State of Financial Markets

The Problem

The current financial service industry is vital to the global economy, but only provides their services at a traditionally high cost.

Despite recent developments in financial technologies (commonly referred to as FinTech), the following underlying issues persist:

FinTech has been attempting to address these problems with solutions such as online international transfer services or savings and investment apps and mobile money for under-served markets.

“However, change is incremental and is still built on top of a system that fundamentally requires the overhead of agents to provide trust.”

While some of the costs can be reduced, FinTech can’t address the underlying issues of lack of transparency as it is dealing with the same financial instruments and going through the same major institutions as traditional finance.

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