Fintech January2021

fintechmagazine.
com
JANUARY 2021
HOW
COVID-19
FINTECH WILL SHAPE
UNICORNS 2021
House of Insurtech
Switzerland (HITS):
MAKING
INNOVATION
REALLY HAPPEN
Pietro Carnevale and Stefano Bison discuss bringing
innovation, ecosystems and scale to insurtech
C2FO ORANGE CAMEROON

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Learn what open source vulnerabilities
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FOREWORD
A new year promises new begin-

nings, and while the events of 2020
will have left an indelible mark on digital
of industry leaders - including Finastra,
TransferGo, and Paysafe Group -
detailed what 2021 might have in store
strategies heading into 2021, the features for finance. Elsewhere, we find out how
in our premier edition prove that the drive banks can differentiate their solutions,
for innovation remains undiminished. track the evolution of mobile banking,
and debate the merits of full versus
No more so than our cover story this
partial risk management automation
month: House of Insurtech Switzerland.
for Venture Capital firms. 03
Speaking with Pietro Carnevale, CEO,
and Stefano Bison, Group Head of Business Make sure you don’t miss our Top 10
Development and Partnerships at Generali, unicorn list; with the latest information
we learn the circumstances from which it on fintech giants like Stripe, Chime,
was founded and explore its mission to Nubank and others, these are the names
bring scale and robust ecosystems to everyone needs to follow!
global insurtech.
“Fundamentally, we firmly believe that

Happy New Year to you all!
partnerships between corporates and
startups creates value for both parties,”
says Carnevale. “In order to make innova- Will Girling
tion even more valuable and sustainable,
william.girling@bizclikmedia.com
{insurance has] to open up and start col-
laborating with new varieties of partners.”
We were keen to learn the ways

COVID-19 has impacted companies’
digital journeys, and a fantastic rostrum
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05
PUBLISHED BY PRODUCTION DIRECTORS Jordan Hubbard

Georgia Allen Michael Banyard
Daniela Kianicková
MANAGING DIRECTOR
PRODUCTION MANAGER Lewis Vaughan
EDITOR-IN-CHIEF
Owen Martin
Will Girling Philline Vicente MEDIA SALES DIRECTOR
James White
DEPUTY EDITOR VIDEO PRODUCTION MANAGER
Rhys Thomas Kieran Waite DIGITAL MEDIA DIRECTOR
Jason Westgate
EDITORAL DIRECTOR
DIGITAL VIDEO PRODUCERS
Scott Birch CHIEF OPERATIONS OFFICER
Sam Kemp
Evelyn Huang Stacy Norman
CREATIVE TEAM
Oscar Hathaway PRESIDENT & CEO
DIGITAL MARKETING EXECUTIVE
Sophia Forte Glen White
Sophie-Ann Pinnell Evelyn Howat
Hector Penrose PROJECT DIRECTORS
Sam Hubbard Jake Megeary
Mimi Gunn
fintechmagazine.com
CONTENTS
BRINGING
INNOVATION,
ECOSYSTEMS
AND SCALE
TO INSURTECH 10
How the
pandemic
changed
fintech
strategy
for 2021
24
BAL AN
AUTOM C IN G
ATED &
34
RISK M H
ANAGE UMAN
MENT
46 Have digital
banks turned
the corner?
2021 TRENDS
TO DIFFERENTIATE
YOUR BANKING
SOLUTIONS
50
Fintech
Unicorns
58
Building an ecosystem?
Connect the dots.
“Your journey to cloud must navigate
pitfalls and opportunities that are unique
to your business. We support you in
imagining and delivering your cloud journey
and making it run”.
Eric Meistermann, Deloitte Partner
in charge of AXA Group
76
Orange
Cameroon
92
C2FO
BRINGING
10
INNOVATION,
ECOSYSTEMS
AND SCALE
TO INSURTECH
WRITTEN BY
WILL GIRLING
PRODUCED BY
JAKE MEGEARY
JANUARY 2021
11
f i nt e c hma ga z in e. com
HOUSE OF INSURTECH SWITZERLAND (HITS)
12
JANUARY 2021
Pietro Carnevale and Stefano Bison
detail the founding of House of Insurtech
Switzerland and its mission to drive
innovation in global insurtech
O
fficially founded in December 2019 as
an independent subsidiary of Generali
Switzerland, the origin story of House of
Insurtech Switzerland (HITS) actually reaches back
further to 2017.
“At that time Generali Switzerland created an inno-
vation function,” explains Pietro Carnevale, CEO of
HITS. “As Head of Strategy and Innovation, I had the 13
opportunity to introduce new working methods. The
insurance industry also realised that, in order to make
innovation even more valuable and sustainable, it had
to open up and start collaborating with new varieties
of partners.” What followed was a partnership with
the fintech incubator and accelerator F10, which not
only gave Generali Switzerland access to startup
ecosystems but also enabled it to create a space for
collaboration, networking and valuable information
sharing. “We called the result ‘Corp Up’, and its suc-
cess led the company to research the potential for
improving its ecosystem, capacity for innovation and
scaling capabilities ten-fold. HITS was the answer,”
states Carnevale. This was the birth of HITS as an
independent entity.
“FUNDAMENTALLY, WE HITS operates on three pillars:

FIRMLY BELIEVE THAT ‘opening’, ‘connecting’ and ‘doing’. In
PARTNERSHIPS BETWEEN effect, the hub creates a customer-

centric framework for the future of
CORPORATES AND
insurance by providing opportunities
STARTUPS CREATES for startups to flourish and scale-up
VALUE FOR BOTH PARTIES” through innovation. Summarising HITS’
— approach in this regard, Carnevale says,
Pietro Carnevale,
“Fundamentally, we firmly believe that
CEO, HITS
E X E C U T I V E P R O FILE :
14 Pietro Carnevale
Title: CEO of HITS
Industry: Insurance Location: Switzerland
CEO of House of Insurtech Switzerland (HITS), a Swiss based

insurtech hub which focuses on building partnerships with
startups to co-create and scale-up innovative solutions. Joined
Generali Group in 2014 and Generali Switzerland in 2016 as
Director of Strategy and Innovation leading the set-up
of the local innovation platform and The Innovation
Garage in 2018.
Board Member of F10, the leading swiss Fintech
Accelerator in Zurich. Passionate of Digital,
Innovation, Strategy and Transformation within
Financial Services. Equipped with a master
degree in Engineering from Milan Politecnico
and post-graduation training in Digital at IMD.
JANUARY 2021
partnerships between corporates and
startups creates value for both parties.”
Corporations gain a three-fold advan-
tage in speed (time to market), flexibility
(costs and investment) and new talent.
Startups, on the other hand, are granted
market access that would otherwise be
near-impossible for new organisations
to penetrate quickly, while also gaining
industry expertise, capital resources and
rich long-term scaling opportunities. necessitated the creation of HITS’ three
It could be argued that the overall pillar strategy, with a central focus on
benefit presented by HITS for start- digital transformation and innovation,
ups is obvious. However, what is the and significant investment of both 15
gain for Generali itself? “The Generali money (over €1bn) and time, including
Group is one of the most significant projects such as those supporting 360°
participants in the global insurance and Advisory, its pan-European mobility
financial services market. In Europe platform, and
we are the leading insurer and we are the development of B2B2C ecosystems.
present in over 50 countries around “The Group and its companies are
the globe,” states Stefano Bison, Group pushing themselves beyond the bounda-
Head of Business Development and ries of traditional insurance and offering
Partnerships at Generali Head Office. services and products that, often, it is
“In 2018 we’ve launched our new strategy not necessary to develop in-house for
aiming to become ‘lifetime partners’ to a number of different reasons,” Bison
our customers, offering them innovative, continues. “This is why we actively seek
personalised and integrated solu- partnerships in adjacent industries like
tions. These aren’t ‘just’ products; we’re those dominated by big techs or other
bundling various value-added services incumbents, as well as with digital native
together.” Delivering this strategy startups – often, the most intriguing
16
ones.” Generali is a firm believer in ‘open state-of-the-art ‘fast-track’ procure-
innovation’ and seeks out collabora- ment processes and innovation funds
tors who champion it in a similar way. In mitigate the historical difficulties of
practice this takes on both external partnering with startups.
and internal dimensions: externally, Although Generali is meticulous in its
the company leverages wide net- planning, this is not to say that the pro-
works of partnerships with incubators, cess is without risk on both sides of the
accelerators and open innovation equation, as Bison explains: “We tend to
platforms to gain valuable insights prefer evaluating startups operating in
into insurance trends, build a syner- at least one of our major markets across
gistic cultural perspective with smaller Europe, Asia and Latin America, and that
companies, and source solutions for already have minimum market traction
specific projects. Internally, mean- (few corporate clients and some access
while, bespoke support structures to revenue). In this way we partially
are created to serve the dual needs reduce the risks that are, in any case,
of Generali and its partners, while inevitable when working with early stage
JANUARY 2021
companies.” Carnevale adds, “At HITS to anticipate customer pain points and
we follow a rigorously messy innovation address them in the overall design.
approach going from ideation, proof of HITS tailors its value proposition to
concept (POC), minimum viable product startups based on the candidate’s level
(MVP), and finally iteration with custom- of development, with a primary focus on
ers until we get to an MVP that we can pre-Seed to post-Series A companies.
try to scale.” With POC taking between “For the ones in pre-Seed or Seed, we
30 and 60 days, and MVP between help lower their burn rate by provid-
three and six months, local or interna- ing free office space in our 600m2
tional scaling can commence once the ‘Innovation Garage’ in Zurich and get
value hypothesis of the project has been their first paying customers. This is
validated. Then, analysing trends and particularly relevant for B2B startups
gauging strategic priorities, HITS is able where lack of credentials and track
17
Stefano Bison
Title: Group Head of Business Development & Partnerships
Company: Generali Location: Italy
Stefano Bison is in charge of the Unit responsible for sourcing,

originating and launching, at Group / global level, new business
initiatives and new (strategic) partnerships with startups or
other leading companies, triggering business innovation /
transformation in the Generali Group. As an ex-management
consultant (Senior Manager at The Boston Consulting Group)
and, previously, investment banker (at Lehman Brothers
– FIG M&A, then Nomura after LB bail-out). In his spare
time he also acts as an angel investor and
entrepreneur mentor to various startups.
Where
innovation
meets
industry
F10 is where innovation meets industry, helping

today’s talent create tomorrow’s technology.
It is an ecosystem of startups, corporates,
industry experts, and investors, with local hubs
in Switzerland, Singapore, and Spain. Its mission
is to stimulate worldwide collaboration to further
innovation across industries. Visit our website
and watch the movie to find out more about F10.
Visit our website

“GENERALI IS PUSHING ITSELF record can be a killer,” says Carnevale.
BEYOND THE BOUNDARIES “For pre-Series A or beyond, we

instead provide references to inves-
OF TRADITIONAL INSURANCE
tors, help their business development
AND OFFERING SERVICES
within Generali, and provide access
AND PRODUCTS THAT DON’T to our network. Finally, because of
NECESSARILY HAVE TO BE Generali’s global presence, HITS
DEVELOPED IN-HOUSE” provides the perfect launch base for
— scaling up and internationalisation,
Stefano Bison, should the startup be ready for it.” He
Group Head of Business Development reports that initial indicators point to
and Partnerships, Generali Switzerland
smoother financing, higher valuation
and better longevity for startups who
opt to partner with HITS, as opposed 19
to not.
EFMA Innovation Award
CLICK TO WATCH | 4:12
20
2019
Year founded
10
Number of
employees
JANUARY 2021
One prominent example put forward
by Carnevale is LINGS, a community-
based on-demand insurance company,
an enterprise not dissimilar from
American insurtech Trōv. Founded
in November 2017 as Generali
Switzerland’s first corporate startup
venture, LINGS has proven popular
with its targeted community (“bikers
and photographers”), has gone on to
successfully scale internationally and
has already built a presence in two
European markets.
In addition to Generali, numerous 21
other partners contribute to the value
of HITS’ ecosystem, either by filling skill
gaps, providing valuable ‘cultural links’
or technology. “Partners like Google
and Salesforce are fundamental not
only for the tech expertise, know-how
and solutions they bring to us, but also
to give speed, future-proof sustainability,
weight and credibility in the market,”
says Carnevale. It should also be noted
that companies who got their start as a
direct result of HITS can also become
valuable collaborators too, as was the
case with insurtechs ‘vlot’, Billte and
Imburse. “Thanks to vlot’s technology,
Generali can quickly test innovative
22
“...BECAUSE OF GENERALI’S GLOBAL PRESENCE, HITS

PROVIDES THE PERFECT LAUNCH BASE FOR SCALING
UP AND INTERNATIONALISATION, SHOULD THE
STARTUP BE READY FOR IT”
of our work is our investment in under-
—
Pietro Carnevale, standing how using artificial intelligence
CEO, HITS will provide value-added services and
smooth interactions to our customers in
solutions in the area of risk protection. the future.”
While together with Billte and Imburse When considering what success in
we are developing a product to make the mid- to long-term would look like for
saving money easier and more acces- HITS, Carnevale is emphatic that realis-
sible for young people. Another cool part ing the initiative’s joint value for both
JANUARY 2021
23
corporates and startups is essential. that this doesn’t indicate we’re not
“We’ve not yet figured out all the ‘right’ innovating enough.” HITS and Carnevale
ingredients,” he caveats, “but, despite are palpably hungry for success and
being in the early days of our journey, with such a thorough grasp on develop-
most KPIs that we measure compared ing insurance companies to their full
to previous year are giving positive potential, it’s difficult to imagine that they
signals: speed is increasing (six-times won’t achieve it. As the project grows in
better from first talk to first day of work- maturity, increases cost effectiveness,
ing, and two-times faster average time improves accessibility and enhances
from prototype to MVP); our startup scalability, the standing of HITS in the
ecosystem has expanded six-fold and insurance market as an innovation
our delivery capacity four-fold. Lastly leader is likely to grow simultaneously.
we’re experiencing a low failure rate
(<30%). However, we need to be careful
FINTECH
24
JANUARY 2021
How the pandemic
changed fintech
strategy for 2021
WRITTEN BY
WILL GIRLING
With insights from Finastra,

TransferGo, Paysafe Group and
others, we explore how digital 25
strategies are developing for
the start of a new year
2020: REWRITING DIGITAL STRATEGY

At the beginning of 2020, it seemed that ‘digital
transformation’ was going to be the dominant
industry trend for fintech throughout the year.
However, at the onset of Spring, this changed
unprecedentedly for most of the world as the
COVID-19 pandemic took hold. From that point
onwards it seemed that long-standing industry
pain points could no longer be ignored: digital
strategies had to reflect the new normal, fast.
“Simply put, the events of 2020 brought the
future forward,” says Eli Rosner, Chief Product
f in t e c hm a g a z in e . c o m
From Inspiration
to Innovation
To know more, visit us at

www.capgemini.com.au/insurance or
email us at capgemini.marketing.au@capgemini.com
27
and Technology Officer, at Finastra. value in the race to provide better

“Our capabilities and software plat- products and services. Companies in
forms allowed us to act very quickly the finance space were forced to rely
in March 2020, from accommodating on technology in an incredibly com-
remote working to supporting our pressed amount of time, and, in some
customers with their own transition. cases, start approaching fundamental
Finastra delivered working solutions to aspects of their business from totally
the market in a matter of days, such as new perspectives. Firat Koc, Chief
the Paycheck Protection Programme Marketing Officer at challenger bank
(PPP) in the US.” Papara, states that remaining fast
Indeed, there is a general consensus and agile during the transition period
that the lockdown period has driven and accommodating customers’
a wholesale reappraisal of digital’s changing needs paid off significantly
FINTECH
28
for his company. Offering cash back technologies had driven companies’
incentives and relief from financial pres- revised digital strategies, we received a
sures, “Papara managed to reach its diverse range of examples:
end-of-year user and card holder targets Big Data and data analytics: “The
three months earlier than expected. introduction of big data analytics and
Papara now has 5.5 million users and machine learning algorithms into our
adds over 300,000 more every month.” development cycle has improved
customer segmentation and fraud
TECHNOLOGY: DRIVING THE CHANGE detection and prevention,” says Koc.
When FinTech Magazine asked “Artificial intelligence (AI) for KYC
for perspectives on which key (know your customer) purposes is
JANUARY 2021
“Businesses have had to revolutionise the consumer
experience in order to stay afloat”
— lending process to a matter of minutes
Eli Rosner, from application to approval. Currently,
Chief Product and Technology Officer,
Finastra Funding Option’s record for ‘applica-
tion to approval’ is just two minutes
another technology that has been and 56 seconds.”
used by centralised cryptocurrency Cloud: “Finastra has a strategic,
markets for some time. However, it multi-year cloud agreement in place
has not yet become widespread in with Microsoft to help accelerate the
the finance sector, yet.” digital transformation of financial
Microservices: Edgardo Savoy, Chief services. Cloud is a key enabler in
Technology Officer at TransferGo, told this regard and has helped our ability
us, “At the heart of each operation is to deliver remotely too. Cloud tech- 29
the customer experience. Every ser- nologies are also helping to drive our
vice or microservice that we design has initiatives to deliver better outcomes
the customer at its starting point and is for everyone, including the financially
anchored to the experience we want to excluded, small businesses, and entire
deliver. This not only gives us flexibility communities,” says Rosner.
but also allows us to develop new ser-
vices and offerings at speed and in line HAS FINTECH MATURED IN 2020?
with client needs.” The endurance and continued success
Open banking and automation: of fintech despite the overwhelming
“Open Banking has offered an immedi- number of challenges, restrictions
ate remedy while preserving the level and pressures is highly encouraging.
of due diligence required to process However, it could be argued that the
loans responsibly,” comments Simon ‘divide’ between startups and incum-
Cureton, CEO of finance marketplace bents has never been more apparent
Funding Options. “Automated deci- than how each has reacted to the
sion-making has also accelerated the pandemic’s paradigm-shifting effect.
FINTECH
M E E T OU R CO M MEN TAT O RS
Eli Rosner,
Chief Product and Technology
Officer, Finastra
Firat Koc,
Chief Marketing Officer,
Papara
30
Edgardo Savoy,
Chief Technology Officer,
TransferGo
Simon Cureton,
CEO,
Funding Options
Danny Chazonoff,
Chief Operating Officer
Paysafe Group
JANUARY 2021
“Rapid changes in user behavior can- “I’ve been working in
not be met fast enough by incumbents,” banking and fintech
posits Koc. “Existing companies’ slow for the past 20 years,
acceptance of financial ‘experiments’ focused on emerging
like cryptocurrencies are reflective of and frontier markets,
their lack of agility.” with previous experience
The fragmentation of the finance at Standard Chartered,
sector has been exposed. Mending Barclays and The United
this rift will require intense collabora- Nations Migration
tion from both sides in order to support Agency”
customer needs in an increasingly digital
—
industry. Danny Chazonoff, Chief Edgardo Savoy,
Operating Officer at Paysafe Group, is Chief Technology Officer, TransferGo
optimistic that enhanced coordination 31
will take place, with companies eventu-
ally recognising the superior value that targeted ecosystems could soon
ecosystems, instead of siloed efforts, become the world’s unassailable gen-
can offer. “Businesses have had to rev- erators of revenue. In fact, McKinsey
olutionise the consumer experience in & Co predicts that, by 2025, 30% of
order to stay afloat. The latest report global revenues (US$60trn) will be
in our ‘Lost in Transaction’ research generated by 12 distinct groups.
series suggested that 36% of online Rosner, while still opining that
UK businesses consider COVID-19 to finance has yet to fully capitalise
have increased their ability to innovate, on the lessons of 2020, concedes
with around 84% of organisations that COVID-19’s effect of refram-
subsequently altering their opera- ing common operational issues has
tions. Companies will need to depend led to some impressive results in
on one another, collaborate and work accelerated development. Its legacy
closely with regulators.” This advice in banking, for example, has been
is all the more pertinent because a higher level of cloud enablement
FINTECH
and agility that will make subsequent easy access to innovation, and reduces
innovation faster, easier and better. the total cost of ownership.”
“Our experience shows that banks which
had already adopted cloud were bet- PREPARING FOR 2021
ter able to meet the challenges posed In many ways, the digital strategies for
by COVID-19. Banks still on their digital 2021 outlined by our commentators
transformation journey must continue could be summarised as ‘fulfilling the
to steer their operations toward a new promise’ that the previous year has
operating model, one that delivers highly demonstrated as possible. Digital
relevant customer experiences, provides transformation filtered through
32
“Can you imagine going back to the same manual
processes, like queuing in banks to send money
abroad, when the technology exists to do all of
that without leaving your home?”
—
Danny Chazonoff,
Chief Operating Officer, Paysafe Group
JANUARY 2021
the lens of the pandemic has laid the of thought, planning and hard work to
foundations for a brand new work- pay off. “Customers have also acceler-
place culture, a revolutionary way of ated their adoption of digital technology,
approaching customer service, and a and the pace of this transformation will
dynamically more engaging user experi- continue long after COVID-19. Can you
ence. The events of 2020 have left an imagine going back to the same manual
indelible mark on corporate strategy processes, like queuing in banks to
in fintech that will have an enduring send money abroad, when the tech-
legacy. For Savoy, 2021 represents an nology exists to do all of that without
exciting opportunity for a year’s worth leaving your home?”
33
w w w.f in t e c hm a g a z in e . c o m
V E N T U R E C A P I TA L
BALAN
AUTOM CING
ATED &
RISK M H U
ANAGE M A N
MENT
34
WRITTEN BY DOMINIC ELLIS
JANUARY 2021
35

SHOULD RISK MANAGEMENT

BE FULLY AUTOMATED TO DRIVE
EFFICIENCIES UP AND COSTS
DOWN, OR INCLUDE HUMAN
ELEMENTS TO ENSURE OPTIMI
SATION AND BEST PRACTICE?
ASSESSING VC RISK
Technology’s ever-encroaching reach knows
no boundaries and in the realm of risk man-
agement, automation is not only being used
36 for repetitive, mundane tasks but also narra-
tive reporting and broadening data contexts.
Data analytics can form a single and authori-
tative ‘point of truth’, as opposed to hundreds
of differing perspectives, and be used to more
accurately predict risk in-situ, as well as
give full-spectrum applications throughout
an organisation. AI, in particular, looks set to
transform corporate accounting and could
account for 30% of audits by 2025.
By then, half of global midmarket and large
enterprises will depend on risk management
solutions to aggregate digital risks in their
business ecosystems, up from 10% in 2018,
according to advisory and accounting firm
Richey May.
JANUARY 2021
37

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jumio.com/kyx
According to research conducted by
Dorian Proksch, et al, in ‘Risk manage-
ment in the venture capital industry’,
venture capital (VC) firms are exposed
to five variants of risk:
1. Agency - arising from conflicts

of interest between the investor
and the company or individual
being invested in.
2. Financial - these are standard
business risks associated with
bankruptcy, poor liquidity or a
lack of available ‘exits’. 39
3. Market - competitivity, customer
receptivity and the availability of
marketing opportunities. data analytics and automation tech-
4. Human - not just failure to per- nology to remove and redeploy the
form essential tasks correctly, human workforce, or is a more nuanced
but also financial planning, mana- approach preferable?
gerial experience of the company
being invested in, and a guidance AUTOMATED OR SEMI-AUTOMATED RISK?
of a larger vision from the VC firm. Automation negates slower, less effi-
5. Failure - a combination of the pre- cient and often more costly manual
ceding four categories and their processes, cuts back on staff training
overall impact on direction. costs and potentially frees up staff’s
time to pursue more creative, value-
Given the abundance of risk factors added tasks. KPMG says robotic pro-
in modern VC activities, a question cess automation can reduce costs for
arises: is it better to utilise cutting-edge financial services firms by up to 75%.

EU PUBLISHES Moreover, given the “drumbeat of

DORA IT RISKS
regulations”, the global nature of busi-
In October, the European ness and investors’ growing emphasis
Union (EU) published draft on transparency – not to mention the
legislation to codify how COVID-19 pandemic, which dramatically
financial firms manage highlighted the nature of unforeseen
digital risk. Announced as risks – the possibilities for improving
part of the EU’s new Digital risk management abound, according
Finance Strategy, the pro- to Oracle.
posed Digital Operational This year saw digital efficiencies soar
Resilience Act (DORA) is as the world worked from home though
designed to “consolidate
risks amplified too; a recent Deloitte
and upgrade IC T risk
poll found respondents expect their
requirements” across the
40 top internal controls program challenges
financial entities to ensure
to include staffing changes and the
all firms are “subject to a
virtual work environment (26.9%) and
common set of standards
third-party risks (22.2%) in the next
to mitigate ICT risks.”
six months.
Only 5.8% of respondents reported
a decrease in the size and frequency
of risks that their organisations’ internal
controls programs faced during the
past year, and only 22.1% said their
organisations leveraged advanced
technologies, according to the same
poll, suggesting traditional risk assess-
ments remain in place.
“As organisations sprint to digitally
transform nearly all aspects of their
businesses to manage disruption,
JANUARY 2021
41
internal controls programs should not Remote or onsite, organisations

be left out of modernization efforts,” depend on people to oversee optimi-
said Stuart Rubin, a Deloitte Risk & sation, drive best practice, develop
Financial Advisory managing director collaborations and spark innovations.
and controls advisory leader, Deloitte It’s been a year when we’ve all been
& Touche LLP. reminded of the convenient power
“Advanced technologies can help of technology, though it isn’t without
shift internal controls programs its challenges, as the concerns over
away from a lookback-focus to a cybersecurity illustrate.
near real-time dashboarding and
visualization approach that’s both STRIKING A BALANCE
packed with insights and sustain As with much of the corporate COVID
able, thanks to automation-based world, it is clear we have reached a
design and cutting-edge capabilities crossroads, reports Deloitte in The
like AI and advanced analytics.” future of risk in financial services.

Financial institutions need to decide if

they will continue with business as usual
or instead fundamentally rethink their
approach to risk management, it states.
“Institutions should examine how
they can employ digital technologies
– such as robotics process automa-
tion, cognitive analytics, advanced
analytics, and big data – to automate
repetitive manual tasks, provide deci-
sion support, and improve the ability
to proactively identify and manage
risks,” it notes.
McKinsey identified six trends shap-
42 ing the risk function, in a paper entitled
The future of bank risk management,
two of which focused on human-
machine interactions. Highlighting
the importance of refreshing the talent
pool, it states: “Data scientists with
advanced mathematical and statistical
knowledge are needed
to collaborate across the bank in the
conversion of data insights into busi-
ness actions.”
It also advises building a strong
risk-management culture where the
detection, assessment and mitigation
of risk must become part of the daily
job of all bank employees and not
only those in risk functions.
JANUARY 2021
“Institutions should examine how they can employ digital
technologies – such as robotics process automation,
cognitive analytics, advanced analytics, and big data –
to automate repetitive manual tasks, provide decision
support, and improve the ability to proactively
identify and manage risks”
—
Deloitte
43

44
“As organisations sprint Deloitte agrees firms need an active
to digitally transform program to infuse a risk aware culture

in the organisation, encourage ethical
nearly all aspects of their behaviour by their employees, and
businesses to manage monitor and manage conduct risk.
disruption, internal controls Institutions should ensure they have
programs should not be sufficient specialists with subject
left out of modernization matter expertise on high-risk and
complex activities and provide ade-
efforts”
quate training to continually upgrade
— skills, it adds.
Deloitte
PwC highlights five key ways organi-
sations are embracing automation
JANUARY 2021
SIX TRENDS SHAPING
RISK FUNCTION
• Regulation will continue

to broaden and deepen
• Customer expectations are
rising in line with changing
technology
• Technology and advanced
analytics are evolving
• New risks are emerging (model,
cybersecurity and contagion)
• The risk function can help
banks remove biases
• The pressure for cost savings
45
will continue
Source: McKinsey
– and ‘risk and compliance analytics’ “We worked with a large invest-
is among them. It believes organisa- ment bank that recently spent over
tions need to evaluate their situation $100m to implement work flow tools
and available automation capabilities allowing it to reengineer processes,”
to find the right mix of applications it stated. “That’s a huge investment
and automation that fits their needs. in technology and it can be a difficult
KPMG suspects we may have pill for senior management or share-
reached a tipping point, thanks to holders to swallow.”
enhanced AI, cognitive automation It seems firms will need to strike a bal-
and better-designed ‘bots – though ance between automation and human
if you think staff payrolls can be costly, relations for some time to come.
consider the sums of redesigning
entire corporate processes.
BANKING
2021 TRENDS TO
DIFFERENTIATE YOUR
BANKING SOLUTIONS
WRITTEN BY GEORGIA WIL SON
AS WE ENTER INTO 2021, DISCOVER

THE EMERGING TRENDS THAT BANKS
SHOULD ADOPT IN ORDER TO
DIFFERENTIATE THEIR SOLUTIONS
46 IN THE WAKE OF COVID-19
PERSONALISATION
While it is no secret that for many years
personalisation has been earmarked
as a growing trend for organisations to
attract customers and maintain loyalty,
as we enter into 2021 such a trend only
stands to gain traction as more and
more consumers enter the virtual
financial world.
In a recent Forbes article by
Personetics, the company reflects on
being better prepared for the future,
stating that forward-thinking organisa-
tions are looking to capitalise on
customer data, in order to better
JANUARY 2021
understand their clients and improve provide alternative onboarding meth-
their personalised experiences. With ods. In addition to alternative onboard-
data-driven personalisation rapidly ing methods, there has also been a rise
increasing in its adoption among cus- in customer demand for alternative
tomers to view finances, spending financing and installment methods.
habits and saving opportunities in real- With many around the world facing
time, banks that fail to adopt these financial challenges due to the impact
trends could face limiting their cus- of COVID-19, organisations such as
tomer base and stunting their growth. Klarna, who provide flexible ‘buy now,
Other personalisation trends emerg- pay later’ models, stand to thrive in the
ing in the industry include smart con- current climate alongside those also
tracts that eliminate many of the offering mortgage, investment and
inconveniences associated with credit advice online.
traditional contracts. By 47
harnessing computer DIGITALISATION
coding and cryp- 2020 – the year that ‘digital transforma-
tographic keys as tion’ took industries by storm. With mil-
digital signatures, lions of organisations transitioning their
smart contracts operations to 100% remote working
increase the overnight, COVID-19 has forced many
speed of fintech to increase their digitalisation speed.
transactions, and However, with 74% of organisations
"2021 WILL USHER BANKS AND

BANKING INTO A NEW ERA OF
TRANSFORMED OPERATIONS"
—
Elias Ghanem,
Global Head of Market Intelligence,
Financial Services at Capgemini

BANKING
“BANKS WILL FOCUS ON SUSTAINABLE

OPERATIONS, REDUCING THEIR CARBON
FOOTPRINT, AND PRODUCT STEWARDSHIP
MINIMISING IMPACT OF BANKING
PRODUCTS ON THE ENVIRONMENT”
—
With increasing reluctance to touch
Elias Ghanem,
Global Head of Market Intelligence, cash as a result of the pandemic, con-
Financial Services at Capgemini tactless payments is another area which
has seen significant growth since the
seeking to maintain the increased levels outbreak – it is predicted to have a value
of home working post-COVID-19, organi- of over US$100bn by 2026. As the
sations must ensure they are being amount of customers realising that
48 smart and efficient. contactless payments are safe, easy
Ways in which the fintech industry is and efficient continues to increase, it is
driving digitalisation include the use of unlikely that this trend will reverse in
blockchain and artificial intelligence (AI). the future. As a result, traditional and
Such technologies are expected to inno- new entrant organisations should look
vate the entire global finance ecosystem, to provide these kinds of services in
eliminate centralised processes, order to maintain a competitive edge
enhance cryptocurrency, and allow for going forward.
faster and move convenient transactions
for customers. MITIGATING THREATS
While trends such as digitalisation
and personalisation are certainly
positive evolutions for the industry,
with all innovation comes challenges
and potential threats to mitigate.
With this in mind, two considerations
that those looking to accelerate their
JANUARY 2021
level focus on 49
cybersecurity and
the protection of customer
data. Being able to demonstrate
this to customers, ensuring that they
feel safe and that their finance is
secure, will be vital for retaining cus-
tomers. Fraud prediction, similar to
digitalisation strategy should also cybersecurity, as more and more finan-
bear in mind include cybersecurity cial processes are conducted online,
and fraud protection. those that try to commit fraud will also
With Google reporting that, in one look to evolve, increasing digital fraud
week, it saw 18 million daily malware challenges. New technology such as
and phishing emails related to COVID-19, Visa’s latest AI credit application fraud
now more than ever – as organisations prevention tool, will be vital to mitigat-
increase their digitalisation – it is ing those potential threats and provid-
important to ensure that there is a high ing security for customers.

MOBILE BANKING
HAVE DIGITAL
BANKS TURNED
THE CORNER?
WRITTEN BY RHYS THOMAS
MOBILE BANKING HAS COME INTO ITS OWN

UNDER COVID-19, BUT FINTECHS MUST
ADAPT TO COMPETE WITH THE STRENGTHS
OF INCUMBENT BANKS
L
50 ast November, Starling Bank hit headlines with
the announcement it would break even for the
first time. What would be a commonplace piece
of financial reporting in other sectors is a rare and
in some respects unique milestone in the mobile
banking sphere. Starling posted £800k in profit on
revenue of £9m for October 2020, making it “the
first of the new breed of digital banks to become
profitable,” according to its founder, Anne Boden.
Industry commentators pointed to Tinkoff, the
Russian digital bank founded by Oleg Tinkov, or
China’s WeBank, as the actual first wave of neobanks
to turn a profit. But Starling’s achievement remains
noteworthy as an indicator of the sector at large:
finally a big European mobile bank has entered the
black, and in a year when incumbents were feeling
the pinch.
JANUARY 2021
51

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In the same month, ING announced COVID-19 is the proximate cause,
1,000 job cuts and the closure of forcing consumers to rely more heav-
consumer banks in several overseas ily on digital interactions and ditch
markets. Simultaneously the Dutch physical cash in favour of contactless
banking giant boasted more than payments. In its April 2020 study
213,000 new primary customers who ‘Remaking banking customer experi-
were attracted by its digital offering, ence in response to coronavirus’.
and a steady increase of 5% year-on- McKinsey found that while only a
year in mobile interactions. third of US banking customers used
These contrasting examples are a mobile app more than once a month,
emblematic of the biggest shifts in those that did had a higher customer
consumer banking. The outbreak of satisfaction rate, and average deposit.
53

MOBILE BANKING
“[MILLENIALS] HAVE EXTENSIVE FIRST-HAND

EXPERIENCE OF WHAT WORKS WELL AND WHAT
DOES NOT IN THEIR EXISTING BANKING SET UP”
—
Aman Behzad, they offer poor customer service and
Managing Partner, Royal Park Partners clunky processes.
In the third quarter of 2020, an influx
But in truth, the tide was already of new account openings on mobile
beginning to turn. banking platforms hit some incum-
bents hard. “The reason for switching?
DIGITAL MIGRATION Improved online banking facilities (47%),
Where incumbent banks benefit from preferable mobile banking systems
perceptions of stability and trust, excel (39%) and better customer service
54 at offering broad services, access to (37%),” says Teodor Blidarus, Founder,
deep wells of credit and regulator- Fintech OS. “These are all customer
approved lending, they also suffer experience reasons – nothing to do
from a systemic image problem: that with products or financial terms.”
The trend shows customers are
placing a premium on convenience.
They consider digital banks as intuitive
and user-friendly portals for handling
payments, deposits and withdrawals,
and other quotidian personal finance
tasks. Neobanks segue neatly into our
ever more digital day-to-day lives, but
they are still playing catch up when it
comes to mortgages and other major
finance functions.
This is most evident in millenials,
the former catch-all for young ‘digital
JANUARY 2021
55
natives’ who are now raising families, their existing banking set up” and oper-
purchasing property, and heading ate in both worlds, tapping through
towards the upper brackets of their their daily outgoings on apps, while
earnings potential. While these cus- turning to trusted, traditional financial
tomers, aged 25 to 40, were among institutions for their mortgages or other
the first adopters of mobile banking, large lending.
they grew up in a world of bricks- Gen-Z customers (those born in
and-mortar retail and branch-based, the mid-90s to early 2010s) are yet to
physical banking. In short, Aman truly enter financial independence en
Behzad, Managing Partner at Royal masse. Early indicators, however, show
Park Partners, argues they “have they are more firmly digitally oriented
extensive first-hand experience of than older generations, placing great
what works well and what does not in value on “speed, convenience and cost

MOBILE BANKING
“THE REASON FOR

SWITCHING? […]
ALL CUSTOMER
EXPERIENCE
REASONS –
NOTHING TO DO
WITH PRODUCTS
OR FINANCIAL
TERMS”
—
Teodor Blidarus,
Founder, Fintech OS
56
JANUARY 2021
– but more importantly brand identity,” while they have “benefited customers
says Behzad. in many ways, in some instances it has
Already a growing number of fintech placed the emphasis away from the
ventures are springing up to chaperone customer-centric model which once
them. Step, the US mobile banking defined banking.”
platform launched amid the COVID-19 “We will see a return to relationship
outbreak, has set its sights on increas- banking in 2021 as a priority, but now
ing financial literacy among teens. Its combined with the convenience and
digital platform offers fee-free FDIC benefits offered by digital banking,” Limb
insured accounts, Visa-backed cards, adds. “It’s a delicate balance, but employ-
along with a suite of educational tools ing the right technology will be critical for
and trackers for teenage users to learn banks to deal with customers in the right
more about where they spend and way, according to their expectations.”
where they could save. Step says its Behzad agrees, and believes “the digi- 57
users save an average of the three tal banking space is not slowing down
times the amount they spend. any time soon. There is a multi-decade
change taking place, all the while the
THE FUTURE OF MOBILE BANKING world also continues to change and
Though mobile platforms have done well evolve at breakneck speed, so there is
to attract new users and fill the gaps no slowdown in sight, at least not until
in modern day financial mobility, Elliott late into the 2030s.”
Limb, Chief Customer Officer of SaaS “To continue this growth in the future,
cloud banking firm Mambu, believes digi- digital banks and payment providers
tal banks must now focus their efforts on must build their trust with consum-
a return to the personal services a local ers. Currently, incumbent banks are
bank manager once offered. considered more trustworthy, hence
Up until now they have focused on they remain the go to for credits such
“convenience, increasing competition as mortgages. Digital banks need to
and making the mobile customer experi- establish themselves as the go-to for
ence the key differentiator,” he says, and all financial needs.”

T O P 10
58 Fintech
Unicorns
FinTech Magazine kickstarts 2021
with a breakdown of the Top 10 fintech
unicorns ranked by their valuation
WRITTEN BY GEORGIA WILSON
JANUARY 2021
59

T O P 10
2015
YEAR FOUNDED
CEO
NIK STORONSKY
UK
HQ
60
10 Revolut
Value (USD) : $5.5bn
Founded in 2015, Revolut describes itself as “one app for all things
money,” helping its customers to make more of their finances by building
“the world’s first truly global financial superapp.”
Revolut aspires to help customers improve their financial health, give
more control, and connect people seamlessly around the world.
While founded and headquartered in the UK, following successful
investments from the likes of index Ventures, DST Global, Ribbit Capital,
Revlout has recently expanded into the United States.
JANUARY 2021
09 National Stock Exchange
of India
Founded in 1992, National Stock Exchange of India strives to be the cat-
alyst for India’s growth by creating investment opportunities, enabling
access, and empowering its stakeholders. The company works hard
to be smart and fast when it comes to delivering impact in the investment
ecosystem by constantly reinventing itself to stay ahead and redefine
the future. “Our ambition gives us direction. It pivots, and propels us.
It is the leap we take from today, towards a brighter tomorrow.”
National Stock Exchange of India has received investments from TA
Associates, SoftBank Group, and GS Growth. 61
1992
YEAR FOUNDED
CEO
VIKRAM LIMAYE
India
HQ

Make Every Customer
Interaction Count
Create innovative & delightful customer
experiences with programmable
communications.
www.nexmo.com | sales@nexmo.com |
2012
YEAR FOUNDED
CEO
BRIAN ARMSTRONG
USA
HQ
63
08 Coinbase
Value (USD) : $8bn
Founded in 2012, Coinbase sees cryptocurrency as “the future of money
and a catalyst for creating an open financial system around the world”.
As a result Coinbase strives to provide everyone around the world with
easy and secure access to Bitcoin.
With a mission to “create an open financial system for the world,”
Coinbase believes that building a robust, trusted, and accessible crypto-
economy will result in a more fair, impartial and open financial system.
“An open financial system can be a great equaliser and lift billions out
of poverty while accelerating the pace of innovation around the world.
This is the best way we know to change the world.”
Coinbase has received investments from Y Combinator, Union Square
Ventures, and DFJ Growth.

T O P 10
07 Ripple
Value (USD) : $10bn
Founded in 2012, Ripple strives to develop the future of global finance,
develop decentralised solutions, and connect businesses to the people
they serve.
In order to achieve these goals, Ripple aims to unlock the power of block-
chain and digital asset technology to dramatically improve the speed,
cost and reliability when it comes to transactions, as well as provide
access to open and inclusive systems anywhere in the world via decen-
tralised financial technology, and harness the internet of value (IoV)
as a catalyst for value exchange to redefine industries and globalisation.
Ripple has received investments from IDG Capital, Venture51, and
64
Lightspeed Venture Partners.
2012
YEAR FOUNDED
CEO
BRAD GARLINGHOUSE
USA
HQ
JANUARY 2021
2013
YEAR FOUNDED
CEO
DAVID VÉLEZ
Brazil
HQ
65
06 Nubank
Value (USD) : $10bn
Founded in 2013, Nubank aspires to reinvent what’s possible and rede-
fine people’s relationship with money. With many in Brazil paying high
fees and interest rates for poor banking services, NuBank believes that
by combining technology and design, this problem can be solved.
Since day one, Nubank has strived to showcase that it is possible
to do things differently; That “it was possible to treat people like humans,
not numbers. And offer a service that is fair, simple and transparent.
Because, after all, what we want is to give control back to people.
To give them the chance to reinvent their own financial lives.”
Nubank has received investments from Sequoia Capital, Redpoint
e.ventures, and Kaszek Ventures.

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05 Klarna
Founded in 2005, Klarna’s founding mission was to make it easier for
people to shop online. While technology and consumer behaviours have
rapidly evolved since its founding, Klarna states that its mission remains
as relevant today as it was back then: “to make paying as simple, safe
and above all, smoooth as possible.”
As one of Europe’s largest banks, Klarna provides payment solutions,
including direct payments, pay after delivery options, and installment
plans to 90 million consumers, across 200,000 merchants, in 17 coun-
tries. The company’s multiple offerings allows its users to pay for
their purchases when and how they prefer.
Klarna has received investments from Institutional Venture Partners, 67
Sequoia Capital, and General Atlantic
2005
YEAR FOUNDED
CEO
SEBASTIAN SIEMIATKOWSKI
Sweden
HQ

T O P 10
04 Robinhood
Democratising finance for all!
Founded in 2013, Robinhood was built on a philosophy of democratising
finance for all, flying in the face of the fact that “big Wall Street firms pay
effectively nothing to trade stocks, while most Americans are charged
commissions for every trade.” As a result, the company set its mission
to build products that provide inclusion for everyone when it comes
to the financial markets - not just the wealthy - by leveraging technology
to “encourage everyone to participate in our financial system”.
With the finance industry encompassing a complex system of regulation,
financial institutions, and assets, Robinhood aspires to always make
68
its solutions simple, focused, and immediately understandable.
Robinhood has received investments from Google Ventures,
Andreessen Horowitz and DST Global.
2013
YEAR FOUNDED
CEO
BAIJU BHATT
USA
HQ
JANUARY 2021
2013
YEAR FOUNDED
CEO
CHRIS BRITT
USA
HQ
03
69
Chime
Founded in 2013, Chime strives to change the way people feel about
banking by protecting its customers and helping them to stay ahead of
their finances. Chime lives by its values to be a force for good in the bank-
ing industry alongside its banking partners.
“We created Chime because we believe everyone deserves financial
peace of mind. We’re building a new kind of online bank account that
helps members get ahead by making managing money easy. It’s your
money. It’s your life. Chime in.”
Chime has received investments from Forerunner Ventures, Crosslink
Capital, and Homebrew.

AMERICAS
E M E A | A P A C | | APAC
N O R T H | A EMEA
MERICA
FIND OUT MORE

FIND OUT MORE
T O P 10
2000
YEAR FOUNDED
CEO
PATRICK COLLISON
India
HQ
72
2000 CEO India

YEAR FOUNDED VIJAY SHEKHAR SHARMA HQ
JANUARY 2021
02
One97 Communications
Value (USD) : $16bn
Founded in 2000, One97 Communications is one of India’s leading mobile
internet companies, which operates its flagship brand Paytm.
Paytm is a digital goods and mobile commerce platform, driven by
an ambitions to provide great customer experience. In addition to being
a commerce platform, Paytm also provides payment solutions to ecom- 73
merce merchants.
Headquartered in New Delhi, One97 Communications has received
investments from the likes of Intel Capital, Sapphire Ventures, and Alibaba
Group, as well as investing itself into early stage mobile companies
through the One97 Mobility Fund (OMF).

T O P 10
01
Stripe
Value (USD) : $36bn
Founded in 2010, Stripe operates with a mission “to increase the GDP
of the internet.” With a value of $36bn the company builds economic infra-
structure for the internet, allowing businesses to accept payments and
manage their business.
Stripe’s payment platform is said to put revenue data at the heart of
74 business operations, with solutions to prevent fraud, manage revenue,
expand, and move money with reliability, scalability, and security.
Stripe is backed by multiple investors including Khosla Ventures,
LowercaseCapital and capitalG.
2010
YEAR FOUNDED
CEO
PATRICK COLLISON
USA
HQ
JANUARY 2021
Using the Stripe Dashboard
75

Digital & data drive
Orange Cameroon’s
virtual growth
76
WRITTEN BY
DOMINIC ELLIS
PRODUCED BY
STUART IRVING
JANUARY 2021
77
ORANGE CAMEROON
Abdallah Nassar, Director

of Engineering and Network
Development, explains
how a focus on data and
strategic partnerships are
driving growth
O
range Cameroon has been at the forefront
of technological changes in west Africa
for the last 20 years. Abdallah Nassar,
Director of Engineering and Network Development,
78 chronicles the key telco periods as “voice, data
and virtualisation” and, in line with the group’s wider
African strategy, highlights four key priorities for the
next five years – digitisation, data, rural and ‘green’.
During our online meeting, we talk through each
of the key areas. But it is a comment he makes
halfway through which resonates and may explain
why Orange Cameroon continues to see marked
growth and receive prestigious network and cover-
age awards, most recently winning the nPerf (Best
Network Performance for year 2019 and H1-2020
and Ookla Speedtest Awards for Best Mobile
Network Coverage for H1-2020.
“Orange Cameroon is not only an operator – it’s
also a Foundation,” he said. Established in 2009,
the Orange Cameroon as operator and foundation
JANUARY 2021
79
ORANGE CAMEROON
€42bn
2019 sales
26
Countries
in network
143,000
Number of
employees worldwide
80
JANUARY 2021
EX EC U TIV E PROFILE:
Abdallah Nassar
Title: Director of Engineering & Network
Development
Company: Orange Cameroon
Industry: Mobile, data, communications
21 years of experience in the telecom domain,

holding senior positions in Africa, MEA
and Asia Pacific. assigned as CTO with key
operators in West and Central Africa, CTO
with Digicel Pacific, CTO with Vodafone and
Chief Engineering and Network Development 81
with Orange Cameroon. Assigned as Technical
Operational Consultant for a governmental
projects in North Africa, Middle East and Asia.
Holding a Management Information System
degree, Chartered Computer Engineering
from Manchester University. Certified as
Executive Business Administration from
Wharton School Pennsylvania.
Holding certificates such as
MCP, MCDBA and MEP from
Microsoft, UNIX certified,
IT project with an I-Net
and CIW certificates.
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83
has played a pivotal role investing “Before the customer
in the country’s development,
was following the
channelling investment into basic
operator, now the
education, healthcare for people with
communication-related disabilities,
operator must follow
professional training and culture.
the customer ”
Having an unwavering socio-eco-
—
nomic outlook has definitely stood Abdallah Nassar,
the company in good stead. Director of Engineering and
Two Cameroon concepts were
Network Development, Orange
recently among 13 digital projects
selected for the 2020 Solidarity
FabLabs challenge, while the
Orange Africa and Middle East
Social Entrepreneur Prize cele-
brates its 10th birthday this year.
ORANGE CAMEROON
“We are aiming to Over the last decade, the Orange

Organization’s success has engendered
be almost 90% huge respect among Cameroonians
digital by the and provided a model for sustainability;
end of 2020” Nassar is proud that only around
— one percent of his 500 to 600 direct
Abdallah Nassar, employees are expatriates. “People here
Director of Engineering and
Network Development, Orange are very dedicated and have an open
mindset,” he adds. Demographically and
virtually, Orange Cameroon is on firm
foundations for virtual growth.
He describes the company as the “one
of the largest operators in Cameroon”,
84 although almost in the same breath says
he sees itself as equal with the undis-
closed front-runner. He tells me that
Africans typically own two or three SIM
cards, so achieving a dominant market
share isn’t straight forward. Cameroon
also has some distinctive dynamics
given its Francophone-Anglophone mix.
Nevertheless, it has the biggest net-
work “in terms of the number of sites,
towers and coverage,” he said, with its
customer base hovering between 8.5
and 9 million.
We start our discussion on digitalisa-
tion, a vast area which he likens to a
spider’s web, and discuss some of the
JANUARY 2021
Spot Life Taste
85
key COVID developments, such as investment right now is to keep your

‘My Office Everywhere’ and other initia- quality in place,” he said. “Three to four
tives such as digital archiving, which months wasn’t enough time to bet-
is simplifying RFPs and order taking. ter understand customers’ changing
“Before the pandemic, it was 10 per- needs, but it was enough to change
cent, but now we’re touching 50-60 the way we are working and investing.
percent in the digital terrain. We are We are always putting the customer
aiming to be almost 90% digital by the and market need in front of us.”
end of 2021. There is always the 10% It’s no surprise to hear that data is crit-
which cannot be digitalised as we are ical to Orange Cameroon, but it’s worth
working with the public and government.” stressing how just pivotal it is to the
One key change to emerge from the virtualisation push. “Five years ago,
pandemic has been the focus on quality. the voice revenue started to decline,
“The top priority of each and every now all investment is around data.
ORANGE CAMEROON
“Now all investment

is around data. The
virtual will be based
on a solid data
network”
—
Abdallah Nassar,
86
JANUARY 2021
253mn We are heavily investing in new ser-
vices, first to introduce 4G+ in country,
Customer base
and working on launching the new
4.75G. The virtual will be based on a
208mn solid data network.”

We move into the rural domain, where
Mobile customers he is keen to emphasise its partner-
ship with Canadian-based NuRAN
Wireless (Cameroon’s 26 million
21mn population is evenly split between

cities and rural areas). “They have
Fixed broadband a very unique product, it’s a radio-
customers coverage telecom product which is
specifically designed for rural areas 87
and can be quickly deployed,” he said.
Its rural network penetration stands at
about 80 percent. “Geographically we
are not yet there, we will still have five
years to continue the rural coverage –
many of them are small hotspots.”
Alongside NuRAN, he Huawei, which
are working closely with Orange to
cooperate in virtualization and Core
Network development. “despite the
serious competition and challenges
that Huawei is encountering these
days but still Huawei represent a very
strategic vendor for Orange Cameroon
and Orange in global. We are on fast
development track with Huawei to
H I T YO U R O B J E C T I V E S W I T H
Z E R O I N V E S T M E N T.
SCALING WITH NETWORK-AS-A-SERVICE
solutions start here!

89
bring in advanced services to market and cloud systems, and take another
such as Smart-Wifi, Cloud Services four to five years. On completion, we will
and Virtualization. There is no end of have fully modernised our network.”
plans with Huawei,” he says. He adds that financial services will be a
Nokia and Orange embarked on a key focus in future.
major 4G LTE regional roll-out in 2018, Technology’s changes have been
which saw the former upgrade Orange’s profound and there is “no comparison”
radio access network to enhance between 1999 and 2020. “Before the
mobile broadband services. customer was following the opera-
“This was the first step of monetisation tor, now it’s the other way round – the
of the network,” he says “The radio is operator must follow the customer,
almost completed and the second step, and the vendor must follow the operator.
with Huawei, will focus on virtualisation Moving from legacy to virtual concept,
ORANGE CAMEROON
“I am ‘hands-on’ and a

team player, and I do
share my experience.
If my team is not dev
eloping, I cannot
develop myself”
—
Abdallah Nassar,
90
the entire technological mindset has being finalized by the United Nations
changed.” Economic Commission for Africa
On environmental matters, (ECA). Nassar said one option could
Cameroon’s private sector is curr- be to create more green solarisation
ently ill-prepared to leverage a spate concepts and find hybrid solutions
of opportunities offered by the green to minimise power consumption
economy but a comprehensive set and pollution.
of measures, which “Government While many developed markets are
should spearhead”, can turn the issue swept up in 5G hype, Nassar says
around, according to a new study much of West Africa remains on 2G,
JANUARY 2021
91
primarily because of the product and government dialogue to see how it

power purchasing of the customer. can develop its own technology and
“First we must convert them to 3G, continue to grow the economy. “We
and then 4G. To talk about 5G now have the will to invest more.”
on the continent is very difficult and
costly. Are we ready in terms of fre-
quencies? Yes. But we are not ready in
terms of regulations, infrastructure
and monopoly.”
He says it is maintaining
92
JANUARY 2021
93
The world’s
largest platform
for working WRITTEN BY
HARRY MENEAR
capital
PRODUCED BY
CAITLYN COLE
C2FO
Saket Sarda and Iain Rolfe discuss

C2FO’s revolutionary fintech
platform, releasing working capital
back into the market, and the
company’s APAC expansion
D
uring times of financial hardship, the
ability for companies to remain flexible,
adaptable and agile is paramount. Having
ready access to the necessary liquidity in these
situations is essential. Unfortunately, since the
outbreak of the coronavirus pandemic in March,
94 many firms have found the channels through
which they access additional working capital
closed off to them.
“COVID-19 was a huge shock to the market sys-
tem. The initial reaction was to hunker down, stop
investment, and minimise risk,” explains Saket Sarda,
Head Enterprise Sales for APAC at C2FO.
“At the same time, the banks issued a blanket
credit freeze, large scale enterprises, all the way
down to small-scale operators. Nobody could get
access to any working capital.”
Even though that freeze has begun to thaw, its
benefits have disproportionately served larger,
more stable firms, leaving smaller and mid-sized
companies out in the cold. Not only is this state of
affairs potentially devastating for smaller firms cut
off from sources of liquidity, Sarda continues, but
JANUARY 2021
95
C2FO
Saket Sarda @ C2FO

96
“Your supply chain is necessary liquidity to make the screws,

machine parts, whatever it is you need,
only as strong as its your entire production suffers and
weakest link” creates a ripple effect on the other
— suppliers in the supply chain,” he says.
Saket Sarda, “On our platform, we have close to a
Head of Enterprise Sales, APAC, C2FO million of these compact suppliers. When
their lifelines were taken away from them,
the impact has the potential to ripple the only option for liquidity remaining
outwards through their supply chains. for them was C2FO. We worked with the
“Your supply chain is only as strong banks and the corporates to get liquidity
as its weakest link. If the small supplier to the buyer, so that it can then make its
that makes up the farthest end of your way to the supplier to, in turn, support the
supply chain can’t get access to the operations of those large corporates.”
JANUARY 2021
Based in the US, C2FO is one of the “The most disruptive innovations are
larger fintech firms working to revolu- typically the most simple,” says Iain
tionise the ways in which buyers and Rolfe, managing director of C2FO’s
suppliers of every size in every indus- operations in Australia and New
try can access the working capital Zealand. “That’s what we’re doing –
necessary to survive challenging challenging this really fundamental
times and thrive in the years to come. notion of the power dynamic between
Saket Sarda
Title: Head of Enterprise Sales, APAC Industry: Financial Services
Location: Singapore 97
Saket has more than 25 yrs experience working in the Banking and IT industry
with expertise in Business Development, Corporate Sales, Trade Product
Management working in Africa, Middle East, Russia, ASEAN and Southeast
Asia. Saket serves as Head Enterprise Sales, APAC for C2FO and brings a
wealth of expertise to expand C2FO’s footprint in this region, where
partnerships and product offerings must be augmented in innovative ways.
He would be driving C2FO current efforts in India, Taiwan,
China and Australia, as well as focus on new opportunities in
the Asia Pacific region that are vital to global trade and
corporate supply chains. Prior to C2FO, Saket was Managing
Director at Standard Chartered Bank managing the Trade
business regionally working closely with corporates,
regulators and third-party platform providers. Saket
holds a B.Eng degree and a Post Graduate Diploma
in Management from IIM-A. Saket, his wife and
two children reside in Singapore.
C2FO
A HELPING HAND
The COVID-19 crisis has been

economically devastating for
companies of all sizes and
backgrounds, but particularly for
minority-owned businesses.
Research done by the University
of California, Santa Cruz, found
that approximately 440,000 black-
owned businesses in the United
States (over 41%) were forced to
close in response to COVID-19.
In contrast, only 17% of white-owned
businesses experienced the
98 same setbacks.
C2FO’s Equity and Inclusion

Program is aiming to help change
this state of affairs by providing
diverse supplier certification,
reduced rates and access to buyer and supplier, and disintermedi-
a broadening funding ecosystem. ating third parties that have become
“We’re trying to help those minority part of those interactions over time.”
segments get easier access to capital We sat down with Sarda and Rolfe
through special offers. It’s good for to discuss C2FO’s ongoing expan-
everyone and it addresses the sion into APAC, following more than
impediments and biases that exist a decade of growth in the US and a
for those minority groups through successful expansion into Europe.
no fault of their own,” says Rolfe.
“That concept of economic justice THE WORLD’S FIRST WORKING CAPITAL
and of equity inclusion is very MARKETPLACE
strong in C2FO’s culture.”
C2FO was founded in 2008, in direct
JANUARY 2021
99
response to the global financial crisis, established in response to the need

a catastrophe which cost the US alone to get liquidity flowing out of the bank-
an estimated $22trn. The response to ing system, as well as from buyer
the crisis, Rolfe explains, was similar in to supplier.
a lot of ways to the market’s response Even when the world isn’t lan-
to COVID-19. guishing in the grip of a pandemic
“Liquidity dried up and smaller sup- or financial crisis, Rolfe explains that
pliers were unable to access working there is a fundamental issue with the
capital through normal banking relation- way that suppliers are often forced
ships, as well as through the invoices that to acquire their working capital.
were outstanding from their customers,” “Lack of liquidity is a situation that
he says. C2FO, Rolfe continues, was our customers and suppliers face
C2FO
“Going to a bank is going to be

“The most disruptive a much more painful and lengthy
innovations are process to free-up liquid capital that
typically the most they may need urgently,” he says,

adding that the cheapest form of
simple” financing is money that the company
— is already owed.
Iain Rolfe, This is the core solution that C2FO
MD, ANZ, C2FO
is built on. Companies can use the
C2FO working capital market platform
to access funds that are owed and
every day. At a fundamental level, invoiced ahead of their due date, in
whether you’re a large or small organi- exchange for a fee, and at a price that
100 sation, a supplier, a buyer or both, you they themselves determine. “It’s an
need to have access to working capi- equalised system of suppliers and cus-
tal,” he explains. tomers which cultivates collaboration,”
What this means is that firms are says Sarda. “We bring price discovery,
constantly trying to thread the needle profitability, and cash flow into our
between income and outgoings, whilst customers’ supply chains.”
also having enough liquidity to support C2FO onboards approximately
expansions, mergers, new ventures, 50mn invoices to its platform every
or to respond to something unexpected day. “It’s a mammoth technological
– like a pandemic, for example. challenge,” Rolfe notes.
“When a crisis emerges, you In order to support this kind of vol-
either go out of business or find ume, he explains that the company
more working capital to get through has built a “SaaS platform that runs
that period of time,” Rolfe explains. on the underlying compute, security
Historically, the typical response and storage capabilities of a big cloud
has been to get a loan from a third- services organisation. We then run
party financial institution. a very sophisticated set of algorithms
JANUARY 2021
on top of that stack that allow us to keeping a continuous interface
ingest and process that volume of between the platform and its cli-
invoices every day at scale.” ents. Instead, they use point-in-time
For the sake of both security and onboarding each day. “We can pull
simplicity, C2FO’s platform avoids the necessary invoices from our
Iain Rolfe
Title: Managing Director, Australia and New Zealand
Industry: Financial Services Location: Greater Sydney Area
Iain leads C2FO in Australia and New Zealand, working with multinationals
and local corporations in need of more flexible solutions that provide better 101
control and management of their financial performance.
Previously, Iain held multiple roles during his tenure at Cisco, including Chief
Commercial Manager for Australia and New Zealand and Chief
Operations Officer for their Technical Services division.
While there, he established the overall commercial
management function for Asia Pacific and led the
structuring of their first three direct deals in China and
India. Previous to Cisco, Iain worked for Orange Business
Services, France Telecom, and founded his own Internet
company.
Recognized as a global expert in complex adaptive

business models, Iain was awarded a Ph.D. from
Macquarie University and holds a Master of
Commerce and Bachelor of Business in behavioral
economics. He is based in Sydney, Australia.
C2FO
C 2FO AU ST RALI A
Rolfe has been leading C2FO’s national working capital control

expansion into the ANZ market since centre through its platform that
May 2019. Almost more than provides companies with multiple
102 anywhere, he says, the ANZ market different avenues to generate value.
needs new ways for companies to “We’re going to help companies look
access working capital. at an invoice and think about the
“Australia has gone through a period best way for the capital locked in that
of many challenges. There’s been the invoice to benefit the entire supply
financial crisis, there was a chain,” Rolfe continues. “Australia
government intervention setting out has a very special market with its
the terms of engagement between own financial culture and system.
big and small suppliers, and then we What we’re doing here is taking the
hit bushfires followed by COVID-19. best of what C2FO does around the
People here are just punch drunk,” world and customising it for
he reflects. Australian customers. We want to be
In order to recover, Rolfe continues, able to look back in a couple of years
the ANZ market needs to find new and be proud of our role in this
ways to collaborate using technology. collaborative recovery for the ANZ
C2FO’s role will be to work as a market.”
JANUARY 2021
“When a crisis emerges, you The platform, Sarda explains, strad-
either go out of business or dles the customer’s procurement and
find more working capital sales functions. “It means that you
to get through that period have a uniquely better view of your
of time” cash flow,” he says.
—
Iain Rolfe, ENTERING APAC
MD, ANZ, C2FO
C2FO’s presence in the APAC market
is relatively new, launching its opera-
tions in China and Australia two years
ago, expanding its presence in India
customers’ ERPs into our system, do and adding Taiwan to its portfolio in
what we need to do, and then push the 2019. Sarda’s role in the company’s
equivalent instructions back into their expansion has several elements, each 103
systems,” Rolfe adds. aimed at increasing C2FO’s APAC
Iain Rolfe @ C2FO
C2FO
2008
Year founded
$57.9m
Revenue in
US dollars
463
Number of
employees
104
“If C2FO wishes to

achieve the same
market penetration
it has in Europe and
the US, it needs to foothold, and developing the uniquely
APAC-centric value proposition it can
find ways to appeal present to its new customer base.
to the huge numbers “The first part of my role is business
of mid-market, mid- development, which is different from
sized firms in APAC” direct sales,” Sarda explains. Whether

they’re with large corporates, banks
—
or governments, the partnerships
Saket Sarda,
Head of Enterprise Sales, APAC, C2FO that Sarda is building are intended to
fuel the local economic engine with
C2FO, making the platform a more
JANUARY 2021
105
relevant proposition to companies in a innovation that supports those goals.

given market. Second, the direct sale In contrast to the US and Europe –
of services to new clients, both in the which are fairly homogeneous markets
four countries where C2FO is operat- – APAC is a very different beast with
ing, and beyond, initially in markets an eclectic collection of varied rules,
like Thailand, Malaysia, Indonesia, taxes and practices.
Singapore and later expanding into “In the West, the very nature of
the Philippines, South Korea, Japan. the Fortune 500 belies how many
Lastly, he is working to ensure the large-scale corporations there are
broader relevance of C2FO’s offerings in that market. APAC has a smaller
to the APAC market, and driving the percentage of large corporations
C2FO
by comparison. In APAC, and more a mid-sized company that might not

importantly in ASEAN, a few high-level have too much data of its own, we’re
corporations control large segments able to provide a far more nuanced
of the economy - equivalent to that view of their own supply chain that
which 500 companies control in the they might not have had so far.”
US,” Sarda explains. Therefore, if
C2FO wishes to achieve the same COVID-19 AND BEYOND
market penetration it has in Europe The past year has been a challeng-
and the US, it needs to find ways to ing one for companies worldwide.
appeal to the huge numbers of mid- As liquidity has dried up, and larger
market, mid-sized firms. corporations and banks adopt more
“We’re looking at a comprehensive conservative stances, C2FO has
offering which straddles payables become a driving force in preserving
106 and receivables, creating an invoice resilience and agility in the markets
central for a corporate, and also by it serves.
connecting to their ecosystem of sup- “Since COVID-19 hit, many large
pliers and customers to be more like organisations drew down large
an invoicing intermediary between amounts of capital through their
firms,” he says, adding that another
advantage that C2FO hopes to lever-
age in APAC is its data.
“We want to be able to
“Our existing presence in a lot of
APAC countries, across numerous
look back in a couple
industries means we have a lot of data of years and be proud
on trade,” Sarda explains. The 50mn of our role in this
invoices that are added to C2FO’s collaborative recovery
platform every day help generate
deep insights into the wider market.
for the ANZ market”
—
“We can use all this data to give value
Iain Rolfe,
back to our clients,” says Sarda. “For MD, ANZ, C2FO
JANUARY 2021
T H E C H I E F F I N AN CE AN D I N SI GHT S O FFI CER
107
The nature of executive roles one course of action will interact
is forever changing, as digital with other elements of the business,
transformation reshapes the and ultimately figuring out how to
capabilities and demands placed make the company more nimble.
on companies’ leaders. Sarda reflects “If the world keeps undergoing the
that the traditional role of a Chief kinds of crisis that we’ve been seeing,
Finance Officer (CFO) may look the companies that end up being
very different in just a few years. successful are going to be the ones
“Historically, a CFO uses past data to that manage to have more variable
explain why things have happened practices,” he adds. “Passive
and provide analysis. Going forward, knowledge of things like accounting
I think that the CFO role will become is going to evolve towards strategy,
far more about providing insights for ecosystems and therefore
future decision making,” he says, outsourcing and the need for
adding that the role will become platforms like C2FO that can help
about developing insights into how provide good data in those areas.”
C2FO
108
credit lines, got lots of money in the like the Equity and Inclusion Program,
door, and began tightening up on their C2FO is working to help the world sur-
expenses. It’s the same reaction that vive and even thrive in these challenging
they had to the financial crisis in 2008,” times. Rolfe reflects that the past year
says Rolfe. “What’s different this time has been one of, at times, frantic activity
around is that our customers have had for himself and his team.
the ability to treat the crisis in a more “In many ways, we’re a counter-cyclical
nuanced, technology-driven way.” business. When the chips are down for
Through its market-based approach the economy as a whole, that’s when
to freeing up liquidity, as well as initiatives more people come to use our platform
JANUARY 2021
dilemma whether we should continue
to try and expand into new markets,
given that we can’t travel, recruit and
train new people,” explains Sarda. “This
year, we decided to double-down on the
investments we’ve made in the countries
where we’re already active.”
Going forward, Sarda intends to con-
tinue focusing on the three main areas
of his remit: developing relationships
with key partners, expanding into new
markets like Singapore, Thailand and
Malaysia, and continuing to develop new
products and services that are uniquely 109
tailored to help APAC companies get
the most out of every part of their bal-
ance sheet.
Looking to the future, Sarda is opti-
mistic about the potential for progress,
even in uncertain times such as these.
and our services, so we’ve had our hands “I think that what C2FO did in the US and
full this year,” he says. “We’ve had a huge Europe in a matter of five to six years
uptick, not just in our customer base, but will be accomplished much more quickly
also in our range of products on the mar- in APAC.”
ket. We’re iterating and releasing new
products almost bi-weekly because of
how fast the landscape is moving.”
In ANZ, as well as the rest of APAC,
C2FO has pivoted its operations in
response to the crisis. “There was a
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“FUNDAMENTALLY, WE HITS operates on three pillars:

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"2021 WILL USHER BANKS AND

“BANKS WILL FOCUS ON SUSTAINABLE

“[MILLENIALS] HAVE EXTENSIVE FIRST-HAND

“THE REASON FOR

“We are aiming to Over the last decade, the Orange

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“I am ‘hands-on’ and a

“Your supply chain is necessary liquidity to make the screws,

“If C2FO wishes to