CrossTech THE MAGAZINE OF THE CROSS BORDER PAYMENTS INDUSTRY
To fully digitize remittances, we need to build and educate
IMTC WORLD 2021
DIGITAL ECONOMIES ARE NECESSARY FOR LATAM’S POST-PANDEMIC RECOVERY
The largest event of the cross border payments industry
Is there a Fintech Boom in Latin America?
4Q 2021
EDITOR’S LETTER
Hugo Cuevas-Mohr President and CEO of Mohr World Consulting, a consultancy based in Miami, Florida. Hugo has worked in the money transfer industry since 1987 for a family company that became one of the leaders of the remittance industry in Latin America.
EDITOR’S LETTER
OUR FIRST EDITION Today, I have the pleasure of putting in your hands the first edition of CrossTech, the Magazine of the Cross Border Payments Industry. It marks the beginning of our new era, a celebration of sorts, after more than a decade since IMTC began gathering our EDITOR Hugo Cuevas-Mohr WEB EDITOR Virginia Martínez MAGAZINE DESIGN Carolina Busnelli CONTACT US AT María Auxiliadora García crosstech@theplatinum.net The views and opinions expressed in this magazine are those of the authors and contributors and do not necessarily reflect the position of CrossTech, The Platinum Network or IMTC. The content here is for informational purposes only and should not be taken as investment, business, co mp liance , or le ga l ad vice. Co n ten t contained within this publication is not to be reproduced in whole or part without the prior written consent of the company. We welcome quotes of our articles by mentioning “CrossTech Magazine” or #crosstech and share the quote with us using our social media channels.
beloved industry and helping with its growth and development. The industry has grown tremendously, f rom the few Money Transfer Operators and Banks that were courageous enough to offer remittances, to what we are now. We should be proud. We are an innovative, diversified, flourishing, expanding sector where it seems that there is no moment to loose in order to grow and pursue new challenges. Partnerships are been built faster than ever and fintechs – and investors, are discovering the attractiveness of our industry. At the same we are strengthening our compliance processes through better systems, resulting f rom years of experience managing the risks and reinforcing our defenses. We are thankful for your patronage and your support and rebranding is our way of showing you that we are also evolving! Sincerely
Hugo Cuevas- Mohr CEO & Founder © 2021 | ALL RIGHTS RESERVED
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CONTRIBUTORS
YOU ARE READING
Leon Issacs - Around the globe
Denisse Delgado - Coming out
Daniel Trias - Inside Job
CrossTech - Content
Leon has a deep knowledge of remittances and in particular, how they work; the development potential of them, regulatory issues across multiple markets; the existing product offerings in the market; the challenges and opportunities in send and receive markets as well as consumer needs.
Denisse is a Public Policy Ph.D. candidate at the University of Masachussettes, Boston. Her research interests focus on international migration, remittances, and development. She is currently studying at the Cuban diaspora economic engagement with the island.
Daniel Trias, is a consultant, specializing in banking, finance and foreign trade, for over 25 years. His “expertise” is focused on the area of International Trade Zones, Offshore Banking and Commerce for institutions in Uruguay and in many countries around the world. His specialty is remittances, opening new markets and business development. He has extensive knowledge of the Brazilian Market.
You can find in this issue, articles with views, news and opinions, written by our staff and invited bloggers that we find interesting to our colleagues of the Cross Border Payments Industry across the world. You can be one of our collaborators, join us. We also publish interviews, ads for companies, services and products, promotional materials, etc. Contact us at crosstech@theplatinum.net. The printed version is distributed free at our events and other industry events.
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CONTENTS
NEXT ISSUE MARCH
AROUND THE GLOBE
2022
AD REPORT Is there a fintech boom in latin america? Page 7
Bitso: Diseñando el futuro Page 9
12
To fully digitize remittances, we need to build and educate Is covid-19 forcing a shift to digital remittances? Page 14
TO KEEP IN MIND
Remittances to pakistan are surging Page 10
NICE TO MEET YOU
Offshore paradise, the pandora papers leaks Page 24
Alberto Guerra CEO, Uniteller
30
COMING OUT
Interview
Priscilla Doliveira Friedman
Is open banking really happening? Page 27
Are the pandora papers good for the crypto industry? Page 18
COO, The Platinum Network
32 Abrigo surveys more than 300 compliance Officers in the US Page 28
Digital economies are necessary for LATAM’s post-pandemic recovery Page 21
Interview
IMTC WORLD 2021 SPONSORS
43
TRADE FAIR
44 45
GADGET CORNER
INSIDE JOB
VIP LOUNGE
Technology innovations, such as mobile apps, have inspired this corner where we will showcase services and products that we like, that we have tested, and we think that you should try them
Regional cross border payment and settlement systems
AGENDA 46
Page 22
Page 38 Economia comportamental, resiliencia y remesas: prueba superada
Page 40
SPEAKERS 52 TEAM 56
IS THERE A FINTECH BOOM IN LATIN AMERICA? Through the first half of 2021, Latin American financial services companies registered a massive growth in Fintech funding
T
he total amount of capital invested by midyear hit an all-time high of $7.5 billion, dwarfing 2020’s total of $3 billion. Generally, funding has increased more than twice, with sizeable investments capitalizing on the rapid increase. Before the global pandemic, this sector of the Latin American economy was already growing by 20% annually. It is set to be worth around $190 billion by the end of this year. Because of the various lockdown restrictions in 2020, it improved by over 50% compared to 2019. Predictions show that mobile internet users in the region will reach 424 million in four years (by 2025). This is according to a detailed report published by PayU, a global Fintech company. The growth has been rapid, with more companies established. For instance, Brazil had only two payment-acquiring firms in 2010. Today, Brazil has over 500, underlining the significant growth in the sector. FACTORS FACILITATING THE INCREASE Various factors fuel the rapid growth in payment tools and digital banks. Some of them include; favorable regulatory moves in many countries, young adults’ preference for online financial services, the region’s massive market of unbanked and underbanked citizens, and backing from local and international venture capital funds. It is evident that Fintechs are earning a good amount of money f rom financial inclusion. Established banks in Latin America exclude a large part of the population by limiting access to financial institutions and embracing stringent underwriting requirements. This is according to an online report by experts from Andreessen Horowitz
firm in Mexico. In a country like Mexico, over 50% of citizens are unbanked, and over 30% don’t have access to any financial products. Only 31% of the population in Mexico has access to credit products. This shows that most of the economies in Latin America are mainly cash-based. The significant growth of Fintech in Latin America is also attributed to the pandemic. Before the pandemic, a tiny percentage of people in Latin America had digital wallets. During that time, around 70% of people didn’t have access to digital cash systems. Today, only 30% don’t have access. The increase in digital systems is also attributed to government’s efforts to improve financial inclusion. This has been done through methods like distributing stimulus cash to citizens via digital wallets. The Fintech boom in Latin America is expected to continue, with more people realizing the importance of digital assets. Governments in Latin America are also working on boosting financial inclusion, making it easier for digital systems to develop. Remittance payments coming to the region, mostly f rom the US, Canada, UK and Spain, are also being transformed by fintech companies, some of them new to the market, some of them developed by traditional companies such as AirPak, with its new digital brand CashPak, which is also looking at the cryptocurrency market. Bantrab, a leading remittance payment bank in Guatemala has successfully launched recently its mobile wallet solution. Ad Report
CROSS TECH
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BITSO: DISEÑANDO EL FUTURO En un artículo en el Blog de Bitso en Medium (https://medium.com/@123pablo) uno de sus fundadores, Pablo Gonzalez, comparte artículos de donde tomamos este texto que recoge y condensa el camino y desarrollo de Bitso desde su fundación en 2014 y su participación en noviembre de 2015 en IMTC WORLD en Miami donde Pablo conoció más de cerca el sector de las empresas de remesas y pagos transfronterizos, explorando potenciales aliados comerciales y analizando la mejor forma de entrar en el mercado.
F
ue el 7 de Abril de 2014 a las 4:29 am, cuando por fin, después de meses de arduo trabajo, vimos realmente vivo a Bitso. Los primeros registrados en la plataforma y el primer intercambio lo realizamos nosotros para probar la funcionalidad nuestra plataforma en producción. Como dato curioso, intercambiamos entre nosotros 0.05 bitcoins a un precio de bitcoin de $5,948.00 pesos mexicanos (unos $390 USD, eso costaba un bitcoin cuando iniciamos operaciones). Fue en un cafecito en la zona de Main St. en Vancouver, Canadá — a la que apodamos “Bitso HQ”, donde diseñamos con dibujos en servilletas lo que eventualmente se convertiría en lo que hoy es Bitso, una de las más importantes plataformas de criptomonedas de América Latina. Desde 2014 hemos tomado muchas decisiones, impulsando esta idea y volviéndola real en México, donde buscamos revolucionar la forma en la que las personas se relacionan con su dinero, y como un punto que se encuentra en todo lo que hacemos, es lograr que todos aquellos que utilizan Bitso lo amen tanto como nosotros y lo utilicen en su día a día. Uno de nuestros primeros retos fue saber si habría o no demanda de esta tecnología; hoy, estamos seguros que fue la mejor apuesta que hemos realizado. Además, gracias al equipo con el que contamos, ofrecemos 10 criptomonedas diferentes con 17 mercados, creamos Bitso Transfer®, para que clientes puedan realizar pagos entre amigos de forma sencilla e inmediata. Cuando Bitcoin estaba en sus inicios, la experiencia no fue diseñada pensando en las mamás, los vecinos. Usar bitcoin era complicado y era aún más difícil almacenarlo. Para comprar bitcoin en esas épocas necesitabas conocimiento tecnológico, paciencia y mucho optimismo. Aquellos que adoptaron la tecnología desde
el principio tuvieron que codificar sus propias wallets y enviar transferencias alrededor del mundo cruzando los dedos para no ser víctimas de fraude. Felizmente esos días se quedaron solo en nuestra memoria. Bitcoin ya no es solo para una comunidad techie. Se ha simplificado de tal manera que tu mamá o papá de la generación boomer lo puedan usar. Para nosotros en Bitso todo cambió el día que vimos al primer usuario usando bitcoin para mandar dinero a su mamá de Estados Unidos a México. Esta pequeña acción validó lo que estábamos tratando de crear desde un inicio. Sin embargo, también nos dimos cuenta que había un camino enorme por recorrer para mejorar la experiencia. Como la industria cripto, Bitso se ha transformado y ha evolucionado. A principios de 2019, lanzamos nuestra nueva plataforma de trading, Bitso Alpha, para que nuestros usuarios puedan tomar decisiones más educadas, con más información y con una gran experiencia de uso. Desde que incursionamos en el mundo de las remesas, apoyando a empresas del sector a usar las criptomonedas para acceder a mejores tasas de cambio, hemos logrado capturar parte del mercado mexicano de remesas. En 2021, cumpliendo 7 años, más de 2 millones de personas han depositado su confianza en la empresa, se levantó una ronda de inversión de $62 millones de dólares liderada por Kaszek Ventures y QED Investors, se obtuvo la 6ta posición como la plataforma de criptomonedas más segura a nivel mundial, la primera plataforma de criptomonedas en Latinoamérica en ofrecer una póliza de seguros que cubre los fondos de los usuarios y se duplicó el tamaño del equipo, con más de 250 personas de 25 países. READ MORE
Ad Report
CROSS TECH
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REMITTANCES TO
PAKISTAN ARE SURGING The inflow of remittances into Pakistan has increased by 16.9% to hit $2.7 billion in September 2021
T
his is a significant increase compared to $2.3 billion recorded at the same time last year. This is the seventh time in the past 16 months when remittances into Pakistan hit $2.7 billion. Furthermore, the September remittance figure means that inflow into the country has remained above $2 billion for 16 consecutive months. This is according to a report published by the State Bank of Pakistan (SBP). Cumulatively, in the first quarter of the current financial year (JulySept), remittances increased by a record-high of $8.03 billion. This is an equivalent of a 12.5% increase f rom the $5.45 billion recorded in JulySept 2020.In 2020 remittances to Pakistan, rose by about 17 percent compared to 2019.
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Ad Report
3.78%
6%
13.9%
increase
increase
increase
Inflows from Saudi Arabia
Inflows from United Arab Emirates
From other GCC countries
FACTORS CONTRIBUTING TO THE INCREASE In the wake of the COVID-19 pandemic, Pakistan saw a significant increase in workers’ remittances flowing into the country. This happened as various lockdown restrictions were implemented to help contain the spread of the virus. These restrictions encouraged Pakistani workers based abroad to send money back home through various banking channels instead of informal channels, a sign that the Pakistan government’s robust policy measures such as the PRI program, giving banks a 1% bonus for promoting better exchange rates for remittances, has been widely successful. REMITTANCE ORIGINATION Inflows from Saudi Arabia increased by 3.78% compared to the same time last year, while inflows from the UAE improved by 6% and other GCC countries recorded a 14% growth. Increase from European countries was the highest with a 44% jump followed by the US with 35% and the UK with 28%. COMPARING INFLOWS WITH NEIGHBORS Pakistan is by far the country in South Asia experiencing the greatest rise in remittances although India has shown a year-on-year increase of private transfer receipts (which are mainly remittances by overseas Indians) of 14.8%, in the three months from April to June 2021. In contrast both Nepal and Bangladesh have seen a decrease in the volume of remittances compared to 2020.
Gateway to U.S. Banking Resources, a Fintech Developer & Financial Product Innovator serving LATAM Businesses and their clients
Patented Technology EPTC has designed, developed and deployed technology that delivers US Banking and Cross Border Payment services to LATAM and other Non-US clients.
AROUND THE GLOBE
NEW TRENDS
To fully digitize remittances, we need to build and educate
I
must say that, like many, I have been saying for years that digital is the only way to go
to achieve SDG 10.c. The current manual
remittance
processes
are ineff icient and expensive, but they are often the only choice that people have available. THERE ARE TWO THINGS THAT WE NEED TO DO: BUILD AND EDUCATE. The crisis has done a lot of things to
shift
usage
towards
digital
which is encouraging, but: The way that digital is measured by the traditional companies is that digital only has to be at one
Leon Issacs
end of the transaction – that is not truly digital. In many receive markets we simply do not yet have suff icient inf rastructure
to
offer
digital
remittances. We need to be able to offer more options for terminating
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We need to understand why between a half and threequarters of all remittances are not in any way digital
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remittances digitally but to do that we need physical inf rastructure to be in place and a strong domestic digital payment system. In some cases f inancial support will be needed to put mobile and internet where it currently is not. In others, it will require regulatory changes – there are a signif icant number
of
countries
where
MNOs are not allowed to offer mobile money for international remittance transactions. Even where it is allowed, help
A FO C US ON B UILDIN G A N D ED U CATING WILL H ELP TO LEVER AGE TH E PR OGR ESS will be required to encourage businesses to go to
of remittances and more demand-side research in
the remote and sparsely populated rural areas that
general.
need the most help.
Above all though, right now we need education
In any case, more products and services are required
for users and receivers.
This can be made using
to help link remittances to f inancial inclusion.
a number of tools including both online and
Products, such as insurance or savings, that do more
offline, which can be developed and shared as a
than transfer money would really help.
partnership between diaspora groups, RSPs and
Above all, we need to understand why between
governments. If we can help people to understand
a half and three-quarters of all remittances are not
how digital services work, how to mitigate risks and
in any way digital. We need to better understand
the advantages these services bring then we will
what can be done to overcome the fears of digital
exponentially increase their use.
for those who could but do not send/receive digitally. We know, f rom previous DMAG research,
So digital is def initely the way forward, but it is not simple.
that people are f rightened of on-line scams, have
Many things need to happen but a focus on
a lack of access to digital services (through being
building and educating will help to leverage the
unbanked) and have a lack of awareness about
progress that has been made so far on digitalisation.
digital services. But we need more research on users
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We have an opportunity – let’s seize it.
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AROUND THE GLOBE
714
34
17
billions
billions
per cent
Record high of remittance market in 2019
Will reach the digital remittance industry by 2026
Improvement of the market in this period
TRANSFORMATION
Is Covid-19 Forcing a Shift To Digital Remittances?
AS THE U.S. WENT INTO NATIONAL LOCKDOWN IN MID-MARCH 2020, THE GROWTH IN DIGITAL REMITTANCE ACCELERATED
T
his
through
international remittance market. This
the pandemic and even after
has
continued
was the largest anticipated drop in
the gradual reopening of the
recent history.
economy. The significant increase in
digital
remittance
over
In 2019, the international remittance
the
market hit a record high of $714
lockdown period and the continuous
billion, with low and middle-income
growth suggests that the pandemic
countries (LMICs) being responsible
influenced many people to ditch in-
for $554 billion. LMICs make up the
person payments.
world’s most vulnerable populations, with millions of families depending
GRADUAL SHIFT TO DIGITAL REMITTANCES
on their relatives abroad to send money back home.
In April 2020, as the world adjusted
CrossTech
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to the “new normal” triggered by the
coronavirus
pandemic,
the
BOOST FOR DIGITAL REMITTANCES
World Bank revealed a significantly
Even though there isn’t a clear end in
negative
remittances.
sight for the pandemic, the predicted
With the virus wreaking havoc in
outlook
for
doom and gloom for the international
most parts of the world, layoffs and
remittance market didn’t happen or
lockdowns dealt a significant blow to
at least didn’t happen everywhere
the global economy. The loss of work,
and the money transfer business has
worsened by the inability for workers
continued to grow. Social distancing,
to leave their homes, led to the World
lockdowns, and other safety measures
Bank forecasting a 20% drop in the
have impacted the shift from cash to
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T H E I N CR E ASE IN DIGIT A L RE MIT T A N C E WILL CONTINU E POST-PAND EMIC AND MIGH T ACCELER ATE a more digital and cashless economy.
the heights of cash transfers and digital origination and
As much as the significant growth of digital remittances
digital distribution is very heterogenous around the
is attributed to the pandemic, it is likely to continue with
world. Some analysts believe that digital remittances
that trend even as the world returns to normalcy. This is
in origination countries will reach $34 billion by 2026,
because of the youthful demographic in most LMICs and
improving by around 17%.
the steadily lowering of the cost of sending remittances due Remittances expert Hugo Cuevas-Mohr commented
to the increase competition in the market. Most of the next generation’s immigrant workers are aware of technology and new migrants use smartphones with ease. It is clear
“The digital shift in the receiving countries is impacting
that they will embrace digital remittance more than their
the digital shift in the sending countries and vice-
parents. Therefore, the increase in digital remittance will
versa. One is feeding the other so the transformation is
continue post-pandemic and might accelerate.
happening faster than it has been predicted. At the same time the market is growing as crosstech companies
A LONG WAY TO GO
reach new population targets”.
Even though digital remittances have received a significant boost from the pandemic, they have a long
With most governments encouraging the use of digital
way to go in unseating cash and physical transfers. With
remittances, the steady increase is expected to continue
remittances valued at $700+ billion, the global digital
over the next years. While digital remittances were
remittance market had a value of only $15 billion in
unpopular before 2020, the pandemic seems to have
2019. This means that it has a long way to go to reach
changed the narrative.
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COMING OUT...
THE PANDORA PAPERS LEAKS HAVE TAKEN THE WORLD BY STORM DUE TO THE HIGH PROFILE OF INDIVIDUALS INVOLVED
Cross Tech
G
iven the impact of this report, the crypto industry is also analyzing how this could affect those in the crypto space. The impact of the Pandora Papers on
the decentralized finance industry has been discussed in recent blogs and articles and here is an attempt to carry the discussion further.
ARE THE PANDORA PAPERS GOOD FOR THE CRYPTO INDUSTRY?
WHAT PANDORA PAPERS MAY MEAN FOR THE CRYPTO INDUSTRY According to sector insiders, the Pandora Papers might have a positive impact on the crypto industry. Undoubtedly, the Pandora Papers have worsened the public’s lack of trust in traditional systems, especially the financial and political systems. These traditional systems seem to have hit an all-time low, and there is a wait and see attitude towards what will be done by governments to remedy the escalating situation. Unlike the conventional financial system, the crypto world believes that it can provide the keys to changing how these financial systems operate. Is this a clear indicator that the crypto industry has gained an edge over traditional financial systems? There are several avenues that the Pandora Papers have opened up for decentralized finance to capitalize and step up its game. With the traditional financial system now on the wrong side of the public eye, a decentralized
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THE CRYPTO INDUSTRY IS BASED IN BUILDING AN EQUITABLE FINANCIAL WORLD THAT IS FAIR finance system has the opportunity to make its case.
Blockchain transparency is a key selling point for the
The Pandora Papers are negatively impacting the public
crypto industry. With this system, people can see how
perception of the rich and ultra-rich and at the same
everything operates. This gives decentralized finance
time, the widespread belief that the traditional finance systems are being manipulated for their own benefit. Unlike the traditional systems, the crypto industry is based in building an equitable financial world that is fair, transparent, and accessible for all individuals. In this new financial system you don’t need to be a millionaire or an accredited investor to participate in early funding rounds in the crypto industry. These are some of the areas
an edge over the traditional system in
Is this a clear indicator that the crypto industry has gained an edge over traditional f inancial systems?
where significant fortunes have been
the wake of Pandora Paper’s revelation. Therefore, it is safe to say that the Pandora Papers have been a “good thing” for the crypto industry. Those that feel the traditional system is unfair and biased can opt for crypto, which is fair and transparent. Besides, the cryptocurrency isn’t controlled by a few influential individuals who determine the fate of a large majority. The question is how government regulators, biased in favor of the
made. The Pandora Papers revelation
traditional financial systems, can be fair
has indeed left many questioning the centralized
to offer honest and reasonable regulations for the crypto
finance world and its integrity. Is crypto a more suitable
industry, and its blockchain transparency, to thrive, while
alternative?
helping to improve compliance and accountability.
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WE ARE PRESENT ON IMTC WORLD 2021 CONFERENCE FIND US AT BOOTH S2 IN THE TRADE FAIR!
AS THE WORLD FACES THE SOCIOECONOMIC EFFECTS OF THE COVID-19 PANDEMIC, MIGRANTS AND THEIR FAMILIES SUFFER ITS REPERCUSSIONS
COMING OUT...
I
n May 2020, 20.4% of Hispanic workers were unemployed in the US (Kochhar, 2021). The World Bank projected a 20% decline in global remittances in the same year (KNOMAD, 2021) but remittances were
resilient and the drop didn’t materialized. Losing their jobs, working fewer hours than usual, and limited capacity to cope with being sick added new layers to the migrant’s financial vulnerability. They had to reduce expenses and use their savings. But only 40% had already a savings account, 11% life insurance, and 5% a mortgage loan (Orozco & Klass, 2021). Nonetheless, migrants managed to keep sending remittances to their loved ones. Migrants stayed committed to helping with their families’ medical expenses, education, shelter, and enterprises. Remittance Service Providers (RSPs) reinforced remittances through mobile wallets and online banking (Katakam & Gravesteijn, 2020). These measures have been convenient to avoid physical interaction during the lockdown. Faster transactions and lower costs have also been beneficial to both senders
Denisse Delgado
and recipients. Additionally, the lower pricing for online remittances transactions showed potential to attract new customers, especially the younger generations who understand better the use of digital apps and services. OPPORTUNITIES AND DIGITAL EXCLUSION But the pandemic also reinforced the digital divide for remittances transfers, both in the sending and receiving countries. Not everyone has access to the digital economy, connectivity, financial services, and online education, especially in LATAM. In fact, access to Internet broadband is less than 50% in the region, which leads to digital exclusion and limited opportunities for many (Jaramillo, 2020). Remarkably, the lack of internet access in rural areas restrains entire communities from the benefits of the digital economy. Some potential actions to help close the digital gap include building financial infrastructures that help lift remittances recipients out of poverty. Furthermore, financial literacy and education are essential, and RSPs can help remittances users understand well their products and services and what’s beneficial to them. In addition to that, inspiring confidence helps to quickly gain users’ trust (Katakam & Gravesteijn, 2020). The money transfer industry must provide appropriate digital and
DIGITAL ECONOMIES ARE NECESSARY FOR LATAM’S POST-PANDEMIC RECOVERY
financial literacy materials for remittances users. Alongside, RSPs can create opportunities for human capital development, promote innovation, improve productivity, and boost digital inclusion for post-pandemic recovery. The continuity of the remittance flows is vital for family’s survival strategy and the region’s economic recovery as remittances account for significant shares of the receiving countries’ GDP (IFAD, 2015). IMTC WORLD 2021 is an invitation to discuss what matters to the industry, its challenges, and opportunities. It is also a great occasion to network and learn more about the industry’s products and services.
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GADGET CORNER
a guide to...
GADGET CORNER Cross Tech
T
echnology innovations, such as mobile apps, have inspired this corner where we will showcase services and products that we like, that we have tested, and we think that you should try them. It is an eclectic collection, so look forward to a bunch of gadgets with no pattern or uniformity at all. And if you f ind one that should be here, even a mobile game that is alternative, worthwhile for your colleagues, drop us a line at crosstech@theplatinum.net. Enjoy!
CRYPTO SOLUTIONS
Best Cold Wallet Ledger nano X (Cold Wallet) The Nano X is Ledger’s 2nd generation cold storage walle. More than 1,800 currencies and tokens, including Bitcoin, Ethereum, and Cardano, are supported via the integrated Ledger Live platform, which is simple to understand and use. Support for additional cryptocurrencies is added on the Ledger Live platform at the request of the crypto community each year. A USB cable connects the wallet to your computer, and the Bluetooth technology connects it to Android and iOS mobile devices, a unique feature not present in many cryptocurrency cold wallets. The Ledger Live software is directly integrated into the Nano X cold hardware wallet, as it helps users manage all their cryptocurrencies through its easy-to-use user interface.
www.ledger.com 119 USD
GADGET CORNER
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a guide to...
ENTERTAINMENT
Nintendo Game & Watch 35th anniversary of Mario To celebrate the 35th anniversary, Nintendo is launching this limited edition of a game & watch console featuring Super Mario, Super Mario Bros: The Lost Levels (difficult enough to keep you playing for hours), and Ball (Mario version). It is light and pocket size, so you can keep it at hand whenever you want to play. If you are a fan of Mario, you will be happy to know it is affordable, as it is an excellent backup for your Nintendo Switch.
49.99 USD
Anker Nebula Mars II projector Portable projector It has everything you need it to in a single box, making it really simple to get started. You can expect built-in Wi-Fi for access to Netflix, Amazon Prime Video and BBC iPlayer, a decent enough speaker for sound and a rechargeable battery that’ll give it four hours of runtime away f rom a plug. You don’t need to be savy with technology, it is easy to use with automatic focusing and keystone correction, so all you need to do is point it at a blank wall and let the projector do the rest. We suggest waiting unitl it is as dark as possible to project the movie. The light output is 300 lumens, enough to get out of your rutine and have some fun.
Amazon 459 USD
TO KEEP IN MIND OFFSHORE PARADISE
Only a few years since the world knew of Panama Papers, another highly volatile leaked document in the name of Pandora Papers shed light on the international f inancial system
THE PANDORA PAPERS LEAKS
CrossTech how some of the world’s most influential people
T
The
hire companies that help them stash their
and coordinated f inancial system specialized in
wealth in offshore accounts. The Pandora Papers
helping foreign clients keep their assets in offshore
were leaked to the ICIJ (International Consortium of
accounts, preventing them f rom paying taxes and
Investigative Journalists).
other legal fees.
he collection of around 12 million papers reveals
The 2.9 terabyte leak contains a total of more than 11.9 million files: 6.5 Million Documents, 3 Million Images, 1.2 million emails and 0.5 Million spreadsheets. 35
current
and
former country leaders, and 130 Forbes billionaires are named in the leaks, as well as celebrities, fraudsters, drug dealers, royal family members and leaders of religious
groups
around
the
world,
making this the most significant leak in history. The 2016 Panama Papers investigation had 11.5 million documents from a single provider,
the
now-defunct
reveal
a
well-connected
ownership principles that allow them relaxed regulations and minimum tax charges. They hide wealth in offshore accounts where it is of the places with the most offshore
“Some of the places with the most offshore accounts include Dubai, Panama, Switzerland, Monaco, and the Cayman Islands”
Mossack
accounts
Papers investigation was based on more than 13.4 million files from one offshore law firm, Appleby, as well as Asiaciti Trust, a Singapore-based provider, and government corporate registries in 19 secrecy jurisdictions. The Pandora Papers presented a new challenge because the 14 providers had different ways of presenting and organizing information. More than
include
Dubai,
Panama,
Switzerland, Monaco, and the Cayman Islands. Aside f rom that, some American states like Delaware and South Dakota are tax havens for some of the world’s most influential individuals. Some
of
the
powerful
f igures
mentioned in the f iles are leaders such as Czech Prime Minister Andrej Babis, Jordan’s King Abdullah II, Sebastian Pinera,
Fonseca law firm. The 2017 Paradise
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Papers
hardly taxed. According to the documents, some
More than 330 politicians from 90 included
Pandora
The involved persons do so based on disguised
MASSIVE AMOUNTS OF DATA
countries,
THE REVELATIONS
the
billionaire
president
of
Chile, and former British Prime Minister Tony Blair. Names
of
other
powerful
individuals
like
Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin don’t appear directly on this list. However, they are under a considerable amount of pressure due to the involvement of their associates in the scandal. For instance, Putin’s aide
27,000 companies and 29,000 so-called ultimate
is said to have an offshore account with millions
beneficial owners were exposed, more than twice the
of dollars without a clear source of wealth. This
number of beneficial owners identified in the Panama
has been linked to Putin, who is
Papers.
believed to be the chief f inancer.
24
READ MORE
DEBIT
TO KEEP IN MIND
ONCE AGAIN
When it was launched back in 2018, open banking was dubbed the new dawn for the banking industry
IS OPEN BANKING REALLY HAPPENING?
CrossTech
H
owever, three years down the line, we are yet to see the growth and innovation it promised. For that reason, it is essential that we assess what is going on and what the financial services sector should do to realize the goals promised and required from open banking.
can change the banking sector completely. And that scares most major banks as they feel their control over the financial services industry might slip from its fingers. For consumers there is no question that open banking will improve our financial lives. It gives users the ability to have invoices paid securely and quicker, send and receive money cheaply, aggregate all their financial information into a single location, manage finances through budgeting apps, and receive instant loan decisions. This goes a long way in making ourbanking experience easier.
THE TOP-DOWN TENSION How open banking was introduced is one of the main reasons behind its slow growth. Regulators developed this system to drive innovation, deliver better services to customers, open up competition to fintechs. As much EMBRACING CHANGE as these directives are meant for the banking sector the There are several ways that banks can help consumers top-down wasn’t received well by banks who felt that embrace and understand open banking. They should they were being forced to embrace change. start by evaluating the branding of the term open As a result, there has been a reluctance banking. This term is very plain and lacks to welcome open banking. For instance, in traction. Banks should also invest in “Open the UK, six out of the nine most prominent communicating the values of open banking banking financial institutions missed the January to consumers. They should let consumers 2018 deadline set by the Competition and know that open banking is about giving will Markets Authority. These institutions had improve our them more control, not minimizing it. to be given extensions to meet the target. Furthermore, they should outline the f inancial Similarly, banks implemented open banking various benefits of open banking and how lives” without adequately considering its goals it improves their banking experience. By and purpose for their customers. doing so, they will encourage more people to embrace open banking. MYTHS AND MISINFORMATION Lack of clarity and planning and the initial reluctance by FORCING CHANGE financial institutions led to confusion about the essence All the financial service sector, especially fintechs, MSBs, of open banking. There was also a poor consumer small banks, credit unions, payment banks, mobile wallet understanding that might have negatively impacted providers, alternative payment firms, as well as crypto open banking. A global open banking consumer survey firms, should pressure the regulators to continue forcing done by Mambu shows that 80% of respondents use the banks to understand that they should embrace the open banking tools, with 61% claiming that they currently open banking change, or else it will pass them over. don’t use open banking. 52% of the respondents say European Banking Authorities seem to be doing more to they have never heard of the term open banking! This force the change than US authorities. In 2020 countries shows that many consumers don’t understand what such as Singapore, and Australia launched their open open banking can provide. Has this slowed down the banking initiatives. In October 2020, the Bank of Russia growth of open banking? approved the first recommendatory standards for Open In a real sense, open banking is revolutionary. Even Banking. Banco do Brasil laid out its first steps in April though its potential is far from fulfillment, open banking 2019.
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TO KEEP IN MIND
Abrigo (formerly Sageworks), a company based in the US, surveyed over 300 AML/BSA and f raud professionals f rom credit unions and banks
A GUIDE
ABRIGO SURVEYS MORE THAN 300 COMPLIANCE
OFFICERS IN THE US
CrossTech The survey was meant to benchmark the various
FILING SUSPICIOUS ACTIVITY REPORTS (SARS)
challenges and issues compliance officers face in their
More prominent and established institutions file more
duties. This article highlights the findings you should
suspicious activity reports every month; about 70% of
know and you can download the PDF Report NOW.
respondents said they file about 50+ SARS monthly. On the other hand, smaller institutions with less than
COMMON CHALLENGES
$500 million in assets said they file fewer than 15 SARS
According to the report written by Abrigo’s Senior
monthly. This shows the gap between large and small
Strategist Mary Ellen Biery, the most common
institutions.
challenges officers face in their AML/BSA programs DETECTING AND REPORTING
are:
HUMAN TRAFFICKING ››Spending too much time reviewing false positives:
Compared to respondents at smaller institutions,
Officers mentioned that this takes up too
those at larger institutions reported higher suspected
much of their time, putting them behind schedule. ››Insufficient
resources:
They
lack
sufficient funding to investigate fraud cases. This results in many unconcluded investigations. ››Regulatory changes: Constant changes in regulations affect their operations significantly. ››Human
errors
resulting
in
time
wastage: Given that most processes are
“Only one in every f ive f inancial institutions offers banks services to cannabisrelated businesses (CRBs)”
human trafficking activity. More than 60% of respondents from larger institutions with a net worth of over $3 billion reported alleged human trafficking. On the other hand, only 20% of respondents from institutions below $500 million reported the same. According to the report, the modest share of respondents from smaller institutions shows a lack of awareness of the issue. This doesn’t mean that there is no crime in smaller communities. Instead, people aren’t just aware of it.
manual, human errors are costly. Generally, there is no industry standard for a
1 IN 5 IS BANKING CRBS
legit alert-to-case ratio for f inancial institutions.
The report also shows that only one in every five
However, BSA/AML professionals need to assess
financial institutions offers banks services to cannabis-
this number and ensure it is acceptable; it shouldn’t
related businesses (CRBs). Out of the institutions Abrigo
be at either end, indicating that something is
surveyed, nearly 80% didn’t involve themselves with
flagged or missed.
CRB businesses. Only 14% of those said they provide
The professionals should also know what triggers
banking services to CRBs. In comparison, smaller
each alert. This is important because about one-third
financial institutions offer banking services to CRBs
of the BSA/AML professionals interviewed didn’t know
than larger financial institutions. We hope that Abrigo
their alert-to-case ratio. Even worse, nearly have of
surveys how many of these financial institutions offers
those from credit unions were unsure of the same.
banks services to money service businesses (MSBs).
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INSIGHT UniTeller has a global paying network with more than 200,000 locations in over 75 countries. UniTeller provides services across multiple channels and products with access to over 2,000 banks around the world.
NICE TO MEET YOU
ALBERTO GUERRA
CEO, UNITELLER FINANCIAL SERVICES
a key role when Banorte decided to proceed with the acquisition of UniTeller. This innovative aspect, excellent product, IT capabilities, and state-of-the-art compliance program simplified the transition process and paved the way to transforming UniTeller to where it is today. Back then, in the early 2000s, UniTeller was the first company to implement remittances through a patented POS terminal process. Some of the larger companies at the time were still doing remittances through the filing of paper forms, while UniTeller had this very impressive capability of processing transactions by just swiping cards into our POS terminals at the stores. That level of infrastructure and IT capabilities were very helpful for the growth of UniTeller in the later years.
It is a pleasure to present Alberto, who, as part of UniTeller, has been supporting IMTC since the beginning. XT. Now please, tell us about your experience in this industry and at IMTC. AG. It’s always a pleasure participating in the IMTC Conference events, and now it’s my pleasure to be your guest in the Cross Tech Magazine. Well, I’ve been working for the Banorte Group for many years now, and I’ve been heading UniTeller since 2007. At Banorte, I worked in different capacities, including international banking, corporate banking, and M&A, to name a few. In fact, I was closely involved with the UniTeller acquisition because of my experience in international banking and M&A. Remittances is a very challenging and exciting industry that is full of opportunities. We have been fortunate to lead the transformation of UniTeller from a small traditional cash to cash remittance company to a major service provider of cross-border payment processing services. Today, UniTeller has an international paying network in more than 75 countries worldwide with over 200,000 cash pick-up locations and access to more than 2,000 banks providing services across multiple channels and products. XT. Now that you mentioned this, UniTeller has been recognized for being innovative since around 2003, and it is interesting to see how it has been present at the FinTechs scene since the start. Even as a traditional company, UniTeller was working to do things differently and better. AG. Actually, going back to the recollection of UniTeller at that time, innovation undoubtedly played XT
Alberto Guerra began his career with Grupo Financiero Banorte, where he held different positions in international, corporate, and investment banking. Alberto was part of Banorte’s M&A & Corporate Finance group that executed Banorte’s expansion into the U.S. This effort resulted in the acquisition of Inter National Bank, a national chartered bank based in Texas in 2006, and UniTeller in 2007. Alberto became the CEO of UniTeller in March of 2007.
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XT. What is the focus of UniTeller’s services and products on the B2B side right now? AG. B2B has always been and will continue to be the heart of our business. We partner with MTOs and financial institutions in the origination and paying countries and offer them access to an expansive and ever-increasing global network. So, that element of connectivity that we bring into the equation provides tremendous value for originating and paying parties when they partner with UniTeller. I think before, it was very common for entities wanting to build one-on-one relationships, but over a period of time, companies have realized that technology is constantly changing, and not just that, new requirements and security implications have also come into play. At the end of the day, it makes no sense for businesses to continue investing so many resources in forming one-on-one connections. Network aggregators add a lot of value, not only in terms of partner connectivity,
Services that can be provided ››Remittance and Cross Processing Services
Payments
››Licensing capabilities across all States in the U.S., Mexico, Canada, and the Philippines
››Point of Sale, APIs, and Digital Remittances Platforms for Corporations and Individuals
››Cross Border Payment platform and technology, providing a solution that goes beyond just connecting originators and payers.
››Regulatory, Capabilities
Compliance,
Border
Advantages of UniTeller
and
Licensing
››Leading Remittance as a Service product. UniTeller delivers a complete portfolio of solutions in terms of what your company needs.
››A Global Paying Network
››A Global Paying Network with more than 200 Thousand Cash pick-up locations and 2,000 Banks in 75 countries
“At UniTeller, we offer a complete, all-rounded solution to our partners with our licensing capabilities, our own platform, and technology that goes far beyond just connecting originators and payers.”
We provide a complete portfolio of solutions based on what our prospective business partners need. For example, a retail store may require a POS platform or a business may need a digital platform for its consumers. We fill in those gaps and empower businesses with everything from POS capabilities, digital solutions, API integrations, and much more.
but also efficiencies and value in compliance efforts and processes, security of the network and data, customer support, state of the art machine learning tools, real-time processing capabilities, efficient settlement, network payment costs, cross border payment technology, and much more. As a business in this space, we must adapt to the changing environment, lifestyles, and ever-changing market needs. In cases where payers have no resources or capabilities to connect with multiple companies, is when a valuable network aggregator like UniTeller steps in. That is the core of our business.
XT. You not only work with business clients in understanding what they do, but also accommodating clients by working with enough flexibility to look at each one and bring solutions. That is really the key here because this industry is getting very complex and some companies might have special needs. AG. The more complex the industry becomes, the more we have to adapt to serving various companies and services. We’ve seen a tremendous potential and opportunity in the originating side and a need to extend those capabilities outside the U.S. For us, going beyond and adding new countries and regions on the origination side makes a lot of sense. And also, from a network perspective, 5 years ago, we were primarily a Latin American company with only a few corridors in Asia. Today, we have expanded across 75 countries, and we continue to grow our network because the goal is to provide a complete global solution to our clients. It comes with its own set of challenges, but it’s proven to be a very successful strategy for us.
In cases where payers have no resources or capabilities to connect with multiple companies, is when a valuable network aggregator like UniTeller steps in. That is the core of our business.
XT. From your experience, how do you get to be a solid and competitive company? AG. When we first started out, we were mainly serving small remittance companies and financial institutions. Over the years, we realized a growing demand for larger corporations to enter this space. Some entities do not have the resources or the desire to become licensed and build technology to process transactions. When we noticed this opportunity in the market, we were reassured of the value we would bring to our clients by being licensed across the U.S. So, to your question, UniTeller considers itself competitive in the market since we offer a complete all-rounded solution to our partners with our licensing capabilities, our own platform, and technology that goes far beyond than just connecting originators and payers.
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“Joining Platinum Network will give me the ability to help newcomers, existing companies and established companies share best practices and set them to success.”
Fun facts I started my career at American Express as a trainee and I was able to learn the foundation of payment industry I speak English, Spanish and Portuguese which enables me to connect and build relationship across the world.
NICE TO MEET YOU
PRISCILLA D’OLIVEIRA
Also, my plan is to help Mohr World Consulting optimize the current tools they have to offer clients consistently the products that they need proactively. I am excited to introduce some new tools and mechanism for us to work together.
COO, THE PLATINUM NETWORK
In the last 15 years, Priscilla has built a career at American Express and at Laureate International Universities launching digital programs such as communities of practice and global retention program. Today, she joins as the COO of the Platinum Network
XT. Priscilla, tell us a bit more about yourself and your work experience you have prior to joining The Platinum Network?
procedures, building SOP, measure of successes along with setting up protocols of best practices on how to run operations effectively. Today, I am very proud to be joining the Platinum Network family.
P. My name is Priscilla D’Oliveira Friedman. I started my career at American Express as a trainee and I was able to learn the foundation of payment industry. I started managing operations for USA and Canada along with launching the first social media channel for servicing via twitter @askamex. During my 9-year career at American Express, I moved to LATAM side to manage bank partners along with their first consultancy team that American Express ever created. I met wonderful colleagues and some of them are part of the remittance industry today. In a way, it will be great to reconnect to the payment industry. After Amex, I joined Laureate International to launch new digital programs such as communities of practice and global retention programs where student experience is a priority to increase graduation rate of students and improve educational process and procedure. Lastly, my last endeavor, I have been working with a start up in Miami providing guidance on their operations
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XT. Tell us a little bit more about your background. P. I am Brazilian born and raised in Manaus- capital of the Amazon- most people know as the lung of the world. It is known for its natural resources, jungle and exotic animals. I have been in the United States for 15 years which gave me vast knowledge of the world and I have been able to work with multinational companies with various colleagues from around the world. I am married to a Swedish American that gave me a proximity to the European market and raise two kids in Miami where Spanish is practically a first language. I speak English, Spanish and Portuguese which enables me to connect and build relationship across the world. In a few words, I am an immigrant and I use remittance payment tools to help my family and support not for profit organizations around the world. I have a saying I like to use “Use your resources and knowledge to help society prosper”, and remittance payment has a role on that mission for me personally.
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XT. Tell us what draw you to take on the role of COO of The Platinum Network? L. I will have a chance to work with wonderful experts at the industry to make a difference and to set the new direction of where this industry will grow to become. Joining Platinum Network will give me the ability to help newcomers, existing companies and established companies share best practices and set them to success. At the same time, we will provide mechanism where learning is seamless and provide advice on how to set up a business properly using all the knowledge and expertise that our CEO Hugo has gathered throughout the years. Operationalizing, organizing and delivering value is my passion so where else should I be?
accommodates your lifestyle. We can be remote or in person and always stay connected learning and growing and this is the new trend that COVID has been teaching us to do. For Cross-border Tech, our mission is to deliver payment across the world so in the event space our mission is to connect our members around the word ongoing and consistently. After covid with the right tools, we can be more connected than ever with a combination of in presence and virtual events. XT. You will be joining the Mohr World Consulting team along Hugo Cuevas-Mohr. What are you bringing to the table in terms of your expertise? Yes. I will be joining Hugo in the consulting piece, and I will bring to the table my knowledge of creating documentation, best practices, and a menu of options for our clients to choose from. I have led consultancy efforts at American Express and at Laureate before so this will come natural to me. My plan is to help Hugo optimize the current tools he has to offer clients consistently with products that they need proactively. I am excited to introduce some new tools and mechanism for us to work together. More information will come on this topic! Stay tuned.
XT. What is your take on the future of events and especially the Cross-Border Tech Events after the post-covid restart? We are in a new era post covid and we have learned how to value our health and find work balance. By transforming our in-person events to become more digital and more virtual will give us a combination of having both. We will also introduce the inperson effect so you can pick and choose what
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CrossTech THE MAGAZINE OF THE CROSS BORDER PAYMENTS INDUSTRY
INSIDE JOB
REGIONAL CROSS-BORDER PAYMENT AND SETTLEMENT SYSTEMS Cross Tech
The Pan-African PAPSS Payment System set to improve Remittances and Payments into Africa
T
5 billion Will save the continent in payment transaction costs annually
“The African Union also endorsed the project, given that its services will be used across the continent”
XT
he AfCFTA Secretariat and the African ExportImport Bank have announced an operational rollout of PAPPS or the Pan-African Payment and Settlement System. This is a revolutionary financial market infrastructure meant to enable cross-border and instant payments in local currencies in the African market. SIGNIFICANCE OF PAPPS By reducing the dependency on hard currencies and simplifying cross-border transactions, PAPSS significantly improves intra-African trade. It will also underpin the implementation of the AfCFTA. With the African economy on a significant rise, PAPPS will serve as a continental platform for clearing, processing, and settling intra-African commerce and trade payments. This will help leverage the multilateral net settlement system. Once fully implemented, PAPPS will save the continent over $5 billion in payment transaction costs annually. Various leading institutions teamed up to make PAPPS a reality, with its impact expected to be massive. This is another example of Africa leapfrogging the rest of the world, same as the highly successful mobile money networks in this continent. One of the key players in PAPPS development is Afreximbank, the principal settlement agent collaborating with other African banks. The African Union also endorsed the project, given that its services will be used across the continent.
38
INCREASE OF REMITTANCES With many people working in other continents, the PAPPS system is expected to improve remittance inflow into Africa. Payment systems are also likely to improve under this model. People working in foreign continents will now find it easy to send money back to Africa, significantly cutting transaction costs. By doing so, the PAPPS system will help grow the African economy by over 5%. PAPPS is also expected to make trading in Africa more accessible. By simplifying cross-border transactions, the platform encourages trading between countries. The reduced charges on sending money between countries will enhance the trading relationship between nations. With a steady increase in remittance, the continent’s economy will significantly benefit from PAPPS. The launch of PAPSS comes after a successful pilot phase in West African countries. Live transactions were done instantly, making cross-border transactions easier. The launch is an essential milestone for Africa, with PAPPS now in advanced talks with other global institutions to expand its services. OTHER PAYMENT AND SETTLEMENT SYSTEMS IN DEVELOPMENT Regional Payment and Settlement Systems have been discussed in other continents and regions and new
39
initiatives are being developed and tested. Across the Nordics, the P27 initiative is looking to develop the first real-time payments network that will allow payments across five currencies. Similarly, the Swedish Riksbank is piloting a program with the ECB to allow for instant payments between Krona and Euros. A partnership between the European Banking Authority, SWIFT and The Clearing House tested the feasibility of linking a European and a US settlement system. One of the regions that need it the most is LATAM, where interconnection of domestic payment systems has been discussed for decades. THE G20 The importance of cross-border payment and settlement systems has also been taken up by the G20 recently, with Italy, which holds the G20 presidency this year, reiterating the group’s agenda of developing faster, cheaper and more transparent cross-border payments. In a speech earlier this year Piero Cipollone, deputy governor of the Bank of Italy, said, “in this era of fintech and high-f requency trading, we can say that crossborder payments have lagged behind the rest of the global financial system. Fund transfers across different jurisdictions can still be difficult to arrange and remain slow, costly, opaque and less secure.”
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INSIDE JOB
Daniel Trías
ECONOMIA COMPORTAMENTAL, RESILIENCIA Y REMESAS: PRUEBA SUPERADA
E
l Banco Mundial nos dice que los flujos de remesas siguen desafiando las predicciones y siguen siendo sólidos durante 2021, pese a la crisis provocada
por la pandemia. No podemos pasar por alto que en el 2019, el propio organismo, había anunciado una baja de aproximadamente el 20% para el 2020, lo cual no se dio. Según el FMI los países de ingreso bajo y mediano recibieron flujos de remesas por USD 540.000 millones en 2020. La realidad nos muestra que a menos 45 días de culminar el 2021 estemos viendo cifras superiores. Como ejemplo. el Banco Central de Guatemala estima que ese país, representativo de sus vecinos centroamericanos, recibirá remesas por más de USD 13.800 (un 43% más que en 2020). AUMENTO DE REMESAS Los fenómenos que llevan al aumento de remesas en crisis pandémica y post pandemia tienen explicaciones
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multifactoriales que parten principalmente de EEUU, país que más remesas provee a LATAM y EL CARIBE, pasando por las particularidades de los propios países origen de las migraciones; factores económicos, sociales, políticos, tecnológicos, climáticos… que dejaremos para profundizar
MIL MILLONES Recibieron los países de ingreso bajo y mediano, por flujo de remesas
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detenidamente en otro artículo. Haremos
foco
en
2
conceptos
que
resultan
fundamentales para analizar el presente y el futuro de las remesas mundiales: la Economía Comportamental y la Resiliencia de los inmigrantes, sin las cuales no podríamos explicar lo que ha pasado y lo que pasará en el futuro.
40
RECORDEMOS EL DOCUMENTO “LA OTRA MIRADA”
global que el mundo está atravesando, en la mayoría
DEL 06-03-21: HTTPS://BIT.LY/3W5MYU9
de los países crecen las remesas, siendo salvavidas de
En este trabajo el Psicólogo Javier Labarthe nos decía
muchos hogares en el mundo. Continúan equilibrando
que: “La ECONOMIA COMPORTAMENTAL en forma
inequidades, fortaleciendo vínculos, alimentando el
sintética, podríamos decir que es una nueva mirada de
crecimiento de las economías sumergidas y “hablan”
entendimiento de las decisiones y el comportamiento
de la compleja realidad de un migrante a partir de su
económico, que se nutre de conocimientos de la economía
condición de extranjero.
y de la psicología al mismo tiempo y LA RESILIENCIA es
Es responsabilidad de los gobiernos, los organismos
un concepto que nos ayuda entender la respuesta de un
internacionales y también de las empresas el favorecer su
organismo a una situación de estrés o de crisis: es una
inserción a las cadenas de valor de los países receptores
construcción de respuesta dinámica teniendo en cuenta
educando en su uso productivo.
los recursos del contexto. Es sencillo pensar que ante una
Las remesas familiares desafían a los gobiernos y sus
crisis hay personas que se ven sobrepasadas y desarrollan
políticas sociales, a los organismos que abordan su estudio
respuestas no adecuadas y otras sin embargo no solo
para actuar en consecuencia, a la especie humana como
superan la situación, sino que en algunos casos salen
colectivo gregario y a nuestra propia industria que la obliga
fortalecidos, bueno eso es la resiliencia la capacidad de salir
a reconvertirse.
victorioso de una situación de crisis”
La economía comportamental aborda científicamente el aspecto emocional que define a las remesas familiares.
RESILIENCIA EN EL MAERCADO
Su consideración enriquece nuestra capacidad de análisis
En 2021 las remesas vuelven a darnos una lección
y comprensión para aportar valor al esfuerzo diario de los
con otro récord, tema que estaremos discutiendo
más de 272 millones de migrantes en el mundo y en franco
en la IMTC WORLD 2021 en Miami. Frente a la crisis
crecimiento.
IT IS TIME FOR AN EXPERT
IFE Group
INTERNATIONAL FINANCIAL ENTITIES
CONTACT US Mr. Calixto Lanauze PMB 199 35 JC Borbón Suite 67. Guaynabo, PR 00969 787-447-0254 clanauze@ifegroup.org
41
International Banking Expertise XT
WELCOME TO IMTC WORLD 2021
WE THANK ALL OUR IMTC WORLD 2021 SPONSORS
CrossTech
43
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IMTC WORLD MAPS
TRADE FAIR PLATINUM SPONSORS P1 - UNITELLER P2 - BANTRAB P3 - ARGENPER P4 - AIRPACK GOLD SPONSORS G1 - THUNES G2 - USEND G3 - MOHR WORLD G4 - EASTERN POINT
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Plenary
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Registration
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IMTC WORLD MAPS VIP LOUNGE PARTICIPANTS 1 - DELGADO TRAVEL 2 - APRIZA PAY 3 - AIRPAK 4 - BANCO G&T LAW 5 - BANCO W 6 - DTONE 7 - BANTRAB 8 - MORE MONEY 9 - MONEY TO ACCOUNT 10 - PNC GLOBAL TRANSFERS 11 - ARGENPER 12 - SIGUE
HOTEL
Trade Fair VIP Lounge Plenary
Registration
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IMTC WORLD IN-PERSON AGENDA TUE NOV 16TH C ONFERENCE DAY 1
8:00
REGISTRATION OPEN FOR CONFERENCE ATENDEES
EST
SEMINOLE BALLROOM A
SEMINOLE BALLROOM C
9:00 - 9:15
WELCOME COURSE PARTICIPANTS
WELCOME COURSE PARTICIPANTS
9:15 - 10:00
CRYPTO INVESTMENT & TRADING WORKSHOP
MTCC COMPLIANCE COURSE: AML RISK MANAGEMENT
CIT Session 1 - Cryptocurrency fundamentals
Session 1 - Foundations of AML Risk Management Instructors: Brandi Reynolds, Peter Singer
10:00 - 11:15
NETWORKING BREAK
11:15 - 12:00
Session 2 - Building, Updating & Managing an Anti-money Laundering Risk Assessment
Different Cryptocurrencies - How to buy, transfer & use wallets – Exchanges
Instructors: Victor Maldonado, Jorge Amador, Carlos Gómez
NETWORKING BREAK
Instructors: Brandi Reynolds & Jason Chorlins)
CIT Session 2 - Establishing Crypto fund - Technical investment analysis & fundamental analysis - Portfolio management techniques
Instructors: Victor Maldonado, Jorge Amador, Carlos Gómez
Session 3 - Controlling Your Risk Partners and Vendor Risk
12:00 - 12:45
(Banks, Payment Processors, Correspondents, Forex, Traders)
Instructors: Brandi Reynolds & Robin Garrison
12:45 - 2:00
2:00 - 2:45
CIT Session 3 - Real-time market visualization / On-chain data Instructors: Victor Maldonado, Jorge Amador, Carlos Gómez
LUNCH BREAK
MTCC ADVANCED COMPLIANCE COURSE Session 4 - Using Tools for Risk Management and
PRODUCT DEMONSTRATION Session 1
Managing Regulators
Instructors: Brandi Reynolds & Peter Singer
2:45 - 4:00
4:00 - 4:45
4:45 - 5:30
5:30 - 7:00
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NETWORKING BREAK
NETWORKING BREAK
MTCC ADVANCED COMPLIANCE WORKSHOP Session 1 - Sanctions Updates
PRODUCT DEMONSTRATION Session 2
Instructors: Brandi Reynolds & Daniel Wood
Session 2 - State Level Updates & Federal Level Updates Instructors: Brandi Reynolds - Daniel Wood & Andrew Itleman
PRODUCT DEMONSTRATION Session 3
WELCOME RECEPTION AT THE POOL
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SPONSORED BY
IMTC WORLD IN-PERSON AGENDA WED NOV 17TH CONFERENCE DAY 2
8:00
REGISTRATION OPEN FOR CONFERENCE ATENDEES SEMINOLE BALLROOM I/J
EST 8:45 - 9:15
9:15 - 10:00
WELCOME PARTICIPANTS STATE OF THE INDUSTRY. Moderator: Hugo Cuevas-Mohr. Panelists: Alberto Guerra (Uniteller), Nabil Kabbani (VBN), Ronald Mazursky (PayGility)
NETWORKING BREAK
10:00 - 11:00
CrossTech
11:00 - 11:40
STATE OF DIGITAL: ORIGINATION Moderator: Erick Schneider. Panelists: Fernando Fayzano (USEND), Peter Kelly (Maya), Ricardo Barboza (Te Enviei).
11:40 - 12:20
STATE OF DIGITAL: DISTRIBUTION Moderator: Erick Schneider. Panelists: Jorge Godinez (World Remit), Licely Sánchez (Bantrab).
12:20 - 1:00
THE LAST MILE: WHEN CASH IS NEEDED Moderator: Hugo Cuevas-Mohr Panelists: Carlos Zuniga (AirPak), Garland Wong (Pago46).
1:00 - 2:30
LUNCH BREAK
AFTERNOON BUSINESS 1
AFTERNOON BUSINESS 2
AFTERNOON COMPLIANCE
Seminole ballroom I/J
Breakout One
Breakout Two
DIGITAL TRANSFORMATION 2:30 - 3:15
SPONSORED BY
Moderator: Erick Schneider Panelists: Roberto Rondon (AirPak), Fernando Gutierrez (Uniteller), Dr Manuel Orozco (Dialogue).
B2B XTECH SERVICES Moderator: Nabil Kabbani Panelists: Aamer Abedi (RemitOne), Ashish Shrestha (Machnet).
CRYPTOCURRENCY PARTNERSHIPS: REGULATION, COMPLIANCE & BANKING Moderator: Joe Ciccolo, Carolyn Dicharry Panelists: Brandi Reynolds (Bates) , Peter Singer (Fireblocks).
3:15 - 4:15
NETWORKING BREAK KEY DIGITAL STRATEGIES
4:15 - 5:00
Moderator: Erick Schneider Panelists: Michel Caputi (BANTRAB), Alex Cooper (Tabapay), Percy Calizaya (Argenper).
NETWORKING BREAK
NETWORKING BREAK
BANKING & SETTLEMENT PARTNERSHIPS
BUILDING REGULATORY RELATIONSHIPS
Moderator: Hugo Cuevas-Mohr Panelists: Ned Armand (EPTC)
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Moderator: Amy Greenwood-Field Panelists: Jorge Guerrero (Payment Approved), Joseph Iuso (KYC 2020), Daniel Wood (Pyllsbury).
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IMTC WORLD IN-PERSON AGENDA THU NOV 18TH CONFERENCE DAY 3
8:00
REGISTRATION OPEN FOR CONFERENCE ATENDEES
EST
SEMINOLE BALLROOM I/J
BREAKOUT TWO
8:45 - 9:15
WELCOME PARTICIPANTS
WELCOME PARTICIPANTS
9:15 - 10:00
PARTNERING IN CROSS TECH Moderator: Ronald Mazursky (Paygility) Panelists: Olivia Chow (Six Clovers), Cesar Souza Garcia (Travelex).
10:00 - 11:00
NETWORKING BREAK
NETWORKING BREAK
SPECIALTY CHANNELS IN CROSS BORDER PAYMENTS 11:00 - 11:40
11:40 - 12:20
12:20 - 1:00
Moderator: Nabil Kabbani Panelists: Alex Pereira (PMI), Carlos Ore (DT One), Phillip Daniel (Terrapay). OPPORTUNITIES IN LATIN AMERICA Moderator: Priscilla D’Oliveira-Friedman
Panelists: Roberto Rendón (AirPak), Normando Rojas (Uniteller), Nicolas Noriega (24XORO). THE IMPORTANCE OF DATA IN CROSSTECH Moderator: Sabith Khan (IOREM) Panelists: Sulayman Njie (GAO), Raul J. Madriz (AirPak),
1:00 - 2:30
2:30 - 3:15
3:15 - 4:15
LUNCH BREAK
AFTERNOON BUSINESS 1
AFTERNOON BUSINESS 2
AFTERNOON COMPLIANCE
Seminole ballroom I/J
Breakout One
Breakout Two
CRYPTO AND PAYMENTS: PARTNERSHIPS
BRASIL: BETTER THAN EVER?
BE AWARE: UPCOMING AML/CFT DEVELOPMENTS
Moderator: Hugo Cuevas-Mohr Panelists: Piero Coen Davila (AirPak), Olivia Chow (Six Clovers).
Moderator: Priscilla D’Oliveira-Friedman Panelists: Cesar Souza Garcia (Travelex) ,Kelly Massaro (ABRACAM), Carlos Garcia (Nano Pay)
Moderator: Marina Olman (Greenberg Traurig) Panelists: Robin Garrison (Rize), Kathy Tomasofsky (MSBA), Daniel Wood (Pillsbury).
NETWORKING BREAK
NETWORKING BREAK
NETWORKING BREAK
LAS REMESAS EN LATINOAMERICA
CROSS BORDER INDUSTRY TRENDS
START-UPS IN CROSSTECH
4:15 - 5:00
Moderator: Priscilla D’Oliveira-Friedman Panelists: Fernanda Zago (WePayout), Alex Cooper (Tabapay), Joe Ciccolo (BitAML).
Moderator: Maribel Sayago & Daniel Trias. Panelists: Denisse Delgado (UMass), Normando Rojas (Uniteller) Carlos Ángulo (Angulo López).
NIGHT EVENT A NIGHT OF MAGIC FROM BRAZIL ! 8:00 - 10:00
LATIN MUSIC CARNAVAL SHOW TRADITIONAL FOOD
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Moderator: Andrew Ittleman Panelist: Carl Fornaris (GT Law), Jay Postma (MSB Compliance).
SPONSORED BY
IMTC WORLD IN-PERSON AGENDA FRI NOV 19TH CONFERENCE DAY 4
8:00 EST 8:45 - 9:15
9:15 - 10:00
10:00 - 11:00
REGISTRATION OPEN FOR CONFERENCE ATENDEES SEMINOLE BALLROOM I/J WELCOME COURSE PARTICIPANTS XTECH CARDS & MOBILE WALLETS Moderator: Nabil Kabbani Panelists: Ana Guisela Alpirez (Bantrab), Fidel Suarez (Boz), Roberto Rondón (AirPak).
NETWORKING BREAK
11:00 - 11:40
PAYMENT DEVELOPMENTS IN MEXICO Moderator: Hugo Cuevas-Mohr Panelists: Juan López (Transfer Directo), Jorge Osorio (Waldos).
11:40 - 12:20
COMPLIANCE & REGULATION ROUND-UP Moderator: Zory Muñoz Panelists: Amy Greenwood-Field (Dentons), Dora Mayorga (AML Américas).
12:20 - 1:00
THE IMPORTANCE OF ASSOCIATIONS Moderator: Priscilla D’Oliveira-Friedman Panelists: Kathy Tomasofsky (MSBA), Kelly Massaro (ABRACAM), Patricia Marinho (ACAMS).
1:00 - 1:30
SPONSORED BY
END OF EVENT CELEBRATION / RAFFLE
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IMTC WORLD VIRTUAL AGENDA FOR AMERICAS TUE NOV 16TH MAIN STAGE
Zoom JADE
V1 EST
9:15 - 10:00 10:15 - 11:00 11:15 - 12:00
THE FINTECH AND REMITTANCES Session 1 Session 2 Session 3
13:15 - 14:00 14:15 - 15:00 15:15 - 16:00
THE DIGITAL SHIFT COMPLIANCE CERTIFICATION COURSE Session 1 Session 2 Session 3
WED NOV 17TH MAIN STAGE Zoom JADE
V1 EST
9:15 - 10:00
STATE OF THE INDUSTRY Moderator: Hugo Cuevas-Mohr Panelists: Alberto Guerra (Uniteller), Nabil Kabbani (VBN).
TRADE FAIR VISIT
10:00 - 10:50 11:00 - 12:00
STATE OF DIGITAL: ORIGINATION Moderator: Erick Schneider Panelists: Fernando Fayzano (USEND), Pete Kelly (Maya), Frido Tober (Thunes).
THU NOV 18TH MAIN STAGE Zoom JADE
V1 EST
9:15 - 10:00
PARTNERING IN CROSS TECH Moderator: Ronald Mazursky(Paygility)
TRADE FAIR VISIT
10:25 - 11:10 11:40 - 12:20
OPPORTUNITIES IN LATIN AMERICA Moderator: Priscilla Friedman Panelists: Roberto Rendón (AirPak), Normando Rojas (Uniteller) , Alex Navarro (24XORO).
FRI NOV 19TH MAIN STAGE
Zoom JADE
V1 EST
9:15 - 10:00
XTECH CARDS & MOBILE WALLETS Moderator: Nabil Kabbani Panelists: (Bantrab), Hernando Rubio (Movii), (Airpack).
10:00 - 10:30
TRADE FAIR VISIT
12:00 - 1:00
THE IMPORTANCE OF ASSOCIATIONS Moderator: Priscilla Doliveira-Friedman Panelists: Kathy Tomasofsky (MSBA); Kelly Massaro (ABRACAM); Patricia Marinho (ACAMS).
EMEA
ASIA
VIRTUAL AGENDA
VIRTUAL AGENDA
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SPEAKERS
AAMER ABEDI
ALBERTO GUERRA
ALEX COOPER
ALEX PEREIRA
AMY GREENWOOD-FIELD
ANA GUISELA ALPIREZ
ANDREW ITTLEMAN
ASHISH SHRESTHA
BERENICE LEÓN
BRANDI REYNOLDS
CARL FORNARIS
CARLOS ANGULO MIRET
CARLOS GARCÍA
CARLOS GÓMEZ
CARLOS ORE
CARLOS ZUNIGA
CAROLYN DICHARRY
CÉSAR GARCÍA
DANIEL TRÍAS
DANIEL WOOD
DENISSE DELGADO
DORA MAYORGA
ERICK SCHNEIDER
FERNANDA ZAGO
FERNANDO FAYZANO
FERNANDO GUTIERREZ
FIDEL SUÁREZ
FRIDO TOBER
GARLAND WONG
HUGO CUEVAS-MOHR
JAY POSTMA
JOE CICCOLO
JORGE AMADOR JORGE AMADOR
JORGE GODINEZ
JORGE GUERRERO
JOSEPH IUSO
JORGE MONDAL CHEW
JUAN LÓPEZ
KELLY MASSARO
KATHY TOMASOFSKY
LICELY SÁNCHEZ
MANUEL OROZCO
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SPEAKERS
MARÍA A. BORJAS
MARIBEL SAYAGO
MARINA OLMAN-PAL
MICHEL CAPUTI
NABIL KABBANI
NED ARMAND
NICOLAS NORIEGA
NORMANDO ROJAS
OLIVIA CHOW
OSCAR HERASME
PATRICIA MARINHO
PETER KELLY
PERCY CALISAYA
PETER SINGER
PIERO COEN DÁVILA
PHILIP DANIEL
PRISCILLA DOLIVEIRA
RAFAEL BARBIERI
RAÚL MADRIZ MADRIZ RAÚL
ROBERTO RONDÓN
RICARDO BARBOZA
ROBIN GARRISON
RONALD MAZURSKY
SABITH KHAN
SULAYMAN NJIE
TIM ASTANOV
VÍCTOR MALDONADO
ZORY MUÑOZ
THANK YOU XT
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IMTC - MOHR WORLD
OUR TEAM Hugo Cuevas Mohr President & CEO
The Platinum Network
Priscilla Doliveira COO
The Platinum Network
Maribel Sayago Event Manager
Claudia Ávila Business Liaison
Jennifer Holguín Executive Coordinator
Virginia Martínez IT Consultant
Isabel Cortes UK Representative
Carolina Rotondo
Lourdes Soto Spain Representative
Marketing Director Gabriel Cuevas Marketing Consultant Penélope Mohr Visual Brand Developer
Antonio Andueza Production Director
Marcela Molina Graphic Designer
Maria Fernanda Valera Virtual Stage Director Valeria García Host - Virtual Main Stage
María Auxiliadora García Customer Service
Luis Sosa Presential Host & Videographer
Carolina Busnelli XTech Magazine
Margaret Valera Photographer Ana Lucía García Customer Service Glenda Correa Customer Service
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We are thankful to all our staff and the supporting team of collaborators who help us to develop our events in each of the cities and regions we select to host them. Without their help it would be impossible for us to give all the participants in our in-person and virtual events, the unique experience we strive to give everyone attending.
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