Software crosses borders effortlessly. The globalization of money, however, is considerably more challenging. This is especially true for multinational businesses, which grapple with managing multiple accounts in diverse currencies, navigating costly foreign exchange rates, and unpredictable money transfers.
As businesses increasingly embrace a global default, top fintech entrepreneurs are rising to the challenge, addressing cross-border infrastructure issues and offering comprehensive solutions.
In this episode, a16z partners Angela Strange, Joe Schmidt, and Gabriel Vasquez discuss the challenges of cross-border payment infrastructures and what fintech entrepreneurs are doing to create a more integrated, financially inclusive world.
Topics Covered:
00:00 - Software crosses borders easily; money does not.
03:02 - Why has global payments been a challenge for so long?
05:44 - How global payments and money currently moves
07:25 - The metrics used to measure a country's financial health
12:13 - The impact of regulation on financial services
16:23 - Can the same regulations be applied to any country?
21:29 - Why each country has its own fintech system
24:54 - Opportunities in global payments infrastructure
34:47 - Advice for founders navigating global fintech systems
36:58 - What does a truly global system enable?
Read the Fintech Fuels Global Payments package: https://a16z.com/global-payments
Watch ’Foreign Exchange 101: What Happens When You Send Money Abroad?’: https://youtu.be/eoXdyO9oGJc?feature=shared
Find Angela on Twitter: https://twitter.com/astrange
Find Joe Schmidt on Twitter: https://twitter.com/joeschmidtiv
FInd Gabriel Vasquez on Twitter: https://twitter.com/GEVS94
Stay Updated:
Find a16z on Twitter: https://twitter.com/a16z
Find a16z on LinkedIn: https://www.linkedin.com/company/a16z
Subscribe on your favorite podcast app: https://a16z.simplecast.com/
Follow our host: https://twitter.com/stephsmithio
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.