The upcoming Finnovex Middle Eastern conference will put the spotlight on Knox Wire, an emerging leader in global cross-border payment solutions. GSX will be a core currency used to facilitate rapid cross-border payments for massive global organizations such as Banks and Financial Institutions.
GSX is built for powering key elements of the global financial system and is driving true mass adoption. GSX is achieving true mass adoption through regular GSX usage in everyday life. One aspect of mass adoption GSX is capitalizing on is global cross-border payments.
The use of GSX as the core currency and Instant Liquidity option means greater flexibility and financial incentives for Knox Wire Partners. Financial Institutions can use GSX to float a portion of their account and reduce their requirement for prefunding, meaning huge amounts of GSX will be purchased off the market (via Exchanges) to fund daily transactions. But just how much GSX?
Globally, cross-border payments is a multi-trillion dollar industry. When a payment sender and a payment recipient are located in different countries, a cross-border payment transaction occurs. Transactions can be between banks, financial institutions, businesses, or even individuals. Payments via credit cards, bank transfers, or eWallets are the most common.
The size of the global cross-border payments market is predicted to reach a value north of $156 trillion by the end of 2022.
Global cross-border payment data shows that the importance and strength of global transactions are on the rise, even defying the predicted impact on global remittances brought on by economic pressure caused by COVID-19. Low- and middle-income countries reached $540 billion worth of remittance in 2020 alone, which was a 1.6% drop from 2019's remittance flows of $548 billion. Financial Institutions are looking to overcome huge barriers to entry through innovators such as Knox Wire and GSX. With the utility and value that GSX provides, we can expect more financial freedom and a large increase in future remittance flows from emerging economies.
This further highlights the need for huge amounts of GSX to be purchased by Banks and other Financial Institutions just to carry out their daily volume requirements and to remain relevant in one of the most competitive and fast-growing industries globally. Through Knox Wire, GSX is driving huge mass adoption in cross-border payments.
The first key step towards mass adoption is mass awareness. GSX is achieving this through a pivotal partnership with Knox Wire and the platform provided by Finnovex to showcase Knox Wire's revolutionary payment options. The substantial Financial Institutions using the cross-border payment system along with GSX as its core currency will also contribute greatly. Some of the biggest players in international finance will be in attendance at Finnovex Middle East and will see the value in Knox Wire and GSX first-hand.
Finnovex Middle East is the leading summit on Financial Services Innovation and Excellence. The summit focuses on new ideas that are disrupting the financial space in an effort to resolve the challenges of changing consumer demands, digital and web-based industry rivals, and new regulatory requirements.
Trailblazers such as Knox Wire and GSX provide a new and improved approach that can outperform legacy systems lacking the ability to meet the needs of modern financial requirements.
The Middle East is experiencing a boom in Financial Technology, with Digital Banks and Central Banks gearing up to make use of digital currencies like GSX to drive sustainable future growth.
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