You don’t have to work in tech or a bank to have experienced the universal issues associated with cross-border transactions. Many small companies do business overseas, or want to make a shift into international transactions and markets, but the associated costs and time are currently a hindrance to doing good business and also to profit.
For me, I realised the massive disconnect and the need for an alternative when I was running the finances for the café that I owned. We had ordered a big batch of takeaway cups from China because importing them was much cheaper than buying locally, but when it came time to pay the invoice I was shocked at how badly we were getting fleeced on the foreign exchange rate and fees. I realised that if I was feeling this way, a lot of other businesses would be too – and it was very clear that a better solution was needed. What I needed was the ability to make cross-border payments with a cheaper alternative to the banks or the likes of Western Union and Paypal.
For small businesses, the problem with foreign exchange is one that is large-scale and global. Cross border payments aren’t just the playing field of huge multinational businesses. In fact, international payments and receipt of funds is integral to many small businesses – my old, tiny café is proof of that. We’re living, working, shopping, and transacting in the internet era and small businesses often pride themselves on their ability to be nimble – so it makes no sense that our international business payments aren’t equally nimble.
The currency market needs to be made more accessible for everyone in business, regardless of size. In fact, it’s the ability to work in a cross-border environment that can mean the difference between a start up succeeding or failing. It’s time that the foreign exchange process for global integration is substantially simplify, because it will benefit small business immensely. And since small business is the backbone of this country, that means everyone wins.
Jack Zhang, Founder, Airwallex
