Li, Lucy Liu, and Xijing Dai, in Melbourne, Australia in 2015 and was inspired by real-life experiences.
Out of their love for good coffee, engineering-banking friends Jack Zhang and Max Li started Tukk & Co, a café in Melbourne.
As small business owners, they recognised first-hand the impact of high foreign exchange (FX) fees and banking costs on their profit margins, and sought out to build a better solution for businesses operating cross-border, improving on the constraints of the current global financial system.
Specifically they wanted to solve the pain points surrounding cross-border transactions and empower businesses of all sizes to operate anywhere, anytime.
What’s the future of the financial services industry?
The financial services industry is undergoing a radical transformation, partly through the forces demanded by regulation, as well as the needs of consumers and small and large enterprises.
New Banking-as-a-Service (BaaS) platforms can help to drive improved customer experience and business growth, and also could be the key to unlocking the future of the financial services industry.
Increasingly companies are now investing in incorporating financial products and services into their core business models.
To meet this rising demand for embedded finance, traditional financial institutions and challengers are increasingly offering BaaS options.
But where do you start?
James answers these questions and more, including how new banking platforms can empower a “talent anywhere” strategy for a reimagined workforce, allowing the best people to be hired no matter where they live, even if a company doesn’t have a physical presence in that country.