iSAP Exchange FZCO

Open Finance Genesis of a Revolution #fintech #openfinance #innovation By PWC & LFF

Nailed it! Monzo co-founder & ex-CEO Tom Blomfield on why the UK doesn't have more startups: "But, by far, the biggest barrier is cultural. Our national psyche doesn’t celebrate entrepreneurs and we have an extreme culture of risk-aversion. A huge majority of smart technical young people in the UK aspire to be lawyers or consultants or work in finance. These are safe careers with prestigious brands that guarantee people a safe, middle class lifestyle" - Tom Blomfield Unfortunately, this equally applies to 99% of Europe too. In the age of abundance, risk aversion and lack of innovation is eating us from the inside out. We need an equivalent to the American Dream. Something that would allow people to believe in themselves when nobody else does. Because the future belongs to optimists and risk-takers. European Dream ?????? P.S. check out ??linas.substack.com??, it's the only newsletter you need for all things when Finance meets Technology. For founders, builders, and leaders.

Personalization in banking is no longer a buzzword, it's a necessity. Banks are increasingly leveraging data, behavioral analytics, and smart design to give customers the power to shape their own financial experience. Some digital banks are leading the way by empowering customers to personalize their banking experience. Imagine having full control over your banking interface, editing quick links on the homepage to make it work for you (PT Bank Jago Tbk), or sorting automatically your salary into different sub-accounts (spending, savings, and shared) as soon as they receive it (Monzo Bank). Whether it's adding a little personality to money transfers with stickers (KASIKORN LINE), building savings habits with gamified goals (Cleo), or comparing loan offers from multiple banks based on your credit profile (????? Kakaobank), these features put the customer at the center. The future of banking is personalized, and the power is in the customer’s hands. It has never been easier to treat customers differently based on their unique needs and goals. It's now time for banks to start thinking about how they can create magical experiences. #Personalization #DigitalBanking #CustomerExperience #BankingInnovation #FinTech #FutureOfBanking

Open Banking Implementation Demystified Over the last few years, there has been a revolution in the way that banks and FinTech’s interact with each other. This revolution has resulted in better products, experiences, and services for consumers by enabling tools and mechanisms to exchange financial data securely by leveraging modern industry standards. This movement towards sharing data is Open Banking and presents us with a new operating model where Open APIs are used to establish interoperable systems that will allow for innovative financial products. For any bank, enabling APIs to expose the data of its customers to external parties will always be a challenge that needs to be solved using an engineering approach. When it comes to enabling Open Banking, the required solution is nothing more than a cross-organization API Integration project that prioritizes activities and outcomes such as: 1. Conducting a comprehensive review of existing APIs 2. Categorizing/ rationalizing based on capabilities 3. Establishing a governance framework and actively managing the API lifecycle in order to deliver digital services at scale These activities can be implemented depending on the situation and characteristics of the organization. Although various departments will contribute to this initiative, IT and Architecture teams most often take the bulk of the responsibility. A common theme that arises is whether there is any existing reference architecture or concrete guidelines that can be used to succeed in an Open Banking implementation initiative. Advantages of Open Banking for Customers Banking and FinTech providers’ use of customer data has enabled a more efficient, interconnected process. But what does this mean to the consumer? Through smarter data usage, customers have access to new applications that promise convenience, security and control over their financial experience like never before: ? Account aggregation: Allows customers to get an overview of their various accounts across different banks. ? Personal Finance Management: Provides the customers with a complete overview of their financial situation. ? Instant Credit Risks: Allows lenders to gain an almost instantaneous overview of an applicant’s credit history (especially useful to speed-up credit applications). ? Subscription Management: Detects all the recurring payments from the customer and shows them in one interface. ? Taxes Preparation: Banks can communicate with accounting platforms to retrieve tax data, which will allow them to realize operational efficiencies to reduce call volumes during the tax season. ? Payment Initiation: Think of this as a simplification of the payment experience, where there will be multiple payment options within the same payment interface; additionally, payments will be processed in minutes or hours versus days. ?? Subscribe for more insights https://lnkd.in/d94JgWBU Source Blanc Labs Brice Ali Alex Michele Nafis? Monica Lex Theodora Saleh

Understanding International Money Transfers Sending money across borders has become easier than ever, but it's essential to understand the different methods available. Key Methods: - #Bank/Wire Transfers: Traditional method involving banks and correspondent banks. - Process: Sender's bank sends funds to a receiving bank in the recipient's country. - Pros: Secure, suitable for large amounts. - Cons: Can be slow and expensive. Money Transfer Operators (MTOs): Specialized companies offering various transfer methods. - Process: The sender provides funds to an MTO agent, who transfers them to the recipient. - Pros: Often faster and more convenient. - Cons: May have higher fees for smaller amounts. Choosing the Right Method: - Amount: Consider the amount you are transferring. Larger amounts may be better suited for bank transfers. - Speed: If you need the funds to arrive quickly, MTOs are often the better option. - Cost: Compare fees and exchange rates between different methods. - Convenience: Factor in the availability of agents or online platforms in your location and the recipient's country. Stay Informed: - Exchange Rates: Monitor exchange rates to get the best deal. - Fees: Be aware of any hidden fees or charges. - Regulations: Understand the regulations governing international #money transfers. Thank you Mastercard and EY Resource: https://lnkd.in/gtSERRJh #internationalmoneytransfer #remittance #banktransfer #mtos #fintech #globalpayments #crossborder #moneytransfer #exchangerates #regulations

Ryan is locked in on his LinkedIn game - literally. ? For those not in the know, Ryan was Co-CEO of FTX and is starting a seven and a half year sentence in federal prison. TGIF! https://lnkd.in/eRFg6d3S

After re-shaping both #fintech and #ecommerce, can Buy-Now-Pay-Later now challenge card payments? Let’s take a look. ? #BNPL owes its success to its double appeal to consumers and merchants. For consumers it’s convenience through a streamlined, low-friction, integrated check-out experience, whereas for merchants it's boosting conversion rates and average order value. ? As a result, what started as a niche offering is now a multibillion industry worth globally about $US316 billion only on the e-com side (2023 figures, source: WorldPay). ? But can BNPL really challenge credit cards? ? Let’s start from the basics: both credit cards and BNPL are unsecured consumer credit,?however there is a big difference in terms of risk underwriting: whereas the risk assessment for credit cards takes place ahead of the purchase and is based on hard, income-sided facts, BNPL manages credit risk by accessing alternative #data sources in real-time that enable instant approve/decline decisioning. ? Depending on market dynamics BNPL can be card-based or not, which can be a significant adoption driver for consumers with no access to credit cards, like young generations (the model’s most active customers). ? Despite its fast ascend, BNPL accounts today (source: WorldPay) for only 5% of the global e-commerce #payments market compared with 15% for credit cards and 8% for debit cards. On the POS side the numbers are even less favourable with BNPL at 1% vs 22% for credit cards and 18% for debit cards. ? However, seen from a future perspective BNPL is best positioned to benefit from the declining use of cash globally: it is expected to grow significantly both on e-com and POS. In markets like the Nordics it has already reached double-digit e-commerce market share figures (in Sweden, Klarna’s home market, BNPL has a 25% market share). ? BUT BNPL has 2 main disadvantages vs credit cards: 1.????Its inability to offer credit-card like rewards like return points, miles or cash backs. 2.????Relative (vs credit cards) limited acceptance on the merchant side ? Nonetheless, there is a creative work-around to these issues: virtual cards. ? The trick is the following: virtual cards tied to BNPL offerings, which can act (and be accepted) as normal credit cards. ? Benefits: -??????Work across merchants -??????Lose the acceptance problem (BNPL acceptance becomes credit card acceptance) -??????No difference to the typical BNPL benefits for both consumers (i.e. partial payments) and merchants (advance payment in full) -??????Additional flexibility for consumers ? As the market evolves, BNPL will be transforming itself to adjust, primarily across 3 main directions: 1) moving away from pure Pay Later plays and into more holistic payment strategies 2) fully integrated experiences, embedded across verticals using big data and AI for hyper-personalization 3) focus on the POS financing opportunity. ? Opinions: my own, Graphic sources: EY & Prove, Medici?

The world and India have just lost Ratan Tata. A giant and a visionary who redefined modern India's path ?????? He built a $300 billion empire and discreetly donated over $100B to keep off the "billionaire's list". Owner of Jaguar and Land Rover, and India's airline, steel, retail, car, and tech sectors, Ratan was a man with zero haters, a towering figure, and a visionary who transformed the course of modern India forever. This quote of his really hit me hard: "Never underestimate the power of kindness, empathy, and compassion in your interactions with others" - Ratan Tata Ratan Tata’s legacy will live on in the hearts of millions. ??

Building blocks of a platform-based ecosystem Many platforms and ecosystems have become household names in the last decade – including Amazon, Grab and Vitality – and have become leaders in their respective fields. Many other businesses are now seeking to replicate their success . INSEAD Knowledge’s The Five Essential Roles of Corporate Ecosystems3 article illustrated the building blocks. Some organizations may cover different roles, and, apart from the orchestrator(s), these also tend to evolve overtime. In the former Arkwright’s report, Square (now rebranded Block) was analyzed as an example of an B2B PBE accompanying SMEs along their journey of opening and leading a business. Their model evolved significantly over a nine-year period. Similarly, business spend management (BSM) platforms like Coupa, Tradeshift or Basware have been continuously complementing value propositions over the last 10 to 15 years, becoming treasury focused PBEs for multinational companies. Their success is dependent on their ability to build an ecosystem around their business customers’ needs by covering everything such as expense management, digital supply chain management, and working capital solutions. The Five Essential Roles of Corporate Ecosystems ?? Orchestrator(s) Firm or a group of firms that understands (and owns) the key value proposition for the customer Philips is an orchestrator of the eCare ecosystem that monitors – via wearable devices – the health of patients with chronic conditions even when they are not in the hospital ?? Core partner(s) This is a firm or a group of firms that provides the core customer base or complementary offerings needed to create value around the key value proposition Salesforce and Radboud University Medical Center are Philips’ core partners. While Salesforce contributes data analytics capabilities, Radboud University Medical Center provides access to customers (i.e. patients) and also a location to test new products ?? Technology enabler A provider that supports the technological operations of the ecosystem. These companies could have unique capabilities allowing the ecosystem to operate or achieve a competitive advantage AWS provides a critical cloud-based infrastructure for the eCare ecosystem to operate ?? Complementors Their offerings enrich the customer value proposition, yet individually they are not critical for this value proposition to materialize In the eCare case, these would be manufacturers of other (non-Philips) wearable devices that collect health data and would provide alerts to patient or the medical personnel ?? Resellers They provide the ecosystem’s offerings as part of their own product or service Insurance companies can provide eCare services to their customers. Likewise, other hospitals around the world can register their patients with eCare ?? More insights https://lnkd.in/d94JgWBU Source Arkwright Consulting #fintech Brice Ali Alex Michele Nafis Monica Lex Saleh

This is incredible! What's happening in Lithuania ???? now is nothing short of an economic miracle ?? At +276.3%, Lithuania has the highest percentage change in average annual wages (1990-2020). On top of that, the standard of living in Lithuania is overtaking Spain and Italy within just one generation. This is nothing short of fascinating ?? The best part? All of this has been achieved with a relatively small yet brilliant talent pool and very limited VC dollars. Capitalism and a free market is the only way for countries to thrive. Proud ???? P.S. check out ??linas.substack.com??, it's the only newsletter you need for all things when Finance meets Technology. For founders, builders, and leaders.