The Fintech Times -Edition 54

EVENTS

Seamless Middle East 2024:

The future of payments, fintech and banking page 13

PAYMENTS

Why it’s time to build for value, not just valuation page 15

CULTURE

What fintechs can do to cultivate and sustain well-governed cultures page 20

BOOK REVIEW

Big Tech in Finance: By Igor Pejica page 22

IN THIS ISSUE

Insuring our future

Why insurers are redefining their role to become a force for good page 4

Leading the charge

Matouk Bassiouny on supporting MENA’s legal and fintech landscape page 8

Beyond borders

FinXP unveils tools to unlock the secrets to payments success page 9

Can inclusive design transform payment experiences? Strategies for ensuring payments are more accessible

People are our ‘greatest asset’

Janthana Kaenprakhamroy, CEO of insurtech Tapoly, shares insights into building cohesive teams page 10

DIFC: 20th

Anniver sar y

Dubai’s journey to a global financial nexus page 14

Powering UAE’s digital economy: Spotlight on Aani

Jan Pilbauer, CEO at Al Etihad Payments, shares insights into the instant payment platform page 16

Welcoming dif ferences

TreviPay CCO Martha Salinas reveals the company’s core values page 21

WTRANSFORMING TRANSACTIONS TRANSFORMING TRANSACTIONS

e’ve spent the last few weeks gearing up for big-hitting industry events, such as Pay360 at the Excel in London, by diving into the worlds of payments and insurance. Two meaty sectors that could keep us busy all year round with constant innovation and regulatory changes continually evolving how consumers and merchants transact, pay and insure.

With this issue putting the focus on hot topics in paytech and insurtech, one of the key questions we explore is whether inclusive design can transform payment experiences. As digital payments become increasingly prevalent, it’s imperative to prioritise inclusivity to ensure that everyone can participate in the digital economy. So, in a feature led by our features editor, Polly Jean Harrison, we address strategies for ensuring payments are accessible to all individuals.

We also examine how insurers are redefining their role to become forces for good. By tackling environmental challenges head-on and reshaping business practices for a greener tomorrow, insurers are not only mitigating risks but also contributing to a more sustainable future for all. This shift towards sustainability represents a

significant paradigm change in the insurance industry. On page 18, Francis Bignell delves into the ongoing debate in the insurance sector: is innovation the holy grail, or is evolution the key to success? Amid the buzz of insurtech innovation, experts debate whether refining existing offerings through evolution should take precedence over the pursuit of revolutionary features.

AS DIGITAL PAYMENTS BECOME INCREASINGLY PREVALENT, IT’S IMPERATIVE TO PRIORITISE INCLUSIVITY TO ENSURE THAT EVERYONE CAN PARTICIPATE IN THE DIGITAL ECONOMY

While on page 9, we highlight the efforts of FinXP, a European payments and banking service provider, in facilitating fast and cost-efficient cross-border payment services for businesses. In our interconnected world, the ability to seamlessly conduct transactions across borders is paramount, and Chris Denny, chief commercial officer at FinXP, outlines how its new solutions are helping businesses.

In this issue’s CEO interview, we hear from Janthana Kaenprakhamroy, CEO of insurtech Tapoly, on building cohesive teams, driving evolution in the industry and why it pays to be patient when hiring. It was fantastic to learn more about her journey from rural beginnings to helping Tapoly redefine insurance solutions for SMEs and the gig economy. We also explore the cultural tapestry of TreviPay with its CCO Martha Salinas, who shares the core values that define the global invoicing network’s identity. Additionally, we analyse the shifting investment trends in fintech. As we transition from an era of easy capital and rapid growth to a more measured approach, Scott Dawson, head of sales and strategic partnerships at payment platform DECTA, provides valuable insights into the importance of value creation in today’s market environment. It’s been an insightful experience putting together this issue, and we’re looking forward to joining the conversation with you all at upcoming events.

Happy reading!

Claire Woffenden, editor in chief, The Fintech Times

Let’s face it, our planet is in trouble. It might sound dramatic, but the global climate crisis is becoming more and more urgent an issue than ever. Change needs to happen, and it needs to happen now. And the financial sector is the key to that change.

As Nigel Wilson, CEO of insurer Legal and General said in an interview with PwC, climate change is “the biggest investment opportunity in the world”.

He added: “Carbon capture, hydrogen, onshore wind, solar, retrofitting 20 to 25 million houses. This all adds up to a trillion-pound industry creating tens of thousands of jobs if we put in place policy and regulation to make these things happen.”

It’s becoming incredibly clear that the industry has a unique opportunity to help sustainability along and play an important role in redefining business practices that align with the environment. The insurance sector has this opportunity even more so, with the ability to push for transformation and become a true force for the greater good.

Insurers are no strangers to sustainability concerns and the consequences they can have –they’re usually the ones paying for them. Wildfires, floods, crop failure, severe weather and more are all emerging risks as a result of climate change, all of which insurers are going to have to open their wallets to help with the aftermath. But how can the industry as a whole push change

for good? How can such an old industry help move us into a new era of sustainability and net zero operations? Let’s take a look, shall we?

Insurance for good

If you strip insurance down to its very basic core, it is already a force for good. It exists to protect people and businesses when the absolute worst happens.

Consumers insure the things they love and are the most important to them: houses, pets, and even lives. And when disaster strikes, insurance is there to help make things easier. Insurance in its many forms is a powerful tool that can offer peace of mind by mitigating risks, and help bolster a consumer or business’ resilience when it comes to unpredictable and unprecedented challenges that they can face.

Taking that into account in the current climate – both economically, environmentally and socially –insurers have a unique opportunity to go beyond a financial product and affect real positive changes in people’s lives. This very old and traditional industry can upheave the way we think about finance and business and reshape the industry into something better for everyone – it just has to put the work in.

As a recent PwC report said: “We believe that insurers have a once in a generation opportunity to take stock and set about creating the industry they want to be part of – one that’s pushing boundaries to build upon its purpose and become a force for greater good.”

Of course, changes are already visible across insurance as well as the wider financial sector. Policies for environmental, social and governance (ESG) issues and an active plan to keep climate considerations at the forefront of business practices have become more than a ‘nice to have’ – they’re now business critical.

Consumer demand is leading the way in holding financial institutions to these higher standards, with research from global management consulting firm Kearney finding around one in four (24 per cent) of European consumers would switch providers if their banks do not engage in climate or ESG issues, with the same research finding 61 per cent of banking customers want their provider to do more to create a ‘positive, social and environmental’ impact.

To their credit, these institutions are starting to listen. In response to rising pressures from climateconscious stakeholders, a growing number of insurance companies have appointed chief sustainability officers (CSO) or their equivalent to implement a sustainability agenda according to Deloitte. This is certainly a first step for insurance to establish a commitment to real change, and ESG initiatives as a whole are really starting to gain greater visibility.

How can insurance help

It’s all well and good to suggest the insurance sector can be doing more, but realistically how can they affect change? One easy way to start is to simply be mindful of the businesses and systems that they insure.

“By being selective about the sustainability and climate-related risks they’re willing to take on, insurance carriers, producers, and brokers are in critical positions to influence entire sectors toward improved sustainability and climate resilience,” said Jag Lamba, CEO and founder at Certa, a risk management platform.

He continued: “Surveys show that at least 20 per cent of insurers have denied insurance coverage for unsustainable operations. Policy buyers too must realise this and improve the sustainability of their operations and supply chains.

“Regulatory compliance is also moving toward more transparency on climate aspects by asking for detailed sustainability reports from companies, including the EU’s Corporate Sustainability Reporting Directive, the UK’s Task Force on Climate Disclosures, and the US federal regulations on mandatory climate reporting. In these reports, companies must lay out their climate and sustainability risks, opportunities, and related business strategies. However, these aspects for a carrier heavily depend on the climate risks, opportunities, and strategies of all their policyholders.”

Lasma Kuhtarska, strategic consultant at Noda, an online payments company, echoed this view and explained that “the sector should focus on ethical investments, supporting projects that contribute positively to society and the environment. This approach aligns with the growing

INSURING FUTURE our

consumer demand for socially responsible business practices.

Technology is the key

Of course, as with anything, technology is often the key to unlocking potential and driving any sort of change. Particularly with a traditional industry like insurance which is still operating on legacy systems, a push to digital is key in order to transform the industry into one of sustainability.

PwC’s 24th Annual CEO survey showed that 64 per cent of global insurance CEOs are planning to significantly increase their investment in digital transformation over the next three years, and more agile insurtech startups are already

Wildfires, floods, crop failure, severe weather and more are all emerging risks as a result of climate change, all of which insurers are going to have to open their wallets to help with the aftermath

leading the way to adapting their products and services with datadriven technology, artificial intelligence and more.

“The UK insurance sector can create sustainable change by embracing technology and innovation while prioritising ethical practices,” explained Kuhtarska.

“Integrating advanced technologies like AI and blockchain can enhance efficiency, transparency, and customer experience. AI can be used for precise risk assessment, reducing costs, and improving claim processing speed. Blockchain can ensure data integrity and build trust.

“Emphasising personalised insurance products can also drive sustainability. Tailoring insurance

based on individual needs and lifestyles not only creates a more customer-centric model but also encourages responsible behaviour, aligning personal benefits with sustainable practices.”

Ensuring talent

Moving to a digital way of doing business requires the skills and talent available in order to shift. Transformation doesn’t happen on its own, and preparing your workforce is going to be essential as we move into this new frontier of insurance.

Gregg Barrett, CEO of Waterstreet Company, an insurance software solutions provider, agrees with this and believes that the insurance

industry needs to be careful in making sure it has the key people to achieve its aims to ensure success and longevity.

He said: “One of the most important things the industry needs to do now for a sustainable future is to invest in bridging the talent gap. More than 50 per cent of the insurance workforce are baby boomers who will retire between 2025 and 2030. That’s barrelling quickly toward us, and we need to better welcome future generations into the industry. We need to teach them the institutional knowledge the boomers have, while also leaving future insurance leaders to implement new strategies focused on improving the industry for insurers, insureds, and policyholders.”

A force for good

Realistically, change can’t happen overnight, but embedding ESG into the insurance industry provides a real opportunity for the sector to not only make a real difference in the world but shape the industry around it, incentivising sustainability as a whole. It may be a long way off, but with the right technology, the right mindset and the right people, the insurance industry really can be a force for good, creating sustainable change that benefits the whole world.

Can inclusive design paymenttransform experiences?

Polly Jean Harrison , features editor at The Fintech Times, addresses strategies for ensuring payments are more accessible

Enhancing accessibility and inclusivity within financial products and services is increasingly imperative. Specifically focusing on payments, they constitute a fundamental aspect of daily life for virtually everyone worldwide and serve as a gateway to accessing other financial services such as credit cards, loans, and insurance.

Despite their ubiquity, a significant financial gap persists within society, barring many individuals from fully participating in the economy due to the lack of accessible payment options.

Recognising this, it’s paramount that payments are no longer an afterthought. Ensuring that payment methods are suitable for all users is not only essential for the sustainability

of your company but also for societal progress. However, it’s crucial to acknowledge the existing barriers. Crafting payment systems that cater to everyone poses a considerable challenge. Managing the technology involved and guaranteeing that it doesn’t become a hindrance in itself is a particular difficulty, but one that the industry must confront head-on. The Fintech Times engages with industry leaders to explore strategies for making payments more inclusive for all members of society.

Rodney Reisdorf, CEO and co -founder at Verivend, a private capital platform

“Inclusive design is a necessity for transforming payment experiences. Individuals have come to know and expect the ability to

make seamless and frictionless payments with the ubiquity of apps like PayPal, Venmo, and Stripe, but there is still much to be solved for P2P, B2C, and especially B2B payment flows. Inclusive design should be synonymous with ‘seamless’ and ‘frictionless’ to allow payers of all backgrounds and abilities to easily make and receive payments, regardless of the payer’s and payee’s ‘financial back end’ – meaning where the funds are originating from and ultimately going to. This is why technology is so critical to achieving inclusive design so that the many gaps in traditional financial infrastructure are closed and the industry offers more 'one-click' experiences to all sides of a financial transaction, regardless of the underlying

financial infrastructure or skill level of the parties involved in a given transaction.”

Nikola Tchakarov, director of market expansion at online payments company Noda

“Inclusive design is crucial for transforming payment experiences, with accessibility at its heart. This approach involves rethinking the design process, ensuring technology is a facilitator, not a barrier, and advocating for industry-wide accessibility standards.

“The financial sector needs to embrace universal accessibility standards. This includes offering a range of payment options and extending services globally, especially to areas previously excluded from the financial mainstream.

“Inclusive design in payment systems isn’t just about accessibility; it’s about empowering a broad spectrum of users to engage in the global economy. Focusing on user-friendly experiences and accessibility can lead to a more inclusive and economically empowered global community.”

Ornit Dweck-Maizel, co -founder and CTO at Sunbit, a provider of buy now, pay later (BNPL) financing in the automotive services sector

“Even the language used in financial serv ices can feel judgmental and exclusionary: companies deem whether applicants are ‘qualified’ or ‘creditworthy’. Designing inclusive payment methods radically improves the experience for all involved.

“People-centred design is table stakes; to promote accessibility, we need to consider the experiential impact of the environment. When designing a solution, inclusivity requires understanding who’s involved, and the idiosyncrasies of the industry or location where payment takes place. By bringing human-centric design in at the precise points where payment decisions happen, and meeting people exactly where they are in terms of familiarity, comfort, and access to resources, we reduce the risk that technology is a barrier.”

Sergiy Fitsak , managing director at global technology services provider, Softjourn “Inclusive design holds immense potential to transform payment experiences for all users. The key lies in reimagining the design process to prioritise accessibility from the outset. This involves integrating diverse perspectives, conducting user research encompassing various demographics, and leveraging technologies like AI for personalised, user-friendly interfaces.

“To ensure technology isn’t a barrier, fintech companies should adopt universal design principles, focusing on simplicity, flexibility, and compatibility across devices. This entails offering multiple modes of interaction, such as voice commands, screen readers, and multilingual support, as well as ensuring compatibility with assistive technologies. Collaboration with advocacy groups and regulatory bodies is also essential to set and meet universal accessibility standards.

their full potential when crafted by diverse teams who weave unique backgrounds, perspectives, and experiences into the design from the onset. Diverse teams, guided by feedback from end users, and composed of software engineers, UX specialists, and financial experts are more likely to consider deeper design elements such as the accessibility needs of their users or the nuanced requirements for roles throughout an organisation. This results in increased engagement, lower barriers to entry, and an increased sense of trust.

“But technology can’t be the bottleneck. We need to ditch clunky legacy systems and embrace the fintech revolution. Inclusive payment journeys need support from integrations that are easy to use and promote accessibility. Open banking APIs, intuitive integrations, and financial education tools are all stepping stones towards an inclusive future. By harnessing the power of collaboration and innovation we can build payment experiences that truly leave no one behind.”

Patrick Strange, head of design at Kueski, a BNPL and online consumer lender in Mexico “The first step in designing for financial inclusion is designing our decision-making process to overcome the lack of customer data. When a customer is looking to apply for their first credit card, they have limited or non-existent credit history, which presents roadblocks when trying to get access to credit. Big banks have standardised data sources for decision-making, but expanding to

TECHNOLOGY IS SO CRITICAL TO ACHIEVING INCLUSIVE DESIGN SO THAT THE MANY GAPS IN TRADITIONAL FINANCIAL INFRASTRUCTURE ARE CLOSED AND THE INDUSTRY OFFERS MORE 'ONE-CLICK' EXPERIENCES TO ALL SIDES OF A FINANCIAL TRANSACTION

“By embracing inclusive design methodologies and actively addressing accessibility challenges, fintechs can revolutionise payment experiences, making them seamless, equitable, and accessible to everyone, regardless of abilities or background.”

Gracy Chen, managing director at crypto exchange Bitget

“Inclusive design presents us with an opportunity to revolutionise payment experiences. But our payment solutions can only reach

products clearly communicate to our customers how we are using data, and designing transactional experiences that are familiar to use and ensure that our customers stay well-informed throughout the payment process.”

Brendan Miller, CMO of Runa, the global digital value infrastructure for instant B2C payouts

“The industry needs to do a better job of creating more inclusive payment journeys for those underserved by banks globally. Having a bank account does not necessarily mean access to banking services like loans and payment methods. On a global level, the regions with the highest proportion of developing or emerging economies, quite predictably, top the list of the least inclusive unbanked individuals.

“For those underserved, digital wallets that hold multiple forms of digital value, from crypto and branded currency to points and rewards, hold the most promise. These multi-asset digital wallets enable value to be moved crossborder and facilitate direct merchant acceptance without bank and traditional card rails. Using digital value to open up payment ecosystems equips the underbanked with access to financial services even without a traditional bank account, while digital wallets provide a gateway to financial services such as savings, payments, and transfers.”

Skyler Nesheim, CTO at digital payments company Dwolla

alternative data sources presents a huge opportunity for accessibility.

Designing decision-making models to include alternative data sources, like whether customers pay their phone bill or rent on time, what their shopping patterns look like, or whether they have any sort of bank account history helps us determine the ability and willingness to pay beyond what’s traditionally examined. Artificial intelligence can also help with this by making the process faster, better, and cheaper.

“How this translates to user interaction is making sure our

“In recent years, I have seen significant positive changes in the design of technical solutions that led to their accessibility. But unfortunately, not all market participants are committed to increasing inclusivity. It’s important to recognise that meeting minimum standards of accessibility is important, but it’s not enough to take high positions and constantly win the competition.

“Intuitive and user-friendly design is what modern projects need. To help visually impaired users, you can go beyond aesthetics when designing your app. Clear text with sufficient colour contrast or text with descriptions for images will make it much easier to work with the application. In addition to mouse control, you can enter voice commands and touch gestures.

“There are other ways to enhance the user experience, whatever a fintech product starts with, it is moving in the right direction.”

Leading the Charge

Matouk Bassiouny’s transformative role in MENA’s legal and fintech landscape

Matouk Bassiouny, Egypt’s foremost legal institution, has emerged as a pivotal force in the growing fintech sector. Honoured as Egypt’s national law firm in 2014, 2016, 2017, 2020 and 2023 by the International Financial Law Review, Matouk Bassiouny’s narrative took a compelling turn with the establishment of its fintech department.

Mohamed Essam, a partner at Matouk Bassiouny and head of fintech and emerging companies and venture capital (FECVC), stands as one of the few attorneys who pioneered fintech in Egypt, dedicating his professional career to this field.

With nearly a decade of expertise in both technology and financial technology, he continues to shape the landscape of this dynamic industry. Matouk Bassiouny’s entry into the fintech realm underscores its dedication to innovation and adaptability to meet the evolving needs of clients. In less than three years, the department has not only gained credibility but has firmly established itself among the industry’s major players.

The FECVC team redefined legal support with its pioneering one stopshop concept, establishing itself as the foremost legal counsel capable of addressing every client need. From conducting business reports and managing incorporations to handling operations, fundraising, licensing, litigation matters, and securing venture capital, the FECVC team’s comprehensive suite of services eliminates the need for clients to coordinate with multiple legal advisors across different areas of law. With exclusive day-to-day involvement in clients’ matters and business operations and providing an all-encompassing solution, the team ensures clients benefit from a singular point of contact while maintaining the versatility to meet their diverse legal requirements.

The FECVC department offers a distinctive blend of legal excellence and a deep understanding of each client’s product. With team members boasting technical backgrounds, their objective is to delve into the intricacies of clients’ products, offering legal protection that exceeds standard services. This innovative approach has not only expanded the team’s client base but also instilled a sense of security and

confidence in an industry that is constantly evolving.

With a track record of representing more than 80 clients in both Egypt and the UAE, the FECVC team boasts a remarkable client portfolio. Not only has it solidified its regional influence, but it has also set a benchmark for market practice. The team’s diverse clientele is a testament to its ability to address the varied needs of industry leaders, showcasing its capacity to provide tailored legal solutions across multiple sectors. Currently, the FECVC department dominates a significant portion of the market in Egypt and aims to expand this influence throughout the MENA region.

With a track record of representing more than 80 clients in both Egypt and the UAE, the FECVC team boasts a remarkable client portfolio

In a strategic move in 2023, Matouk Bassiouny extended its FECVC department to the UAE. This forward-thinking move aligns seamlessly with Matouk Bassiouny’s overarching commitment to proactively embrace technological advancements and adapt to the evolving needs of its clients.

TFT: How does the FECVC department uniquely support emerging fintech companies?

MB: The FECVC team is committed to nurturing emerging companies from inception to reaching the unicorn stage. Recognising the challenges faced by early-stage companies, Matouk Bassiouny takes a pioneering approach by offering discounts of up to 40 per cent for

first-stage companies. This initiative is a testament to the FECVC team’s commitment to fostering innovation and ensuring that emerging players have access to top-tier legal services that propel them toward success.

TFT: What are the distinct services offered by the FECVC team?

MB: The FECVC department’s key services span three vital areas: fintech, technology and venture capital. Within these domains, the team operates at the forefront of advisory services, offering unparalleled expertise to guide clients through the intricacies of their business endeavours.

In the fintech and technology sectors, the FECVC team leverages a unique blend of legal excellence and technical understanding. When it comes to venture capital, the FECVC team offers its services from the inception of ventures to guiding companies through angel investment rounds to full exits. This distinguishes the FECVC team, showcasing its dedication to being a long-term strategic partner and a one stop-shop rather than just a legal advisor.

TFT: What is an example of a client experiencing the one stop-shop service?

The FECVC department contributed to a transformative success story with one of the leading fintech companies in line with providing a rotating savings and credit association product (ROSCA). As the company approached the FECVC team with a new idea, our team led collaborative product roadmap sessions that conceptualised innovative legal structures, ensured the new idea is legally compliant with the applicable law, and secured necessary governmental approvals. Afterward, the FECVC team

seamlessly facilitated the incorporation of the corporate entity, setting up a distinctive profile within the industry. Our team assumed the role of lead legal counsel, steering the company through multiple investment rounds and actively engaging in day-to-day operations, including contracts and legal documentation. This client stands as a testament to our commitment to nurturing startups from ideation to corporate excellence.

TFT: Does the FECVC team extend beyond Egypt and the UAE?

MB: While being deeply rooted in Egypt, the FECVC team’s impact resonates globally, with the ability to advise on cross-border matters and restructuring including in the MENA region, Netherlands and the UK. This expansive reach not only underscores the team’s adaptability to diverse legal frameworks but also reinforces the FECVC team’s commitment to providing tailored and strategic counselling on an international scale. On an important note, the FECVC team’s venture into the UAE marks a thrilling chapter in Matouk Bassiouny’s story. The FECVC team has assumed the role of lead counsel, heading strategic legal services for major fintech players in the areas of cross-border remittance, digital lending, VC funds, crowdfunding, ROSCA, and payment companies. This expansion signifies not just a geographic reach but a commitment to contributing to the future of fintech and venture capital in a new and dynamic market. Matouk Bassiouny is enthusiastic about the opportunities this move brings, poised to elevate our contribution and expertise to empower businesses in the UAE We anticipate a chapter of innovation, growth, and success as we embark on this exciting journey. Unlock a tailored legal support, designed based on your company’s scale and fundraising stage, with our exclusive packages and retainer options. Elevate your journey with the FECVC team’s one stop-shop concept.

Connect with the FECVC team, via mohamed.essam@matouk bassiouny.com and shape the future of your business.

Beyond borders: FinXP’s answer to payment delays

Payments provider unveils tools to unlock the secrets to cross border payments success

Ambitious firms often aspire to expand internationally. However, many new challenges present themselves to organisations looking to grow abroad. One such challenge lies in understanding the intricate role of payments and banking. After all, the B2B cross-border payment market increased by $26trillion between 2018 and 2022 from $124trillion to $150trillion, with experts predicting that it could still grow by 60 per cent by 2027. Organisations cannot risk not contributing to these numbers.

Such a crucial aspect for company growth must be done properly, and FinXP, a European payments and banking service provider, is helping firms tackle these challenges head-on. Its primary product, IBAN4U, a dedicated Euro IBAN Account service, allows firms to seamlessly interact with SEPA , an initiative aimed at integrating payments across most of Europe.

OPENING ACCESS TO NEW PAYMENT NETWORKS

Having partnered with Mastercard, FinXP has expanded its offering with FinXP PLUS. The new service aims to tackle some of the biggest payout challenges faced by organisations which include, expensive, unpredictable and slow payments. Using an IBAN4U account, users can tap into the Mastercard network and access new payment options. Payouts can now be made in USD, GBP, EUR, CAD, CHF, TRY, PLN, SEK, DKK, NOK, PHP, COP, and more.

Speaking exclusively to The Fintech Times, Chris Denny, (above) chief commercial officer at FinXP, explained how the company has evolved its solution based on market demand: “IBAN4U was

created to solve the problem of accessibility. Demands for solutions in different regions have resulted in a lot of feedback which we actively listen to and respond to. For example, with the launch of FinXP PLUS, we added the Filipino peso, as one of our partners wanted to pay development teams in the Philippines.”

CUTTING OUT THE WAIT TIME

International trade can often be hindered by the delays inherent in cross-border payments, deterring organisations from fully engaging in global commerce. Despite these challenges, the immense growth forecasted for e-commerce

IBAN4U WAS CREATED TO SOLVE THE PROBLEM OF ACCESSIBILITY. DEMANDS FOR SOLUTIONS IN DIFFERENT REGIONS HAVE RESULTED IN A LOT OF FEEDBACK WHICH WE ACTIVELY LISTEN TO AND RESPOND TO

transactions, projected to reach $3.3trillion with a 107 per cent increase over the next five years according to Juniper Research, underscores the importance of seamless and efficient payment solutions.

Recognising the urgency for swift transactions, FinXP offers a solution that eliminates the wait times typically associated with international payments. For instance, explains Denny, consider a scenario where an iGaming

enthusiast wins a bet over the weekend and eagerly awaits their winnings.

“A user lucky enough to have won a bet on the weekend on their favourite football team is going to want to access their winnings. Ensuring they get them in a timely manner by the iGaming operator is where we help.”

Moreover, FinXP PLUS provides support for multi-channel transfers. This capability empowers operators to make payouts to bank accounts, cards, e-wallets, as well as cash-out locations, offering flexibility to adapt to various payment preferences globally.

NEW VERTICALS

While marketing agencies are not new to utilising cross-border payment solutions, their growing enthusiasm for these services adds an exciting dynamic to the industry, Denny explained. As they initiate new campaigns, marketing agencies, as well as many development teams outside the EU, encounter diverse promotional requirements, spanning regional advertising, online expenditures, and physical advertising, all of which demand swift payment processing. However, meeting these demands often exceeds the capabilities of the SEPA network, prompting the exploration of alternative solutions such as FinXP PLUS.

On the topic of exceeding existing capabilities, certain consumers are now turning away from traditional remittances and looking towards cryptocurrencies. Although fiat remittances are not dying, many seek alternatives leading to the door of cryptocurrencies.

However, crypto institutions are not without their problems - due to

the nature of digital assets, existing banking authorities are hesitant to provide crypto firms with their banking services. This is where FinXP can step in. FinXP’s IBAN4U provides crypto companies with a fiat Euro account, which enables users to store the funds in this account and have instant access to make Euro deposits and withdrawals. This capability is exemplified through FinXP’s successful partnership with xMoney and other licensed crypto entities.

NO BARRIERS TO EXPANSION

“IBAN4U is a business account portal that solves significant payment challenges in one place. When a partner onboards with us, there is a single onboarding application and once this is done we provide a unified service, no matter which country they’re looking to expand into,” concluded Denny.

As the cross-border payments market reaches its estimated heights, FinXP is ensuring partners are truly able to benefit from a completely accounted-for crossborder payment experience.

About FinXP

FinXP, founded in 2014, is an award-winning European payments fintech. The company’s mission is to enable its customers to quickly and easily, make and receive payments in whatever form best suits them.

Web: https://finxp.com

LinkedIn: www.linkedin.com/ company/finxp

X: @FinXP_official

peoplePrioritising over profit

Janthana Kaenprakhamroy, CEO of insurtech Tapoly, shares insights into building cohesive teams, driving evolution in the industry and why it

pays

to be patient when hiring

Tapoly is one of the first on-demand insurance providers for small businesses, sole traders, freelancers, and the self-employed across Europe. Its approach involves embracing advanced technology, expanding its product range to include various insurance solutions, and delivering personalised customer support.

The Fintech Times sat down with Janthana Kaenprakhamroy to learn more about her journey from rural beginnings to helping Tapoly redefine insurance solutions for SMEs and the gig economy.

THE FINTECH TIMES: Tell me more about you and your background

JANTHANA KAENPRAKHAMROY:

I grew up in an agricultural family in rural Thailand and was the first person in my family to graduate from university after moving to Europe at the age of 13. I am now the CEO of Tapoly, one of the first on-demand insurance providers for SMEs and freelancers in Europe. I have diligently grown the business into an award-winning, industryrecognised digital MGA (managing general agent) and SaaS (softwareas-a-service) provider. Founded in 2016, through innovation and unwavering dedication, I have established Tapoly as a go-to insurance and technology provider. I am a former chartered accountant and internal audit director at top-tier investment banks, having worked at UBS, Deutsche Bank, JPMorgan, and BNP Paribas.

TFT: How has your career led you to launch Tapoly?

JK: My journey to launching Tapoly is deeply rooted in my personal experiences of seeking insurance in 2016, which at the time, was nonexistent, coupled with my aspiration to contribute and add value. As a customer, I identified a gap in the market for on-demand insurance services specifically designed for SMEs and freelancers – a sector largely overlooked by traditional insurance models. This gap became

particularly evident with the rise of the gig economy and the growing number of freelancers and small businesses requiring flexible insurance solutions.

In my corporate career, I learned the significance of innovative technology in the modern business landscape. Consequently, I envisioned Tapoly not only as an insurance provider but as a technology-driven platform, utilising digital solutions to address the unique needs of our clientele. The establishment of Tapoly in 2016 was the result of my professional insights, market understanding, and the ambition to meet a previously unaddressed need in the insurance sector.

The path to establishing Tapoly was filled with challenges, yet my expertise in finance and auditing, combined with an acute understanding of market trends, played a crucial role in developing Tapoly into the successful provider it is recognised as today.

TFT: What are your biggest achievements or ‘proudest moment’ so far?

JK: In reflecting on my journey with

Tapoly, the moments that stand out as my proudest achievements are both deeply personal and reflective of our collective effort. The launch of Tapoly was a defining moment, marking the start of an ambitious journey to fill a significant gap in the insurance market for SMEs and freelancers. This step was not just a business initiative; it was the realisation of a vision to make a meaningful difference.

Another highlight was being recognised by Forbes as number six in the Top 100 Women Founders to watch, which went beyond personal achievement; it was an industry-wide acknowledgment of the innovative work we were doing at Tapoly.

Winning key awards like the Innovator of the Year at the UK Fintech Awards 2023 and the Insurance Broker of the Year at the Women In Finance Awards 2023 also stand out. These accolades were not just about the honours but were

a testament to our commitment to excellence and innovation in the insurtech space. But perhaps the most rewarding part of this journey has been seeing Tapoly grow into an industry leader. This growth is a story of resilience, innovation, and the impact we’ve created, which goes far beyond the boundaries of our company. These achievements, for me, are not just milestones but stepping stones towards even greater goals and aspirations.

TFT: What’s the best mistake you’ve made?

JK: One of the best mistakes I made, which turned out to be a significant learning experience, was hiring the wrong people for Tapoly in its early

I believe that our greatest asset is our people, and this belief is integral to every aspect of my management approach

stages. At the time, my focus was more on filling positions quickly to keep pace with our growth, rather than carefully selecting individuals whose values and vision aligned with those of the company. This error in judgement taught me a crucial lesson about the importance of not just skills and experience, but also the right cultural fit and shared ethos when building a team. The challenges were tough but invaluable. It highlighted the significance of thorough recruitment processes and the need to invest time in understanding each candidate’s motivations and alignment with our company’s goals. This experience has taught me the importance of patience in hiring, the value of a cohesive team dynamic, and the critical role that each individual plays in the fabric of a company. This

lesson in HR management has been instrumental in shaping a stronger, more aligned team at Tapoly, and it continues to inform my approach to team building and leadership.

TFT: Since launch, how has Tapoly evolved?

JK: Since its launch, Tapoly has undergone a significant evolution, both in its business model and its operational approach. Initially, we started as one of the first on-demand insurance providers for SMEs and freelancers in Europe. This was a response to a clear gap in the market where traditional insurance models weren’t catering to the unique needs of this growing demographic.

Over time, Tapoly has grown from a basic insurance provider into a more comprehensive digital MGA and SaaS provider. This transformation was driven by the recognition that our clients needed more than just insurance products; they required a platform that could offer a seamless, tech-driven experience.

We incorporated advanced technology into our offerings, focusing on user-friendly interfaces and streamlined processes. This tech-forward approach not only improved our customer experience but also increased our operational efficiency. Our product range expanded as well. Starting with basic liability insurance, we grew to offer a variety of products, including professional indemnity, and more specialised products tailored to specific industries and needs.

As the gig economy and freelance market continued to expand, we adapted our products and services to meet these changing demands, ensuring that we remained at the forefront of the insurtech industry.

Moreover, there has been a significant evolution in our customer service approach. Initially, we followed a traditional model, but it quickly became apparent that more direct and personalised support was essential. To achieve this, we focused on enhancing our data analytics platform. This upgrade has been instrumental in

allowing us to gain deeper insights into our clients’ needs and preferences, enabling us to tailor our services more effectively to each individual customer.

In summary, Tapoly’s evolution has been characterised by technological advancement, product diversification, a focus on customer experience, and a commitment to meeting the changing needs of the modern workforce. As we continue to grow, these principles remain at the core of our business strategy.

TFT: What’s next in store for your company/future plans?

JK: As we look towards the future of Tapoly, our roadmap is marked by several ambitious and exciting initiatives. A key focus will be on enhancing our technological prowess, particularly by embracing the potential of no-code platforms. This approach is about more than just staying abreast of tech trends; it’s about democratising technology within our organisation, enabling faster and more flexible development of our services.

We’re also committed to expanding our product portfolio. Recognising the evolving needs of the gig economy and emerging markets, we aim to offer a diverse range of insurance products that are both relevant and tailored to these sectors.

Geographical expansion is another crucial part of our strategy. Having made our mark in Europe, we’re now looking to venture into new markets, adapting to their unique needs and regulatory environments. This expansion isn’t just about growth; it’s about global adaptability and learning from diverse market dynamics. Collaborating with fintech innovators and traditional insurance entities is another pillar of our growth strategy. These partnerships are avenues for mutual learning and co-creating innovative insurtech solutions.

Enhancing customer experience remains at the forefront of our priorities. We’re dedicated to refining our platforms to be more intuitive and user-friendly while ensuring that our customer service is responsive and personalised.

Finally, as we grow, we are mindful of our responsibility towards sustainability. We aim to integrate eco-friendly practices into our business model, emphasising our commitment to being not just a successful enterprise but a conscientious one too. In essence, Tapoly’s future is shaped by a

commitment to technological innovation, including no-code platforms, product diversification, market expansion, strategic collaborations, a relentless focus on customer experience, and a steadfast dedication to sustainability and social responsibility. These pillars will guide us as we navigate the exciting path ahead.

TFT: How would you describe your leadership style and the culture at Tapoly?

JK: At Tapoly, my leadership style is centred around the philosophy of prioritising people over profit. I believe that our greatest asset is our people, and this belief is integral to every aspect of my management approach. I focus on treating everyone with kindness and fairness, as I see these qualities as crucial to building a strong, cohesive team. When it comes to building our team, I take great care in the selection process. It’s not just about the skills and experience that each individual brings, but also about how well they

fit into our company culture. I believe that when a company treats its employees well, it sets a precedent for how the business operates in all its dealings. In our case, it means treating our customers with the same level of fairness and respect that we show to each other.

TFT: What frustrates you most about the fintech and insurtech sectors?

JK: Two areas present notable challenges, though they also offer opportunities for growth and innovation. First is the dynamic nature of regulatory landscapes. Keeping pace with ongoing regulatory updates and maintaining compliance is a substantial task. It requires diligent attention and resource allocation, which, at times, can shift focus from areas like product development and innovation. However, this challenge also drives us to be more efficient and adaptable, qualities that are invaluable in the tech-driven financial world. Second, there’s a certain level of hesitancy

towards change within traditional financial and insurance institutions. While there’s an increasing recognition of the value that technological innovation brings, the integration of new technologies and processes can be gradual. This slow adoption pace can affect the growth trajectory of fintech and insurtech companies and the industry’s ability to enhance customer experiences rapidly.

Yet, it’s also an invitation for us to engage more constructively with these institutions, helping them understand and adapt to new technologies, thus bridging the gap between traditional practices and modern solutions. These challenges, while testing at times, are integral to our journey towards transforming the financial and insurance landscapes.

TFT: What are your passions outside of ‘work’?

JK: Outside of work, my interests and activities are centred around relaxation and staying active. One of my favourite pastimes is watching Chinese films. I find the storytelling and cultural elements in these films fascinating, and they offer a wonderful window into a rich and diverse culture. Socialising with friends is another important aspect of my life. Whether it’s catching up over coffee, sharing meals, or just spending quality time together, these moments with friends are invaluable for unwinding and staying connected. Cycling is my go-to activity. It’s not just a great way to stay in shape, but also an opportunity to enjoy the outdoors, explore new areas, and clear my mind. Yoga is also an integral part of my routine. It helps in maintaining both physical and mental wellbeing. A focus on breathwork and mindfulness is a perfect counterbalance to a busy work life, helping to maintain focus and inner peace.

AT A GLANCE

insurtech,

on-demand flexible commercial insurance products specifically for SMEs, freelancers, the self-employed and the gig economy.

C ompany: Tapoly

Founded: 2016

C ategory: Business Insurance

Headquarters: London, UK

Website: www.tapoly.com

L inkedin: www.linkedin.com/ company/tapoly

Tapoly is a fast growing

providing

ARE YOU ON THIS YEAR’S FINTECH POWER 50 LIST?

THE ANNUAL GUIDE TO THE MOST INFLUENTIAL, INNOVATIVE COMPANIES AND POWERFUL FIGURES WITHIN THE FINTECH INDUSTRY

MIDDLE EAST 2024

Exploring the future of payments, fintech and banking in the Middle East

The 24th edition of Seamless Middle East, taking place at Dubai World Trade Centre on 14 to 16 May 2024, is set to welcome over 25,000 attendees, including decisionmakers from large enterprises, SMEs, startups, NGOs, regulators and governments.

They will actively work together to facilitate in-depth discussions, debates, and evaluations of alternative payment strategies and groundbreaking technologies shaping the financial landscape.

The exhibition floor will be a showcase of cutting-edge solutions, featuring more than 600 exhibitors including: Geidea, HPS, neoleap, Worldpay by FIS, Adyen, BPC, checkout.com, MDP, My Fatoorah, Nuvei, Paymentology, Terrapay, Thunes and hundreds more.

Over 500 speakers, industry experts, and thought leaders will share insights across multiple tracks, covering the entire spectrum of the Middle East’s financial ecosystem.

Among these speakers, Pascal Bornet, a distinguished best-selling author, intelligent automation expert, and Forbes Technology Community contributor, will delve into the topic of ‘Harnessing tech and generative AI to revolutionise banking: a deep dive in for the

corporate banking cloud of tomorrow’, which will moderated by Mark Walker, editorial director at The Fintech Times.

Other notable speakers include Calum Chace, co-host of The London Futurist Podcast, and ‘the AI guy’ who will share a futurist’s perspective on the transformative impact of AI on the financial landscape. Plus, Karim Hajjaji, global chief operating officer at Banco Santander will speak about ‘Shaping the future of global banking operations’.

Visitors can attend free conference content including the Payments Podium stage which delves into crucial

topics like exploring the secrets of real-time and A2A payments, cross-border alternatives, merchant services, and e-wallets and a focus on the new wave of AI that is disrupting the industry as we know it.

OVER 500 SPEAKERS, INDUSTRY EXPERTS, AND THOUGHT LEADERS WILL SHARE INSIGHTS, COVERING THE MIDDLE EAST’S FINANCIAL ECOSYSTEM

Another event highlight is The Fintech Times Panel, which will bring together notable figures who feature in the 2024 edition of the ‘Fintech Times: the Middle East and Africa Report ’ which will be debuted at Seamless Middle East. Shortly after we will host the fan favourite The Fintech Times hosted speed dating. One room, hundreds of professionals, and thousands of connections – don’t miss out.

You can also catch The Fintech Times hosting Seamless TV, where we capture insights from industry experts live from our TV studio on the show floor.

■ For more information and to register for free please visit www. terrapinn.com/ exhibition/seamlessmiddle-east/

Key highlights of DIFC’s journey and its implications for the regional and global financial landscape

Dubai International Financial Centre (DIFC) stands as a beacon of financial excellence, playing a pivotal role as the leading financial hub for the Middle East, Africa, and South Asia (MEASA) region. With a track record spanning two decades, DIFC has emerged as one of the world’s most advanced financial centres, facilitating trade and investment flows across 72 countries with an approximate population of three billion and an estimated GDP of $8trillion.

Establishing a global financial nexus

Since its inception, DIFC has been instrumental in bridging the gap between the fast-growing markets of MEASA and the global economies of Asia, Europe, and the Americas. With its strategic location in Dubai, DIFC serves as a dynamic gateway for international investors and businesses seeking opportunities in the region. The centre’s robust infrastructure, coupled with its regulatory framework and judicial system based on English common law, has earned it global recognition as a premier destination for financial services.

Driving economic growth and connectivity

Over the past 20 years, DIFC has played a pivotal role in driving economic growth and connectivity across the MEASA region. By

fostering an environment conducive to trade and investment, DIFC has facilitated the flow of capital and talent, fuelling innovation and entrepreneurship. The centre’s comprehensive ecosystem, comprising over 41,500 professionals working across 5,500 active registered companies, has created a vibrant marketplace for financial services, technology, and innovation.

Fostering innovation

In line with its commitment to innovation, DIFC has embraced technological advancements and positioned itself as a hub for fintech and innovation. The centre’s proactive approach to nurturing a conducive ecosystem for startups and emerging technologies has led to a surge in the number of fintech and innovation companies, with a

notable 31 per cent year-on-year increase. Through initiatives such as the Dubai FinTech Summit and the Dubai AI and Web3 Campus, DIFC continues to drive the future of finance, attracting global talent and investment to the region.

Regulatory progress and investor confidence

Central to DIFC’s success is its commitment to regulatory excellence and investor confidence. With the Dubai Financial Services Authority (DFSA) serving as an independent regulator, DIFC has established a robust regulatory framework aligned with global best practices. The centre’s emphasis on transparency, accountability, and adherence to international standards has attracted a diverse range of financial institutions,

including banks, wealth managers, insurance companies, and hedge funds. This regulatory prowess has been instrumental in fostering trust and stability within the financial ecosystem, enhancing Dubai’s reputation as a premier financial jurisdiction.

Diversification and urban development

Beyond its core financial offerings, DIFC has diversified its portfolio to include residential properties and urban retail districts. The successful launch of DIFC Living, coupled with the vibrant retail scene at Gate Avenue, reflects DIFC’s commitment to creating a holistic lifestyle destination. With occupancy rates soaring and footfall increasing, DIFC’s urban development initiatives have contributed to Dubai’s vibrant social and economic landscape.

Sustainability and social impact

As a responsible corporate citizen, DIFC is dedicated to promoting sustainability and driving positive social impact. Through initiatives such as the Sustainable Finance Catalyst and the Future Sustainability Forum, DIFC is leading the charge towards a more sustainable and resilient future. By integrating environmental, social, and governance (ESG) considerations into its operations, DIFC is setting new benchmarks for sustainable finance and responsible business practices.

Insight from His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of the Dubai International Financial Centre

“Two decades ago, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated an ambitious vision to transform Dubai into one of the world’s leading global financial hubs. This vision has remained the cornerstone of DIFC’s sustained performance over the years. DIFC’s unprecedented growth in 2023 further consolidates Dubai’s status as the region’s foremost contributor to the global financial services industry.

“As DIFC continues its journey of success, its accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda D33 to double the size of Dubai’s economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment. DIFC is focused on expanding and deepening its pool of financial services firms and growthstage innovation businesses, whose success contributes to both the UAE and Dubai’s economic growth.

“Through strategic initiatives that support our partners’ development and expansion, we seek to provide a dynamic environment for innovation and enterprise to flourish. In close collaboration with our partner community, we are set to make DIFC an even more pivotal node in the global financial network.”

■ Total number of active companies grows to 5,523, a 26 per cent year-on-year surge

■ Highest ever annual number of new registrations with 1,451 new companies, up 34 per cent year-on-year

■ Unprecedented growth in 2023, ahead of target to double its GDP contribution by 2030

■ Combined revenues close to AED1.3billion, 23 per cent higher than 2022’s record-breaking performance; operating profit reaches AED859millon, up 27 per cent

■ Fintech and innovation remains fastest growing sector, growing to 902 companies, 31 per cent year-on-year

Post Investment: Can Fintech rebuild on value, not hype?

The pendulum is swinging from the era of easy capital and rapid growth to a more sobering reality of value creation

writes

Scott Dawson , head of sales and strategic partnerships at payment platform DECTA

In the middling science fiction novel Those Who Remain, author G. Michael Hopf said:

“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times.” This quote (which in modern terms obviously relates to all human beings) has become something of a catch-all sentiment for ‘decadence’.

The Great Depression in the 1930s is a good example of a time that this quote captures well: when economic turmoil challenged communities and individuals, making it necessary to adapt, innovate and endure economic hardships. As a result, a hardier society emerged, giving rise to a generation that understood the value of hard work, frugality and community support. The metaphor works equally well if we switch ‘men’ to ‘companies’.

In fact, it sheds some much-needed light on the trajectory of business in the 21st century. In good times investors, flush with cash, invest in thousands of weak businesses, these businesses fail and investors are forced to find more reliable sources of profit and then, again flush with cash, they return to spraying billions of dollars at any Stanford drop-out with a pitch deck and a hoodie.

With fintech investment now a quarter of what it was a year ago, it

seems that the good times are over and the hard times are here in earnest. Key to this has been interest rates: the very same mechanism that means that fuel and food is now more expensive than ever before also means that it is more expensive to borrow large sums of money.

Following the 2008 Great Recession, many first-world nations adopted zero interest rate policy (ZIRP) as a means of boosting investment. If companies can borrow at zero or close to zero per cent interest then they should, economists say, found profitable businesses, create jobs and stimulate the economy.

The road ahead might be bumpy, but it could be the very dose of reality the industry needs. It’s time to build for value, not just valuation

Theoretically, this approach is solid except for the fact that it doesn’t always work. Japan did just this, going so far as having negative interest rates, in the 1990s ‘lost decade’ and it didn’t work. But a byproduct was massive investment funds like Softbank Vision Fund, which in turn supported many of the big names of the ZIRP-era: Doordash, Uber, WeWork, Revolut, Slack, FTX and Klarna, among others. That being said, FTX has since collapsed due to fraud, while WeWork went bankrupt and Uber posted its first profitable quarter this year – despite being founded in 2017.

However, to the strategically minded, every crisis is an opportunity. Fintech now has the chance to get real about creating companies that really create value, that are of service to the community and solve real problems instead

of jumping from one VC cash infusion to the next.

THE FINTECH CYCLE BEINGS AGAIN

Fintech investment in 2023 was a quarter of what it was in 2022, and a fifth of its peak in 2021. In the UK, one of the world’s great fintech hubs, investment is down 57 per cent. This isn’t the same across the board: the percentage of VC funding going to fintech startups is down five per cent on 2022 and seven per cent since its high of 20 per cent in 2021. The creation of new unicorns is also down significantly: 59 companies had exits of over a billion dollars in Q2 of 2021 – in Q2 of 2023 the figure was only two. In short, VCs seemingly just aren’t that into fintech anymore.

This is in stark contrast with the previous decade: PayPal, Revolut, Venmo, Stripe and Klarna became multi-billion-dollar businesses almost overnight and remain so by giving people access to services that traditional financial services companies couldn’t offer – instant payments or buy-now-pay-later financing. To find these diamonds in the rough, the VC world had to burn through hundreds of not-so-shiny diamonds, often at great cost – those 59 startups with exits in Q1 2021 aren’t likely to be household names today, if they even still exist.

Anyone who has been at a fintech conference in the last decade might have been given a business card and tote bag by a company with a clever name, stylish design, scads of VC money but with no obvious reason to exist. Such companies might not provide a new or better solution to an existing problem or have a real addressable market, and often no plan to become a profitable business.

This preference for growth over profit is key and is one of the defining aspects of the ZIRP era.

Of course, there are examples where it has been responsible for massively successful companies: Amazon dramatically cut prices of books to the point that physical bookstores were going out of business, eventually expanding its customer base so much that it cannot fail to turn a profit – it is selling so much that even the pennies it makes on a sale add up to hundreds of billions of dollars in gross profit each year. However, its rate of growth is falling, despite a marked upturn during the pandemic, falling from an average of around 40 per cent YoY quarterly growth in the early 2010s to 30 per cent later in that decade and now a flat 20 per cent. It has now transitioned from a period of rapid growth to a profit-driven model, something that many other growth-oriented companies have failed to do.

GETTING REAL ABOUT PROFIT

As the faucet of cheap money shuts off, the VCs face a reckoning. The shotgun approach of spraying cash at hundreds of companies in the hope of striking gold won’t cut it anymore. The new imperative?

Finding the needle in the haystack – those rare gems with genuine profit potential and genuine solutions to real problems.

It’s important to say that fintech investment is still happening, albeit at a deteriorated rate. But some startups are choosing alternative paths, wary of the VC roller coaster. This could mark a welcome shift: a refocus on problem-solving first, growth second. The road ahead might be bumpy, but it could be the very dose of reality the industry needs. It’s time to build for value, not just valuation.

POWERING UAE’S DIGITAL ECONOMY: SPOTLIGHT ON AANI

Jan Pilbauer, CEO at Al Etihad Payments, provides insights into the launch of Aani and how this instant payment platform is reshaping digital payments in the region.

As the designated national payments entity in the UAE, Al Etihad Payments (AEP) assumes a pivotal role in crafting and managing the national payments framework. Guided by a commitment to realise the UAE government’s aspiration for reduced cash dependency and comprehensive digitalisation, AEP strategically aligns itself to deliver cuttingedge, secure and seamlessly interconnected payment options.

but sometimes not instant. And there is no worse experience than having a pending payment or waiting for 30 minutes because the payment gets stuck somewhere. People don’t want to spend time thinking about payments; they just want them to work seamlessly in the background. Our aim with Aani was to address this by offering a solution that is both secure and convenient. With Aani, users don’t need to remember passwords or exchange sensitive information; it’s designed to be fast,

In October 2023, AEP introduced Aani, an advanced instant payment platform. Aani allows digital payments to be processed instantly, on a 24x7 basis, securely and seamlessly. It simplifies the payment process by allowing instant fund transfers using only the recipient’s mobile number, email or a QR code, thus eliminating the need to ask for or remember complex IBANs.

With Aani’s QR code capability, thousands of UAE’s businesses can accept payments, either by printing a QR code or generating a dynamic QR on a smartphone or in their online store. Mark Walker, editorial director at The Fintech Times, chats to Jan Pilbauer, CEO at Al Etihad Payments, to learn more about the need for inclusivity, security and frictionless payments.

TFT: What prompted the development of Aani as a new instant payment platform?

JP: The UAE has always been good at advancing different payment methods, but the development of Aani is something truly exciting and innovative that we have brought to the market. Some countries around the world have already implemented instant payment solutions, such as the UK’s Faster Payments introduced in 2008, or initiatives in South Africa dating back to 2006. However, many solutions often fell short of meeting user expectations. Instant payments of the past were sometimes instant

Half of the

population in the UAE has bank accounts, while the other half relies on digital wallets and salary cards. Aani serves as a payments platform that caters to everyone, allowing users to connect their wallet, salary card, or traditional bank accounts

reliable, and hassle-free. Another significant factor we considered was inclusiveness. Half of the population in the UAE has bank accounts, while the other half relies on digital wallets and salary cards. Aani serves as a payments platform that caters to everyone, allowing users to connect their wallet, salary card, or traditional bank accounts. So, the main drivers behind Aani were really security, convenience, speed, and inclusiveness.

TFT: Does Aani encourage more participation in the payment system?

JP: As a utility, we simplify processes for financial institutions, handling secure transactions, settlement, and risk management.

Our role is to facilitate payments, not serve as a store of value. Whether the money is in a bank account, salary card, or digital wallet, we remain agnostic. This approach aligns with UAE’s ambition to be a fintech hub bringing innovation to not only the existing incumbents but new payment service providers too. Our goal is to provide ubiquity and reach, enabling seamless transactions regardless of where the customer’s money is stored. If you’re a financial institution, you can concentrate on delivering the best customer experience to the market, which is ultimately what we want financial institutions and payment service providers to do.

TFT: Is Aani’s infrastructure similar to the Faster Payments system in the UK, where companies and fintechs need to be registered legal entities with appropriate regulation in place before participating? JP: Faster Payments in the UK paved the way for instant payment systems. However, there’s been a notable evolution since then. Faster Payments initially relied on ISO 8583, an older card standard, which is now considered outdated. Aani’s instant payment solutions have moved beyond this, adopting API-based technology and ISO 20022. This shift is revolutionary as it makes it much easier for developers to connect to our payment system.

Now, while both systems prioritise security, there are some differences in regulatory requirements. To participate in Aani, entities must obtain a licence from the Central Bank of the UAE. The type of

licence needed depends on various factors, such as the specific services offered or the handling of funds. By tailoring these requirements, we aim to ensure security while also promoting accessibility and innovation. The Central Bank is implementing a more risk-based and activity-based regulation approach. They apply the appropriate licence and regulation based on specific activities, ensuring effective oversight and risk management. This strategy promotes openness, avoiding the need for everyone to obtain a full bank licence if they want to participate in the national payment system.

TFT: Aani is operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE; was there a rationale for setting up that separate entity?

JP: This happened before my time, so I cannot comment specifically about the motivations of the Central Bank of the UAE. Generally, there are two main reasons behind the establishment of a separate payments entity by any central bank. Firstly, as regulators, they find it more convenient to delegate the operations of retail payment systems to a distinct legal entity. This allows them to oversee and regulate these payments systems without directly operating them, avoiding any potential or perceived conflicts of interest.

Secondly, unlike some ‘for-profit’ national payments companies seen elsewhere, AEP operates as a utility, focusing on public service rather than profit maximisation. Lastly, you also need a bit of a different governance approach to operating national payments schemes, one that encourages market input and collaboration. By hosting forums with financial institutions, AEP can gather feedback on how to evolve and improve its services. This approach, common worldwide, simplifies operations and enhances effectiveness.

Behind the wheel: PA backs charity mission

Payment leaders drive from London to Poland to donate vehicles to Ukraine

The Payments Association, the community promoting innovation and collaboration in the payments industry, set off on a charitable journey earlier this year to support the survival and development of Ukrainian citizens.

At the end of January 2024, Tony Craddock, director general, and David Hunter, chairman, at The Payments Association, joined a convoy of vehicles from London to Poland on a mission to donate these vehicles as well as essential supplies to aid Ukraine during its challenging time as winter conditions set in and infrastructure issues continue.

The initiative was a joint effort involving key figures from the payments industry, including Neil Harris, chair of The Payments Association advisory board and CEO of b.yond, and advisory board member Kamran Hedjri, group CEO of PXP Financial.

Since the war started two years ago, The Payments Association and members b.yond, PXP Financial as well as fscom have raised over £45,000 for Ukrainian causes.

Charity Ukrainian Action purchased the vehicles for this mission, thanks to some of these donations.

THE MISSION

Ukrainian Action has transported hundreds of vehicles filled with humanitarian aid from London to Ukraine since February 2022. The concept is straightforward yet effective. Dedicated mechanics in

the UK purchase vehicles, including SUVs, pickup trucks, and ambulances, and make them roadworthy.

These vehicles, along with essential supplies, form a convoy of 10 to 12 vehicles, heading to Ukraine via Poland. Trusted Ukrainian helpers near the border take charge of the vehicles, ensuring safe and efficient aid delivery without crossing into Ukraine itself.

The efficiency and low administrative overhead of this charitable model appealed to The Payments Association, ensuring that every pound donated directly

“We had some funds left over from our previous fundraising efforts and we felt like this would be the smartest way to use it. Not only is it a lovely thing to do from a charitable perspective and will hopefully raise awareness, but it’s actually going to be quite a lot of fun and a bit of an adventure for us too.”

benefits those in need. Their journey will span three days, including stops in Belgium and Poland. Hunter told The Fintech Times: “There are many people working in the fintech community, especially in the computer engineering side, that have been affected by the Ukraine crisis, including people we know personally.

SINCE THE WAR STARTED TWO YEARS AGO, THE PAYMENTS ASSOCIATION AND MEMBERS B.YOND, PXP FINANCIAL AND FSCOM HAVE RAISED OVER £45,000 FOR UKRAINIAN CAUSES

she said. “Things have changed over the past number of years, and it’s hard to believe that this still continues because it hasn’t changed for our colleagues and friends there, so we’re really pleased to be able to support the initiative.”

Following the successful mission, Hunter commented: “It’s been an absolute pleasure and privilege to represent the UK fintech community, in supporting the fantastic work of Ukrainian Action. Being able to do something with so much purpose and also to have fun along the way is such a winning formula. We initially set a target of £2,400, and very quickly exceed this, so upped it to £3,500 and then to £5,000, and then a big new target of £10,000.

Craddock, Harris, Hedjri and Hunter departed from London to Europe via Eurostar, with a send-off from fscom director Alison Donnelly, who expressed the collective sentiment regarding the ongoing crisis in Ukraine.

“When the invasion happened, we were all startled and taken aback, and our hearts went out to them,”

“With the huge generosity of our fintech friends, we have received over 100 donations, raising over £8,900 to date (on top of the £12,500 donated by The Payments Association, PXP Financial, fscom and b.yond digital). With the new target Ukranian Action will be able to buy and fill another vehicle for the next convoy.

“Yes, it was exhausting, and trying to keep us in convoy for nearly 2,000km, must have been like herding cats, but we made it. We hope that our journey will inspire others to get involved and collectively for us all not to lose sight of the desperate situation in Ukraine.”

Insurance success: Is innovation the holy grail or is evolution the key?

In a

sector filled with ‘ innovation’ buzz, experts

debate whether refining existing offerings through evolution should take precedence over revolutionary ventures, writes Francis Bignell

At The Fintech Times we frequently encounter companies touting their latest products as ‘innovative’ that promise to ‘revolutionise’ the industry.

While the allure of innovation is undeniable, the question arises: should organisations prioritise refining existing offerings through evolution before embarking on revolutionary ventures?

This was a topic of discussion at the recent Digital Insurance Summit Europe 2024 in London. During a panel focused on customer centricity in the insurance sector, delegates delved into the topic of innovation vs evolution with John Pyall, head of underwriting and product at Great Lakes Insurance SE, commenting: “I’m beginning to hate the word innovation. We’ve been saying that at conferences I’ve been to for the last six/seven years. What I want to see are evolved policies – not just a massive internal project. Let’s use our culture to evolve properly.”

Sparking a debate between the panellists, the conversation went back and forth on what insurance firms should prioritise when looking to grow their businesses.

Following the event, however, the question of innovation or evolution stood out. After all, it can be applied to the general fintech ecosystem, not just insurance.

We reached out to experts from across the industry to understand what they believed was more important – innovation or evolution.

Understanding what digital tech can offer We chatted with Pyall to further understand why he believed evolution was so important. He explained that there is a huge level of risk with innovation, especially in our postpandemic, digital society. Many firms may see this as an opportunity to completely reinvent the wheel, however, Pyall suggests that what the digital society can provide is data.

Instead of working on a ‘revolutionary’ product which would take three years to develop, test and launch, he said that using the data available to firms as a result of the digital boom is how they can best serve their customers. “We want to understand our customer’s needs. New digital touchpoints give us more data, which means firms can actually take on what their customers want and act on it.

“Evolution brings customers with us on our journey as we develop – giving them exactly what they want. Innovation is driven internally by what our internal needs and demands are, instead of what the customer needs.”

Echoing this view is Rich Arundel, chief evangelist for Currencycloud and Visa Cross-Border Solutions, who said: “We believe fintechs and

the wider financial ecosystem must focus on evolving their offerings to customers’ quickly changing needs. And while that might not always be simple, set against a backdrop of rapid regulatory change and market volatility, it’s the businesses solving real-life problems for consumers that will no doubt stick around.”

ManyPets example

Pyall identifies a good example where evolution has better served a business instead of rebuilding through innovation. ManyPets is a pet insurance company that was founded in 2012 in the UK, and has now spread to the US and Europe. Pyall explained how the company had a very good core product, but when the insurance firm tried to veer away from just pet insurance and enter other markets, it did not see as much success.

This is because its customers were not looking for alternative insurance offerings – they were after pet insurance. Honing in on this offering instead and improving that product suite, evolving with its customers, saw ManyPets flourish. “Innovation in itself isn’t bad, but it has its place. The problem is that it has expanded to the point that the evolution of a product is no longer being considered as much.”

A balance is needed

The Fintech Times Podcast team discussed the topic during a recent episode, in which Francis Bignell and Polly Jean Harrison agreed that evolution was more important for a company to find success. Meanwhile, Tom Bleach took a more neutral stance, pointing out the benefits of both.

Andrea Maria Cosentino, CEO of Impact Fundry, the strategic consultancy boutique and VC investor, shares Bleach’s view.

“Innovation must be balanced with evolution. Fintechs must evolve their existing infrastructure, processes, and offerings to adapt to regulatory changes, customer preferences, and technological advancements. Evolution ensures stability, scalability, and long-term viability, providing a solid foundation upon which innovation can thrive.

“Ultimately, the key lies in striking a harmonious balance between innovation and evolution. Fintechs must innovate to stay relevant and

CEO and co-founder of Remote, a global HR unicorn and fintech company, explores this further: “Innovation, particularly in the fintech industry, is about more than just disruption or the introduction of groundbreaking technologies.

scale the solutions identified. For born digital fintechs this would be a bad sign, as it would tend to indicate that they haven’t built truly data-fluid, intelligent, customercentric architectures.

competitive while evolving to maintain operational efficiency and compliance. By prioritising both aspects strategically, fintech companies can navigate the complexities of the financial landscape and drive sustainable growth in the digital age.”

Security in evolution

For some, one of the pillars of fintech is to disrupt the status quo and create out-of-the-box solutions. However, for Leo Farias, CEO and cofounder of Concepta Technologies, a web and mobile development for fintechs and banks, “opting for evolution – perfecting our strengths – is often the safest route”. He adds: “This strategy reduces risk, strengthens the base, and ensures financial health, fostering growth that’s both steady and strategically positioned for future innovation. This careful balance not only secures your current standing but also efficiently channels resources toward possible innovation.

“Innovation is challenging and comes with greater risks. Yet, it thrives in a culture that welcomes new ideas and perspectives. By focusing on innovations informed

Innovation allows fintech companies not just to adapt to the changing landscape, but actually to shape it

by customer feedback and understanding of their needs, we achieve more than incremental progress; we make significant leaps forward. This focus ensures we’re not only evolving but also setting new benchmarks in the sector, making every advancement meaningful and directly responsive to the market.”

Redefining what’s possible Risk-taking isn’t a bad thing in fintech, however. Job van der Voort,

“It’s about shaping the future of finance, creating new paradigms, and redefining what’s possible in the realm of financial services. While evolutionary improvements are indeed important for meeting emerging customer needs and navigating regulatory changes, it is through innovation that we can truly transform the industry. It’s the innovative breakthroughs that have the potential to redefine customer experiences, create new business models, and open up unprecedented opportunities. “Innovation allows fintech companies not just to adapt to the changing landscape, but actually to shape it. By being at the forefront of innovation, we can lead the way in defining the future of financial services, delivering unparalleled value to our customers, and staying ahead of the competition in the ever-evolving fintech industry.”

Innovation isn’t invention

“For me ‘managed innovation’ as a working model is the best way to be evolutionary,” said Rory Yates, chief strategy officer at insurance platform provider EIS.

“

Innovative companies constantly feed on deep human insight and technology trends, adopting and adapting to these easily. Between these two points is where you achieve a degree of foresight, and continue to be a pioneering market leader. Which all fintechs aspire to be.

“The collision between what we tend to think of as innovation and a business model that’s more evolutionary is that typically innovation is fulfilled separately to the core organisation. This gives the freedom needed to explore new value potential without legacy constraints.

“However, this has often failed because at some point it has to integrate back into the mothership to utilise strategic assets like access to customers, or the general ability to

“MACH-based businesses are all about providing the right degrees of adaptability needed to make innovation the working model of the modern fintech or insurtech business. Built with the same technology and design as Amazon or Netflix, this allows them to continuously innovate and operate like a software business – continuously improving, taking advantage of new value opportunities, and competing better as a result.”

It’s not a case about picking what is better, it’s about picking what is necessary

Nikita Lomov, CEO of Altos, a research company for fintech investment platforms, noted the differing priorities for companies at different stages in their growth.

“Fintechs operate in a landscape defined by rapid change and fierce competition. For incumbents like banks, the path forward lies in evolution. They must adapt their traditional models, embracing technology and agility to become fintechs themselves (back in 2019, a16z asserted that every company would become a fintech company anyway). This evolution is vital for survival in a market where consumers increasingly demand seamless digital experiences.

“On the other hand, emerging fintech companies face a different imperative: innovation or obsolescence. The market rewards those who can swiftly introduce novel solutions, whether through groundbreaking technology, inventive distribution channels, or innovative monetisation strategies. Without continuous innovation, these newcomers risk being overshadowed by more agile or larger competitors.”

Some risks are worth taking

Jon Morgan, CEO of Venture Smarter, the business development manager, says firms must set the pace, not respond to it.

“For me, innovation takes the cake. You see, in an environment where technological advancements occur at a breakneck pace, standing still equates to moving backward. It’s not merely about keeping up with the competition; it’s about setting the pace, defining industry standards, and fundamentally reshaping the financial technology landscape. Innovation isn’t just a buzzword; it’s the lifeblood that propels us forward.”

POSITIVE, ENGAGING CORPORATE CULTURE THE NEW PATHWAY TO HIGH-PERFORMING FINTECHS

With innovative, customer-centric value propositions and multi-skilled teams, fintech has profoundly reshaped the financial landscape over the past decade. But success no longer hinges primarily on innovation or cutting-edge technology, says Martina Doherty founder of MD Consulting

Ccontributing up to 33 per cent higher revenue (Gallup).

orporate culture can be defined as ‘the way we do things around here’ and is a key driver of conduct and employee behaviour in any organisation. At surface level it is the observable behaviours e g management style, employee behaviour, dress code etc. However, beyond the visible there is a deeper and more complex force of culture – the people and how they feel about their workplace. In other words, the head, heart and gut of the organisation; an invisible force that drives how employees think, behave and perform that goes beyond rules, policies and regulations. Where competitive advantage in fintech was once centred around innovative and disruptive technology, the spotlight has moved towards culture and the work environment. Research shows that a positive, engaging culture:

■ Improves business performance

■ Can increase company valuation (Glassdoor research found a portfolio of US companies recorded as the ‘Best Places to Work’, significantly outperformed the S&P 500 with an annualised excess return of 265 per cent)

■ Positively impacts employee engagement and performance

■ Can positively impact employee attraction and retention,

Many organisations fail to realise the importance of the deeper and less visible aspects of culture until a crisis emerges. Take the case of Revolut, as an example. Former staff claimed they were set unachievable targets in the name of growth, forced to do unpaid work and put under severe pressure to the point where they eventually quit their jobs. In response to the claims, a ‘CultureLab’ team was created and Revolut publicly committed to addressing their cultural issues. However, it was a case of closing the stable doors after the horse had bolted – the reputational damage and an exodus of experienced employees had already taken hold. Clearly, the path to high performance in fintech is about building an organisation that balances business, regulatory and human outcomes; too heavily skewed in any one direction can create conditions for undesirable behaviours to emerge or impede talent attraction and performance. So what steps should fintech leaders take to create such an organisation?

1 Assess and identify the current cultural profile

Start by actively profiling the current culture and the values of how you operate. This provides a common language to help everyone understand and appreciate the culture as well as identify areas for change. This is not a mission statement on a website or posters in the office, but a real honest objective assessment from across the organisation of the reality of the current workplace and environment. For example:

■ Is your fintech target-driven with its performance outcomes front and centre? If so, does that encourage rule-bending or turning a blind eye to regulatory guidelines in the pursuit of monetary and performance targets?

■ Does a ‘work hard, play hard’ culture mean that employees are focused primarily on output at the expense of creative time for new innovations to emerge and your people are burning out?

Honestly and objectively articulating cultural profile across the business can also help identify any gaps between the culture that leaders think they have and the lived experience of employees.

2 Role-model your culture

Everyone owns culture, but some people have more influence on it than others. Leader behaviour and thinking style is a key influential factor so how you behave sets the optics for what you expect from your people. In 2018, Nikolay Storonsky, Revolut CEO, said he “can’t see how work-life balance will help you to build a startup”, setting the tone for a stress-inducing work culture. Whereas, Tom Blomfield, Monzo CEO, said in 2020 that he was passionate about maintaining a healthy-work-life balance and had taken up pottery which he found “meditative”. So, think about the messages that you communicate as a leader – verbally and otherwise – because as a leader you set the tone from the top.

3 Make culture a regular agenda item at meetings

Include regular meaningful metrics as part of the discussion e.g staff turnover, productivity issues, complaints etc and ensure appropriate actions are taken when needed. Without action, cultural values and promises are just words.

4 Give employees a voice

Your organisation is only as solid as its platforms for openly sharing thoughts, ideas and concerns. This means cultivating a psychologically-safe environment for everyone to make suggestions and challenge the status quo without fear of ridicule or retribution. Regular forums and surveys to get employee feedback are key, as are ensuring policies and processes are aligned with cultural values.

5 Hire for ‘will’ as well as skill

When hiring or promoting from within the organisation, look beyond skills and get a sense of the person’s character to see what they can bring to your culture. In an industry where innovation is key, consider hiring for cultural ‘add’ rather than ‘fit’ since different viewpoints and perspectives, rather than group-think is where creativity thrives. Embracing diversity and valuing people for their individuality will also positively impact employee motivation and engagement.

6 Focus on learning and development

Every organisation needs to continually innovate. That means ensuring your employees have the skills to keep pace. Even in a tech-driven environment everyone needs non-tech skills to collaborate and communicate at a human-to-human level. Ensure training initiatives are considered with the wider culture in mind, rather than focused on a specific project, individual or department.

While there is no such thing as an ideal profile, organisational culture is now as much of an asset for any fintech as its technology – and not something to be left to chance. Fintech leaders should embrace the thinking of the influential Peter Drucker who said “culture eats strategy for breakfast” and not wait for a crisis to emerge before it becomes priority. After all, culture is what will ultimately differentiate the good fintechs from the great.

About MD Consulting

Martina Doherty is a business psychologist and cultural change specialist who works with blue-chip, startups and scale-ups across the fintech sector to build positive, engaging and high-performing work cultures.

CHARTING THE FUTURE OF B2B PAYMENTS

Exploring the cultural tapestry of TreviPay: CCO Martha Salinas shares the core values that define the global invoicing network’s identity

Q Tell us about TreviPay and your mission

At TreviPay, we believe loyalty begins at the payment.

TreviPay, headquartered in Overland Park, Kansas, is a global B2B payments and invoicing network that helps enterprises to reach new markets, automate accounts receivable and provide choice and convenience in payments by addressing the needs of B2B sellers and their buyers. We have more than 40 years of experience and aim to serve leaders looking to build loyalty, drive efficiency and embrace new digital channels, especially in industries such as manufacturing, retail and transportation. Our mission to make B2B payments easier, faster and smarter is even more beneficial today as we realised our vision to bring innovation and payment expertise to businesses around the world.

Q What makes TreviPay a great place to work?

where we live and work. We understand trust is essential to the development and evolution of our business and our teammates here at TreviPay. Built on that foundation of trust are our core values:

■ Empathy: We take pride in the ability to actively listen to understand and support the distinct viewpoints of employees, customers and our communities across the globe.

■ Ingenuity: TreviPay was created through creative problem solving and seizing opportunities.

■ Tenacity: Underpinning our efforts is a relentless commitment to our customers and their success. TreviPay gives employees the autonomy to make decisions, all for the collective success of the business and the businesses of its customers.

Q How do you work with your local communities?

Our employees take pride in participating in outreach activities contributing to the communities where we live and work across the globe. Through Community Fountain, TreviPay’s philanthropic committee, employees help provide needed services and resources to the communities where we live and work across the globe. In Europe, we are involved with Make-a-Wish Foundation where the team participates in a Business Challenge – working together to make a specific wish come true. TreviPay is also proud to be an active supporter of Backpacks for Hunger, Ronald McDonald House, Rose Brooks, Something to Eat and the Kansas City Girls Preparatory Academy and local community activities across our APAC and EU teams.

experience to build buyer loyalty. We surveyed 300 global business buyers finding merchants across all industries should offer choice of preferred payment methods, convenient onboarding and software integrations, and customisation of invoicing.

■ Expanded payments technology with cross-currency capabilities, showcasing our commitment in orchestrating choice, convenience and efficiency in B2B payments to merchants around the world. TreviPay, which operates in 32 countries and in 20 currencies, can now facilitate transactions when the buyer seeks to be invoiced and pay in a currency different than the currency disbursed to the merchant.

Every individual at TreviPay contributes to creating superior results that benefit our clients and our employees. We empower our employees to make decisions and embrace originality in thought, opinion, background and philosophies. Our employees bring talent, experience and compassion to communities around the globe. We make time to give back with volunteer events and charity initiatives. We enjoy each other’s company. Our team comes together often for food truck lunches, happy hours, holiday celebrations and team outings. We offer our employees flexible work arrangements, a generous PTO policy, paid parental leave, volunteer time off and 401(k) matching.

Q Tell us more about your core values and overall culture?

Every day, we set out to earn trust – from our customers, partners, employees and the communities

We have also established a committee to promote cultural awareness for diversity, inclusion and equity through research, training and meaningful projects that benefit both our business and our community. We enable our teams to embrace our differences, evolve our perspective and unite our strengths. One of the main goals of our DE&I committee is to be a recognised leader in this area and empowering all employees to be true to who they are. TreviPay’s DE&I committee is guided by the following tenets:

■ Purpose: Embrace our differences. Evolve our perspective. Unite our strengths.

■ Mission: Drive cultural awareness for diversity, inclusion, and equity through dialogue, training, discovery and impactful initiatives at TreviPay and in our community.

■ Vision: To be a known leader of inclusivity, welcoming differences and empowering employees to be their authentic selves.

Q Tell us about your recent successes

TreviPay released a series of features designed to help merchants build experiential loyalty with enterprise buyers, including TreviPay’s new all-in-one payments solution. B2B merchants and marketplaces can now serve the entire spectrum of business buyers with TreviPay as their single payments vendor. Through integration, merchants can customise acceptance of card types, allowing business buyers to either pay upfront with card, ACH or mobile wallet, or pay later through net terms and invoicing to improve cash flow and reduce debt. TreviPay has also:

■ Launched the Financial Partner Gateway, a suite of APIs to allow banks around the world the ability to enable net terms financing for commercial clients. This offering also enables TreviPay to continue to scale and expand globally.

■ Released new industry research, unveiling how merchants can improve the B2B payments

On a personal note, I won the 2023 Banking Tech Awards’ Woman in Technology (WIT) – Payments Software & Services Provider leadership award. This award honours an outstanding woman for her distinguished leadership and inspiring work in a technology company and making a positive impact on the fintech industry.

Q What’s next for TreviPay and future plans?

We are excited to be planning our inaugural two-day payments conference, TreviPay Crossroads, coming October 2024 to Kansas City. TreviPay Crossroads is set to elevate the strategic value of B2B payments with session tracks dedicated to the manufacturing, B2B retail and travel sectors. www.trevipay.com

The Wild Wild West of Fintech

Blockchain, digital currencies and Web3 have become some of the biggest topics in the financial industry. Everyone seems to agree that the future of finance is headed in their direction. While they aren’t necessarily the easiest concepts to grasp, it is impossible to deny that they will surely become a crucial aspect of everyday life – that is if you don’t already consider them to be.

From foreign exchange fintechs easing cross-border payments using blockchain technology, all the way to central banks from every continent contemplating the use of central bank digital currencies (CBDCs), it appears blockchain and digital currencies are guaranteed to change the face of finance.

Beyond this, the biggest tech firms in the world have been doing their best to break into finance. But what isn’t necessarily clear to all is how various countries and their central banks are vying to retain their financial muscle with their own centralised blockchains. Within Big Tech in Finance, author Igor Pejic reveals the ‘Wild West’ nature of the financial world, as ‘big tech’, ‘big banking’ and ‘big government’ all fight for dominance in tomorrow’s autonomous economy.

Ultimately, the book aims to provide important and detailed insight into the world of blockchain, as the off-chain world begins to merge with the on-chain one.

BREAKING IT DOWN… BLOCKCHAIN BY BLOCKCHAIN

If your knowledge of blockchain and crypto is anything like mine, understanding the complexities and technicalities of these topics can be daunting. Thankfully, from the off, Pejic breaks down key topics and concepts perfectly. Where needed, he simplifies various definitions and concepts to ensure the reader isn’t lost, regardless of their previous level of understanding.

One specific example that stood out to me was his explanation of the true meaning of decentralisation at the beginning of chapter four. He

By Tom Bleach, journalist at The Fintech Times

explains that if we borrow $50 from him, that transaction is centralised. On the other hand: “Let us imagine I don’t hand you the bill behind closed doors, but slip it into your hand at a public square and everybody is free to record it. This would be true decentralisation”.

Smart, but simple explanations can be found found throughout the book. Whether it be delving into the differences between proof-of-stake or proof-of-work, or explaining the significance of smart contracts, readers with any level of knowledge

BIG TECH IN FINANCE: HOW TO PREVAIL IN THE AGE OF BLOCKCHAIN, DIGITAL CURRENCIES AND WEB3

By Igor Pejic

Available: Kindle,

Hardback & Paperback

will rarely be left scratching their heads – although I wouldn’t recommend this to someone without any experience in the world of finance (who may well still be left confused!).

THE HUMAN PERSPECTIVE

Pejic also eases the reader in slowly. Rather than jumping straight into the heart of blockchain as it exists now, he begins at the ‘very start’ of this topic: the advent of the internet, or rather, the advent of the proprietary web browser Netscape. For me, this chronological approach

is not only easy to understand, but also makes the read much more engaging. While this is also helpful for those learning about aspects of the space for the first time, it is far from a comprehensive history – but that isn’t the point. Instead, the aim is to highlight key concepts and themes; which are later crucial in explaining the present (and eventually future) of fintech.

Another particularly enjoyable aspect is Pejic’s focus on the people behind important technological advancements, inventions and breakthroughs. Rather than simply explaining how cryptocurrencies evolved from their earliest iterations into those that exist today, he offers a look into the people behind them – and their motivations. This angle made the book much more digestible for me when learning about the early Bitcoin contributors and why they were so compelled to create and spread the concept. Personally, understanding the ‘why’ behind each concept instead of just how different technologies impacted the industry was greatly appreciated.

KEEPING UP WITH THE CHANGING LANDSCAPE

Admittedly, when I first picked up Big Tech in Finance, I wondered how much of its content would go over my head. I hardly considered understanding the strategies behind the use of distributed ledgers as a forte of mine. However, coming away from the book, I genuinely feel it has given me a deeper understanding of not just the role of ‘big tech’ in finance, but also of the impact of ‘big banking’, ‘big government’, and regulators.

Taking a step back and looking at the overall picture, it becomes increasingly clear that the biggest tech firms have already made their mark on the financial sector, but continue vying for drastically more control. As they begin to chip away at the services offered by banks (without trying to wake the regulator), the race between these competitors has long since begun – and this is exactly what Pejic gets the reader to understand.

5BOOKS TO GET AHEAD IN FINTECH

Bankers Like Us: Dispatches from an Industry in Transition by Leda Glyptis

Available: Kindle and Hardback

Redecentralisation: Building the Digital Financial Ecosystem by Ruth Wandhöfer and Hazem Danny Nakib

Available: Kindle and Hardback

The Metaverse Economy: How Finance Professionals Can Make Sense of Web3 by Arunkumar Krishnakumar & Theodora Lau

Available: Kindle, Hardback and Paperback

Unsupervised: Navigating and Influencing a World Controlled by Powerful New Technologies by Daniel Doll-Steinberg and Stuart Leaf

Available: Kindle and Hardback

Why DeFi Matters: What Cryptoassets, Web3 and the metaverse really mean for finance by Ian Horne

Available: Kindle, Hardback and Paperback

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