Listen to this articleFintech startup Remittio is a digital payment remittance product that runs on Blockchain Technology. They seek to bring affordable digital payment remittance to individuals who do not have access to traditional banking methods in countries throughout the world. Recently they attended the Dublin Web Summit, where they presented in the Alpha category for new emerging Fintech startups. While there, they made quite an impression on investors and attendees, taking home the Angel’s Choice Award. This award was presented to companies the panelists think have exceptional potential in 2016. Below is our interview with Michael Taggart, Co-Founder of Remittio:
Q: Michael, what is your startup story? Tell us something more about Remittio?
A: After working for a few years in the blockchain and bitcoin world, I realized that mass adoption was going to take more than an hope and a dream that the majority would understand it’s value. After visiting Hong Kong, and seeing all of the people lined up around city blocks sending money home via Western Union, I decided that I would need to help usher the era of mass adoption, if it was going to happen.
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Q: What was the inspiration behind building Remittio?
A: The inspiration behind building the Remittio application came from our work with companies in the blockchain industry, namely BitShares and Cryptonomex. Ever since I became an enthusiast of of blockchain technology with my introduction to Bitcoin, and as a marketing consultant for BitShares, I realized very early on the strength and scope of the technology.
When thinking about application development for the industrial grade blockchain we developed at BitShares, and how I could leverage the technology to create a more level economic playing field for those that live in countries that do not have essential banking services, as well as help those that are being preyed upon by the money services industry, which charges the poor and un(der)banked exorbitant fees.
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Q: What were the main challenges you faced in developing the company?
A: Adoption is always a challenge, regulation in this particular industry is also very murky, if any regulation exists at all. Different jurisdictions will also have different views on this type of technology, which makes it a bit more tricky. The hard part is getting all of the pieces in place and staying compliant with any current regulation, if any, all while trying to anticipate future regulation and how to stay ahead of it.
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Q: What are your plans for the first half of 2016?
A: Our plans are to complete the easily consumable UI, and work on gaining a user base. We are also seeking investment funding to hire more developers, and legal advisors for regulatory reasons. Another major focus is partnerships with companies that share our vision of financial inclusion and innovation.
Q: What’s the best thing about Remittio that people might not know about?
A: We helped create an entirely new and independent financial storage and transmission network, not linked to any existing networks like SWIFT, etc. This allows us to transact at much lower fees than any competitor, as well as tout the lack of any counterparty risk for our users. This is revolutionary, even in this fast moving industry.
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