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A FORMER MOUNTIE’S WAR ON BANK FRAUD

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Bernard Beck

By Donald Fenton

Donald Fenton

Donald Fenton

As banks in Europe play catch-up adapting to new global banking rules (Banking and Nothingness: Europe’s dithering banks are losing ground to their decisive American rivals, The Economist, October 17, 2015) banks in America have embraced one company’s declared war on fraud, money laundering and terrorist financing led by a former RCMP commander in the battle against an estimated $300 billion annual loss to crime.

Penalties for failing to detect and report fraud are substantial and can run into the hundreds of millions of dollars and cripple a financial institution commented Bernard Beck, senior vice president and chief compliance officer at AscendantFX, a foreign exchange company with 2,500 bank clients.

Mr Beck, a former commander in the RCMP’s commercial crime unit, said the level of protection his company offers helps to manage both reputation and assets.

With 30 years of experience in legal and regulatory compliance overseeing financial propriety, he is responsible for ensuring that AscendantFX www.AscendantFX.com the company and its employees meet and exceed the industry’s legal and compliance requirements in every jurisdiction of operation.

Until his departure in December 2009 as SVP, Chief Compliance Officer at Custom House Ltd (Western Union Business Solutions) a high growth company that specialized in foreign exchange hedging and commercial payments, Beck directed a team of compliance professionals, business risk consultants and legal experts in the development and maintenance of processes and systems to manage business risk and for legal compliance globally.

Experience in Great Britain, EU, Asia Pacific and North America

By overcoming barriers to entry, he guided the company through stringent regulatory and financial services licensing requirements in Great Britain, Europe, Asia Pacific and North America. The compliance and risk programs contributed substantially to the success and growth of the company and its sale to Western Union for $370m.

Mr Beck says the forces against financial crime are formidable and offers this overview of financial crime legislation.

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.

The Financial Crimes Enforcement Network (FinCEN) is part of the United States Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. FinCEN monitors depository institutions, money services businesses, securities and futures firms, insurance companies, casinos and card clubs and other types of financial institutions.

The Currency and Foreign Transactions Reporting Act of 1970 (the legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML.” Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA.

Bernard Beck

Bernard Beck

Examples of massive fines

Mr Beck noted a few examples of massive fines.

Legal documents show that JP Morgan was fined $1.7 billion for failure to file suspicious-activity reports on transactions arising from the Bernie Madoff investment scheme. HSBC was fined $500-million for failing to detect and report money-laundering activity. And one small regional bank in West Virginia, with only $94 million in assets, had to pay a $4.5-million penalty for failure to detect suspicious activity involving $9.2 million.

While fines are expensive, Beck said, smaller banks often look at a complete security and compliance regime as too expensive. Ascendant FX has the ability when customers are trading on their systems and AFX is facilitating their foreign exchange or making payments around the world to track the activity and detect fraud, money laundering and terrorist funding.

A provider of worldwide payment solutions, AFX recently enhanced the security features available on its online payment platform, AFXOnline, by supporting security tokens for multi-factor authentication.

Security tokens are used to prove an individual’s identity electronically and multi-factor authentication provides the highest levels of security against fraud. Along with the employee’s user identification and password, clients now have the option to require their employees to insert their personal security token into their computer before being able to login to AFXOnline.

Authentication methodology that is easy to use

AscendantFX has developed an authentication methodology that is easy to use and has security functionality with a unique USB device offering one-touch, strong authentication that supports multiple authentication protocols for all devices and platforms and the multi-factor authentication can be activated on a per client basis.

The main benefits of AFX’s fraud detection and prevention features include no need for drivers or client software and middleware that employs native drivers and support built into the browser. There is no installation, no configuration and no certificate authority needed and open source reference software is available for integrations.

AFX’s solution is highly scalable while protecting the client’s privacy and generates a new set of encryption keys for every service. The keys are only stored on the specific service being accessed such that no secrets are shared among service providers and any number of services are supported.

Bank clients report a great user experience and like the fact that all it takes to register and authenticate is a simple touch of a button. Authentication can be owned and controlled by AFX clients who connect directly to a service provider without a third-party software or provider.

The enhanced international payment platform delivers compliance with trend-based transaction monitoring using risk analytics software.

Financial institutions are responsible for developing policies and procedures to combat money laundering and other financial crimes, including being aware of the methods by which these crimes are carried out. This is a difficult task as criminals continually adapt to new and changing regulatory protocols.

Failure to have an adequate compliance program increases operational, reputational and financial risks and can result in regulatory penalties, forced operational changes, lost revenue streams or frozen assets, and negative publicity.

AscendantFX has incorporated risk analytics software to enhance client compliance services and to add additional screening to help financial institution clients identify risks that may not be easily identifiable with their present tools.

AFX complements existing anti-money laundering and fraud prevention expertise and helps detect and prevent fraud, increasing the ability to identity unusual or suspicious activity in the customer base with flexibility and the highest levels of security and privacy.

The company supports front end OFAC validation and helps financial institutions with regulatory requirements by providing them with the tools needed to be compliant with the Bank Secrecy Act and Anti-Money Laundering global regulations.

Examples of financial crimes detected

Mr Beck summarized financial crimes that he has seen on his watch.

Money laundering transforms illegally obtained cash into legitimate funds. A worldwide problem, worth an estimated $300 billion annually in the United States. Criminals deposit funds in financial institutions or convert cash into negotiable instruments. The federal Bank Secrecy Act requires financial institutions to report deposits of more than $10,000 in cash made by an individual in a single day. To disguise this, launderers will route cash through a “front” operation, a business such as a check-cashing service or a jewelry store or convert the cash into negotiable instruments, such as cashier’s checks, money orders, or traveler’s checks.

Terrorist Financing or funds for terrorist activity is raised from legitimate sources, such as personal donations, profits from businesses and charitable organizations, and criminal sources, the drug trade, the smuggling of weapons and other goods, fraud, kidnapping, extortion and even the recent sale of archeological treasures. Terrorists use techniques like those of money launderers to evade authorities’ attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds. However, financial transactions associated with terrorist financing tend to be in smaller amounts than is the case with money laundering, and when terrorists raise funds from legitimate sources, the detection and tracking of these funds becomes more difficult. To move their funds, terrorists use the formal banking system, informal value-transfer systems, Hawalas and Hundis and, the oldest method of asset-transfer, the physical transportation of cash, gold and other valuables through smuggling routes.

Fraud by beneficial owners refers to illegal gains made by the true owner of an entity, asset, or transaction as opposed to any stated ownership provided in documents or oral representations. The beneficial owner is the one that receives or has the right to receive proceeds or other advantages as a result of the ownership. It is common practice in offshore financial secrecy jurisdictions to interpose entities, individuals, or both as stated owners. The beneficial or true owner is contractually acknowledged in side agreements, statements or by other devises.

Phishing is when internet fraudsters impersonate a business to trick you into giving out your personal information, it’s called phishing. They use reply to email, text, or pop-up messages that ask for your personal or financial information. Here are three examples: (1) we suspect an unauthorized transaction on your account. To ensure that your account is not compromised, please click the link below and confirm your identity. (2) During our regular verification of accounts, we couldn’t verify your information. Please click here to update and verify your information, (3) our records indicate that your account was overcharged. You must call us within 7 days to receive your refund. Often you are asked to click on links within. Don’t – even if the message seems to be from an organization you trust. It isn’t. Legitimate businesses don’t ask you to send sensitive information through insecure channels.

Advanced fee schemes fraud gets its name from the fact that an investor is asked to pay a fee up front or in advance of receiving any proceeds, money, stock or warrants in order for the deal to go through.  The fee may be in the form of a commission, regulatory fee or tax, or some other incidental expense. These secondary “advance fee” schemes work very similarly to boiler room operations, the difference being that an advance fee scheme generally targets investors who already purchased underperforming securities, perhaps through an affiliated boiler room, offering to arrange a lucrative sale of those securities, but first requiring the payment of an “advance fee.” Characteristic of some advance fee fraud solicitations and other fraudulent schemes to deceive and defraud unwary investors is the use of websites and e-mail addresses ending in “.us” or “.org” and containing “.gov” as part of the domain address.

AFXOnline has always OFAC scanned its transactions, but by giving financial institutions the value added ability of OFAC scanning on one system, simplifies the process, lowers processing costs and increases the value of compliance reports.

To build market share, financial institutions must balance attracting new clients with comprehensive BSA/AML compliance. Losing clients to the competition because they are not offering a complete range of products can seriously affect the bottom line of any financial institution. AscendantFX helps financial institutions build fences around their clients and keep their full wallet share.

AFXOnline offers regulatory compliance features that include mitigation of risk exposure with enhanced due diligence data, the ability to generate compliance reports on all transactions including case management reporting.

The system controls regulatory costs, supports critical compliance requirements and delivers fast screening with access to the most robust global watch lists enabling banks to fight money laundering and terrorism financing while protecting their reputation and bottom line.

Interviews

The Beaconsoft story and introducing its one-of-a-kind digital campaign intelligence platform

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The Beaconsoft story and introducing its one-of-a-kind digital campaign intelligence platform 1

By Nigel Bridges, founding CEO of Beaconsoft Limited

What were you doing prior to setting up Beaconsoft?

Before setting up Beaconsoft, I was involved in the leadership and scale up of SoftIron, a ground-breaking British hardware tech company that has now moved its operations to California.

Prior to that, as well as holding the role of managing director/CEO of a number of UK tech firms, I also acted as an independent adviser and non-executive director of several digital media businesses, one of which was a digital marketing agency.

It was with this business that I first encountered the issues surrounding the lack of transparency and accuracy in digital media expenditure.

This was also when I first joined forces with my Beaconsoft co-founders, Stewart Boutcher and Mike Townend.

What were your main motivations for establishing the business?

As a digital marketing agency, one of the biggest challenges we faced was the reporting of accurate and meaningful information to our clients.

Their marketing budgets were not limitless, and we needed to make sure that money was spent wisely and, in doing so, that we achieved, and exceeded, the desired results.

We needed comprehensive yet easy to understand analytics to measure and report on the effectiveness of campaigns and channels, based on accurate, independent data.

If we had this information, we knew that we could help our clients to make improvements to their digital marketing campaigns by drawing on real and meaningful insights. However, like the vast majority of marketers, we struggled to collect and combine accurate data to achieve this.

We became increasingly frustrated that we couldn’t find the right platform, despite searching the marketing technology industry far and wide. Every piece of technology we discovered fell short of our requirements because they didn’t use independent data and tended to underreport the level of fake clicks.

This is why we decided to create something that no-one else was offering – and thus the concept of Beacon was created.

Please could you briefly explain what the Beacon platform does? 

Beacon is an independent digital campaign intelligence platform that uses accurate data to help users know what content, posts, ads, etc. are working effectively and which aren’t across all their digital channels.

The marketing analytics that the platform provides are presented in such a transparent and accurate way that businesses can make better decisions based on independent and reliable data that they can place their trust in.

When did Beacon launch and why did you think it was necessary?

We had early versions to test the market back in 2018 but we launched the platform as it is now in 2019, rolling out regular updates and new functionality since then.

Beacon was born out of the frustration that we felt as a digital agency when facing the challenges of data transparency, data accuracy, multi-channel campaign optimisation and reporting inefficiency.

Beacon is the only platform of its kind on the market that can accurately show how much of a business’ digital marketing budget is being wasted by bot clicks. What exactly are bot clicks?

A bot click is simply a type of click on a post, ad, link, etc. that is not made by a human.

Nigel Bridges

Nigel Bridges

They can either be good or bad for businesses that operate online, but the important measurement from a digital marketing perspective is the number of human responses to messages and clicks through to a website rather than the number of clicks as a whole.

The amount of bot clicks can vary hugely, and can account for as much as 50% of all traffic received in some cases, meaning counting these interactions in campaign statistics can be very misleading.

What threats do bot clicks pose to companies’ digital ad budgets and how widespread a problem are they?

In the world of digital marketing, it is likely that, at best, only 15% of a firm’s budget leads to any form of meaningful engagement with their target audience.

A large portion of this waste is due to online spending on digital ads that attract non-human bot activity and, if malicious bot clicks are left unchecked, businesses will continue to waste their budget on non-human clicks that could be deployed on human clicks, thus making the Return on Investment [ROI] much lower.

It is estimated that expenditure on digital advertising exceeded £250 billion in 2020, with more than 21 trillion ads paid for but never seen by humans each year and digital marketing campaigns subject to fraud rates of more than 50%.

Google and Facebook are forecast to account for 71% of the UK’s online advertising market in the near future, and the prevalence of non-human ad clicks adds up to a massive waste of corporate marketing budgets.

Furthermore, the sheer size of the online advertising market tempts criminals into creating technologies to steal from advertisers, fuelling a global problem within the industry.

What purpose do bot clicks serve and why might people take advantage of them?

Some bots are completely benign and should actually be embraced by businesses.

For example, many email systems will use bots to check the validity of a link to a website, and Google will use bots to list a website for search engine rankings.

These bots are positive and should be encouraged, but at the other end of the spectrum are malicious bots that can, for example, masquerade as humans for the purpose of financial fraud.

How does Beacon help to combat the impact of bot clicks and how much of a difference could this make for businesses? 

Beacon attempts to firstly detect bots, irrespective of the originating marketing channel, and remove them from campaign analytics and then stop the content from being presented to that bot so that the cost of that ‘wasted click’ is avoided.

We have spent a long time and a lot of effort developing some very special technology that makes Beacon a compelling choice for any organisation wanting to reduce its digital marketing waste, drive better engagement with human visitors, and ultimately improve their ROI.

In what other ways can Beacon help businesses to optimise their digital campaigns?

It is worth noting that reducing ad fraud is just one component in optimising digital campaigns.

By reducing the number of bot clicks, the analytics received are far more accurate, and considerable costs can be saved.

However, this is a means to an end as the goal is to improve the overall digital marketing campaign, for which organisations need to measure only the results of human interactions across all their digital marketing channels.

Once they have this, they can then improve their campaigns by looking at what works and what doesn’t by making comparisons between each ad, channel, piece of content, etc., safe in the knowledge that they are drawing on accurate and independent data.

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Interviews

Mark Wright – No Longer an Apprentice

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How to answer interview questions

Just for context, you won The Apprentice and became Lord Sugar’s business partner in 2014 – you set up your digital marketing business Climb Online and are continuing to successfully grow this business today.

With the beauty of hindsight, would you have started your business journey differently?

When growing up, I always knew that I wanted to be in business and that I wanted to be successful. It wasn’t until I was working for a personal training college in Australia that I realised the true power of digital marketing, as the website I built and ranked on the first page of Google for key search terminology enabled them to accelerate revenue from $2,000 to $240,000 per month.

After I travelled to the UK, I wanted a bank loan to help launch my first business, but I wasn’t able to secure one. A friend suggested I try out for BBC’s The Apprentice as an alternative, which was something I hadn’t heard of, let alone watched before, and the rest is history. I don’t believe in regrets and certainly wouldn’t have changed how I started my business journey. The show provided me with an excellent PR and lead generation platform, and I have had the unique opportunity to meet and learn from some incredible business people, particularly Lord Sugar, for which I am very grateful.

The X Factor winners are often lambasted by the press and not taken seriously as artists by the music industry after winning the show. Have you experienced parallel treatment from the business community after your win?

I would certainly say that I experienced parallel negative treatment from the digital marketing industry when I first won BBC’s The Apprentice; where I was even booed going onto stage to speak at a trade event.  However, I am always a big believer in the fact that how people treat and respond to others is more a reflection of themselves and it wasn’t something that I let impact me. The best people in business are those who can support and celebrate other people’s successes and that’s what I always strive to do, regardless of the treatment I receive in return.

Do you feel you have had to work harder to prove your credence as an entrepreneur?

Yes, on some level I do think I initially felt like I had to work harder to prove my credibility as an entrepreneur and a business owner. A lot of people audition and make it on to BBC’s The Apprentice out of a desire for public recognition and 5 minutes of fame, whereas I only wanted to go on the show to secure investment for my business having been rejected from a number of UK banks due to my nationality.

I still hold the record as the only Apprentice Winner to turn over in excess of £1 million during my first year in business and to actually make a profit, and this was largely due to the fact I was so focused on building a large business with strong foundations from the outset.

You became a UK Citizen earlier this year, why have you chosen to stay permanently in the UK?

Australia will always have a special place in my heart and I still have a desire to return and even open a Climb Online office there, but the UK has really become my home. I have made some amazing friends and have created a number of brilliant businesses and am very excited about what the future brings here.

What have been your stand out moments since launching Climb Online?

I have been very fortunate in that I have had many standout moments since launching Climb Online, from being listed twice on Forbes 30 under 30 to creating and hosting CLIMBCON in 2019.*

However, my real stand out moment is quite simple, and it happens almost daily and that is being in the office with my team, receiving positive feedback from clients and helping and mentoring other business owners or aspiring entrepreneurs with their own challenges. There is no feeling like helping someone else succeed or realise their own ambitions and I feel incredibly fortunate that I am able to support and give back to others in such a way.

Mark Wright

Mark Wright

Have you ever just wanted to throw the towel in and head back to the beach?

All business owners at some point will have that feeling of wanting to throw in the towel, particularly on the days when nothing is going right, and everything feels impossible. However, the true marker of success is the ability to continue to show up each day and work through every single challenge. The ones that do will come out on top, maybe not immediately, but eventually.

I am from a small town in Australia where my Dad owns the local car garage and my mum owns the local hair salon, so when we were all sitting round the table at dinner time, they would discuss the challenges of running a business and I would gain real insight into the hardships. So in starting and continuing to work through my business journey I have always had this in the back of my mind. The power of persistence cannot be underestimated and even on days when I feel like it, I wouldn’t ever head back to the beach.

2020 has been a tough year for business. How was your business affected?

I can honestly say that the start of the COVID-19 pandemic was the hardest period I have ever had to work through in business as like the majority, we lost clients and were forced to make challenging decisions. However, I would also say I have learnt the most about business this year and worked hard to implement an effective survival strategy. This not only meant we were able to continue to navigate through the first difficult three months, but in taking the time to look at our costs, our staff and our processes, have had the opportunity to make vast improvements that have enabled us to thrive beyond pre-COVID levels and really come out on top.

What do you think the long-term impact of COVID-19 will be? Will the economy bounce back quicker than predicted?

I think the figures from Q3 were very promising and show that a ‘bounce back’ is possible. However, with further reports revealing that UK borrowing is now at the highest since records began, it means we have a long way to go and it certainly won’t be easy.

Although there haven’t been any changes to taxes as yet, I do think these will come as we start to see economic recovery and hope any increases don’t impact business owners too heavily, particularly as they have worked so hard to survive this unprecedented period.

How has COVID-19 changed the digital marketing industry?

Although there was an initial hit at the start of the pandemic, with businesses cutting digital marketing spend as a cost-saving exercise, I would actually say the pandemic has since played into the hands of the digital marketing industry by emphasising the importance of having a strong digital presence to sell your product or service online.

There will still be agencies who will be down on a revenue. However this won’t be because the business and sales opportunities aren’t out there, but because they aren’t pushing hard enough and are ultimately using COVID-19 as an excuse. At Climb Online we have won many new clients recently just because we were the only agency to actually answer the phone, which is quite unbelievable and shows that many are still operating remotely and haven’t got the right virtual infrastructure in place.

What advice would you give for business owners struggling to drive new sales?

This is going to sound very simple, but the first thing business owners struggling with sales should do is hire a salesperson to implement a clear and consistent business development strategy. I’ve met thousands of business owners over the years and it still amazes me that the vast majority don’t have any form of sales operation to keep the pipeline full and to proactively sell the product or service. Often the business owner is hesitant to hire a salesperson due to a bad experience or because they believe no one will be able to sell the business as well as they can, and whilst the latter is likely to be true, you still need additional people on the ground generating as many leads as possible. Without a sales team, any form of sales strategy becomes inconsistent and ineffective, limiting the opportunity for growth.

Will you ever retire? Absolutely not. Never.

*CLIMBCON is the only business summit dedicated to teaching businesses how to grow and scale from real life successful entrepreneurs

in an authentic and empowering live event

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Interviews

The evolving payments landscape

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The evolving payments landscape 2

Q&A with Prajit Nanu, Co-Founder and CEO, Nium

  1. The global pandemic has negatively impacted economies around the world, but we’re also seeing an acceleration in e-commerce and consumer behaviours. What trends are you seeing, and what is the takeaway for Nium?

At the start of the global pandemic, no one had a clue on where things were headed. But luckily for Nium, we have a 360-degree view on how different industries are adapting because of the number of industries we serve. For instance, we saw that there was a rise in gaming, e-learning, and e-commerce while the travel industry was significantly impacted.

According to Newzoo, the leading global provider of games and esports analytics, the games market will to grow to $217.9 billion by 2023, representing a strong +9.4% CAGR between 2018 and 2023. This is up from a previous forecast of $200.8 billion[1]. The sudden shift away from the classroom in many parts of the globe also led to a rise in e-learning adoption, where schools have had to distribute gadgets to students to ensure they have access to learning materials. Schools in New York, US for example distributed around 500,000 laptops and tablets to their students in early April[2].

To cater to these sudden shifts in consumer behaviour, banks are coming to Nium with an accelerated timeline to leverage and implement our services, including instant real-time cross-border payments. This is positive because banks are reacting to new consumer behaviours promptly.

That said, while these are positive trends, we need to think about how we can sustain this momentum into the future. Initially when the pandemic hit, we saw a huge shift of revenues from offline to online channels. However, now that countries are gradually re-opening, we see that many consumers are preferring to go back to offline channels. The question now lies in how we keep up with these changes and continue to deliver great customer service.

  1. The world is shifting to an API economy, how is this going to impact your customers?

Our definition of an API economy is one that deploys best-of-breed products seamlessly and efficiently – and this is a core mantra of what we believe we are powering at Nium. If you think about it, banks today are being unbundled at a rapid pace. 15 years ago, if a customer wanted a loan or a travel card, they would have had to walk into a physical bank. Today, customers can turn to a small and medium-sized enterprise (SME) lender or any pre-paid travel card business.

Nium is actually leading the charge in this rapid unbundling through our banking-as-a-service (BaaS) offering. For instance, E-commerce companies no longer only provide e-commerce as a service but instead have tapped onto a new range of services within that ecosystem. Companies today can choose partners for their payment solutions – for instance, they can use X for payments, Y for card issuance, and Z for lending. The API impact that Nium makes goes beyond just a few customers; we make it easy for everyone to plug in and rapidly deploy our service.

The future of the API economy is all about how to make APIs easy to understand, and that is where Nium is driving our vision forward.

  1. What is Nium doing to cater to the under-penetrated segment that may not have access to payments today?

Nium is providing an infrastructure platform catered for anyone – from everyday customers and businesses, to large banks, and even to fintechs – aimed at levelling the playing field through the provision of financial services to all members of the population. In other words, our platform enables our partners to reach out to the population and provide greater access to payments than ever before.

To take a recent example, Nium partnered with Aptiv8, an IT and manpower solution provider, to launch a remittance service called MyRemit. This service allows migrant workers in Singapore to conduct digital remittance transactions via a mobile app, anywhere and anytime. This has been particularly vital during this year’s strict social distancing and lockdown measures, as migrant workers can still remit money back home for their family’s needs through a digital channel.

Similarly, Nium recently partnered with Cebuana Lhuillier, the Philippines’ largest microfinancial services provider, to launch their mobile remittance app, Quikz, in Singapore. Powered by Nium’s Remittance-as-a-service (RaaS) solution, this app allows thousands of Filipinos based in Singapore to send money to their loved ones back in the Philippines. Our platform ensures the transactions are processed securely and in real-time – providing more customers with a safe and more affordable way to make transactions.

  1. What was 2020 like for Nium and what is it going to be like in 2021?

This year has been interesting for Nium because the pandemic forced us to rethink and review our company playbook for success. At the peak of COVID-19, I gathered my leadership team together to reflect on the impact the world had faced, how the world is going to change, and what we, as a company, need to consider when adapting to these changes. This exercise was extremely useful and it has formed the basis of a refreshed playbook for us.

Our team members came up with many different stories on how we need to over-communicate not only to our clients, but also internally with our colleagues. We also spoke about product prioritisation. For instance, travel used to be an industry that most of our products served, but it has become much smaller today, while other industries such as e-learning and gaming have burst through the scenes. So, do we still create products for the travel industry knowing that it will come back in the next two years, or do we focus on the growing industries right now? The good thing is, because we work with clients across a large spectrum of industries, we have been able to observe these changes panning out early and react swiftly.

Come 2021 and 2022, product will be key for us. There is a lot of pent-up demand across industries that were restricted due to the pandemic, such as travel, and we are looking forward to capturing this new demand, which I believe will definitely come back once we tide over these difficult times. At Nium, we will continue to focus on growing our revenue and expanding our team worldwide.

At the same time, we are also aware of the impact that the pandemic has had on our employees this year. I want to take a brief moment here to acknowledge the efforts of our employees worldwide. They have rallied hard over the past few months, putting in the extra hours as they work remotely, to ensure they deliver quality work. Ensuring that our employees remain engaged and prioritising their mental health will also be a focus for us in the new year.

[1] Global Game Revenues Up an Extra $15 Billion This Year as Engagement Skyrockets, Newzoo.

[2] Challenges of home learning during a pandemic through the eyes of a student, The Jakarta Post, July 2020

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By Samuel Shen and Alun John SHANGHAI/HONG KONG (Reuters) – A global chip shortage is choking the production of machines...

Iran's oil exports rise 'significantly' despite sanctions, minister says 15 Iran's oil exports rise 'significantly' despite sanctions, minister says 16
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Nissan to source more UK batteries as part of Brexit deal 'opportunity' 17 Nissan to source more UK batteries as part of Brexit deal 'opportunity' 18
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Muted recovery for UK retailers in December ends worst year on record 19 Muted recovery for UK retailers in December ends worst year on record 20
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Chinese phone maker Honor partners with key chip suppliers after Huawei split 21 Chinese phone maker Honor partners with key chip suppliers after Huawei split 22
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