About the company
Our goal is to make money transfers completely borderless. People can move money easily and rapidly between their home country and their place of residency, as if they were making a domestic cash transfer. The world is becoming increasingly smaller. As more people live, work, or study in foreign countries, we must provide them with more convenient options to handle their financial flows.
International travellers find it quite difficult to get currency exchanged. Many countries only accept US dollars (USD), and it can be a costly hassle to exchange the remaining local currency back into USD. So even the most experienced traveller, for instance, international workers or International students and migrants, struggle with money exchange and transfer. Seeing this problem first hand, Denson Xu, Founder and CEO of BANEKS, set out to develop a smart and secure solution for currency exchange that is the answer to traveller’s currency exchange woes.
A Market for Remittances ripe for Disruption
Money transfer has traditionally been dominated by banks and money transfer offices (MTOs) (such as West Union). Denson, on the other hand, looked to his experience in the telecommunications industry for inspiration. “At one point, international long-distance calling was extremely expensive and dominated by a few corporations,” he adds. “Then Skype entered the market, and more and more technological businesses began changing the status quo, and eventually international long-distance calling became free.” In the next years, I believe the remittance sector will be one of the next industries to be disrupted by FinTechs like BANEKS.”
BANEKS offers its users a multi-currency digital wallet that enables them to easily transfer funds between their home country and their place of residence. BANEKS allows users in North America to send and receive money directly to and from their Alipay and WeChat accounts, similar to how Alipay and WeChat do in China. It’s a form of transfer that isn’t available through traditional financial institutions.
An easier technique to control the flow of money across international borders
Rather of relying on the SWIFT system or local payment rails, the BANEKS team’s money transfer business model is powered by people. BANEKS, as a peer-to-peer transaction facility provider, offers a money-transfer experience like to Uber, in which one set of clients, known as Fetta, provides liquidity as well as quick service to other consumers. Fetta functions similarly to a mobile ATM. Customers can deposit and withdraw funds whenever they want. The BANEKS platform will be increasingly efficient as the number of customers grows.
The company’s early success was due to its concentration on niche markets.
BANEKS has made it easy for consumers to buy products in their home nation and even send and receive money to and from friends and family in their home nation.
Being the CEO
It has not been simple for Denson to leave his corporate job and reinvent his life by becoming an entrepreneur. However, it has been a joyful journey. “I am really proud that I have successfully built our venture from zero to one and that I have acquired the trust of over 20K consumers in just over a year,” he says. I realised I was doing something significant and significant for the community whenever I received support and thanks from my customers. All of my efforts will be rewarded.”
Denson believes that as the CEO of a startup, he is more than just the CEO. He’s in charge of everything. “I am not only in charge of the company’s vision and strategy, but I also have to get my hands filthy. I work in product development, design, marketing, operations, finance, and business development, to mention a few areas. But every great comment from a consumer and every accomplishment inspires my team and me to keep going.”
BANEKS’ future has no bounds.
Denson is convinced that the future of financial transactions will be global. While his initial focus will be on the Chinese community, he plans to gradually expand BANEKS’ wings to include Indian, Philippine, Mexican, Russian, Vietnamese, and other populations with the highest concentration of international students, employees, and migrants. “Our goal is to become a global company,” he says. We started in Canada, but our goal is to grow to the United States, the United Kingdom, Europe, Australia, and other OECD countries where international students, employees, and migrants flock.”
Source & reference : BANEKS, Beyond Exclamation