Scarlett Sieber of Money20/20 and Graham on the stand
Scarlett Sieber, Chief Strategy & Growth Officer, Money20/20
Scarlett stated the overarching theme for Money20/20 globally, which would continue in future events like in Vegas, was “Human x Machine,” integrated throughout the content and activations. She highlighted that significant announcements were made, including major updates from Visa and Mastercard. At a press lunch held a few hours earlier, there were two partnership announcements, two product announcements, and new data revealed. One key partnership was between Nium and Remote, and another notable announcement was Mastercard’s collaboration with bunq, a digital bank with 12.5 million users. This partnership, focused on open banking, would allow users to see their entire financial lives through the bunq platform, benefiting end consumers. Additionally, AI was a significant theme, with approximately 20% of the event’s content mentioning it in some capacity.
Scarlett confirmed that the inaugural Money20/20 Asia event in Bangkok exceeded expectations, drawing over 3,000 senior attendees. Key announcements included Kasikorn Bank and JP Morgan’s Project Karina on cross-border blockchain payments, as well as significant updates from HSBC, Samsung, and Mambu on Islamic banking. She emphasised the growing regulatory influence, noting the CFPB’s major announcement in Vegas 2022 and a strong regulatory presence in Asia. The Bank of Thailand’s keynote was the most popular, and the event featured a closed-door session with six regional regulators and several MOUs, including one between the Australian government and the Thai Fintech Association.
Scarlett indicated that their current focus was on strengthening their presence in the key markets of the US, Europe, and Asia. She acknowledged the global nature of money but emphasized the local nature of regulation. Scarlett hinted at upcoming surprises and announcements to be revealed at the next event in Vegas.
Alexandra Johnson, Chief Payments Officer, Nium
Alexandra Johnson of Nium with Host Graham
Alex discussed the evolution of cross-border payments during her session at Money20/20. She explained that while innovation in this space often starts with consumer payments, it needs to expand into enterprise payments. The goal is to make enterprise payments as seamless and instant as remittance payments. Alex emphasised the impact of geopolitical changes and workforce globalisation on payment innovations. She highlighted Nium’s focus on disrupting the enterprise space, particularly B2B and B2P transactions, by making them instant, accessible, seamless, and reliable.
Alex announced a major partnership with Remote at Money20/20, focusing on supporting global payments for Remote’s international workforce. Initially, Nium would handle transactions in over 20 currencies, with plans to expand to more than 120 currencies. She highlighted the significance of these payments, highlighting their potential socioeconomic impact and expressing pride in Nium’s role as a reliable provider.
Alex confirmed that partnering with Remote was a natural fit, noting the dynamic nature of the global payments space. She accentuated the diversity of payments, sender-receiver pairs, and purposes, underscoring the need for adaptable solutions. Alex highlighted Nium’s focus on specific areas like payroll and the gig economy, noting their new marketplace solution designed to facilitate payments for small businesses and individual sellers in e-commerce marketplaces globally.
Alex put emphasis on the importance of prompt payment in retaining staff and shared her passion for recruiting and retaining top talent in the fintech industry, especially focusing on diversity. She highlighted the need to offer opportunities to a diverse talent pool, not just women. Alex discussed the benefits of efficient payroll, remote or hybrid work environments, and sourcing talent globally. She stressed the importance of offering additional benefits to attract and retain the best talent. Alex mentioned her experience in fintech and banking, noting that fintech’s approach to these issues had drawn her back to the industry.
Alex outlined Nium’s plans to continue disrupting the B2B and B2P payment spaces, particularly in the enterprise sector. She discussed her role in managing and bolstering Nium’s owned network, ensuring the right partners and corridors are in place for optimal customer experience. Alex emphasised the importance of adding value-added capabilities, such as account confirmation and fraud prevention tools, to enhance the network. She highlighted the focus on refining the network and improving customer experience to meet customers’ needs and expectations.
Jakob Pethick, Chief Commercial Officer, YouLend
Jakob Pethick of YouLend with Debbie West at the stand
Jakob described an upcoming session where he would join Christel Karsen from Booking.com to discuss embedded finance in the travel sector. Booking.com, known for its financial service innovation, particularly in payments, partnered with YouLend to offer financing to hotel partners facing challenges like seasonality and cash flow. Jakob highlighted the trend of embedded financial services expanding into various sectors, including travel, e-commerce, payments, and food delivery, based on YouLend’s broad industry perspective.
Jakob explained that YouLend, an embedded finance provider headquartered in London, expanded significantly across Europe and the USA due to high demand. They work with large tech and payment companies to offer financial services to small businesses. The expansion was driven by the need for small businesses to access financing quickly, as traditional methods were often slow or inaccessible. Additionally, tech platforms and payment companies sought solutions to provide financing to their business customers, leading to increased demand for YouLend’s services. Despite differences in markets like the UK, Europe, and the US, the underlying problem of financing access remained consistent, highlighting YouLend’s role in addressing this challenge.
Jakob emphasised the importance of cultivating a strong workplace culture while expanding internationally. He highlighted the challenge of maintaining autonomy for each office, particularly in locations like the US, where there’s a startup culture and a different stage of development. To address this, YouLend ensures that each office has local leadership and ringfenced resources, allowing them to operate independently while still accessing support from the London headquarters when needed. Jakob noted that creating autonomy for each office helps prevent them from feeling like an afterthought in any market. Additionally, he mentioned the basic business challenges of finding customers, banking partners, and navigating regulatory requirements, which are consistent across all markets.
Jakob discussed YouLend’s impact report, which showed that businesses financed by YouLend grow 26% faster than their peers, contributing significantly to GDP and creating more jobs. They particularly uplift underserved communities, including female-led and minority-led businesses, by providing fair financing rates through unbiased algorithms. The report demonstrates the positive social and economic impact of embedded financing, especially for marginalised groups.
Hana Rolles, UK CEO, Paynetics
Hana Rolles from Paynetics with Graham at the Remote Stand
Hana explained that Paynetics operates as an embedded finance platform, offering services such as card issuance, payment accounts, and acquiring. Amidst a crowded field of over 800 fintechs in Europe focusing on embedded finance, Paynetics distinguishes itself by providing a platform capable of integrating financial services into digital platforms. She highlighted a recent partnership with Trading 212, a leading European FOREX player, enabling them to expand their services by offering cards and accounts to customers. This partnership aims to enhance customer engagement and generate additional revenue streams.
Hana confirmed that Paynetics operates with a hybrid workforce model, common among technology companies. While the majority of employees are based in Sofia, Bulgaria, their go-to-market teams are spread across various European markets, with a separate entity in London, UK. This necessitates a hybrid approach where some employees work remotely full-time, while others engage in client meetings and occasional commuting. To foster a sense of togetherness and engagement, Paynetics aims to bring everyone together once or twice a year to create memorable experiences.
When asked about challenges as a leader in managing remote and distributed teams, Hana acknowledged issues such as communication and engagement. To address these challenges, Paynetics prioritises effective communication, team building activities, and investing in engagement efforts.
Andy Davies, Global Head of Payments, Endava
Andy Davies of Endava with Debbie West
Andy discussed the main topics addressed in the session “Addressing Payment Headwinds at 35,000ft.” The focus was on how airlines navigate the balance between prioritizing consumer preferences in payment methods while managing increasing complexity. This complexity arises from shifts in the airline industry, such as direct selling to consumers and adopting marketplace models. Airlines now sell tickets in multiple countries and currencies, expanding their services to include various travel-related purchases. This evolution requires them to address challenges in consumer payments, regulatory compliance in marketplace models, and managing complex B2B ecosystems for partner and supplier payments. Andy highlighted insights from partners at Aer Lingus and other industry experts.
Andy explained Endava’s role in the airline industry, focusing on two key areas. Firstly, Endava assists companies like Aer Lingus in navigating the payment ecosystem by identifying suitable payment solutions, addressing regulatory challenges, and selecting B2B partners. Secondly, Endava helps these companies build solutions by integrating a network of partners and providers to offer comprehensive services to customers. Additionally, Endava collaborates with fintechs and payment providers to develop future-state platforms required for managing the evolving landscape of payment solutions.
Andy explained that fintech focuses on building tools to enhance merchant efficiency. This involves optimising payment acceptance routes and utilizing AI to offer merchants cost-effective payment options, facilitating faster and safer transactions. Furthermore, fintech’s address challenges related to onboarding regulated companies and standard merchants. They invest in simplifying the onboarding process, ensuring ease of adoption for users.
Andy highlighted communication as central to their approach, emphasising collaboration and the use of digital tools to facilitate teamwork across continents. He stressed the importance of cultural appreciation and time zone considerations in fostering effective collaboration. Moreover, Andy noted that aligning colleagues with customers in specific regions helps optimise service delivery globally.
Justin Poiroux, Co-Founder and CTO, Yellow Card
Justin Poiroux of Yellow Card with Debbie West
Justin explained that Yellow Card initially aimed to introduce crypto-denominated gift cards in the U.S. in 2016. However, they shifted their focus after meeting a Nigerian professor facing exorbitant bank fees to send money home. Recognising the potential of cryptocurrency for remittances, they pivoted to create a platform facilitating affordable and instant transfers between the U.S. and African countries. As of now, Yellow Card is the largest and first licensed stablecoin on and off-ramp for the African continent, operating in 20 countries and providing various financial services to individuals and businesses.
Justin mentioned the session he would be involved in called “The Purpose Fit: Why Mission Matters as Much as Product.”, highlighting the importance of staying mission-focused as a founder. He emphasised that while it’s easy to become fixated on the product, maintaining alignment with the company’s mission is crucial. Reflecting on Yellow Card’s journey, Justin noted how their mission of financial inclusion has guided their path for eight years.
Justin described the company’s culture as vibrant and fun, with over 200 employees primarily based in Africa. He underlined the diversity within the teams, comprising individuals from 20 different cultures. Andy highlighted their unique practice of rotating presenters during weekly all-hands calls, where team members share music and insights from their respective countries. This cultural exchange fosters a sense of unity and appreciation for diversity, which Andy sees as Yellow Card’s superpower. He stressed the importance of trusting local experts within the team and providing them with autonomy, contributing to a dynamic and enjoyable work environment.
Justin, speaking from his perspective as the CTO overseeing a team of over 50 engineers, emphasized the importance of the company culture in attracting and keeping top talent. He highlighted the challenge of retaining engineers in the fintech industry, noting their propensity for having strong opinions. To address this, Yellow Card prioritises giving employees autonomy and the ability to effect change within the company. Justin underscored the value of having a diverse team, especially in a remote work environment, as it fosters a variety of perspectives and ideas. He accentuated the significance of their mission, which aligns employees, partners, and investors toward a common goal. Justin believes that the combination of autonomy, diversity, and a strong mission has been instrumental in attracting and retaining top talent at Yellow Card, leading him to assert that they have the best engineers on the continent.
Justin explained that while Yellow Card initially focused on retail and small businesses across Africa, they have recently shifted their focus to include B2B enterprise solutions. Recognising the entrepreneurial spirit prevalent in Africa, they aim to provide technology and infrastructure to businesses across the continent, as well as in the US and Europe, to streamline operations. By offering a single API and widget, Yellow Card aims to simplify processes such as treasury management, KYC, global payments, and on/off ramps for businesses, ultimately contributing to financial inclusion and enabling global businesses to engage with Africa more easily.
