Former Commonwealth Bank chief David Murray has joined the advisory committee of fintech business bux.
While undoubtedly a coup for the disruptor, It is not the first time a former bank chief has taken on such a role. Former chief of the Australia New Zealand Banking Group Mike Smith is the chair of the Melbourne-based fintech hub, York Butter Factory.
Set up 10 years ago, bux provides mobile and digital payments with a particular focus on unbanked populations. In the last 12 months, bux has introduced a mobile wallet app which offers users remittance fees up to 70 per cent lower than its competitors and a range of other services, such as international calling and pre-paid mobile recharge.
“Bux has made a significant investment in understanding its customer base, building its product and developing its global reach. I am impressed with what they have achieved,” Murray said in a statement.
“I am excited about the potential of bux to add value to the traditional remittance model, particularly in support of large numbers of lower income people around the world. I look forward to working with the advisory committee to assist the bux management team to take the business to the next level.”
Bux’s services span 200 countries, with over 1.8 million retail locations for easy cash load and pick up, connection to 73 million mobile wallets in Africa, three million mobile wallets in Vietnam, one and half million mobile wallets in Indonesia, and traditional transaction options such as bank deposits and card loading.
According to bux chief executive Andrew Webber, the traditional remittance model is unwieldy and expensive.
“Companies operating in this space charge high fees and uncompetitive foreign exchange rates to cover their legacy bricks-and-mortar infrastructure,” Webber said.
“We have trialed and tested the app for the past year and fine-tuned it to meet the needs of our customers. We are now confident it is a leading global mobile money gateway with explosive growth potential."