Taking advantage of a summer transfer window…with TransferWise

You will save US dollars if you use TransferWise

With the British pound sinking quicker than a Neymar dive, I figured that now would be a good time to take advantage of the exchange rate by making a global transfer out of Hong Kong.

I’ve done a few of these over the years from Asia, usually through the same bank – a global bank I won’t name – and always without a problem (though moving money from China was a tad tricky, owing to red tape).

But now I’m trying a different approach. The fintech revolution has produced many exciting startups that promise to do things better – among them TransferWise. TransferWise has received a lot of media attention recently, which is how I got to know about them.

In a nutshell, TransferWise makes it easy to transfer money across borders without it technically crossing borders. It does this by instead enabling the user to make a local transfer (which they can very easily to through the mobile app) – and they do the rest. This is convenient as it ‘bypasses’ intermediary banks and therefore hidden fees.

It also uses the Google exchange rate, which works out fairer than the method apparently used by some banks: adding a markup to the spot rate to increase the profit made on each transaction.

There are other great features, too. The Google exchange rate used by TransferWise is guaranteed for 48 hours while you make your transfer (a bit like booking a flight through an airline website and holding the price of the flight). You also can track the exchange rate as it goes up and down.

Wise words

Aside from the money transfer aspect, TransferWise excels at something else: communication. The traditional bank that I use is extremely corporate, communicating in a language that perhaps only lawyers or financial professionals can readily understand.

Not only that – the bank’s digital communications are archaic. To get a sense of how much I would be charged for executing a global transfer, I had to wade through more than one PDF on the bank’s website. It was cold and intimidating – and hard to trust. It’s almost as if they’re hiding behind a wall.

In contrast, TransferWise writes for humans. Through their website they address typical issues and concerns that people might face. They are quick to reply on social media, too. The following question I had was answered within 15 minutes on Twitter, which is mightily impressive:

It’s hard to imagine any traditional bank adopting a similar communications approach – they are typically highly conservative institutions bound by rules and regulations (and internal politics) – and “digital transformation” seems more of a buzzword than anything.

But the world is changing, and it’s the likes of Estonia with its e-Residency, e-wallets like Big Pay, and course TransferWise leading the charge. And thank goodness for that.

How to fly a drone for the first time (without crashing)

DJI drone

Much of the Fourth Industrial Revolution feels abstract – AI, data and smart cities are not something you can simply pick up and hold.

Drones, however, can be picked up, held, flown, and in unfortunate circumstances crashed, sometimes in big numbers. In Hong Kong recently 46 went down over Victoria Harbour during a public show.

Hong Kong isn’t the best place in the world for drone flights, partly because of all the skyscrapers and hills (it’s the most vertical city in the world), which is why I waited patiently, very patiently, to let loose for the first time my own drone – purchased from DJI’s flashy store in Causeway Bay – in a more spacious environment.

After several weeks, my Spark was debuted in Penang, Malaysia, an island almost like Hong Kong in appearance with its hills and Chinese culture, yet without all the towering concrete and thick crowds.

I chose a hillside spot surrounded by forest, the Bao Sheng Durian Farm. In case you’re wondering, a “durian” is a spiky fruit native to Southeast Asia that is so uniquely stinky that it’s banned in public places.

Despite the rural location, the young chap running the farm was surprisingly no stranger to drones himself: he was also a Spark owner. This was handy, as I was later to crash the thing.

Actually, I crashed it twice. The first time, I launched the drone from a slope (I’m still unsure why I did this) and it careered into a bush.

The second occasion was more serious, when I knocked the drone into a metal pole, sending it plummeting several feet into thick grass. A handyman retrieved the drone, now scuffed and with broken propellers.

This left me thinking. Flying a drone is harder than it looks. However, there are certain principles you can follow for a smoother flight:

  1. Read the instructions first. Seriously. It’s not a video game you can just pick up and play. There are very specific steps that you must follow before and landing the drone especially (think of it like flying an aircraft – taking off and landing are the most dangerous parts of the flight)
  2. It’s also not a toy. It looks like a toy and sounds like a toy, but it’s definitely not a toy. It’s expensive and it’s dangerous, so handle responsibly. That means keeping it away from other people and animals. Don’t fly while drunk; that’s definitely a bad idea.
  3. Exercise common sense. If you do ignore the instructions – like I did – use your brain at least. Don’t launch the drone off a slope, for example.
  4. If you can’t use your brain, use someone else’s. Airline pilots fly planes in pairs. Flying a drone is a lot easier and safer when you have someone next to you who can “co-pilot” or watch for hazards.

Asia is full of opportunity for Fourth Industrial Revolution innovators

Consequential Robotics dog at the GREAT Festival of Innovation

It’s only been a few weeks into 2018 and the year is already fizzing with energy. The dominant image to date is thankfully a positive one: a cherry-red Tesla drifting improbably into space. The simultaneous booster landings were equally impressive and a likely game-changer; the moment when Mars felt just that bit closer.

You could say we are now living in Muskian times, defined by the “impossible” – the what if. We are peering into a new world of opportunity: the Fourth Industrial Revolution.

This is good news for Brits who have given the world innovative leaps forward throughout the ages. We invented the telephone, toothbrush, toilet, steam engine, jet engine, sewage system, computer, television, railway, world wide web, ATM and Timmy Mallett. In other words, much of the modern world.

We do creativity and innovation very well (while other nations successfully “monetise” our efforts – after all, where would Apple be today without Sir Jonathan Ive?). Where our curiosity comes from, our universities aside, I have no idea. Maybe it’s our richly diverse nation. Maybe it’s the awkward weather – a case of more bugger-it thinking than blue-sky thinking. Maybe it’s our wildly contrasting landscape, inspiring us to dream.

Now we find ourselves rushing headlong into a new world, shaped not only by progress in individual areas like artificial intelligence, robotics and big data but moreover a blurring of these, or a connecting of the dots, that will give rise to unprecedented changes in how we live, work, play and learn – if such distinctions still apply. What would 3D-printed self-driving cars in a smart city look like, for example, as we’re ferried to our co-working spaces? And that’s assuming we’re all still working.

Furthermore, the Fourth Industrial Revolution will be characterised not only by technological fusions but fusions of a different variety, in the form of cross-sector and cross-cultural collaborations.

I suppose it’s the logical next step coming years after globalisation and the internet connected the world for the first time in human history (that would be the Third Industrial Revolution). Tribes are brought together – virtual touch paper lit – resulting in the emergence of new paradigms and ideas. This is good timing, as pressing global challenges from climate change to rapidly ageing societies demand “out of the box” thinking.

Arguably, Vanilla Ice saw these days coming with his prescient 1990 words “Stop! Collaborate and listen. Ice is back with my brand new invention.” But I suspect even he doesn’t know what lies in wait for humanity.

We know what a world with smartphones looks like (glassy-eyed commuters hunched over a bright slab), but whatever comes next will probably take us all by surprise. We think we know, but really we don’t. The world moves in mysterious ways. After all, Concorde was a world-beating aircraft and look where it is today – parked forlornly on the Heathrow apron like an umbrella left forgotten on a Paddington bench.

But what is certain is that there is demand for world-class British ingenuity, in a collaborative context. It’s not just cultural exports like Shaun the Sheep proving popular, but our innovation in areas such as AI, smart cities, aerospace, space, fintech, design, esports, and more.

Here’s an example: China is rapidly urbanising and people are living longer. Brits are good at design, including designing stuff for older generations; we have strong smart city credentials, making cities more inclusive and liveable; and we are doing great work in digital health. If you’re good at designing products that bring lifelong benefits to all of society, for example, there’s a natural fit right there in China.

This is all a very long way of saying that all this and more will be discussed at the GREAT Festival of Innovation in Hong Kong this week, an event that will see very influential people from Britain and Asia in government, industry and education talk about world-changing advances from satellite technology to cybersecurity and how they will impact our lives.

Disclosure: I’m providing comms support alongside brilliant colleagues, but this personally inspires me (as I’m sure it will inspire many of you) and I’m writing in a personal capacity.

Reading about some of the things that our innovators and entrepreneurs do, I’m in awe. They’re quite brilliant. Like Small Robot Company, which replaces big tractors with small robots through a ‘Farming as a Service’ model. Why didn’t I, coming from a town excelling in robotics and surrounded by farms, think of that? Is my coffee not strong enough? (It also feels highly symbolic; it was the agrarian revolution, after all, that preceded the first industrial revolution.)

Topics at the festival will include the workplaces of the future, where tomorrow’s aircraft could take us, smart cities, the future of travel, green infrastructure, storytelling, esports, cybersecurity, artificial intelligence and much more. The Belt and Road Initiative will also be on the agenda.

Around 10 years ago, the world changed in a series of pivotal events – the Financial Crisis, the birth of the iPhone, the rise of Facebook and the emergence of the millennial. We appear to find ourselves again at another juncture. Let’s make the most of it in ways that benefit us all.