World’s First Blockchain Based Trade Finance Transaction Completed By HSBC Using R3’s Corda

There is nothing unremarkable about a shipment of soybeans from Argentina to Malaysia; nor is it surprising when a transaction of this nature is financed using a letter of credit, issued by one bank, on behalf of the buyer, to another. Read more

It’s The Little (Financial) Differences That Have The Biggest Impact When You’re Spending Time Overseas

I’ve recently returned from the Costa Del Sol -Benalmádena, to be precise. I am a freelancer, an avid Airbnb’er and, providing I abide by all the various regulations, from time to time, when somebody decides to book my central London property, I can swap London living for some exotic far-flung location. Read more

Japan’s Mitsubishi Corp & Financial Group To Build International Money Transfer Network Using Ripple’s Distributed Ledger Tech

Mitsubishi Corp and Mitsubishi UFJ Financial Group are the latest major financial institutions to announce they will be launching an international money transfer system built on the blockchain. Specifically, the firms will be using the distributed ledger technology developed by California based Ripple, which has also been trialled by the likes of Western Union, MoneyGram, the Saudi Central Bank, and China’s Lian Lian bank. Read more

British Overseas Territories Are Up In Arms Over Proposed Changes To Financial Transparency Laws

Despite initially indicating that it did not want to damage the autonomy of its overseas territories, the UK government now looks set to pass a bill that will force the likes of the British Virgin Islands, Bermuda, Gibraltar and the Cayman Islands to reveal and publish the names of the beneficial owners of the offshore companies registered there by 2020. Read more

Digital Banking App Revolut – London’s Latest Fintech Unicorn Disrupting International Money Transfer, Reviewed

The big news in London fintech circles this week is a reported $250 million fundraising round which has gone to Revolut, the digital banking app that offers a range of money-related products, but is probably best known for its payments technology, and international money transfer service. Read more

“World’s Best Digital Bank” DBS Launches Real Time Cross Border Payments Tracking Using SWIFT gpi

DBS, the Singapore based bank with a network of 280 branches across 18 key markets in Asia, today announced a partnership with bank messaging service SWIFT to use its Global Payments Innovation service (gpi) to offer 200,000 corporate and SME clients increased transaction visibility and speed for their overseas money transfer activities. Read more

Santander Breaks The Mould For Banks With Blockchain Based International Money Transfer Service

The Spanish bank Santander has announced that it is launching an international money transfer service that will run using blockchain technology in an attempt to take on disruptive fintech startups such as TransferWise and Revolut, who have been eating into banks’ share of a market worth an estimated $600bn per annum. Read more

The Best Options For Sending Money To & From India

Last week we revealed that the remittance corridor between the United States and Mexico is the world’s biggest.

World bank data reveals that the US is the largest global sender of remittances, and Mexico the fourth largest receiver; but now let’s consider how to make international money transfers to and from the world’s biggest remittance receiving country: India. Read more

£1.6bn or £16bn? The Amazing Truth About The UK’s Overseas Money Transfer Industry

It may seem astonishing, especially in a world increasingly viewed through a prism of facts, figures and stats, that the UK does not officially measure remittance flows or international money transfers into or out of the country.

But it is true: according to the University of Oxford’s Migration Observatory, which provides “impartial, independent, authoritative, evidence-based analysis of data on migration and migrants in the UK”, estimates concerning the amount of money that is transferred annually between Britain and the rest of the world vary from approximately £1.5bn, to over £16.5bn – a substantial difference, by any measure! Read more