Jarrad Hubble, CEO of RTGS.global
Hello!
It's time once again for the FinTech Profile newsletter here on LinkedIn and today we're going into the core of the banking world as we interview Jarrad Hubble , CEO of RTGS.global . The company is the next-generation settlement service delivering real-time cross-border payments and liquidity management.
Being able to transact internationally is a really important aspect of our financial system - something that I think is easily overlooked when you're not working in that sphere. Trillions of dollars are moved around the world every day. Doing this efficiently, effectively and reliably is paramount. So I'm pleased to bring you this interview with Jarrad.
But first...
Bank Hackathon Strategies: BCPr ("Balloons, Cake & PR")
Earlier this month I wrote a post about banks and their addiction to the "BCPr" approach to hackathons. I set out to explain some of the thinking behind why many bank CEOs are such great supporters of hackathons that don't actually result in anything material.
It was with this topic in mind that I responded to a post by Elizabeth Lumley , Deputy Editor of The Banker . She included my comments in a well-received column in The Banker this week: Bank-operated accelerator programmes prove a challenge for start-ups. Do have a read.
Elizabeth also included comments from my colleague S?ren Nielsen , author of Death By Innovation Theatre (a painful, but insightful read for any banking innovation fan).
Thanks for picking up my comments Elizabeth!
Jarrad Hubble, CEO of RTGS.global
Let's get started with Jarrad's interview.
Over to you Jarrad...
Who are you and what's your background?
My journey to payments and foreign exchange was far from straightforward! I actually started my career as a professional Australian Rules Football player which I pursued until the age of 25. During my time as an athlete, I briefly studied sports management in Perth, but I didn't finish my degree. Looking back, I believe I gained valuable lessons from the disciplines and experiences of being a professional sportsman, which have helped compensate for cutting short my university education. Much of my early career naturally revolved around roles in sport and facility management. One of my first positions was with the Australian Institute Of Sport , where I was responsible for running one of their stadiums.
I then fell into the finance space having worked for a company that sold employee perks to larger companies at the start of my corporate career. It was during a presentation I gave to an FX firm about our product that I caught the attention of the CEO. Instead of purchasing what I was offering, he surprised me by offering me a job at his company.
I was hesitant to accept the position at first since I had no prior knowledge or experience in foreign exchange and payments. It took the CEO six months to convince me to join his team, assuring me that he would teach me everything I needed to know and that my strong presentation skills would be an asset in my new role.?
I ended up staying with that company for seven years until it was sold.?
What is your job title and what are your general responsibilities?
As the CEO of RTGS.global, my day-to-day is to help the team deliver upon the mission we have set out to achieve in the payments industry. Part of this responsibility includes applying the disciplines necessary to scale the growing businesses, paired with an enthusiastic leadership style aimed to push the team to their potential. I describe my approach to leadership as ‘scan and fix’. This ensures that I have a clear view of the bigger picture of the business, whilst being ready to jump into any function, as and when support is required. At RTGS.global, I am adamant that every team and individual knows that they can communicate directly with me, as and when they feel they need to.??
Can you give us an overview of your business?
RTGS.global is leading the revolution in cross-border settlement, delivering real-time cross-border payments and liquidity management. The RTGS.global settlement service reimagines how settlement occurs in the interbank foreign exchange market, enabling counterparties to settle trades instantly, bilaterally, and without settlement risk, 24/7/365. Its unique proposition is that it offers fiat currency settlement now while being ready for a future that includes CBDCs and other digital asset classes.
The RTGS.global system champions Payment Versus Payment (PVP) thereby enhancing cross-border and cross-currency settlements and payment. The system offers a transparent, faster, secure, and cheaper alternative to the traditional commercial correspondent banking arrangements for global funding and payments.?
Tell us how you are funded?
RTGS.global is funded by two significant investment funds: PPF Group in the Czech Republic, and a Canadian group called CFFI Ventures Inc. They have been dual funders since day one, and both investors bought into the long-term vision that RTGS.global is going to change the world of cross-border payments and provide new rails for banks and financial institutions to settle money.
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What’s the origin story? Why did you start the company? To solve what problems?
RTGS.global was founded on the belief that a fresh approach is needed to modernise the way money moves across borders, and it’s the company’s view that the transfer of money should be as easy as the transfer of information. RTGS.global’s vision is to directly interconnect banks and clearing services around the world into a global network, so that banks in any country can exchange value across different currencies and send and receive payments instantly across these currency pools.
Who are your target customers? What’s your revenue model?
Our revenue model is based on the volume that goes through the platform – the power of what we do is through our network. The more banks we engage, the more people start moving money around the world, which drives greater revenue for us.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
An interesting idea! I’d drive widespread encouragement of Fintechs that want to make the world a better place. Whether that’s championing green energy, inclusivity or something else entirely, it's about not just supporting existing pillars of wealth, but actively encouraging and making it easier to do business in global locations that have historically proven difficult. I’d also go one step further and make it easier for Fintechs who can offer services to bigger financial institutions to have a platform to do so. For example, banks’ appetites to work with Fintechs is increasing so I’d make these engagements more accessible.
What is your message for the larger players in the Financial Services marketplace?
Partnerships are everything. Staying relevant and enhancing customer experience is the name of the game. So, it’s important to recognise that even a large, established fintech cannot do everything. Partnering with smaller players who excel in specific areas that you might not be is therefore the key to greater success.
Where do you get your Financial Services/FinTech industry news from?
On a daily basis through LinkedIn and in particular following certain companies that I find interesting or market updates from industry experts. I network and try to keep my finger on the pulse that way - talking to investors or VCs is a great way to understand the market in real time.
Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?
It's a difficult question as it's hard to differentiate the people from the businesses I admire.
What FinTech services (and/or apps) do you personally use?
To be honest, most of the apps I use are around finance. Being Australian, I use a lot of international payments capabilities. I have a number of bank accounts, mostly to spread my money around, but this also allows me to use the functionality that we have.
What’s the best new FinTech product or service you’ve seen recently?
My health has recently become a big focus to me, and the latest app I’ve got allows me to buy in blood tests that can be sent to my home. You then take the test at home and post it back to the company. I get responses sent to my phone through the app. The combination of Fintech and Healthtech as a whole is outstanding and makes it easy for people to do that. (Editor's note: Here's the link to Holland & Barrett, other services are available!)
Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
The next few years will be all about the customer layer. It’s the easiest thing to address and the most critical element of a business in all industries. Deep tech is the powerhouse that allows this top layer to run smoothly. The critical role that the underlying infrastructure plays is why I joined RTGS.global in the first place. It’s where true innovation lies.
The customer market is getting crowded, so specialisation is becoming key. We’re moving past the time of general capabilities, now the future belongs to those who become the absolute best in their niche. For example, instead of being a one-stop shop for foreign exchange, imagine becoming the go-to for real estate transactions or university fees.
Thank you very much Jarrad!
If you've any questions about the RTGS.global mission, drop a note over to Jarrad Hubble or visit the company's site at www.rtgs.global.
FinTech Profile Catch up!
Did you miss our most recent FinTech Profile editions here on LinkedIn?
Right then, thank you for reading - I'll be back with another profile very shortly,
Ewan