The gig economy is growing rapidly in both emerging and developed economies, slowly but surely changing the nature of work. With more employees spread across different regions, the need for more agile capital movement is becoming more important to support an increasingly mobile workforce.
The internet sector alone has been generating millions of part time jobs in the Southeast Asian region according to the e-Conomy 2018 report released by Temasek Holdings and Google. Much of the growth was driven by the demand for part-timers in the ride-hailing, food delivery and e-commerce spaces.
Similarly in the U.S. and U.K. the World Economic Forum found that the proportion of self-employed workers or workers engaged in atypical work arrangements have increased substantially over the past few years.
New age enterprises and more established MNCs have also jumped on the bandwagon by embracing an agile working environment to boost creativity and to effectively respond to evolving business landscapes and news cycles.
With substantial changes already emerging in workplaces what can we expect the future of work to hold?
According to a recent Deloitte study, the nature of work, workplaces and workforce stand to change dramatically in the coming years.
Rapid automation will substitute for repetitive jobs and skills such as emotional intelligence, communication, knowledge sharing, creativity will become even more valuable, the study found.
An open talent economy -a borderless economy where the employees are spread across the world working in a hyper collaborative, transparent, technology enabled environment- will continue to shape the workforce.
Experts paint an image of the future workforce to consist of full time workers working closely with contractors, crowd sourced talent, AI systems and even robots.
As hiring part-time remote workers and digital nomads across continents are becoming more common -the need for more efficient capital movement around the globe becomes paramount.
“New technology not only saves time but can also influence consumer behaviour,” he says. “Rather than sending 80 percent of your salary, the foreign workers can now afford to break them up. These are the kinds of change we bring forth with our partners such as Tencent”
How can capital movement be future proof?
Start-ups and established financial institutions have hurried to fill in the gap of facilitating cross-border capital movements as the demand for these transactions increase and are poised to grow rapidly.
Yet with complex regulatory requirements for specific markets, and the use of multiple intermediaries the process to transfer money from one border to another can be cumbersome and expensive.
More cost and time efficient infrastructure to support international transactions has become more vital to facilitate agile money flows around the globe.
EMQ is creating a one stop integration for businesses to send money anywhere in the world and to any end point. It is building an end-to-end compliant global settlement network infrastructure to ensure money can be sent internationally while being time, cost effective and meet local regulatory requirements.
Laying a strong foundation for capital movement around the world will allow the future dynamic and creative workforce to thrive.