That is not to deprecate the achievement of Wise. It has taken a traditional financial activity, the remittances of money from richer countries to generally less well-off destinations, and revolutionised it by using modern technology.
Because it operates entirely online and uses modern data processing, it chews away at traditional money transfer outfits such as Western Union with vast networks of offices. Moreover, it has exposed what amounts to profiteering by banks.
It conducts transfers at about a tenth of the price when the exchange rate turn made by traditional banks is taken into account.
The opportunity is vast. At their peak in 2019, remittances from the G20 most wealthy nations to the developing world reached £400billion, according to World Bank data. Covid led to a 20 per cent dip last year but the scale is obvious.
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ITV announces stellar Euro 2020 squad
Published: Mon 24 May 2021
ITV announces stellar Euro 2020 squad
Full plans revealed for tournament coverage
ITV begins its build-up to Euro 2020 with the announcement of its stellar line-up to guide viewers through the tournament and comprehensive coverage plans to bring fans the very best of the action on TV, on demand and online.
Live games and highlights broadcast on ITV and ITV4 and simulcast on ITV Hub will be complemented by a range of content across ITV Football and ITV Sport online and social media platforms to ensure wherever and whenever they are, viewers and fans can immerse themselves in everything that’s happening throughout the tournament.
The women’s Six Nations will be broadcast exclusively on the BBC.
The deal means the iconic tournament, which has been free-to-air since 2003, will remain on terrestrial TV.
Sky and BT both made moves to snap up the rights amid reports the Six Nations had told the public service broadcasters that no joint bid would be allowed.
But this sparked a backlash from MPs, who warned a move to pay-TV would risk shutting out fans and would harm the game.
The controversy led to calls for the Six Nations to be classed as a category A sports event, which would make rights off-limits for pay TV operators, but the government rejected the bid.