A business revolution is well underway and traditional businesses are being disrupted by “platform businesses”, which are businesses that use technology to connect corporates, individuals and resources for the exchange of physical goods, services or information. Businesses are generally organised as “pipes”, whereby goods or services are transformed along a linear supply chain process beginning from raw materials and culminating as an end product to the customer.
Orbian Chairman Tom Dunn talks about the FinTech’s evolution after years of revolution.
Based on an increasingly populist view that job losses and adverse economic impact have resulted from cross-border commerce, redistribution of manufacturing capabilities and offshoring, globalisation and trade have taken the brunt of bad press and negative reaction. Geopolitically, trade has long been a channel for the exercise of influence and power and has been creating value around the world for centuries.
Global banks have been reducing correspondent banking clients, either because they are commercially unviable or they fail today’s higher financial crime prevention standards. Efforts are now being made to rectify the situation.