Mika Reyes, co-founder and CEO of Parallax, recently appeared on ABS-CBN News where she was honored as one of the seven Filipinos who made it to the prestigious Forbes Asia 30 Under 30 list. During her interview, Mikaela discussed the key challenges she identified in the cross-border payment industry, leading to the creation and founding of Parallax.
In her interview, Mikaela explained that the traditional cross-border payment systems are fraught with inefficiencies and high costs, making it difficult for freelancers and small businesses to receive payments promptly and affordably. Her experience working in the blockchain space and collaborating with various experts allowed her to recognize the potential of stablecoins to address these issues. By leveraging stablecoin technology, Parallax aims to provide a seamless, low-cost solution for international payments.
Parallax offers a platform that simplifies cross-border transactions by utilizing blockchain and stablecoin technologies. This combination reduces the time and costs associated with international money transfers. Traditional banking systems often involve multiple intermediaries, leading to delays and higher fees. In contrast, Parallax provides a direct and efficient way to move money globally, ensuring that users can keep more of their earnings and receive payments faster.
Security is a top priority for Parallax. Mikaela highlighted several measures the company has implemented to protect its users. These include advanced encryption techniques, multi-factor authentication, and regular security audits. By continuously enhancing its security protocols, Parallax ensures that users' funds and data are safeguarded against potential threats.
When asked about the future of Parallax, Mikaela expressed her excitement about expanding the platform's features. One of the key developments is enabling businesses to use Parallax for their payment needs, not just individual consumers. This expansion aims to create a comprehensive financial ecosystem that supports a wider range of users.
Additionally, Mikaela shared her vision of growing the Parallax network to provide a GCash-like experience on an international scale. By leveraging stablecoins, Parallax aims to facilitate seamless global money transfers, making it easier for users to send and receive funds across borders.
Mikaela also discussed emerging trends in the fintech industry that she believes will significantly impact global financial transactions. One such trend is the use of AI for compliance purposes. AI can quickly process and analyze vast amounts of data, allowing companies to streamline compliance procedures and focus on more strategic tasks. Furthermore, custom sports technology can enhance the internal operations of fintech companies, enabling them to scale more efficiently and improve overall security.
Mikaela Reyes' interview on ABS-CBN News underscores her commitment to revolutionizing the fintech industry with innovative solutions. Her leadership at Parallax is paving the way for more efficient, secure, and affordable cross-border payments, making a meaningful impact on the global financial landscape.
For more details about Mikaela Reyes and Parallax, you can visit Parallax's official blog and read the full articles on GMA News Online and BusinessWorld Online.
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