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FINTECH-Will fintech disruption in Forex bring about transparency and lift the veil on hidden fees a


With an advanced ecosystem, digital going mainstream and disruptive technologies the next generation Forex market in the country will be able to provide a wider choice of transactions, faster and cheaper payments and control on risks. Despite being the largest financial market in the world, Forex markets are replete with jargon, conventional models and complex processes, making it difficult for both B2B and B2C segments to truly understand it. Various asset classes like debt, equities and commodities have numerous players and a transparent ecosystem, but Forex still remains a closed market in India and other global markets. The complexity was deliberately imposed on foreign exchange by intermediaries to hide the missing transparency, neglected seamless experiences, deliberately delayed transactions and overcharged costs. There were a large number of people who needed FX services, but had to contend with what the banks offered. Nobody wants hard-earned money to fly away fast Foreign exchange is one of the prime money minting area for banks as the business communities and consumers continue to pay obnoxious forex spreads on decent size transactions, losing a few hundred thousand rupees every month. This is one area where money vanishes in air without writing a cheque. A simple mark-up of 20 paisa on export process of $400,000 makes you poorer by Rs 80, 000 without separately debiting your bank account. Future of Forex market will be in safe hands of fintech disruption The future of Forex is yet to expect a huge transformation but thanks to the Fintech revolution that now the landscape is rapidly changing. Innovative ideas and disruptive technologies are challenging the conventional models of Forex. Business communities as well as individuals have successfully experienced the fintech revolution in payments, lending, personal finance, wealth management and various other segments. This has given an extra push to the demand for disruption in Forex. With the entry of new enablers equipped with advance technologies and in-depth understanding of consumer requirements, foreign exchange in India is opening new dimensions for seamless and transparent transactions. Watch this : https://www.youtube.com/watch?v=Z5vxRC8dMvs

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