Long time readers may recall a company we featured here awhile back that is viewed as up and coming in the Fintech space. KlickEx is headquartered in New Zealand under the leadership of CEO Robert Bell. KlickEx caught our attention due to an innovative concept for a potential asset backed cryptocurrency they presented at FinovateAsia in 2013.
This blog is always on the watch for any news related to events that might lead to major changes in our existing monetary system. Since KlickEx is engaged in financial services that could impact how money is used around the world now and in the future, we have continued to keep an eye on them as they continue to move forward. This page about the company history for KlickEx gives you a feel for what they do and their desire to tackle the challenges that exist to make it easier and less costly for the world to transfer money across borders.
It's been a while since we checked in with KlickEx, but as you can see from the link above, they have been keeping quite busy. Here are a few highlights from the past few years:
- launched the first web based money transfer system in the South Pacific in 2010
- ranked the lowest cost remittance service in the South Pacific by The World Bank
- won best global payments initiative at the Financial World Innovation Awards in London
- named top Fintech company of the year (2013) by SWIFT & won the Innotribe Award
- CEO Robert Bell named New Zealand High Tech Young Achiever in 2013
- presentation to the South African Community Development Central Banks (2014)
- named by central banks in the Pacific as key agent of change (2015)
- CEO Robert Bell presents the concerns of the Pacific's financial institutions at the G20 conference in China (2016)
Looking at this news recently released on the KlickEx web site, it appears that the news from IBM is just the start of a process intended to have an expanding global reach. Here are some key points from that news release: Next Steps for APFII: Beyond facilitating the trend of reducing the price of remittances, now at a cost plateau of possibility because de-risking remains pervasive, APFII is now moving to address financial inclusion in additional ways. - In October 2017, KlickEx, a systemically important APFII member, extended its clearing systems to process increasing amounts of regional transactions on IBMs Blockchain transaction service. In partnership with IBM, the Pacific is now the world's only multi-country blockchain backed payment infrastructure. - To resolve de-risking and return electronic payment volumes to 80% of all transactions. Currently, this has fallen by half, to 40% due to lack of infrastructure in the sending markets, such as Australia, NZ, and the US. Actions: --- APFII is planning to invest $300m next year to build out the financial platforms in partnership with IBM, local Pension Funds, and local/strategic Central Banks (*several NGOs and non-member FIs have expressed interest to co-participate) to implement this. --- $100m of the above will also be committed to resolving de-risking outside the Pacific, with the participation of three National Payment System expansions already underway in five observer markets including HK (Hong Kong), the UK and the US. --- When successful, APFII Members will consist of nearly 3,000 staff, and two million monthly customers, covering 25 countries. There will be real time payment and trade finance facilities to over 110 countries.
KlickEx CEO Robert Bell had this to say about these big steps forward that KlickEx is now taking:
"The South Pacific Region was the perfect choice for IBM to launch the initiative – outside the major currency trading corridors, across a mix of both emerging and mature economies, and with relatively low transaction volumes – and of course, the ability to leverage KlickEx’s trusted system and infrastructure.
KlickEx is a pioneer in leading technological innovation and sees the potential for blockchain in emerging economies. This is the first time it is working at scale to create seamless and borderless payments across the Pacific.
I’m delighted that KlickEx is working in collaboration with the IBM Blockchain payments solution and alongside Stellar on this exciting world first – and seeing New Zealand and the Pacific continue to lead the way in payments innovation."