Whilst Governments become more insular, fintech is breaking down borders across the world
With populism on the rise in all corners of the global political landscape, anti-migrant sentiment rife across mainland Europe, and with Brexit around the corner, you’d be forgiven for thinking that the world is on course to become increasingly inward looking. Yet whilst such geo-political trends are clear to be seen, another force entirely is breaking down barriers and opening up borders; fintech.
We’ve long been exposed to the cross-border benefits that mobile technology can bring. We can speak with, video chat or message far flung friends and relatives as easily as we can our neighbours. But more recent developments in the world of technology, particularly in fintech, are bringing about a new age of global connectivity. In turn, this is dissolving the traditional demarcations between nations and shining a light on what a borderless world might look like.
As people migrate and move, digital pathways are built between those who leave and those who stay. Global remittances in 2017 valued $613 billion. That’s a vast amount of finance flitting through the ether. Previously, these transactions hit barriers as they moved through the world. Cross-border, international, and cross-continental charges lay in wait. But with the evolution of fintech, which has brought with it digital currency in the form of crypto and global databases in the form of Blockchain, finance has elevated itself above these constraints.