The Future of Cross-Border Payments with Tristan Dakin - Wise

About this Episode
Dexter Cousins talks with Tristan Dakin, Country Manager at Wise on the Fintech Chatter Podcast. They chat about the innovative solutions Wise provides in the payments technology space and the complexities of instant payments.

Tristan speaks about the company's growth and the challenges of operating in a highly regulated environment.

He shares insights into Wise's culture, the importance of transparency in financial services, and the future of fintech in Australia.

About Wise
Wise launched in 2011 making international money transfers cheap, fair, and simple their vision. Today, their multi-currency account helps millions of customers and businesses manage their money globally.

Their story started in London with Taavet (paid in Euro's) & Kristo (paid in Pounds) solving the issue of making money in one country but needing to meet payment commitments in their home country. Expensive fees and bad exchange rates led them to make a simple workaround. Taavet would pay Kristo's mortgage in Estonia and Kristo would pay him back in pounds.

No waiting, no stress, and no extra cost, they quickly realised that they had hit upon a great idea and TransferWise was born. They have since added a multi-currency account, a debit card, and a business account, and changed their name to Wise.

About Tristan
Tristan joined Wise in 2020, and since 2022, has been leading Wise in ANZ as Country Manager. Before joining Wise, Tristan worked in the financial services industry, including Lombard Securities in the UK.
He is skilled in FX, Banking, Management, Financial Markets, Trading, Structured Products and Derivatives, and Financial Risk.

Key Takeways

• Wise aims to build the best way for people to move money globally.
• The company focuses on transparency in fees and payment processes.
• Instant payments are achieved through advanced technology and infrastructure.
• Wise's growth has been significant, with millions of active customers.
• The complexity of regulatory compliance is a major challenge for fintechs.
• Tristan's background in financial services shaped his approach at Wise.
• The culture at Wise emphasises autonomy and problem-solving.
• Australia's fintech landscape is evolving, with increasing competition.
• Regulatory changes could enhance transparency in the financial sector.
• Wise is committed to empowering customers and improving financial services.

Chapters
00:00    Introduction to Fintech Chatter and Wise
01:15      Wise's Mission and Products
03:27     Challenges of Cross-Border Payments
07:09     The Complexity of Instant Payments
09:10     Wise's Growth and Market Presence
10:54     Wise's Centralised Infrastructure and Competitive Advantage
12:32      Australia's Unique Remittance Landscape
13:18      Tristan's Background and Attraction to Wise
16:25     The Role of Country Manager at Wise
17:55      Inspiration and Motivation in Fintech
19:43     Cohesion and Culture at WISE
26:51      Navigating the FinTech Landscape in Australia
30:18     The Future of FinTech: Trends and Innovations
38:36     Download the Wise App

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