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Since cross-border money transfers/payments is the space I follow closely I agree with you Pascal that both on the b2b and b2c space is where we are seeing a strong interest by NBFIs and certainly the blockchain is being explored by some interested parties. What can we expect in the p2p space?

One aspect of the Digital Disruption for Banks is a fifth dimension, the Openness to Collaboration which is how banks will relate to the NBFIs - Non-Bank Financial Institutions and their tremendous growth. Banks can decide to Compete and De-Market FIs (closing their Bank Accounts, force regulation against them) or Collaborate, developing APIs, opening Banking rails to NBFIs, etc. For example in Mobile Products; are they going to collaborate with Mobile Service Providers or are they going to confront them (the case of Kenya is a great example: M-Pesa, Ecobank), the case of Rogers becoming a FI in Canada, etc. Or are anks going to acquire these NBFIs to get access to these innovations?

Congratulations to the TransferWise team. I am glad to see that alternative remittance services are being backed by investors!