Findex DNA is the digital arm of Findex creating fintech software for the wider financial services market

Findex DNA

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A Decentralised Global Comparison Money Transfer Platform Based on Blockchain for Fiat/Crypto Currencies Our aim: Bounty Program Announcement Soon, stay tuned! About us We offer the everyday user a powerful aggregator, a search and comparison engine for Foreign Currency, Money Transfersin Fiat/Crypto and Prepaid Currency Cards. We find and compare best exchange rates, speed, offers, rewards… bycomparing online money transfer, card providers, banks, FX bureaus, post offices, travel agents, supermarkets and more… For our partners we are an ideal marketplace; an advanced SAAS platform on the cloud to help them reach to onlinedesktop and mobile users around the world. Merchants can manage their business and services via their online account,like: add branch(s), currencies they deal with and countries they deal in, publish and update currency rates, live chat withusers, view ratings and answer reviews, publish advertisement through bidding system and receive monthly analysis onbusiness performance, market and competitors and last with all this information and last as one our USP’s, we are able tooffer the them an automated dynamic API to offer to other 3rd party companies by simply clicking on a button. Our current platform: What makes Find.Exchange different from our competitors, is that we have over 33 top international partners registeredon their platform. We have created a platform as a Software as a Service (SAAS platform) where our partners canmanage their own a Customer Management System (CMS) platform and users can compare transfer companies through atransparent and easy-to-use platform fed by information direct from the merchant.The currency comparison industry currently relies on an out-dated aggregator model through an affiliate partnershipprogram, it relies heavily on communication from partners and the aggregator, it’s not transparent, it has highdrop-out rates and it’s not scalable. • Comparison engine (Rates, Speed of Transaction Delivery, Offers, Cash-back, Rewards, etc);• Real up to date information on partners information and live rates;• One-for-All KYC and AML checks;• Excellent user experience, intuitive and Easy of use;• Available in multi currencies and adapted to multi-languages;• We are cross-platform; Key Features: Our partners: We have over 33 top currency exchange providers/money transfer companies partnered with us, companies such asWestern Union, XpressMoney, Moneycorp, WorldRemit, Transferwise, Azimo, TransferGo, CurrencyFair, Lebara Money,Currency Direct, HiFX, Halo, OFX, Skrill, Currency Solutions, FC Exchange, XendPay, RationalFX, FairFX, Covercy, Netteler,TransferZero, InstaRem, Thomas Cook, FreemarketFX, WeSwap, Revolut, Eurochange, ICE International ExchangeCurrency, Change Group, ACE-FX and many more coming. Our reach: For Money transfers we are global with our registered partners primarily based in the UK, Europe, United States, Australiaand now expanding to Russia, CIS and South East Asia.For our Cash section (Foreign Currency Exchange) we are in the UK and Europe including top travel destinations likeSpain, France and Germany. We are expanding our European reach, United States, South East Asia.We are always continuing to expand into new countries and cities on an every 2-week basis. Links: Subscribe - https://blockchain.find.exchange Whitepaper — https://blockchain.find.exchange/whitepaper.pdf Teaser — https://blockchain.find.exchange/teaser.pdf **Telegram: Discussion page:** https://t.me/findexchangediscussion 2) News & Updates page: https://t.me/findexchange Bitcoin Talk: FindExchangeICO Twitter: https://twitter.com/findexchange Medium: https://medium.com/@findexchange Steemit: https://steemit.com/@findexchange Reddit: https://www.reddit.com/user/FindExchange Facebook: https://www.facebook.com/findexchange Instagram @find.exchange LinkedIn: https://www.linkedin.com/company/findexchange/ Find.Exchange

Find.Exchange on Blockchain

Nothing beats a good holiday. Getting away from the everyday to explore and relax wherever you choose. No obligations, no deadlines, just you and your paradise of choice. However, just two words can remind you of the tedious and stressful process of handling your finance while abroad; currency exchange. If you’ve been abroad, chances are you’ve had to handle the nightmare of currency exchange. Instead of sipping a mojito on a beach, or enjoying views on a mountain hike, you’re wondering around an unfamiliar location desperately looking for any signs of an exchange bureau. However, finding a bureau is only half the battle. There’s nothing worse than having to spend money, to exchange money. Trying to find the bureau tends to be a struggle in itself; finding a reliable bureau with a reasonable rate is a whole new challenge in itself. When it comes to your finance, you won’t want to take any chances, and the rate you get can dictate whether you spoil yourself to a gourmet meal, or have to cancel the scuba diving trip in order to cover the car rental. So what can be done to tackle this issue? How can you keep your feet in the sand for as long as possible? Well, at Find.Exchange we have worked hard the past two years to bring you a solution that we really believe in. We’ve created a mobile application which shows you where the nearest bureaus are, how much they charge and the user reviews. This gives you the power to find a reliable exchange bureau, offering a good rate, from the comfort of, well, wherever you wish. If you have internet connection, you have access to all the info you need. Some of you may be thinking, ‘it’s 2018, we use prepaid cards now. Keep up!’. Well, you’re not wrong; prepaid cards can be a great way to simplify finance when travelling. So, we thought of that as well. We’ll compare the prepaid cards to find you the best deal available, tailored to your needs. Oh, and we do the same for money transfer. So whether you’re sending money abroad, spending money abroad or exchanging currency abroad, use Find.Exchange to save time and money. Head over to for savings on: www.find.exchange Currency Exchange Money Transfer Prepaid Cards

Every Holidays Worst Nightmare

Why not buy a car with the money you save on transfers? In a world that’s becoming rapidly more globalised, living abroad is becoming increasingly common with the popularisation of migration. Moving abroad will likely be an intimidating process for anyone, but knowing how to do it cost effectively can save you hundreds, even thousands; making the process a little less stressful. So, what should you consider before moving abroad? How can you save money on your move? There are a significant number of additional costs which you’ll incur when moving; some can be avoided, some can be reduced. Firstly, let’s look at the costs which you can cut completely. By doing research into the process of moving overseas, you’ll be able to save a great deal as you won’t need a financial advisor. The internet has countless resources to inform you about the financial aspect of the moving process. While using a real estate agency can save you a lot of time and stress, it will also add to the cost of the property due to commissions. There are a number of websites online dedicated to matching property sellers with buyers. If you choose to do this, you should be very cautious. Ensure the person advertising the property is the rightful owner. You will also want to visit the house beforehand to ensure it is as advertised (not a bad excuse for a weekend away). You’ll also want to ensure that the property’s deeds haven’t been offered as collateral for any loans. While there are some costs which you’ll incur regardless of how you approach purchasing a house abroad, there are steps you can take to lessen costs in other areas. Firstly, you’ll want to keep an eye on the different property markets as they can vary hugely; even in neighbouring countries. This is something worth doing early on when you decide to move as it will likely factor into where you choose to live. So, moving to the right place can save you a lot of money. What about moving at the right time? Exchange rates are definitely something you’ll want to keep an eye on. When transferring large sums of money, the amount you receive post-transfer can vary hugely depending on that days exchange rates. Using apps like Find.Exchange you can set alerts to notify you when the exchange rate is most favourable. Another area where you can save a lot of money is on the actual transfer. With so many companies offering so many different rates for the same transfer, on the same route, finding the most competitive can take hours. What’s more, you’ll also want to factor in how long the transfer will take. With big banks charging huge fees on international money transfers, you’ll want to look at some of the smaller, dedicated providers. While the fees will be lower, there will still be a huge selection to choose from. I suggest getting back on the Find.Exchange app and comparing the providers that can transfer on your chosen route. You’ll be able to see how much you’ll get in the foreign currency, how long the transfer will take and the providers user rating. Using this app will save you money; and depending on the amount you transfer, it could be a significant saving. By using price alerts and transfer comparison, you’ll be able to rest assured that you’re getting the most for your money. By taking these factors into account, doing research and comparing transfer providers and exchange rates, you’ll be able to get a good idea of just how much money you’ll save. You might just find that the budget for your house has gone up. Saving money when moving abroad may not make it any less daunting, but when you arrive at your new Greek villa, knowing that the car you just bought was paid for with money you saved, I guarantee it will put a smile on your face. To see how much you can save on your money transfer, head to : https://find.exchange/search/transfers Find.Exchange

Buying a House Abroad?

Sam Allen Ditch your suit and tie, drop the office jargon, grab a gluten-free mocha latte and head for the nearest beanbag. Startup culture has been explosive in recent years, with small businesses popping up left, right and centre, offering the ‘next big thing’. Startups have quickly gained a reputation for offering a laid back and flexible work environment. Tie this in with the reputation of millennials (every startup should have at least 3) being unmotivated smartphone addicts, and you’ll probably be wondering how anything gets done in an office full of ping-pong tables and sleep machines. By exploring a traditional office setting and comparing it to the modern startup work environment, we’ll be able to see why the latter is becoming so popular. The work environment in a startup is highly contrasted to that of a more traditional office. Firstly, while traditional work environments are likely to have a clear hierarchy, emphasised by offices, cubicles and titles, startups generally adopt a ‘no-walls’ approach. This means you’ll likely be sat within earshot of your CEO, head of marketing, designers, etc. This offers fast, transparent communication for the whole team and a general feeling of equality among the employees. This is certainly more welcoming than the 1x1 cubicle you would likely find in the corner of an early 2000’s office space. However, this ‘no-walls’ mentality can do a lot more than making employees feel equal and welcome, it will encourage a more sceptical dialogue, which all employees will feel comfortable contributing to. This means that whether you’ve been working with the startup for a week or a year, your thoughts will be valued as much as everyone else’s; in fact, as you’ve recently joined, it’s accepted that you’re likely to have original ‘outside-the-box’ ideas. Traditionally, a new employee would have to prove their worth and get a few months under their belt before their ideas can truly influence the company’s direction. You can probably imagine that a startup environment is likely to make an employee feel far more valued than in a traditional work environment. A ‘9-to-5’ environment doesn’t just refer to the working hours, but rather to the expectation for everyone to dress a certain way, follow strict conduct and stick to the timetable. This can be very damaging to the team for a number of reasons. Alongside the growth in startups, an acceptance that people work best in different ways. Some employees may be more effective working from home, others may prefer sitting on the office sofa rather than the desk, or perhaps work more effectively by starting and finishing work earlier. Giving employees the freedom to work their own way is a great way to ensure make the most of their time. This also offers a break from routine. Working the same hours, the same way, without these freedoms can quickly diminish your employee’s motivation. A concern here will be that, given too much freedom, employees may not be as productive as they should be. The revolution in work environments, spurred by the startup boom has caught the attention of such giants as Google. Offering their employees endless free services, gyms, volleyball courts, bowling alleys, gourmet food, massages and so much more.Employees are given a lot of freedom to work where and when they work best. The ‘no-walls’ approach is also adopted, despite a large hierarchy. As a result of this, Google has very high employee satisfaction, and it doesn’t seem to have harmed the company’s productivity in recent years. Another freedom for Google employees is their freedom to change job role, department, projects and so on fairly easily. So, working in a startup style environment is likely to offer you more flexibility, influence, freedom and creativity than a traditional office setting. You may be wondering, with larger companies switching over to the startup work style, are there still benefits to working with newer, smaller firms. Consider this, if you join a new startup, you can help grow a company which has the potential to become a market leader. Smaller companies are able to redirect their activities much faster than larger companies, meaning that your input is more likely to make its way to the clients. Whether you picked the colour scheme for the website or helped write the code for the software, your contribution will make an impact. So with big companies starting to adopt this more flexible work style, you may wonder why you should look to work with startups over big firms. While beanbags and sleep machines are a nice office feature, startups are ultimately set apart by their goals. There are many small businesses in the UK and overseas who use the term ‘startup’ very liberally. While the term startup can be applied to any recently founded business, the term has come to mean so much more in recent years. With the arrival of accelerator programs and popularisation of SME investment, the term ‘startup’ has become synonymous with small companies that have original ideas, and big objectives, often looking to become market leaders, if not creating new markets. Working for a true startup comes with a sense of mystery and excitement as you don’t know where the company or indeed yourself will be in a years time. What you will know, is that your contributions will play a significant role is the company’s growth. This will give you a rewarding sense that the company is your project as much as it is the founders. We’re hiring at Find.Exchange. Check out our available roles at: www.angel.co/findexchange/jobs

Rise of the Startup

(see summary below article) Tricking the Traveller Travelling is a true luxury. We are truly fortunate to be on a planet with such an abundance and variety of life and landscape. Travelling offers us the opportunity to escape the mayhem and routine of everyday life and be reminded of just how small we are in the grand scheme. Unfortunately, as you’ll know from your previous travels, this is often not the whole experience. Hidden fees, elevated rates, ATM charges, and so many more factors can make your travels confusing, stressful and expensive. In this article, we’re going to look at what you can do to make sure you’re not getting tricked and overcharged. Without the right knowledge, you’ll be paying to spend money. Extra charges will be applied to your credit/debit card payments, currency exchanges and more. So what can you do to make sure you’re not caught out by these fees? When using your credit/debit cards abroad, there are two charges you’ll come across, Foreign Usage and Cash Withdrawal fees. Foreign Usage refers to making payments using your card. In a restaurant, for example, when it comes to paying the bill, you’ll likely be asked if you want to pay in your home currency or the local currency. Frequently, people assume that using your home currency is the way to go. However, when using your home currency, you may be charged an unfavourable, unknown exchange rate. This is an easy way for businesses to take a little extra off the top when serving you. Another fee you’ll likely get when using your cards will be from your bank; be sure to check your international usage fees. You’ll likely have to withdraw cash while you’re abroad, and you will be charged for this. Unfortunately, this is not an easy charge to work around; you need the cash, the bank has a fee. You will be charged a percentage, regardless of how much you withdraw. This gives you the opportunity to save on being charged to withdraw again later. Ultimately, you want to withdraw as infrequently as possible. The best way to do this is to withdraw a larger amount. Take care when carrying cash overseas as tourist areas often warn of pickpockets operating in the area. While you might think that the capital cities of developed countries would be safe, however, Amsterdam, Rome and Paris are among the destinations known for pickpockets. Exchanging currencies is an inevitability for most travellers, and finding the exchange bureau with the best offers can take hours. Exchange bureaus will offer an unfavourable exchange rate, giving you less of the local currency than the actual exchange rate offers. Using comparison services like Find.Exchange can make it much faster and easier to find the nearest bureau, with the best rates. This service can also be used to compare prepaid travel cards. Prepaid travel cards can be very effective if used correctly. As you have to top up the card, it’s much easier to make sure you aren’t overspending. However, if you don’t know how to spot the hidden fees, you’ll end up spending just as much money, except now you’ll also have to repeatedly top up your card. So, now you know the tricks of the trade; or the main financial ones at least. Travelling is all about relaxation and exploration. Hidden fees and currency exchange are the saboteurs of any good holiday, and it needn’t be. Using the tips and tricks we’ve given you, you can take your mind off your money, and enjoy your time. Summary Credit/Debit CardsCheck your international usage fee.When given the choice, pay for things in the local currency. Withdrawing CashWithdraw larger amounts, less often to avoid repeated fees.Be cautious when carrying cash in tourist destinations. Exchanging CurrencyUse comparison services to find the closest exchange bureau, with the best rates. (eg. Find.Exchange)Exchange more money, less often to avoid repeated feesAvoid having foreign currency left over when you return home. Prepaid Travel CardsCan help you limit your spending when abroad.They will not necessarily save you money. Find.Exchange

Find out how you’re getting tricked into spending more abroad

While the cryptocurrency market is exciting, it remains a very mysterious place for the majority of people. While many specialists remain sceptical about the future of cryptocurrencies, there are an increasing number of people investing heavily, with the hopes of getting rich quick. This topic quickly gained attention last year, to the point where it’s hard to ignore. Thomas Frey, futurist and author, declared with a strong belief that “cryptocurrency is very much here to stay, and by 2030, cryptocurrencies are going to displace around 25% of all national currencies”.[⁵]Although cryptocurrencies should not be regarded as a “get rich quick scheme”, it’s still possible to earn vast riches if you know your strategies. Despite established currencies, new ICO’s are being released monthly. You could look at the ICO as a new way of bringing solutions into almost any industry, with blockchain technology. The year 2017 was truly unbelievable as ICO’s were able to raise an approximate of $5b dollars, not considering the fact that only 48% of projects were successful. ² ICO’s in 2107 ICO’s are a simple way to crowdfund your project. The bad thing is that its unregulated and not everyone has good intentions. You can create an ICO without the need of an existing company, a client base, without the need of a MVP (minimum viable product), etc. All this lead to a lot of people creating blockchain ideas, being a “hot topic”, in order to get rich quick, with no regulatory rules to stop them.¹ UET, or Useless Ethereum Token, was a mind blowing ICO due to the fact that it didn’t have anything behind it, nothing at all. On the website it clearly said “You’re going to give some random person on the internet money, and they’re going to take it and go buy stuff with it. Seriously don’t buy these tokens”, still people were sending money in. In fact, the person behind this project raised 310 Ethereum (ETH), which at today’s price equals to $280,000.¹ More serious projects, with good intentions, raised the bar. They started hiring people straight away from the Wall Street, including bankers, lawyers, advisors, etc. Trade.io is a very good example, as it is led by a Wall Street veteran Jim Preissler (investment banking specialist), which on boarded a Chinese American billionaire, Chine Lee. ICO teams are now willing to invest significant money in their people/team, and to attract the best talents in the world. As half of them cannot actually afford them, ICO’s pay large sums of tokens, which is similar to the first internet companies.¹ The world has seen successful ICO’s which raised a “ton” of money. An example of a good ICO is the Brave browser. This project raised an amazing $35 million in 30 seconds.³ Simply amazing! Other top ICOs worth mentioning are Filecoin, Tezos, EOS, Bancor, etc. Despite all of this, Pavel Durov and his Telegram ICO is about to raise an incredible $1.6b. He has already successfully gained $850m from private investors in round one. The second round of the pre-sale was already announced. Scepticism is clear right now as many regulations and restrictions were announced from countries such as China, Japan, etc. Despite that, a lot of people have a strong belief and hope that 2018 will be the year in which cryptocurrencies, and especially ICO’s, will gain traction and hit new highs. Find.Exchange Author: Andrei G. at Find.Exchange [¹]: [²]: [³]: [⁴]: [⁵] https://www.forbes.com/sites/outofasia/2017/12/18/icos-in-2017-from-two-geeks-and-a-whitepaper-to-professional-fundraising-machines/#6820de4139ea http://uk.businessinsider.com/how-much-raised-icos-2017-tokendata-2017-2018-1 https://techcrunch.com/2017/06/01/brave-ico-35-million-30-seconds-brendan-eich/ https://hackernoon.com/2017-a-year-in-review-initial-coin-offerings-91ec1c7367a5 http://bitcoinist.com/will-cryptocurrency-replace-national-currencies-by-2030/

The Era of ICO’s

From banking to voting, the arrival of blockchain technology is transforming industries across the board. The technology boasts a faster and safer data transfer than previous methods; making it applicable to many aspects of business and personal life. However, one industry which could benefit most is yet to implement the tech, and you’re paying the price. While you may not find transferring money overseas too troublesome, you would also find a horse-drawn carriage practical, had you not seen the car. The reality is, the process of transferring money is slower, more expensive and more vulnerable than it could be using blockchain technology. Introducing blockchain technology is the natural next step for the money transfer industry; so why haven’t we seen it in use? Well, with Santander making almost 10% of their profits from money transfer in 2016, the banks have a lot to lose from the use of blockchain technology. By using cryptocurrencies as a medium, you won’t have to go through the bank or the local exchange office. You’ll be able to transfer funds directly to the foreign exchange office who will then convert the cryptocurrency into the appropriate currency for the recipient. Cutting two parties out of the equation will save you money on fees and save you a great deal of time. [1] Not only does cryptocurrency have the potential to save you time and money on your transfers, but it’s also more secure. With traditional banks, your data is not as safe as you may think. In 2017, Italy’s largest bank was hacked, with data from 400’000 accounts being stolen. Bank data is all stored in one place, making the information far more vulnerable. Blockchain does not store data in one place, making it far more difficult to intercept and steal. [2] So, public blockchain can make transfers, cheaper, faster and more secure. However, this only solves half the problem. The process of transferring money requires sending personal information, Know Your Customer (KYC) and Anti Money Laundering (AML) documents to multiple parties. This information can then take anywhere between, 2–22 days to be reviewed. While, the use of blockchain would mean sending the KYC and AML forms to fewer parties, it will still have to be repeated should you decide to use a different transfer company. What if you only had to send your KYC and AML documents to one service, allowing you to instantly transfer through any provider? Well, at Find.Exchange we aim to combine the speed of cryptocurrency transfer with the practicality of one-time document review. With the upcoming launch of our ICO, we’ll be able to offer users a cheaper, faster and safer transfer than previously possible. Furthermore, we’ll reward our users with tokens on their transfers. In fact, we take it one step further. Now that you can trade in a matter of minutes through any provider, how do you choose which one? With each offering different rates for the same transfer, it can take a long time to decide which is the best value. Using our real-time comparison, you can see which provider is offering the best rate at the time you wish to transfer. The money transfer industry is undoubtedly due for some innovation. At Find.Exchange we have the formula for the future of the industry. Find out more at https://find.exchange Find.Exchange https://www.theguardian.com/money/2017/apr/08/leaked-santander-international-money-transfers-transferwise ↩︎ https://www.express.co.uk/finance/city/833440/italy-unicredit-bank-hacked-cyberattack-italian-banking-major-security-breach ↩︎

How Cryptocurrency Will Change The Way You Send Money

In recent years, the introduction of modern technology has powered the rate at which our lives became globalised. Inventions that we now take for granted, such as the commercial airliner, have changed the way we see the world; bringing distant communities closer together. The arrival of the mobile phone, for example, has changed the way we communicate, dismissing distance as an obstruction. These technologies, and many more, have spurred the development of a truly global community. Borders have become more open as people from all backgrounds are free to relocate to practically anywhere. While many industries have evolved quickly in order to assist globalisation, a fundamental industry has remained outdated, and it’s a big one. Whether you’re supporting a family member who’s studying abroad; living abroad as an expat; or an employee working abroad to support a family back home; transferring money is likely to be a frequent occurrence for you. While the money transfer industry is very established, with household names such as Western Union, Lebara and TransferWise, the services available have quickly fallen behind the times. With so many providers to choose from, each offering different rates, choosing one require significant time and research. In fact, it would take you over 5 and a half hours to individually search through the 100+ money transfer providers in the UK, and by the time you’ve finally compared the often concealed rates of all the available providers the rate is likely to have changed and your son or daughter has spent the last of their money at the student nightclub and is now waiting for your transfer in order to secure a greasy breakfast. You’ll then have to send Know Your Customer (KYC) forms, and other personal info, to your chosen transfer company for review. Tied in with handling the Anti Money Laundering (AML) requirements, this could take 2–26 days to review. At which point your son/daughter has started selling their school books and living on meal deals. Combine this lengthy process with the high transfer costs, low transparency, poor customer service and frustrating an user experience, and it becomes clear just how outdated the industry truly is. So what can be done to bring the $582bn¹ industry up to speed? One UK based start-up has a convincing solution, and it’s turning the heads of users and investors across the globe. Find.Exchange, founded in 2015, has spotted the pitfalls of the current services available in the money transfer industry and have developed a convenient solution, which is evolving quickly. Founder and start-up wizard, Ricky Lee, responsible for creating ‘Revolut’ (now worth £300m), spotted an opportunity to save people time and money on their transfers. Having spotted the potential of the rapidly growing comparison market, often used for insurance and travel, Find.Exchange brought the comparison services to the money transfer industry. This has provided users with a number of advantages. Not only can users compare the rates of transfer providers in real time, they can also check the live exchange rates, compare the estimated transfer time of each provider and have KYC and AML handled by Find.Exchange, enabling users to quickly transfer with any desired provider. Users can now use Western Union in the morning, Lebara in the afternoon, and Transferwise in the evening without the hassle of having to be KYC’d by each company! The Find.Exchange solution is looking to lead the way for the future of the transfer industry. Find more information at . https://find.exchange Find.Exchange 2015 ¹ https://www.forbes.com/sites/rogeraitken/2017/01/14/remitly-shaking-up-billion-dollar-digital-remittances-market-adds-massachusetts-to-network/#5c0ef52f49b5

The $582bn Industry Thriving on Hidden Fees

The 21st century has seen an exciting growth in startups and SMEs. The costs of starting businesses are far lower now than in the 20th century. In all industries, small businesses have chipped away at the market caps, often dominated by two or three large corporations. The SME market now has over 100 million businesses globally, increasing 8% annually, with SMEs now representing around 99% of all enterprises¹. The boom in startup culture, combined with technology spurred globalisation, has made operating internationally far more affordable for small businesses than in previous years. SME international trade in the UK is now worth $935 billion, with businesses transferring an average of around £35,000 every month internationally.¹ As fantastic as these statistics might seem for anyone looking to start up a company trading internationally, the costs of trade are likely to be a minor concern when compared to the costs of transferring money alone. SMEs are paying out £4bn a year in built-in costs when transferring money overseas through the UK’s high street banks.⁴ On average, a transfer of £75,000 within the EU will cost a small business £1,822; with banks charging up to 4%, some even more.⁴ˡ⁶ On top of these high rates, the banks hidden fees cost UK enterprises a further £3.96bn in 2014.⁴ With 72% of SMEs making international transfers, it’s shocking to hear that only 20% of SMEs know the true cost of their transfers.⁵ˡ⁶ Comparing transfer providers is time consuming work, and with hidden fees so common, it’s difficult to know who truly offers the best rate. Here at Find.Exchange, we believe we have found a solution that will save SMEs time and money when transferring funds overseas. The comparison industry has been booming in recent years. From car insurance to travel, you can compare hundreds of providers across the globe. However, despite costing UK businesses around £7bn a year, comparison companies do not offer a degree of transparency that SMEs require.³ This is where we come in. At Find.Exchange we are offering users the ability to see which provider offers the lowest transfer rates in real time, coupled with live exchange rates; saving SMEs time and money. Our automated comparison service clears the air, showing the user exactly how much they will get charged, with no extra costs and no hidden fees. This transparency is designed to make transferring money a more comfortable experience, giving enterprises and individuals comfort in knowing they are getting the best available rate. We have our eyes on the future. The money transfer industry is undoubtedly due for an upgrade, and having spotted the potential of implementing cryptocurrencies, our team are aiming to go a great deal further in saving SMEs time and money. Stay tuned at . Find.Exchange ¹ http://ec.europa.eu/eurostat/statistics-explained/index.php/Statistics_on_small_and_medium-sized_enterprises ²Migration and Remittance Factbook 2016, The World Bank. ³ https://www.theguardian.com/money/2017/apr/08/leaked-santander-international-money-transfers-transferwise ⁴ https://www.telegraph.co.uk/finance/yourbusiness/12097516/Banks-charge-small-firms-extra-4bn-on-top-of-standard-fees-for-money-transfers.html ⁵ https://www.worldfirst.com/downloads/GlobalBarometerFeb17.pdf ⁶ https://www.moneymover.com/media/uploads/files/UK-SME-International-Payments-Analysis-Summary.pdf

The Outdated Industry Costing UK Companies $7bn a Year

Google, Facebook, Twitter, who next? It’s no secret that cryptocurrencies have become a significant talking point for people across the globe. 2016 saw a boom in the value of cryptocurrencies across the board, and the creation of hundreds of new Initial Coin Offerings (ICOs). An ICO is a cryptocurrency created by a company intending to use the unregulated tokens as a payment method for the product or service they’re supplying. Unsurprisingly, ICOs have tied in perfectly with the already booming start up culture. A total of over $6bn was raised by around 881 startups in 2017. In the first 2 months of 2018 alone, $2,840,447,125 has been raised by companies through the release of ICOs . It’s no wonder, therefore, that start ups are releasing ICOs right left and centre. [1] The boom in cryptocurrencies has been so convincing that Twitter CEO, Jack Dorsey believes that bitcoin will become the single global currency within the next decade . This made it a bit surprising that Twitter went on to ban the advertising of ICOs on their platform; and they’re not the only ones. Google and Facebook are among the household names which also banned the advertising of ICOs. So, with so much money being made through Initial Coin Offerings, why are online platforms implementing bans? [2] Well, according to Google and Facebook, the main concern is the potential for fraud; and when dealing with unregulated, decentralised currencies, this is an unfortunate but inevitable reality. However, while fraud is a justified concern, there is a more integral problem with the ICO boom. Useless Ethereum Token (UET), an ICO launched in late 2017, exemplifies this perfectly. The company advertised their token as the “first 100% honest Ethereum ICO”, highlighting that investing in ICOs has essentially become giving “some random person on the internet money” which, rather than being used to grow the company, will be used to “buy stuff with…Maybe even a big-screen television” . The company sold 3,965,719 tokens, generating over $300,000 . This highlights a significant problem in the ICO industry. [3] [4] It seems any individual can produce a vague business plan involving the use of cryptos, or no business plan in the case of UET, advertise the ICO online, and generate hundreds of thousands in a matter of weeks. ICO’s have become a business in themselves, generating investment from all corners of the globe, regardless of how viable their business plan is. It’s no surprise that companies have been releasing ICOs, only to take the money raised and run. At this stage you may be wondering, ‘who are these aspiring Warren Buffett’s, chucking money at ever ICO they come across. And why should online platforms care if they fall for these adverts?’. Well, they may not be as careless as you think. The cryptocurrency market operates like none other. While in most markets, consumers are attracted to products and services which provide clear value. In the cryptocurrency market, speculation is king. This means that companies don’t necessarily need to have a good business plan, or any real world application for their ICO, they just have to generate attention and exposure. In the cryptocurrency community, investors are often driven by Fear Of Missing Out or FOMO. If an ICO gets attention, the value of it’s tokens will be expected to increase. The value of Useless Ethereum Token, for example, went from being worth $0.02 on the 27th of January, to $0.25 just three days later . While this isn’t exactly a bitcoin boom, it’s worth bearing in mind that this token was advertised as having no purpose other than to generate profit for the founder. [5] So, while the people investing in these ICOs may seem to be wasting their money, they do actually have a good opportunity to generate profit. The ban on advertising ICOs is going to make it much harder for companies to generate attention and exposure for their tokens; but what about the companies that have real world applications for their cryptocurrency? While the ban on advertising will help prevent fraud, and make it more difficult for people to generate profits under the guise of a business model, it will also create challenges for companies with real world applications for their tokens. While many ICOs are launched without a realistic business model, there are companies who have found lucrative applications for cryptocurrency. With so many people sceptical as to whether cryptocurrencies will be obsolete, or become the main form of payment in the near future, a ban on advertising takes the cryptocurrency market a step further away from being legitimised in the eyes of the masses. If the future of cryptocurrencies was unclear before, it is now completely unpredictable. Time will tell. https://www.coinschedule.com/stats.html?year=2018 ↩︎ https://www.cnbc.com/2018/03/26/bitcoin-falls-7-percent-to-below-8000-after-twitter-bans-cryptocurrency-ads.html ↩︎ https://uetoken.com/ ↩︎ https://themerkle.com/the-useless-ethereum-token-crowdsale-netted-300k/ ↩︎ https://coinmarketcap.com/currencies/useless-ethereum-token/ ↩︎

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