CXO Outlook – March 2022 – Global Edition – Inspiring Business Leaders in 2022 Special by Connecta Innovation

GLOBAL EDITION

MARCH 2022

INSIGHTS. IDEAS. INSPIRATIONS

Cathy Ross Fraud.net Firoz Thairinil Westford Education Group Joseph Chan AsiaPay Kevin Steer 121Adviser Michael Collura In Home Personal Services (Matthews Healthcare Education) Murtaza Yousuf Media Mavericks Nektar Baziotis ENKI Technologies Inc Sharon Anderson KCG Consulting Services (KCG)

CONSTRUCTING SUCCESS March 2022

SCOTT TRUEHL

E X E C U T I V E V I C E P R E S I D E N T & PA R T N E R , CXO OUTLOOK F R I E D E & A S S OMarch C2022 IATES

CXO OUTLOOK March 2022

K12 Digest Sept-Oct 2020

Want to Sell or find Investor for your Business? 3

CXO OUTLOOK March 2022

March 2022

Vol - 3 Issue - 3

Most Inspiring Business Leaders of 2022 (Global Edition) Head of Advisory Board Dr. Manoj Varghese, Ph.D

Managing Editor Sarath Shyam

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CXO OUTLOOK March May 2020 2022

LETTER FROM THE EDITOR

The Global Changemakers

020 changed many things. In its second quarter, business leaders across the world had a different challenge to face – strategizing and implementing new policies that could help the company sustain amidst the pandemic. Remote working became the new norm. Platforms like Zoom and Google Meet were the new board rooms. However, business leaders reacted to these changes in different ways. While some embraced the change to grow their businesses in a new way, a few were desperately hoping that things would get back to normal - whatever that is. Without a doubt, we can say that disruptions do not stop. What we did yesterday may not work tomorrow. To be future-ready, business leaders must be willing to try new things, invest in improving technology infrastructure, and create cultures where employee wellbeing comes first. For instance, a study conducted by Gallup finds that higher levels of organizational wellbeing track with lower levels of employee burnout, stress, worry, anxiety, and depression -- while boosting

trust, innovation and resiliency. So, they say, if you focus on fortifying well-being this year, your company can regain the well-being it lost and a shockingly effective security system. This global edition of CXO Outlook is all about leaders and leadership styles. In this issue, we have identified ‘10 Most Inspiring Business Leaders in 2022’ who have taken empirically proven actions to stabilize organizations and help them succeed. On the cover, we feature Scott Truehl, Executive Vice President & Partner, Friede & Associates. Scott is a true leader who walks the walk when it comes to helping others in the construction industry. Enjoy Reading.

Sarath Shyam

CXO OUTLOOK March 2022

C O N TC OEN TN E N TT S S

COVER STORY

SCOTT TRUEHL EXECUTIVE VICE PRESIDENT & PARTNER, FRIEDE & ASSOCIATES

CXO OUTLOOK March 2022

Firoz Thairinil, Founder & CEO of Westford Education Group ON A MISSION TO MAKE EDUCATION ACCESSIBLE TO EVERYONE

36 32

Cathy Ross, Founder & President, Fraud.net

Joseph Chan, CEO, AsiaPay

AN INSPIRING TECHNOPRENEUR PROVIDING BESPOKEFRAUD PREVENTION TO GLOBAL CUSTOMERS

GUIDING THE WAY TO THE FUTURE OF FINTECH

Kevin Steer CEO, 121Adviser PIONEERING TRANSFORMATIONS FOR FUTURE BUSINESS

CXO OUTLOOK March 2022

C O N TC OEN TN E N TT S S 8

Murtaza Yousuf, Co-Founder & Marketing Director, Media Mavericks A TECH PIONEER, DISRUPTING THE DIGITAL MARKETING LANDSCAPE

Michael Collura, President & CEO, In Home Personal Services and Matthews Healthcare Education

Nektar Baziotis, Co-Founder & President of ENKI Inc A TECH ENTREPRENEUR AT HEART, TAPPING AI’S POTENTIAL IN EDUCATION

A PIONEERING LEADER CONNECTING MEMORY WITH PURPOSE IN THE HEALTHCARE INDUSTRY

78 CXO OUTLOOK March 2022

Sharon Anderson, Founder & CEO, KCG Consulting Services (KCG) A GLOBAL THOUGHT LEADER CULTIVATING A CULTURE OF CIVILITY

IN MY VIEW

Taxation Policies and Predictions for the United States

Silvia Aguirre, VP Certificate Management, Avalara

ALE S'DER INSIGHST

Guiding and Growing a Business “From the Inside Out”

Dr. Ballard Pritchett, CEO, CorePeelers International

The Road Ahead for Pharma Communication

Sylvia Hii, Founder & CEO, DAP E-nnovative Solutions Pvt Ltd (DAP Group of Companies)

The Five US Business Trends That Will Shape 2022

Dr. Srinivas Mukkamala, Senior Vice President Security Products, Ivanti

CXO OUTLOOK March 2022

C O N TC OEN TN E N TT S S 10

OPIN TXPER

Tax Policy Predictions for 2022 — What’s Shaping Policy and the Impact on Businesses

Scott Peterson, VP, U.S. Tax Policy and Government Relations, Avalara

Tips to Make Your Business Successful in the US

Gautam Rege, Co-Founder & Director, Josh Software

Blockchain Trends to Watch in 2022

Amit Ghosh, Chief Information & Services Officer, R3

CXO OUTLOOK March 2022

123

Higher Education Digest October 2020

CXO OUTLOOK March 2022

IN MY VIEW

TAXATION POLICIES AND PREDICTIONS FOR THE UNITED STATES Silvia Aguirre, VP Certificate Management, Avalara

n the United States (US), it is not common to see many changes affecting a business due to tax legislation, especially state tax legislation, however, the combination of aprior year Supreme Court of the United States (SCOTUS) decision, Wayfair vs. South Dakota (Wayfair)and the impact of COVID 19 made change inevitable. The Wayfair decision affected the way a business would be taxed within a state. Before Wayfair, a long-standing previous SCOTUS decision stood in its place, where a business would have nexus and fiduciary obligations in a state if there was physical presence involved. With the Wayfair decision,

CXO OUTLOOK March 2022

the introduction of economic nexus, meaning generally, where there is no physical presence but rather the benefits of conducting business through ecommerce, changed everything, and each state began to change their statues to define how and when to tax a business due to economic nexus. If certain thresholds were met, a business regardless of where they were located would have to register in the state, start to collect sales taxes and manage documentation for exempt sales. Businesses had to take a pause and evaluate their processes to determine if they had a high enough level of economic nexus to warrant

Omnichannel sales created opportunities for businesses, yet new challenges of complying with the state laws multiplied as their footprint expanded

Silvia is currently VP of Certificate Management—and previously was GM and Chief Certificate Officer at Avalara—where she manages product direction of certificate management products. She co-founded Avalara CertCapture and prior to that was co-founder and principal of Tax Technology Services, LLC (TTS), where she was responsible for the operational efficiency of the organization and tax knowledge base. Silvia has served as an auditor for the state of Texas in their San Antonio and New York offices. After her audit career, she served as tax manager for national companies in the manufacturing, retail, and technology industries.

CXO OUTLOOK March 2022

registration. At first Wayfair didn’t feel like much of a change, however, a business was used to selling from one location and immediately pivoted and had to register in all the states, collect sales taxes, and had to document exempt sales, this change was impactful. It seemed

Wayfair would only impact those without a physical presence and mainly doing B2C, those businesses that depended on ecommerce and transacted as intermediaries within a distribution network, as most traditional businesses dealing in B2B had not considered moving to ecommerce, at least not as a primary source of revenue. Then COVID happened.

CXO OUTLOOK March 2022

As COVID hit, businesses in traditional B2B had to move quickly into changing their way of selling and many rushing to implement, automate ecommerce solutions not only to stay afloat, but to stay competitive. New avenues of omnichannel opportunities opened-up. With this rushed changed, came the potential of crossing the economic thresholds imposed by states. With ecommerce being implemented, traditional businesses were able to expand quickly not only in the US but internationally. Likewise, international businesses had the opportunity to expand into the US. This meant that Wayfair had reached international levels. Businesses that are were not based in the US, yet crossed economic thresholds, had to registered in the states. Omnichannel sales created opportunities for businesses, yet new challenges of complying with the state laws multiplied as their footprint expanded. Challenges of connecting the dots between traditional ERP systems and ecommerce systems, creating a seamless customer experience, and relying on the technical solutions to calculate, collect sales taxes and exemption certificates without disrupting the supply chain became priority. The supply chain was mostly disrupted because systems were not prepared to calculate, accept, and collect the correct documentation when making a sale through ecommerce. The expediated process in a B2B environment that would have taken days to accommodate and likely relied on an in-person relationship, now was open to a quick process. If the correct documentation was not obtained and processed correctly, then likely there would be an increase in rebilling and credit memos, a delay in paymentor a delay in product delivery. Throughout 2021, businesses had to implement the needed processes to operate in an ecommerce world, including updating employee management policies, inventory management, customer relations and supply chain changes to accommodate an omnichannel solution and likely register, report and collect sales taxes and/or exemption certificates due to the Wayfair decision. A lot of change for one year. 2022 will be the next chapter for businesses after the quick pivoting to ecommerce and omnichannel expansion that happened in 2021. Ecommerce measures are no longer the stop gap resolution. It seems it will be the norm for the foreseeable future; however, adjusting to digital transactions as they happen real-time will require businesses to refine their processes to stay competitive. In 2022 supply chain challenges will continue, and disruptions might prompt many to evaluate and change prior decisions.

CXO OUTLOOK March 2022

COVER STORY

CXO OUTLOOK March 2022

SCOTT TRUEHL

EXECUTIVE VICE PRESIDENT & PARTNER, FRIEDE & ASSOCIATES

CXO OUTLOOK March 2022

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rom getting a Political Science degree and aspiring to be the President of USA, to becoming Executive Vice President and Partner of a renowned construction firm called Friede & Associates, Scott Truehl’s journey is inspiring and filled with learning. “I have been incredibly lucky with my career and had great mentors and people who gave me chances to grow, succeed, and fail,” shares Scott. Since childhood, Scott was never afraid of challenges, doing things in unique ways, or dreaming big. Speaking about ambitions, in high school, Scott thought he wanted to become the President of the US. That’s huge, right? Well, to get that political career started, he spent two years working part-time in the Wisconsin State legislature during his college days. From there, Scott then served as the Governmental Affairs Director of the Madison Chamber of Commerce for six years and realized that he really enjoyed working with the business community instead of working in the political arena. He then joined Wisconsin Power & Light (now Alliant Energy), a growing regional gas & electric utility and held several leadership positions in Economic Development, Local Field Operations, Director of State & Local Governmental Affairs for the next eight years. “During my last couple of years working with community economic development agencies, I assembled a group of general contractors to help me put together building proposals for many of my prospects looking to locate in Wisconsin. A number of these firms offered me a chance to join them, and here I am,” reveals Scott. An upward career trajectory such as his is worth taking notes from. A Trusted Name for Four Generations In 1945, Friede Brothers started its journey as a hard bid governmental and commercial general contractor serving a 30-mile service area. More than 40 years later, the company switched gears, and changed its focus towards design-build projects, and took the name of Friede & Associates. This was when Scott joined the company as its Executive Vice President & Partner. “What really excited me about Friede & Associates was the sense that I could really make a difference,” says Scott. Roger Friede represented the fourth generation of his family to run the company, so he knew the company had the staying power to be successful. What Scott brought to the table was the vision and uniqueness that would make Friede & Associates stand apart from its competitors. Scott adds, “We discussed how together

CXO OUTLOOK March 2022

Roger Friede & Scott Truehl in front of their award winning “Walnut Street Flats” affordable housing project

we could create a professional services company that could help businesses looking to expand with much more than just building or renovating their buildings. We knew we could do much more.” Assisting Clients at Every Step of the Way Based on his previous experiences as a realtor, city council member, and economic development specialist, and, Friede & Associates’ 40 years of commercial experience, Scott, and his team noticed that building is just one part of the overall expansion project for their clients. Pointing out obstacles that their clients face, Scott says, “We realized that for most of our clients, the building is the largest investment they will ever make, and most of them have never done it before. So this is where we come in. We can take the entire burden off our clients for the construction process so they can continue to focus on their business.” Today, under Scott and Roger’s leadership, the team of Friede & Associates is helping clients every step of the way right from finding the right site to constructing their building, to arranging financing, to building the building, and so much more in the middle. A Hands-on Leader “I see my role as helping show our team where we are going and how they can make that happen,” mentions Scott. When it comes to his leadership style, Scott is a hands-on leader who invests himself in the day-to-day needs and operations of the business. Most days you will find Scott knee-deep in conversation with either project managers or estimators, or key subcontractors, trying to find the best building solution for their clients and partners. These discussions revolve around the challenges they are trying to work through on specific projects, and the variety of potential solutions. From a team’s point of view, this is extremely important: being heard and understood. Hence, Scott’s team knows that they can approach him for assistance and support at any time. One of Scott’s “catch phrases” is “bad news doesn’t get better with age.” “By this, I mean don’t put off the tough calls to our customers or being hesitant to bring my partner or me in on issues early if they need help. We can help work through the problems and get to solutions, rather than having an issue continue to cause problems and affect everything else they or our crews are doing,” explains Scott. A Typical Workday Scott is an early riser. His typical day begins at 4:45 a.m. and then includes a 75-minute commute to the office. On his drive, Scott typically handles calls from subcontractors and field supervisors who are just getting to their job sites and

CXO OUTLOOK March 2022

Scott Truehl and Roger Friede accept the ABC Wisconsin Gold Award for their “Genisa” historic renovation project that converted a dilapidated 150-year-old three story building into a new Italian Wine Bar, Event Space and Luxury Loft Apartment

are looking to discuss their work for the day. “Typically, and to deal with the numerous issues that the team faced I split my days evenly between meetings in my office, each day, in both their personal and professional lives. at client or prospects offices, or on our job sites,” shares Sometimes, they were about the pandemic, how supply Scott. He is the type of leader who chain breakdowns were affecting makes every minute count. His their jobsites and other days the day usually wraps up in the office discussions focused on how the between 5:30 - 6 p.m. and Scott team dealt with home-schooling and Today, under Scott’s heads back home and wraps up remote learning for their children. leadership, the the day by getting updates on his Towards the end of the morning team of Friede & projects or communicating with huddle, everyone shared their work clients. Scott then catches national plans, objectives to be achieved Associates is helping news on the radio or listens to for the day, and if any assistance clients every step of audiobooks or podcasts to always or inputs were required from other the way - right from be learning and to wind down team members. his day. It is his way of striking a Moreover, all the superintendents finding the right work-life balance. from various projects sites were also site to constructing asked to join the call once a week to their entire building Game Plan during the keep everyone in the loop about what Pandemic challenges they were facing in the and so much more in “We immediately identified and field. “By taking these actions, we the middle invested in the technology we could keep everyone in our company needed to operate completely informed of what was going on and remotely,” claims Scott. During let everyone know that we all were the pandemic, Roger & Scott held a quick 30-minute in this together and each of us was dealing with unique meeting each day with the office staff to stay connected challenges,” continues Scott.

CXO OUTLOOK March 2022

Genisa Wine Bar

Luxury Loft Apartment

CXO OUTLOOK March 2022

Building a Boat in a Bottle A few years back, Scott and his team at Friede & Associates took on an ambitious project in the Wisconsin Dells. This project involved constructing an indoor go-kart track and an amusement center in a building that would fit within the three wings of a large resort. They were also required to create an indoor/outdoor pool and swim-up bar in an adjacent waterpark at the resort. All the construction would replace a large outdoor pool and deck area surrounded by guest rooms. Their main challenges, according to Scott, were an operational deadline of 6 months (November to May), restricted 5 days working along with late morning shifts starting after 9.00 am. To top this off, the crews faced record snows and frigid temperature for the entire month of January. Soon after its completion, a state construction magazine wanted to do a feature story on Friede & Associates and the project, where Scott, the project manager, and superintendent were interviewed and questioned about their challenges. “As I was thinking to myself of all the challenges and hurdles our team had faced, I suddenly realized that the other guys were still sitting silently and looking at each other. I spoke up and said, “guys, what do you think?” They smiled back and said, “Hey, it’s what we do. We’re used to doing the weird and exciting projects like this.” And that was the moment that our “We Do Weird Well” tagline was created. “Anyone can build a box, but We Do Weird Well,” says Scott with a smile. Present Plans & Future Goals Now, Scott’s number one priority is recruiting employees and adding them to the company’s foundation. For Friede & Associates, numerous opportunities are coming their way, but the limited staff is posing a hurdle. Scott actively converses with high school industrial arts students and makes them aware of the construction industry’s benefits and avenues as a career. From conducting job fairs to posting job vacancies on recruiting sites, to talking with head-hunters and some of his key trade partners, Scott is leaving no stones unturned in finding the future workforce. Scott says, “While most construction firms cut back on their sales & marketing expenditures during the pandemic, we opened a new satellite office in Madison in September

CXO OUTLOOK March 2022

of 2020 and added sales & marketing staff.” Today, they are witnessing this investment’s first-hand benefits, opening doors to multiple avenues for growth and expansion. In this regard, Friede will continue to hire and build their talent pool in the coming years.

When it comes to his leadership style, Scott is a hands-on leader who invests himself in the day-to-day needs and operations of the business

A Sage Advice for the Aspiring Leaders Over the years, Scott has learned many important lessons on what it takes to be a leader. He suggests, “First, realize that you cannot do everything yourself. You need to surround yourself with the best team you can and then do everything you can to get out of their way.” Teamwork is more paramount in the construction industry than in other sectors. Therefore, Scott’s idea is to hire the best team and take every possible measure to help them get better. Sharing an anecdote about his initial days in the company, Scott says, “When I first got to Friede, I used to go out and work as a laborer on our jobs, helping place concrete or help with demolition or basic carpentry. After a few minutes, when the guys realized I was there to work, it was amazing to see how they let down their guard and talked about ways we could improve as a company and about things they didn’t like or understand about their jobs or processes.” Therefore, Scott asserts that getting out of the office and talking to employees on the job sites is essential. Scott recommends young leaders never stop the learning process and continue to strive for growth opportunities. In today’s marketplace, someone is always doing it better, faster, or more economically. Hence, one must never get caught thinking they are the smartest in the room. And if so, find a different room. Lastly, Scott asks the leaders to never be afraid of knowledge sharing with industry peers. A healthy exchange of thoughts and experiences benefits everyone. This also increases possible collaborations and helps build a community network. To this end, Scott was also involved in the creation of the Construction Leadership Network, an international group of contractors that meet annually to share best practices and to support others in the industry. Scott’s a regular presenter at these conferences on topics ranging from sales training, to working with realtors & developers to creating a positive work culture…truly a man who walks the walk when it comes to helping others in the construction industry.

CXO OUTLOOK March 2022

LEADER’S INSIGHTS

GUIDING AND GROWING A BUSINESS “FROM THE INSIDE OUT” Dr. Ballard Pritchett, CEO, CorePeelers International

Dr. Ballard Pritchett, President & CEO of CorePeelers USA, Inc. He is a cofounder of the Houston Food Bank in Texas, the Navigate Leadership Learning Programme in New Zealand, The Leadership Institute of New Sudan in South Sudan, The Alliance of Professional Consultants in Colorado, and has advised and served on many corporate and charitable Boards of Directors.

was once asked by a colleague/partner to engage with a manufacturing company he had recently acquired. He bought it with the intention of improving its operating efficiencies, making better use of its talent, and growing its customer base. At the time of the purchase, this company mostly sold into the USA automotive supply chain as a thirdtier supplier. My colleague asked me to take over operations, while the former owner/seller stayed available under an employment agreement. One of my first investigations was to see how much it cost to make the company’s products. In

CXO OUTLOOK March 2022

its 20+ year history, the company had made about 3,000 different parts for the second-tier component assemblers. Almost every die and tool it had ever used was still around in one factory or warehouse or another. All the parts were still listed in the company database. (Of course, when you make parts for automobile manufacturers, you may have a contractual obligation to make spare parts later if requested). The factory did not feel well organized. But here is what I found that told the story best. The company had a daily “just-in-time” delivery requirement for eight parts in current use by a big-

What our business offers in the way of products and services enables us to meet opportunities that already exist – not to create them

CXO OUTLOOK March 2022

name customer. Whatever else needed to be done in the factory that day, the requested quantity of these eight parts had to go out the door. And I calculated that the production costs for four of the parts, without any overhead allocation, were higher than the sale price. In truth, those were the older parts. The four newer parts had an above-cost price, but not enough to cover much overhead. As a whole, the business with this customer was conducted at a loss. So, I shared this information with the new owner and the prior owner at a meeting of the three of us. The new owner looked firmly at the prior owner/business seller and asked if this could be true. The answer? “I am pretty confident that probably is true. That is just the way this business works. You bid to make a part, and if you get the work, the first few years you make some money. The customer requires the price to go down every year. So, then you lose money. But you have to keep bidding for new business, because otherwise you are only losing money.” And not only that. If the daily delivery was ever late or incomplete, the customer would charge back highly punitive fees against the supplier. The new owner, initially unfamiliar with some of the unusual ways of the automotive supply industry, was not pleased. This is an example that makes a point: most companies have either customers or products they would be better off without. This case is from a particularly difficult industry – supplying USA automotive assemblers. But something similar is not all that rare in other industries. How does this happen? There are two reasons. First, many businesses do not know their unit costs all that accurately. Second, and more to the point, all opportunities to sell to and serve customers derive from the world, from the relevant environment of the business. While what is true inside a business can provide competitive advantage, the opportunities always come from the world. What our business offers in the way of products and services enables us to meet opportunities that already exist – not to create them. This means that, over the passage of time, as the economic world evolves, what a business has created to enable it to respond to prospects and customers has left in place many artifacts related to what was once useful. Many of those left-over capabilities, processes, policies and information diminish in value over time. Ways of doing things in a business that were once a source of advantage often outlive their usefulness. Not only do these left-over layers of business artifacts cost money to retain, they also diffuse the focus

CXO OUTLOOK March 2022

Better success comes when we select and engage with opportunities the world presents that align with our core and take advantage of our essential strengths

of the people in the business. They become distractions and impediments to progress. The person working to make or ship the just-in-time products usually has no idea whether his work today is making the company a more or less valuable business. He or she is just doing the assigned task, without any real connection to what moves the business forward. And this is costly, for that employee, the company, and future customers. We at CorePeelers International often find that for a business to grow in value and thrive in its organisational life, it is a good practice to peel away layers of business activity that are not key. A business’s future ability to create significant value for its customers, and then to capture a sustainable share of that created value, depends on addressing new opportunities as they emerge. But the old artifacts of the business are just as good at attracting attention and energy from the workforce and

the executives as are the newer production requirements, skill upgrades, and organisational learning on which future success depends. Yet peeling away some layers of physical artifacts and organisational behavior is not the whole story about a business becoming future-ready. It is also an empowering practice to peel away some of what can cause us to lose our balance of attention, our ability to recognize our world’s clamor for attention and yet still hear our inner guides. A thriving organization knows and feels its “core,” and leverages it. Our core should be a constant source of guidance for us, no matter what the world of customers is wanting. Our core is where we know our purpose, where our “Why?” lives. Our core is where we affirm our values and choose our mission. Our core is where we develop our vision of what we want our future to look and smell and sound and feel like. Our core as a business not only guides a thriving organization, it also energizes it. Our core generates motivation and dedication. Our core opens us up to inspiration. It allows us to embrace awe and wonder whenever we allow those always-waiting moments of awareness to dawn. Our core is what allows us to connect with each other as fellow journeyers, and to come together in truly great teams. Peeling away less-useful layers of organisational activity helps us be more engaged with our core more often. This then gives us a better way of aligning our efforts, our opportunities, and our relations with customers so that it all functions better. If we work toward the world from strong connection to our core and good alignment of our resources, we will have many fewer customers we would be better off without. At CorePeelers International, we call this “Living from the Inside Out.” Better success comes when we select and engage with opportunities the world presents that align with our core and take advantage of our essential strengths. Life is too short to do business with people who are happy for us to fail. More importantly, life is too short to waste opportunities to relish who we are, and to leverage that inner core to create more valuable relationships with the outer world. Life, as people and as a business, is almost always largely about change. We have learned to peel away enough layers often enough to Live From the Inside Out. We have found this practice to be empowering, enriching, rewarding and worth sharing. And we love to offer our client partners mutual discovery about how we can Live From the Inside Out in collaboration.

CXO OUTLOOK March 2022

Name: Cathy Ross

Name: Daniel Etra

Designation: Founder and President

Designation: CEO

About the Company:

Fraud.net operates the first end-to-end fraud management and revenue enhancement ecosystem specifically built for digital enterprises and fintechs globally.

CXO OUTLOOK March 2022

Rethink is a global health technology company providing cloud-based treatment tools, training and clinical supports for individuals with developmental disabilities and their caregivers.

Name: Jay Banerjee

Name: Joseph Chan

Designation: President

Designation: Founder and CEO

About the Company:

Through its immersive VR platform, ImmersiveTouch is empowering clinicians with greater precision and consistency of care by accessing new insights from patient scans.

AsiaPay is a premier digital payment solution and technology vendor in Asia, strives to bring advanced, integrated, and cost-effective digital payment processing solutions and services to banks and e-businesses around the world.

Name: Kevin Steer

Name: Michael Collura

Designation: CEO

Designation: President and CEO

About the Company:

121Advisor is a pioneer in various revolutionary business solutions, including digital technology, internet and mobile platforms, social media channels as well as regulatory-compliant cloud solutions for multinational and domestic clients.

Matthews Healthcare Education provides training and certification for Home Services Workers, also known as caregivers, to meet and exceed industry standards. It strives to create, promote, and implement quality training classes for individuals in preparation for a successful career in the home care industry.

CXO OUTLOOK March 2022

Name: Murtaza Yousuf

Name: Nektar Baziotis

Designation: Co-Founder and Director

Designation: Founder

About the Company:

Name: Scott Truehl

Name: Sharon Anderson,

Designation: Executive Vice President & Partner

Designation: Founder and CEO

About the Company:

Media Mavericks is a full-service agency creating strategy, design & production across all platforms. The company specialize in brand identities, campaigns, content creation, websites and more.

ENKI Technologies Inc aims to express the ideas of companies and professionals around the world to move beyond local and conceptual boundaries, by creating high quality user-friendly software, delivering unique graphic designs, and defining exact technical communication messages.

Friede & Associates is a commercial general contractor generally serving the southern twothirds of the State of Wisconsin. The company’s craftsman self-perform concrete, carpentry and steel erection on its commercial, retail, municipal, manufacturing and industrial projects.

CXO OUTLOOK March 2022

KCG Consulting Services is a client-centered, people-oriented organization that specializes in connecting with people to assist them in achieving their vision. The company works with sole proprietors, small businesses, non-profits and churches to reach and accomplish their goals.

CXO OUTLOOK March 2022

CATHY ROSS FOUNDER & PRESIDENT, FRAUD.NET

An Inspiring Technopreneur Providing Bespoke Fraud Prevention to Global Customers

“W

e put together a time capsule in high school, writing letters to our future selves. I received that letter in the mail ten years later. I had written down my dream at the time: to own a business in New York City,” Cathy Ross shares. For Cathy, co-founder and President of Fraud.net, the Big Apple was a place where she could surround herself, learn from, and compete with some of the most talented people in the world. More importantly, it was a place where everything and anything was Cathy says, "Thirty years later, I have founded and successfully sold three companies and now own one of the leading fraud prevention companies in the world, serving clients across the globe.” From a young age, Cathy was intelligent, curious, and goal-driven. The Fraud.net co-founder and president

CXO OUTLOOK March 2022

came to New York soon after graduating from college, and spent her initial years in the industry working in leading organizations, in advisory roles where she shared recommendations to drive success. As Cathy moved further into her career, she knew that she had to break out of her comfort zone and take a leap into entrepreneurship. “Getting over the fear of making mistakes has been one of the most critical lessons I learned early on,” reveals Cathy. Since that first leap, Cathy has founded and sold several successful ventures culminating in her current position at Fraud.net, a customizable risk management ecosystem providing the end-to-end protection she had been looking for in the industry. Cathy was born to be a future leader—she has always thrived on challenges and has been unafraid to take risks.

With our customizable plug-and-play solutions, I see us growing to be the most significant fraud prevention and digital risk management company in the world.

Cathy Ross Founder & President, Fraud.net

CXO OUTLOOK March 2022

Entrepreneurship is a Calling From her beginning in finance, Cathy gained business insights on what differentiated successful companies from ordinary ones. She carried this valuable knowledge to her first venture, an investment company she co-founded with a group of partners to make direct investments. Later, in the early 2000s, armed with experience and exposure, Cathy established a high-profile dot-com company recognized by Inc. Magazine as the 17th fastest-growing retail company in the US before she sold it. During this turn of the millennium, infrastructure for making and securing online payments was in its infancy, and fraud was rampant. At Mother Nature, she noticed gaps that could put her entire company and its customers at risk and searched for a solution. “We saw that existing fraud management solutions either forced us to conform to their roadmap or did not have the end-to-end protection that worked. So, instead of searching for the ‘perfect’ platform, we collaborated with other e-commerce companies to create a collective network to share data and built a modernized fraud prevention system ourselves,” states Cathy. As a result, Fraud.net was born. An Award-Winning AI-powered Fraud Management & Prevention Platform According to the latest report by Cybersecurity Ventures, the global cybercrime cost is estimated to grow by 15% per

CXO OUTLOOK March 2022

year over the next five years, reaching USD 10.5 trillion annually by 2025, up from USD 3 trillion in 2015. While digital commerce of all kinds continues to snowball, online payment crimes are rising faster as new payment platforms, international markets, and systems complexity create troubling unknown risks for global enterprises. Comprehensive, quality risk management is not just a luxury. It is a requirement to keep up with increasing cybercrime and changing compliance requirements - this is where Fraud.net stands out. Built on a mission to make every digital transaction safe, Fraud.net started as a product-led, customizable, enterpriselevel fraud prevention platform. Unlike off-the-shelf ERP software, Fraud.net’s solutions are optimized for each client’s business needs. To achieve this, Cathy & the team of Fraud.net work very closely with their clients, ensuring their unique requirements are incorporated into the platform to benefit the entire network of clients and partners. New features are launched every few weeks and unique products every two months to ensure Fraud.net stays ahead of the latest fraud schemes and its clients stay protected from ever-evolving risks. Sharing her vision for Fraud.net, Cathy states, “With our customizable plug-and-play solutions, I see us growing to be the most significant fraud prevention and digital risk management company in the world. The more clients we serve, the more our existing clients’ benefit - a virtuous cycle of growth and safety.” And when it comes to putting an end to cybercrimes, she asserts, “Collaboration among

companies worldwide is the only long-term solution to combat fraud - full stop.” Making Employees Feel Connected According to Cathy, the best way to drive employee engagement is to employ the same philosophy she uses with Fraud.net’s clients—making sure they are seen and heard and feel connected to the company and its vision. At Fraud.net, employees are given ample opportunities, freedom, and flexibility to grow and learn, which allows them to be self-starters. “We make every effort to foster collaboration with inter-department check-ins and

Collaboration among companies worldwide is the only longterm solution to combat fraud.

company-wide opportunities to include team members in new initiatives,” says Cathy. Likewise, Fraud.net conducts several employee engagement events, such as a weekly happy hour and a quarterly in-person event to ensure the entire team of Fraud.net remains connected instead of being isolated and siloed. Additionally, weekly all-hands meetings are held, and monthly company-wide virtual conferences and interdepartmental training sessions are conducted. This allows the employees to interact, discuss, and stay updated

on each other’s progress and Fraud.net’s solution. “So far, we’ve enjoyed an engaged, creative, and collaborative workforce at Fraud.net and hope to continue that momentum,” remarks the seasoned Founder & President of Fraud.net. Current & Future Goals Shedding light on her current projects, Cathy mentions, “One of the projects that I am closest to is the development of Ethical AI or ensuring that today’s AI outcomes do not reflect yesterday’s injustices and discrimination against minorities and women.” Furthermore, she believes that Ethical AI could create more opportunities for women and minorities and better business outcomes. Similarly, she says, "My pet project is to catalyze the growth of diversity of new entrepreneurs. I mentor women and minorities at different career stages, helping them reach their entrepreneurship goals.” In the coming years, Fraud.net is projected to maintain its upward trajectory. Since its inception, Fraud.net has grown exponentially and served multiple clients across diverse industries around the globe. The company has managed to retain 100% of its clients and gained 53% more business from trusted customers every year, on average with its customizable AI-driven platform, and looks forward to further success. Words of Wisdom for Young Entrepreneurs As for lessons for young entrepreneurs, “Build your network. There are people in this industry willing to help you, whether they be leaders at a firm you want to work at, a professor you liked, or even your college roommate or neighbor. Reach out to them, learn from them, and leverage them,” she advises. “The converse is also true - you should be willing to offer help to other people, with whatever expertise or knowledge you have, as those connections will pay off in the long run.” To rising tech industry talents, she adds a second piece of advice: “Always be curious within the tech industry. This landscape is constantly changing and shifting and often has no clear roadmap; where we were five years ago is entirely different from what we see now. You have to love to learn, to keep yourself up to date with new developments and industry trends.” She clarifies, “Geeking out about what you do makes the work less tedious. For example, when our data science team receives a new data set, they get excited - it represents a new puzzle to solve. They also understand their work's importance and impact on so many people.” Cathy Ross encourages companies to reach out to Fraud.net for consultations and/or free rules and machinelearned model optimizations. She finishes, “We hope to protect every digital transaction in the coming years.”

CXO OUTLOOK March 2022

FIROZ THAIRINIL FOUNDER & CEO OF WESTFORD EDUCATION GROUP

On a Mission to Make Education Accessible to Everyone

ntrepreneurs are born and not made. They remain undeterred by challenges and failure. If one door closes, they build a new door that can never shut them out. Firoz Thairinil is one such entrepreneur. The Founder & CEO of Westford Education Group, Firoz, believes that if life throws a curveball at you, you must handle it in the best possible way. His entrepreneurial journey has too witnessed many highs and lows. But it never demoralized him or diminished his entrepreneurial spirit. Firoz was born and brought up in India, where he had attempted to set up a few businesses. However, his Indian ventures did not pan out well. "After that, I came to the Middle East and worked in the banking sector for the next 15 years," remarks Firoz. Later, in 2007, while pursuing MBA at the University of Wales, Firoz became fascinated by the

CXO OUTLOOK March 2022

UK education system. He found it exciting and pragmatic. At the end of his degree, he realized that he wanted to make education more accessible to a broader community. This was his way of contributing to society. Therefore, along with three colleagues who also shared a similar vision, Firoz decided to venture into education. Soon, Westford Education Group was incepted in Sharjah, United Arab Emirates. The UAE Opening Doors to New Opportunities The United Arab Emirates has an excellent ecosystem for businesses to thrive. This global community exposed Firoz to a new world full of opportunities. Hence, when he decided to follow his aspiration to work in the education sector, the UAE business ecosystem gave him a fillip and helped Westford Education Group to prosper.

The critical factor is the intensity of your drive, which will propel you forward. Just be committed to your goal, and don't let your ego stand in the way of anything

Firoz Thairinil Founder & CEO of Westford Education Group

CXO OUTLOOK March 2022

According to Firoz, the entire process through legal procedures and taxes made it comparatively easy for the founding team of Westford Education Group to set up their business. In addition, there is a vibrant and diverse expat community that takes care of the workforce in their industry. Together, these factors make the UAE one of the best places to set up educational institutions.

Apart from retaining existing students, Westford's management team also aggressively spent on marketing which helped them increase new admissions by more than 100% during 2021 compared to the previous year

How did Westford Education Group start its journey? In the beginning, Westford had a humble start with a tiny office and a small staff. “It took us about three years to get acceptance from the community, but those three years were like three decades for us,” recounts Firoz. But Firoz and his colleagues had a progressive vision that kept them going. Despite facing several challenges,

they ensured that Westford's quality of education remained undiluted for its students. “What we did differently from our competitors is that we created an excellent student support ecosystem which became a key differentiator in our journey. Slowly, we succeeded in winning the confidence of our learners and the community, resulting from our steadfast commitment to our students' welfare and their success stories. The rest of the organization was built upon the students’ trust and confidence in us,” Firoz proudly shares. Firoz and his team's technological investment became another critical factor in giving Westford institutions an edge over their competitors. "Technology-enabled us to offer the learners flexible options to study based on individual needs. We leveraged technology to disrupt the existing education models, making it more accessible and affordable. The latest technology combined with our partnership with prestigious universities characterized by a rich legacy of hundreds of years made us unique in the saturated higher education sector. We could cut through the clutter," asserts Firoz. Westford Education Group has ten prominent higher education brands: Acacia University, Arizona, US, CIQ, UK, Westford University College, Exeed College, Exeed ECX, TAITO, Eaton Business School, Uniathena, DeMont Institute of Management & Technology, Westford Institute of Film Technology and Westford Sports Management. Significant Milestones as a Leader As a dynamic and visionary leader, Firoz's entrepreneurial journey has been inspiring and rewarding. For him, Westford Education Group's awards, achievements, and accolades hold a special place in his heart. These achievements include the Forbes Higher Education Award in 2019, Great Places to Work in GCC, Great Place for Women to Work in UAE., BTEC International Institution of the Year 2021 Silver Award. Westford University College was ranked 24th best workplace in Asia 2021 by Great Place to Work, the global authority on workplace culture. "This was a great achievement for us considering the size of our organization, and most importantly, the commitment, dedication, and hard work of our team members, and as a leader, I am proud of it," states Firoz. Work is a Pleasure World At work, Firoz doesn’t follow a fixed routine or schedule. Each day is different for him, as what seems right today might not work tomorrow. “I always ensure that I do not lose sight of my core objectives. So I take action accordingly,” pinpoints Firoz. When it comes to dealing with stress yet maintaining a calm composure, Firoz says that he doesn't let pressure

CXO OUTLOOK March 2022

adversely affect him and manages to remain calm under all situations. "If there is too much tension, I leave the situation for a while and come back later when I feel I can handle it," he continues. For Firoz, work is a pleasure game; it relaxes him and gives him joy. Regularly, thrice a week, he loves to play golf. Firoz also loves spending time with his family and plans biannual vacations as the time permits. This is his way of striking a balance between work and life.

Technology came to the Rescue during Pandemic The coronavirus outbreak profoundly disrupted the education industry around the globe. Commenting on those turbulent times, Firoz opines, "Like all other educational institutions worldwide, Westford institutions were also somewhat shaken at the beginning. But our investment on the technology front came as a savior for us. Since we had all the necessary tools, systems, and experience resources at our disposal, we moved all our classes online overnight without any hurdles. It was a seamless transition." Moreover, Firoz and his team's primary objective was to retain Westford institutions' existing students. They implemented a policy that would not let anyone drop out of the class due to financial Firoz reveal, "We provided financial assistance to needy students based on their requests. Our counselors kept in touch with them to ensure that they were doing well. We followed the rule "Obonato," i.e., I exist because we exist. That worked to our advantage." Apart from retaining existing students, Westford's management team also aggressively spent on marketing which helped them increase new admissions by more than 100% during 2021 compared to the previous year. Quality affordable education was the key feature which they always emphasized on. Most students looked at affordable options due to the pandemic's economic crisis, and Westford institutions scored well there. Best tips for an Overseas Career Firoz advises people to have an overpowering, allconsuming passion for succeeding in the face of obstacles while working abroad. Every country provides opportunities in one way or the other. "The key factor is the intensity of your drive, which will propel you forward. Just be committed to your goal, and don't let your ego stand in the way of anything," says Firoz. Immediate Plans & Future Strategies Currently, Firoz and his colleagues are actively working on their latest venture named ‘Uniathena,’ an online education platform built on a mission to make education on a schedule that works for you, affordable for everyone and accessible

CXO OUTLOOK March 2022

from anywhere. "Another initiative we have recently undertaken is to provide access to education globally through Exeed ECX which gives access to reputed university programs through satellite centers operating in different parts of the world. We have just opened 25 centers in the following countries; UAE, KSA, Kuwait, Oman, Bahrain, Kuwait, Qatar, China, Egypt, Turkey, India, Pakistan, Bangladesh, Sri Lanka, Nigeria, Kenya, Mauritius, Malawi, Botswana and Tanzania.,” enthusiastically adds Firoz. In the coming years, Firoz plans to expand Westford Education Group's course portfolio. Its present courses are dominated by disciplines belonging to the management and teacher education stream, with Psychology, Arts, Computing, Fashion, and Sports being introduced in 2020. Firoz reveals, "In the coming years, our aim is to utilize the AI, Blockchain and Information Technology capabilities to enhance the student experience and efficiency of our operations, and we are initiating necessary steps towards implementation of the same."

CXO OUTLOOK March 2022

EXPERT OPINION

Tax Policy Predictions for 2022 —

What’s Shaping Policy and the Impact on Businesses Scott Peterson, VP, U.S. Tax Policy and Government Relations, Avalara

CXO OUTLOOK March 2022

T Scott Peterson is the VP of U.S. tax policy and government relations at Avalara. He was the first executive director of the Streamlined Sales Tax Governing Board. For seven years, Scott acted as the chief operating officer of an organization devoted to making sales tax simpler and more uniform for the benefit of business. Scott also spent 10 years as director of the South Dakota Sales Tax Division and 12 years providing research and legal writing for the South Dakota Legislature. He's now Avalara's go-to resource for all things related to tax policy.

ax authorities in the US have been on a rollercoaster ride the past few years. Early in the pandemic, authorities extended significant tax relief measures as shutdowns and closures sent ripple effects across the economy. Despite months of economic uncertainty for state and local budgets, many governments across the US find themselves in a much brighter spot today than before the pandemic. As 2022 gets into full swing, the year is shaping up to be one that continues to be dynamic when it comes to tax policy. Here are some of the trends and predictions likely to define US tax in 2022. Online taxes will remain top of mind for tax authorities and create more complexity for sellers In 2021, economic nexus and marketplace facilitator laws became the norm across the US with Florida and Missouri becoming the last sales tax states to adopt the measures. These laws allow states to impose an obligation on remote sellers and marketplaces to collect and remit sales tax for transactions that take place in their jurisdiction. In 2022, online sales tax laws will come center stage for many tax authorities due to budget surpluses and cuts in other areas of tax. California is just one example of a state with a substantial budget surplus – reaching $31 billion USD. As a result of these higher-thanexpected budgets, many states are making sweeping changes to their tax infrastructure. North Carolina is moving to phase out its corporate income tax, while Arkansas is planning significant cuts to its income tax rate. It’s likely that we will continue to see states move to reduce many other taxes, which will increase their reliance on sales taxes. As the reliance on sales tax grows, businesses should brace for an increased focus on sales tax and an associated uptick in enforcement. Economic nexus laws have created lucrative revenue streams for governments, so as the focus shifts to sales tax, remote sellers will be the first stop for any increased enforcement. Along with a renewed focus, states may also see remote seller laws as evergreen fields for added tax revenue. A 2021 survey of businesses found that only 31% of small businesses believe they are fully compliant with remote seller laws. The combination of lagging compliance and increased focus will likely create a perfect storm for compliance challenges for businesses in 2022. With widespread adoption of remote seller laws, the complexity for sellers has reached an all-time high. The high level of complexity is partly because

CXO OUTLOOK March 2022

every state can define their own rules when it comes to what triggers an obligation to collect tax. For example, Alabama’s economic nexus law requires a seller to meet or exceed $250,000 USD in sales to trigger an obligation. Meanwhile, South Dakota’s law states that a seller has an obligation when they hit $100,000 USD in sales or 200 transactions in the state. There are several other factors that make remote seller laws complex for businesses, including the fact that states with no sales tax can still tax remote sales. Alaska has no statewide sales tax, however, nearly 40 local districts enforce economic nexus. Because more sales are taking place digitally, the likelihood of a business triggering remote seller obligations will only continue to grow. The complexity of these laws, lack of compliance, and renewed focus by tax authorities will bring challenges front and center for businesses. US tax authorities will feel the workforce pinch and need to turn to technology Despite optimistic news on the budget front, many US governments will feel the sting of the workforce shortage. This means that many will have to make tough decisions around raising wages to fill positions or look into alternative options, including outsourcing roles, removing roles, or automating using technology. As the workforce pinch closes in on tax departments, there are numerous benefits that technology can provide. For example, the technology and tax knowledge used by the private sector to manage tax compliance could easily be converted by tax departments to create taxpayer self-service education. Utilizing this resource would allow department employees to focus on higher value responsibilities. Similarly, programs like the Streamlined Sales and Use Tax Agreement could help departments spend less time and money on audits due to the use of technology partners as the source of truth for tax remittance. In addition to offsetting labor shortages, technology could also help US tax authorities’ future proof their operations. The pandemic brought many government functions to a stop, especially paper-based functions like tax collections in states and localities. To effectively future proof their processes, tax departments should embrace that technology that will ease interoperability and allow for the seamless exchange of data, that creates the ability to work securely in a real-time environment, and that scales from a single operator to large, enterprise businesses. A successful effort will be technology that creates trust and closes the gap between government and businesses.

CXO OUTLOOK March 2022

2022 will be another year of continued change in the world of tax across the US. For tax authorities, this will likely be an opportune time to make investments for the future of their operations

2022 will be another year of continued change in the world of tax across the US. For tax authorities, this will likely be an opportune time to make investments for the future of their operations. For businesses, preparing for increased complexity and enforcement should be top of mind. At the end of the day, success on both sides of the tax coin will hinge on how technology is being used to streamline and simplify tax management.

Higher Education Digest July 2020

CXO OUTLOOK March 2022

JOSEPH CHAN CEO, ASIAPAY

Guiding the Way to the Future of FinTech

oday, the finance industry is moving towards FinTech. Combining financial services with advanced technology opens doors to innovations that help society overall. Fintech is the future of trade and transaction and is here to stay. With increasing access to the internet and mobility, more people are joining the bandwagon to the future. Joseph Chan, Founder and CEO of AsiaPay, has turned into a leader in the changing times. He introduced AsiaPay to consolidate his expertise and experience in strategic planning, product and project management, and to implement various cutting-edge financial, electronic banking, internet, and mobile product services and systems in Asia to serve the customers' needs. His exceptional perseverance to get his company off the ground makes him one of the 10 most inspiring business leaders in 2022. Before founding AsiaPay, Joseph took on various management positions at Barings, Citibank NA, Bank of

CXO OUTLOOK March 2022

America, and Dah Sing Bank. In 2000, he started a thirdparty quality electronic payment, mobile payment solutions, and technology firm in Hong Kong expanding to Asia. He spearheaded the company that offers business strategies and product development with his management team. “My business target then was to become one of the most successful world-class digital payment service and technology companies in Asia,” says Joseph. Innovative Thinking As an innovative leader, he understands the need to have a high level of autonomy to keep moving forward. He believes that a leader plays a critical role in championing an innovation project; they need to have the capability to envision the creative possibilities underlying their project and the practical steps to transform these viable opportunities. “The leadership journey is ever-changing, long, challenging,

To be successful as a leader, you have to be willing to be vulnerable enough to throw away what worked at the previous level, give up the need to be a hero, and continually learn and develop new skills along the path

Joseph Chan CEO, AsiaPay

CXO OUTLOOK March 2022

Joseph has always envisioned the day when digitalization and technological innovations will take over in both FinTech and retail industries

CXO OUTLOOK March 2022

and often requires different skills and qualities at each level. To be successful as a leader, you have to be willing to be vulnerable enough to throw away what worked at the previous level, give up the need to be a hero, and continually learn and develop new skills along the path,” shares Joseph. Being the CEO of AsiaPay, Joseph has a lot to share with the FinTech industry. He considers himself to be the face of the organization, and as the top man, he has the characteristics to be an inspiration to his employees and others in digital payment. According to Joseph, a true business leader demonstrates perseverance in the face of adversity and overcomes obstacles, especially under current pandemic. It is someone who has strong leadership skills and an unflinching desire and determination to be successful. "They need to balance the concept of effectiveness and efficiency in business plants, to leverage the ever-changing technological trends to keep innovating new products and services. A leader is a person who keeps an open mind to learn from others and gain experience, and embrace changes," says Joseph Joseph. As a business leader, Joseph believes that a leader also needs to have the ability to be an independent thinker and to take on and manage risks in the face of uncertainty, and always have a mindset that adjusts to the constantly changing demands in this modern generation, along with digital innovation and transformation. Joseph has always envisioned the day when digitalization and technological innovations will play a more significant role in both FinTech and retail industries. He firmly believes that the future requires contactless seamless payment transactions that would make shoppers complete their purchase in a just few steps across channels and media, via convenient payment methods of consumer choice. This futuristic idea was fuelled by the fluctuating demands of Asian consumers and the growing eBusiness concerns in the region. Considering that the Asia Pacific is a collective of marketable countries with a wide population of digital natives, Joseph managed to bring merchants and consumers the business-suited payment tools and services that are convenient for them in the digital commerce landscape, from web to app, from IOT to Metaverse. Through this, they continue to provide innovative payment technology and gateway that would bring ease, convenient, security and productivity savings in this going cashless generation. AsiaPay leads to take advantage of Asia's active card penetration and ranking with the highest internet and mobile engagement in the world. These insights will play a vital role in changing the new-age leaders' thought processes dynamically. Providing meaningful advice to the young generation of entrepreneurs, he says, "All dreamers encounter constant challenges and dilemmas, be it betting money, capital investment, human resources and even your destiny to flight. In this highly uncertain business environment during a pandemic and ever-changing technological

world, perhaps, entrepreneurs could stay calm and be at PEACE always. ('Passionate; 'Embrace changes; 'Agile; 'Collaborative; and 'Evolutionary)." The Debut of FinTech Joseph started the first high-quality third-party ePayment and payment solutions and technology in 2000 in Hong Kong. Today, he works at AsiaPay Group as their CEO. In 2006, the company was PCI DSS level 1 compliant, one of the earliest PSPs in Asia that achieved a high standard of Data Security for payment processing for over 15 years. On payment authentication, AsiaPay is one of the very few 3D Secure certified vendors in Asia that is compliant with 6 card brands – Visa, MasterCard, American Express, Discover/Diners, JCB, and CUP for issuing and acquiring banks since 2003. “In addition, we are one of the very few certified vendors that support the latest card tokenization standards of Visa (VTS) and MasterCard (MDES) and 3DS 2,” adds Joseph. Lastly, on risk control and monitoring, AsiaPay offers an advanced anti-fraud processing, multilevel data analytic and reporting tool to merchants. FinTech can be a very competitive industry, where market competitors are constantly trying to find a way to get ahead. As for AsiaPay, each merchant is valued as a partner who they can support in their business growth. AsiaPay imparts its value propositions to every client that has dealt with its service, from payment to checkout plugins, from instalment to voucher and eloyalty processings. By upholding a trusted payment service and technology partner, they ensure that all finances are digital, fast, integrated and secure while providing cost-effective solutions that also gauge savings in productivity and fraudulent payment risks. "With our several integrations and strong connections with eCommerce and FinTech industries, we have extended our top-performing electronic payment gateway to various brands and big banks in Asia," Joseph says. Facing Adversities The pandemic introduced new central challenges for commerce around the world. At AsiaPay, though challenging, they were able to move along with the payment innovations and provide cutting-edge products and services to clients. Ever since the pandemic began, they saw a change in the company's operations and market needs from then to now. In terms of efficiency, the company leaped to omnichannel payments solutions to support omnichannel commerce and enhanced customer experience, business growth, and gain a competitive edge. Through this, it also got into contactless payment systems and went digital as well as buy-now-paylater (BNPL) payments. During these uncertain times, they wanted to be more available to their clients and established

a quality local client service with round-the-clock technical support to provide secure and reliable digital payment processing. They launched a revamped Merchant Admin Portal to modernize, enhance and simplify the administration experience for valued clients, with advanced data analytical tools. Additionally, they also launched the PayDollar AppPay mobile App, which allows merchants to remotely accept multiple payments through QR codes and payment links with their own smartphone devices, to support merchants to stay on top of marketing trends and optimize sales conversions. Though these times have proven to be difficult year after year, AsiaPay has strived through it gracefully and sharpened its business skills to give out the best to its clients and stakeholders. Talking about quality, Joseph mentions that they worked to provide robust, high-performance, and resilient digital payment processing services with zero downtime in terms of performance and reliability. When it came to security, they understood that there is no bullet-proof security in digital work, but still enforced the latest card standards and technologies, complied with PCI DSS standards, and continued to engage in new security company partnerships with their advanced value-added security technologies and services. The Road Ahead To stay competitive in a highly volatile and fast-growing market, it is imperative to constantly research market needs and develop and improve AsiaPay’s product offerings. To this end, AsiaPay plans to expand and focus more on other distribution channels, digital currencies, reach out to merchants with more aggressive online sales, home delivery, and consumables, plan out a heavier sales and promotional activity on social media, and conduct webinars. Moreover, Asiapay also wants to popularise and launch the Smart Retail Payment Solution PayDollar AppPay and introduce a valueadded payment solution like Buy-Now-Pay-Later across Asia with various leading regional and local partners. They also broaden wallet acceptance for digital purchases like GrabPay, LinePay, ApplePay, and SamsungPay, including mobile payment, and have comprehensive real-time data analytical tools for digital merchants. As the pandemic continues to accelerate global economies towards a cashless future, at AsiaPay, they want to continue to put the best effort to capitalize on the latest digital payment and commerce technologies to generate new values and opportunities for banks and merchants in Asia that enhances customer experience, business growth and competitive edge especially under the current uncertain times. People will continue to use digital payment modes in a post-pandemic era across traditional and new forms of commerce, and AsiaPay will well prepare and move along with this opportunity.

CXO OUTLOOK March 2022

KEVIN STEER CEO, 121ADVISOR

Pioneering Transformations for Future Business

fter graduating from Cambridge University in 1978 with an engineering degree, Mr. Kevin Steer, the CEO of 121 Advisor, started his career in Brunei to train with Schlumberger for 4 months. With a motto to not follow trends but to pioneer them, he set out to deliver cost-effective solutions to empower the financial and insurances providers. He has also helped to create tech for takaful providers, another form of an insurance system that involves pooling in money to invest it. This type of system follows sharia laws and is a popular investment method adopted by the Islamic population. After his training in Brunei, Mr. Kevin was assigned to work in Australia and subsequently in Indonesia and China. Seeing the advances of mobile computers and the increasing technological

CXO OUTLOOK March 2022

advancements, he decided to finish his Masters in Artificial Intelligence from Imperial College in London. Soon after, Mr. Kevin joined an AI company in the UK. The core values of 121 Advisor include innovative thinking, practicing integrity, encouraging teamwork, and striving for the best quality of services. With these in mind, Mr. Kevin founded the company in 2010 and grew the company t0 20+ customers. “As the CEO and ‘techie,’ I design data models and share with the team, and I get feedback from the team,” he says. Through cooperation and collaboration, 121 Advisors boosts productivity among the employees to accelerate their journey towards their goal of becoming a renowned Financial, Insurance, and Takaful technology enabler in the region.

As the CEO and ‘techie,’ I design data models and share with the team, and I get feedback from the team

Kevin Steer CEO, 121Advisor

CXO OUTLOOK March 2022

Goals for the future As the company grows, more and more evolutions have created new additions. Most recently, 121 Advisor has launched a new knowledge portal to provide lifestyle advice on Financial planning and Health & Wellness and already has over 5000 users in Singapore. As many millennials don’t understand financial needs and lack awareness about their options, Mr. Kevin realized a need to have such a portal to cater to their possible inquiries and educate them about the financial services available to them. “We have developed several health calculators and will be implementing a “Total Health Score” solution in the future. In the coming years, we will be rolling out the Financial Planning Goals (Loans, Retirement, Medical, Child Education, Critical Illness) based on a person’s Lifestyle (Single, Married, Young Children, Grown Children, Retired). These Financial Goals are mapped to the person’s lifestyle,” Mr. Kevin shares. They plan to expand into Indonesia as well. Growing the Business 121 Advisor was established in 2010 and grew to have more than 20 customers, including Manulife, AIA, AIG, MCIS (part of Sanlam Group), AmMetlife Takaful, AmMetlife conventional, Bank Simpanan Nasional (GLC National Bank), and MBSB Bank. These loyal customers are offered numerous services to help their business to flourish. In this day and age, as everything is moving online, 121 Advisor readily provides clients with services that incorporate machine learning and artificial intelligence to equip them with future-ready tools. 121 Advisor provides predictive analytics with Machine Learning to clients that can be used for predicting new products to buy, churns and lapsation, underwriting, and much more. They can also set up multilingual chatbots for financial, insurance, and takaful queries that utilize hybrid trees and natural language processing to engage with customers, offering them a more personalized customer experience and generating more referrals. Additionally, 121 Advisor can also set up websites and portals for clients in order to enable them to experience a unified, personalized digital experience where content, sales, marketing, and work management are consolidated. As businesses grow, there is a need to transform one’s business every now and then. With the technological boom, the need to be future-ready has arrived. To this end, 121 Advisor helps businesses to grow, not just through technology but also with insight

CXO OUTLOOK March 2022

121 Advisor provides predictive analytics with Machine Learning to clients that can be used for predicting new products to buy, churns and lapsation, underwriting, and much more

53 into marketing and sales. 121 Advisor equips clients with referral management and marketing automation that is used by banks to effectively and efficiently auto-assign leads and then tracks and manages the referrals and conversions based on user-defined workflows. Marketing automation results in personalized content delivery, targeted campaigns, and engagement. Business on the go To provide additional support, 121 Advisor also provides services to conduct business on the go. The Sales Activity mobile app allows agents to effectively plan and manage sales activities to ensure all leads and prospects are addressed. An added feature for managers to monitor real-time render assistance where necessary has also been incorporated into the design. Another service called the online point of sales is another good tool for those with online businesses. This allows insurers and takaful operators to provide direct purchases of products online. They can integrate the multilingual chatbot, the referral management system, and marketing automation to increase efficiency. For insurers and clients to connect, 121 Advisor has a Community & E-worksite Marketing & Distribution

portal that allows organizations to engage with members of the community, nurture trust, and create advocates to improve customer retention. The Enterprise Product Configurator or the EPC is another service that reduces the time to market for insurance and takaful products. It was built to rapidly set up product rates, illustrations, validation engines, and automated testing of modules to allow quick product deployment. Lastly, 121 Advisor provides multichannel distribution management solutions for general agencies, IFAs, brokers, ALCs to simplify operations by consolidating their diverse requirements. With built-in performance management and compensation computation, our clients have seen improved sales with reduced administration costs. 121Advisor grew its business with clients opting for multiple services that can be easily integrated into any financial offering. Plus, they developed alternative solutions for administration services, including a Customer Service portal that provides Services to provide a response and get more information. As they prepare their clients for the future, Mr. Kevin says, “My advice is to assess the Risks and to see whether to accept the Risks.” As for future plans, he wants to launch in Singapore and Indonesia and expand to Europe and the US.

CXO OUTLOOK March 2022

LEADER’S INSIGHTS

THE ROAD AHEAD FOR PHARMA COMMUNICATION Sylvia Hii, Founder & CEO, DAP E-nnovative Solutions Pvt Ltd (DAP Group of Companies)

Sylvia has more than 18 years of experience in international business, operations, PR, event management, sales, and marketing in different sectors. She founded the DAP group of companies in 2011 together with Vikas Sharma (Co-founder & Managing Director) and now has two main verticals in the same, Digital A Plus Healthcare & DAP E-nnovative Solutions. She poses strong social networking skills, connected with over 3000 entrepreneurs globally. She is a born social entrepreneur, believes in giving back to the society and one of the causes that she supports is woman empowerment.

he pharmaceutical marketing landscape has changed dramatically during the last decade. The Covid-19 pandemic has demonstrated that communication is more vital than ever. One analysis predicted it would hit nearly $3.5 billion in 2021 and will jump to a whopping $8.2 billion by 2026. The one-size-fits-all approach to HCP engagement may no longer be effective. When looking for information on new therapies, providers can now resort to internet sources and digital technologies rather than contacting

CXO OUTLOOK March 2022

representatives or pharmaceutical firms directly. What contributed to this shift is the Covid-19 social distancing requirements that eliminated facetime and gave emergence to digital tools like teleconferencing which allows reps to get treatment information directly into physicians' hands that too in real time. Pharmaceutical Marketing in new normal What sure does matter the most is that the pharmaceutical companies should be willing to

The customers are looking towards a brighter aspect in pharma communication with the AI-based machines and devices coming into the international market as well as sales and production of pharma also brightening up with this aspect

CXO OUTLOOK March 2022

Road Ahead for Technological Treatments The healthcare professionals and pharma companies are now moving towards a certain goal to accelerate the innovation and trends in the industry. The AI-based machines which are being launched has reduced the burden of human effort, it has become more align and brighter to deliver precise results at a rapid pace. The technology is creating human results at a pace like never before. The experiences which we had before regarding the medical science are now becoming a reality for the customer. The professionals are looking at raising the bar higher with each step to derive results which we could not imagine before. The Industry is not limited to a single space or not running on a single technology, the global market is heated up with new inventions of AIbased machines as well as drugs which are curing the mankind as well as preventing new diseases. Omnichannel Presence of Pharma Companies The advent of the new AI-based machinery and ML technologies exceeding the human intelligence, the omnipresence of the tech aspect is clearly visible to the global market leaders as well as the consumers. The leadership in the market is looking to invest more in the healthcare sector to promote advancement and make it easily accessible for the consumers and professionals. The digitization of the MedTech and pharma sector has not only fulfilled tech presence but also made things lucid with omnichannel the health apps, analytical data reading etc. This has made it a huge channelized network which is working throughout the year with a least effort from human and getting the desired results. outlook of the industry. The professionals are now looking to treat the patients in new ways through interactions sessions,

implement new technologies for sales and marketing, such as digital training, virtual classes and further use of email communication. According to a recent survey on my company's platform, nearly 30% of physicians would like “on-demand” access to pharmaceutical sales representatives. The Pharma market is looking for new ways to engage the patients and get desired results in terms of treatment, reports and excellence of the treatment. The customers are more looking towards a brighter aspect in pharma communication with the AI-based machines and devices coming into the international market as well as sales and production of pharma also brightening up with this aspect.

CXO OUTLOOK March 2022

The Management of Customer Engagement The industry is now flooding with the new technologies and the pandemic has led to technologies leading to virtual treatments and interaction between the patients and the professionals. It has led to diversity which has been leading to good and precise results. The integrated strategies are being used to advise the customers to generate high amount of precision and results which are not acceptable before. The trials are now helping patients in discovering the hidden issues which are not visible with our naked eyes. These kinds of technologies are surely giving major developments goals for the pharma companies as well as professionals. The prosperity and advancement on this road to recovery post pandemic is surely going to help the people in its achievement.

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CXO OUTLOOK Higher Education Digest October March 2020 2022

MICHAEL COLLURA PRESIDENT & CEO, IN HOME PERSONAL SERVICES (MATTHEWS HEALTHCARE EDUCATION)

A Pioneering Leader Connecting Memory with Purpose in the Healthcare Industry

hen someone you love becomes a memory, the memory becomes a treasure," quoted by someone grieving speaks volumes for itself. Coping with the loss of a loved one can seldom be described in words. But what stays behind are the cherished memories. Incidences, limericks, laughter, compassion, and love become our lifelong treasures. We seek solace and peace from them. A young boy of 15 never dreamed about starting a business or becoming an entrepreneur. However, he knew that a demanding and compassionate industry such as healthcare might suit him as a profession. Destiny had other plans for him. A series of unplanned events took him on a path that he is on today. This is the story of Michael Collura.

CXO OUTLOOK March 2022

Michael, President & CEO of In Home Personal Services and Matthews Healthcare Education, lost his younger brother, Matthew, two decades ago. In honor of his memory, Michael built a unique healthcare training program that resembled the qualities of his brother— love and compassion for others. “It was my way to remember and bring peace to the passing of my younger brother while simultaneously creating a brand and mission that at its heart was intended to help others,” shares Michael. Matthews Making an Impact in the Lives of Others Established in 2008, Matthews Healthcare Education provides a high-quality and innovative online training program. This program is built from the ground up to provide unique and

Do it because you care. Compassion is the most valuable asset in the healthcare system

Michael Collura President & CEO, In Home Personal Services (Matthews Healthcare Education)

CXO OUTLOOK March 2022

achieved in the name of a young man that mattered. I miss my brother every day, and I hope he is proud of what has been created in his name."

Matthews is the first and only program for caregiver certification recognized by the Illinois Board of Higher Education

wholly developed in-house content for caregivers in all 50 states. The program can produce quality caregivers who will directly impact the life and livelihood of those they care for. Such a training program opens a world of job opportunities for Matthews' students who get a chance to enjoy the profession that they love and are trained for. One of the hallmarks of the program is its prestigious certification. Matthews is the first and only program for caregiver certification recognized by the Illinois Board of Higher Education. Hence, Matthews is on the front line of rebuilding the local community, the job market, and the healthcare system. While commenting on this landmark achievement, Michael says, "This is not a celebration of achievement for the business. This is a celebration of what has been

CXO OUTLOOK March 2022

A Closer Look at the Pre & Post-Pandemic Plans The COVID-19 pandemic hit the world unexpectedly. Leaders and businesses had to fight tooth and nail for their survival. The Healthcare industry was at the center of the pandemic whirlpool. Matthews was built to be different. Before the pandemic, Michael and his team had pivoted their class learning quickly into an online learning platform. Hence, they were prepared for these unpredictable circumstances. In the post-pandemic days, Matthews is planning for an online learning system with long-term goals of physical schools across the US. Michael reveals that they are also preparing a whole set of new programs for the professional certification of caregivers across the country. He explains, "It will assist us in meeting the local economy's needs, the healthcare system, the need for senior care, and the professional job growth we all crave that is sustainable, rewarding, and secure." Leadership Journey towards Success Michael's journey in building his program and company has not been a piece of cake. He, too, faced numerous challenges & pitfalls. There were times when the team behind Matthews stumbled and fell flat on their faces. Periods like these taught them lifelong lessons in the face of adversity. His measure of success is slightly different and noble. He finds happiness when students pass with flying colors and perform well in their careers. Knowing that doing good and producing exceptional training to instill those values and skills in others means everything to him and his team. Hence when asked how he inspires others, Michael asserts, "I can't say that I ever 'inspire' others. I hope if I can inspire even just one person because that too would be a positive way to share the blessings we have." The talented leader behind Matthews credits his team and their dedication for its triumphs and achievements. Right from the beginning, he always felt that if he was the smartest person in the room, he might fail at some stage. "So, I have surrounded myself with talented individuals who compliment my own strengths and make up in areas where I fall short. This is the secret to our continued growth and success: the team. My job is simple; remove obstacles from their path and give them whatever they need to grow!" adds Michael. Word of Advice for the Aspiring Healthcare Leaders "Do it because you care. Compassion is the most valuable asset in the healthcare system," concludes Michael.

CXO OUTLOOK November March 2021 2022

MURTAZA YOUSUF CO-FOUNDER & MARKETING DIRECTOR, MEDIA MAVERICKS

A Tech Pioneer, Disrupting the Digital Marketing Landscape

e all love to read success stories of business scions and stalwarts. People who dared to dream, people who defied all odds, people who broke the barriers, people who stood the test of time—we call them heroes of the business world. For some innovators, unusual circumstances, events, or people lead them to venture into the business world. But for a few, entrepreneurship is in their bloodline. They live, breathe, dream, and think business. Murtaza Yousuf, Co-Founder & Marketing Director, Media Mavericks, is one such leader who always knew his true calling was towards entrepreneurship. From the beginning, he loved sharing his knowledge & expertise with people and assisting them in bringing their ideas to life. “I have always been an entrepreneur. It has allowed me

CXO OUTLOOK March 2022

to pursue and engage in activities that inspire innovation,” shares Murtaza, adding, “therefore, when starting my own digital marketing agency, I was inspired to constantly think outside the box.” Over the years, he has served in lead creative roles focused on defining and executing innovative marketing strategies from the ground up for F500 clients. He is a motivational leader who guides team members in maintaining brand standards and boosting client satisfaction. Murtaza is also a recognized Google Partner for all advertisement functions. In 2018, he was awarded ‘Employee of the Year’ at CPI Business. “I thrive in an environment where I can cultivate effective relationships with stakeholders, C-Level executives, and VIP clientele to deliver high-level project management and

I thrive in an environment where I can cultivate effective relationships with stakeholders, C-Level executives, and VIP clientele to deliver high-level project management and communication that drive revenue development in everevolving digital landscapes

Murtaza Yousuf Co-Founder & Marketing Director, Media Mavericks

CXO OUTLOOK March 2022

we did early on was not vetting the talent we were acquiring; because a lot of the staff we hired was not fit for the roles we were looking for. However, it was a learning phase for the company, and we learned a great deal through this journey.” Offering Digitally Forward Marketing Strategies Based in Dubai, Media Mavericks is one of the leading digital marketing agencies, providing top-level services like SEO, SMM, content writing, web & app development, video production, & Email marketing. The company’s main motive is to strategically market clients’ business in the digital landscape and empower them to sustain and grow their brand and profits year on year. Currently, the top digital marketing company is catering a whole platter of world-class and profitable digital marketing services to UAE’s established and upcoming brands by reaching target audiences on a broad spectrum of

64 Murtaza Yousuf Co-Founder & Marketing Director, Media Mavericks

communication that drive revenue development in everevolving digital landscapes,” adds Murtaza. Moreover, he firmly believes that hard work, respect, intelligence, and creative energy can make a difference in the outcomes of clients’ businesses online. A journey towards the End Goal Taking the first step into the unknown waters is always tricky. But once things begin to take shape, clients pour in, and hard work pays off. One gets to acquire first-hand knowledge of the business and understand how implications of each decision are made by the management. “For me setting up my own business was always the end goal, and I worked hard towards achieving it,” he continues. When Media Mavericks was incepted, Murtaza and the management encountered many hurdles and challenges that were unanticipated. He explains, “One of the major mistakes

CXO OUTLOOK March 2022

Yusuf Mohammed Barbhaya, Co-Founder & Managing Director, Media Mavericks

Pre & Post Pandemic Digital Marketing Plans The COVID-19 pandemic impacted all sectors of the economy around the globe. Whether it was retail or service industry, there were significant upheavals. Media Mavericks was also engulfed in this situation as the company had to close operations and adopt the WFH model. Murtaza ensured that his staff trusted the company during such turbulent times and helped them adjust to the ‘New Normal.’ “We communicated with our clients regarding slight hiccups in delivery as we adjusted to the new way of working. We ensured a smooth transition by joining hands,” asserts the CoFounder & Director. Media Mavericks has always attuned itself to changes, and “we will continue to do the same so that we can cater to our clients and reach our goals,” reveals Murtaza.

Tahera Husain, Co-Founder & Content Director, Media Mavericks

digital communication platforms that are highly viewable and high-performing. Since its establishment, the company has successfully retained 95% of its clients through daily engagement and top-notch services. And so, what sets Media Mavericks apart from others is its transparency of process and guarantee of results. Speaking on the progress made by his company and opportunities offered by the community of Dubai, Murtaza explains, “Dubai is and always will be the land of dreams and opportunities. Starting 3 years back, we have grown immensely, thanks to the ever-growing business community of Dubai. Additionally, we are thankful to the leaders who have the vision to grow the business community of Dubai and help every business achieve its fair share. Very seldom do we hear of such nations who are keen on helping not just big corporations, but also small and medium enterprises and start-ups.”

Nurturing a Healthy Workplace Culture As a visionary and seasoned leader, Murtaza prefers to work with his team. Every project that comes to Media Mavericks is worked upon collectively; he may guide them to achieve the desired results, but he gives his staff complete creative freedom to develop a creative solution. “In this manner, we work together collectively, where every individual’s input matters. I feel this kind of leadership helps every company thrive and prosper.” Furthermore, he shares that at Media Mavericks, the management makes sure that all the employees are happy and have a sense of belonging to the company. They feel connected so that they work towards the company’s betterment and, by extension, their own future. “We believe in keeping our employees’ content. After all, we may be the company’s engine, but they are the wheels; never undermine their importance!” he continues. He will be ensuring a more streamlined workflow in the coming days, which holds an important place for him and the company. Employees should feel free to go about their daily tasks and responsibilities without being rushed or stressed. In this way, Murtaza will continue to create a healthy balance between employees and setting goals for the future that aligns with the overall business strategy. A Note for the Emerging Leaders Successful leaders connect with their teams, encourage collaborative leadership, and inspire team members to deliver their best performances. Murtaza shares his top two tips for budding leaders. The first is to create more opportunities for your employees to advance, and the second is to focus on inspiring your employees that will help to complete tasks more cooperatively.

CXO OUTLOOK March 2022

EXPERT OPINION

Tips to Make Your

Business Successful in the US Gautam Rege, Co-founder & Director, Josh Software

CXO OUTLOOK March 2022

T Gautam co-founded Josh Software in 2007 with an aim to bring industrial disruptions for their customers. Through Josh, his mission is to develop in-depth sustainable and scalable solutions for companies across sectors. He is an entrepreneur who not only drives the growth of his organization but lives his passion for coding till date! A strong believer & promoter of Open Source, he constantly encourages its adoption within his organization. He is an active contributor within the Open Source community. With his dedication and efforts, he has been able to build this expertise and culture within Josh.

he idea of setting up a new business can be daunting, but is equally exciting at the same time. We are living in the age of the fourth industrial revolution, one driven by exciting new changes in technology, entrepreneurship and disruption, and as industries take on this new decade, novel opportunities are opening up. The position of the United States as the world’s superpowers still lies true. And for good reason. It stands at the forefront of development and growth in the western world and is a place that is first and foremost, driven by the power of thought and ideas. Ever since the late 1970s, entrepreneurship has been at the centre of the USA economy. Sure, the 2008 crisis saw some decline in these propositions, but today’s numbers say more about the place as a place of business than words ever can! This is what makes it a fantastic place to set up new businesses. In the last 18 months alone, the U.S. has experienced a sudden resurgence of new businesses, reignited by the realities of the pandemic and subsequent economic crisis. Despite the rapid spread of the Omicron variant, the U.S. economy ended 2021 in strong shape. Holiday spending rose by 8.5 per cent compared with last year, according to a recent survey. The Federal Reserve Bank of Atlanta estimates G.D.P. growth of 7.6 per cent in the final quarter of the year, up from 2.3 per cent in the third quarter, when the Delta variant held back spending. The Conference Board, a business research group, reckons that over the whole of 2021 G.D.P. rose by 5.6 per cent, which would be the highest rate since 1984. This is testament to the fact that opportunities can rise in the face of adversities, and if well managed, lead to great success as well. There are some industries that have definitely fared better in the last two years, since the ongoing pandemic. International airlines, media and streaming, hospitality and travel seem to be at the top of the list as the masses embrace this new normal, one day at a time. They all have one thing in common: the pivotal role that tech has played in stabilizing uncertainties. Most progressions state that coupled with automation, process flow systems and digitally enabled services, 2022 is sure to be the year where industries move out of the slump created in 2020. Setting up a new business, thus, can be equally challenging and exciting at the same time. This is true for USA residents as well as non residents. Here are a few steps that can ensure a smooth, seamless process for you: Market research: This may seem like the most basic thing to do, but the lack of proper market research is the

CXO OUTLOOK March 2022

biggest reason for businesses to flounder. The first step is to identify whether setting up an office in the USA will lead to added business benefits. This decision can be attributed to a clear understanding of how much business you want to generate against how much you may be already generating in the US. If the financial projections are more profitable, only then consider building a physical presence in the States. One also needs to be certain about the potential time investment that can lead to desirable business results. This worked in our favor, as we had identified specific growth opportunities before setting up base in America. Having a local Director: When setting up shop in the USA, it is highly recommended to have a local Director who has an SSN. This is critical not just for the formation of the company but also post formation for smooth bank account set-up & operations. Additionally, the person should also have a reliable credit history for easy application of credit card. Last but not the least, if the local Director is not just a namesake in company formation formalities but is also trustworthy enough to run operations with you full time, that’s icing on the cake. Forming the entity: Once decided about setting up, one of the most critical business decisions to take is to understand whether you want the US entity to be a 100% wholly owned subsidiary of your existing set-up or vice-versa. This drives virtually all business decisions going ahead. During this process, we were sure about setting up an Indian entity expanding to the USA and not the other way round. Finding the right region: Different states also have different state and federal laws, so pick the one that suits your market best. Be very sure of the business terms as well - the locations you will run it in, the taxes that you are accountable for and the operational details at every step. Tight scrutiny should be maintained always. Hiring an expert CPA and CS

will be critical to ensure smooth business functioning within the state as well as cross regions. Licensing and permits: In terms of legal structures and settings, licensing and permits go hand in hand with setting up the business structure, naming it and making it an official identity. Ensure all your terms in your arrangement are very clear - the regions that you will be operating in along with the origin. These things are extremely critical especially for taxation and statutory laws in the US, to avoid any legal hassles. Local vs outsourced hiring: This can be confusing, and even overwhelming, but it does not have to be difficult. The local USA markets are diverse and even in terms of states, very different from one another. While certain operational hurdles can be mitigated through outsourcing, it is always a good idea to have a local salesperson on board someone who knows the lay of the land and are a part of the ecosystem, who can help close outbound leads while keeping the local context in mind, especially if sales is the major focus. This goes a long way in ensuring long term scalability. Keep focus at all times; do not let it dwindle. It will be important to realize how much and which domains to foray into, especially for traditional businesses who have borne the most brunt of deflating economies. Lastly, it is also important to have a sound understanding of payroll, the state taxes, federal taxes, company formation, transfer pricing laws (moving money from US entity to India entity). These are crucial for sustainable functioning of your business adhering to the key requirements of the chosen region. Having an in house or external tech team who understands specific business objectives and challenges can work wonders. Technology solutions are as much about the talent that drives them as much as the technicalities themselves. Pick the right partners who make this approach easier, and it will definitely bring a positive disruption to the business’s top and bottom line alike!

It is also important to have a sound understanding of payroll, the state taxes, federal taxes, company formation, transfer pricing laws (moving money from US entity to India entity).

CXO OUTLOOK March 2022

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CXO OUTLOOK Higher Education Digest January 2021 March 2022

NEKTAR BAZIOTIS CO-FOUNDER & PRESIDENT, ENKI INC

A Tech Entrepreneur at Heart, Tapping AI’s Potential in Education

here are a handful of traits at work and in life that simply cannot be taught. They grow and develop from within. Over time, those become an integral part of who we are. One such trait is the entrepreneurial spirit. The Co-Founder & President of ENKI Inc, Nektar Baziotis, always had an entrepreneurial spirit to his being. “When I was eleven years old, I went to sell produce in the open market with my grandfather,” shares Nektar. At 16, he developed his first program, and at 19, he took upon his first managerial role. For a few years, this became his school of learning. Working in management allowed him to build his skills and the confidence to venture out into the business world independently. “To me, entrepreneurship is solving problems by innovating and using the talents of your team,” says Nektar,

CXO OUTLOOK March 2022

adding, “With those in hand, I decided to start my first company, Apogee Information Systems, to build inspired design and quality code.” He was 24 at that time. As an entrepreneur, this was just the beginning for him. Over the years, Nektar continued founding companies, harnessing the potential of technologies, designing innovative products, and succeeding in them—all because of a fantastic set of partners and team members who have and will continue to support him at every step of his journey. ENKI Technologies’ Disruptive Edge in the Market Located in Santa Monica, California, ENKI Technologies provides creative and intelligent customized software for websites and mobile apps by levering the power of AI. The tech company’s core services include business analysis,

The backbone of success is teamwork. Entrepreneurship is the art of combining talent and giving solutions for a better world!

Nektar Baziotis Co-Founder & President, ENKI INC

CXO OUTLOOK March 2022

stream & custom app development, and IT consulting. Moreover, ENKI is committed to building longevity and a successful future for its clients and businesses. “From the beginning, I wanted ENKI to stand apart in the industry by focusing on relationships. I firmly believe that the focus of every business should be on its people and what matters most are relationships,” says Nektar. Furthermore, he says that the management puts a lot of emphasis on business development and sales to get to know their prospective clients as much as possible. This enables them to build strong client relationships and gain insights into what that particular client wants and future prospective leads. At the end of the day, companies are built little by little, laid brick by brick with every bit of success. Growth, scalability, and quality come hand in hand with a good team. Therefore, Nektar reveals, “My vision for ENKI is to be a people-centered business.” Employees trust leaders who both lead and follow. Nektar ensures that at ENKI, people can rely on him to set the tone and that everything he does is imbued with the culture they have built together.

Building Relationships in the Pandemic Times The coronavirus pandemic hit the business and its economy hard. Industry leaders were forced to adapt to the ‘new normal’ and think outside the box. Looking back at 2020, Nektar reveals that at ENKI Technologies, the pandemic allowed them to value human affinity and connections even more. The company’s management decided to have all of its employees work remotely from

ENKI’s research shows an increasing rate of dropping classes, especially by experienced professionals and students coming from other countries. We need to inspire and provide objective knowledge

CXO OUTLOOK March 2022

home to maximize safety and employee satisfaction. At the same time, the team of ENKI maintained daily contact with each other to ensure that the work would remain high quality as always. “By prioritizing the people in our organization, we have been able to fully stand by and serve our clients and our community as they face the immense difficulties ahead,” affirms Nektar. In the post-pandemic world, the Co-Founder & Director plans to continue focusing on delivering highquality work and strengthening the bond with his team and clients. No one knows what the future will bring, but one thing is true: “We will have to adapt, and by adapting, we will bring out our best,” remarks Nektar. Productive & Calm Leadership With offices located in US and Europe, Nektar has a bit of an untraditional schedule to follow. “This means that I’m tackling EU work late at night, as that coincides with traditional business hours in the EU and working in the early morning for US work. I find that splitting my work like this gives me clarity, as otherwise, it would be easy to confuse who I am dealing with and when,” states Nektar. Often working for long hours, juggling numerous roles & responsibilities, and meeting project deadlines may put a lot of pressure on leaders. Finding peace from within, staying calm, and keeping things in perspective become a requisite during such times. No matter what life or business may throw at you, you need to know who you are and what you need to do for yourself, your family, your team, and your business. By focusing on those things, you can become stronger day by day and better equipped to

handle pressure. “I personally find that my family and my cats are the things that ground and calm me,” shares Nektar. ENKI Technologies’ Future Endeavours Nektar & his team are very excited and thrilled about their latest project— Icarus AI E-Learning. Nektar excitedly shares, “Our target is to bring a brand new, AI-enhanced E-learning solution to remote students.” ENKI’s research shows that many E-Learning solutions often focus on a single language and thus have poor support for multiple languages. Therefore, the team is seeking to bridge this gap by integrating multi-language support into the core of their offering to remove language as a barrier, especially in regions (like Europe) where there isn’t a single standardized language. With Icarus AI, more people will have access to knowledge, making us achieve progress as the human race. “Our mission is to give every child in the world access to knowledge and grow their horizon,” adds Nektar. A Word from the Wise According to Nektar, one should never neglect the human element in employees. A team is only as good as its teamwork, and a team will beat a group of individuals every time. Young people should build up their technical skills and understand that that is the bare minimum. Many people know how to code and the ins and outs of technology; they have solid soft skills that will help them rise to the top and become the leaders of tomorrow. “My last piece of advice is to go for it! If you have a dream, make it a reality. You have less to lose than you think, and you’ll never know what you’re capable of if you never try,” concludes Nektar.

CXO OUTLOOK March 2022

LEADER’S INSIGHTS

THE FIVE US BUSINESS TRENDS THAT WILL SHAPE 2022 Dr. Srinivas Mukkamala, Senior Vice President - Security Products, Ivanti

Dr. Srinivas Mukkamala is Senior Vice President of Security Products for Ivanti. He was the founder and CEO for RiskSense until Ivanti acquired the company in August 2021. He is a recognized authority in the artificial intelligence (AI) and neural networks communities and was part of a think tank that collaborated with the U.S. Department of Defense on applying these concepts to cybersecurity problems. Dr. Mukkamala is responsible for Product Management for all Ivanti Security products and will continue to drive innovation in integrated security solutions across all company pillars: ITSM, Security, and UEM. Dr. Mukkamala was also one of the lead researchers for CACTUS (Computational Analysis of Cyber Terrorism against the U.S.) and holds a patent on Intelligent Agents for Distributed Intrusion Detection System and Method of Practicing. Dr. Mukkamala holds a Ph.D. and a Master of Science in Computer Science from New Mexico Institute of Mining and Technology.

he past two years have accommodated a significant measure of piecemeal solutions and “we’re doing the best we can.” The onslaught of disruptive forces – a global pandemic, the war on talent, rampant cyberattacks, supply chain

CXO OUTLOOK March 2022

issues – don’t feel like they’ve abated, and yet businesses have to find a way to move forward. While we may still have plenty of excuses for reactivity, that doesn’t mean we should lean into those excuses.

The rapid uptick in APIs mean that the vast majority of data transfers today do not involve humans. Rather, it’s machines talking to machines

CXO OUTLOOK March 2022

Navigating the new business landscape demands bold leadership and a willingness to adopt new trends. And what new trends should you be watching out for? Here are five of them. Trend: Migration…to the watering hole? Businesses are scrambling to move to the cloud for resiliency. We’re now living in the world of software and APIs, and on-premises operations have been relegated to legacy status. This migration to the cloud and reliance on APIs is optimally suited for our current shortage of IT workers since it reduces the human element. The rapid uptick in APIs mean that the vast majority of data transfers today do not involve humans. Rather, it’s machines talking to machines.

CXO OUTLOOK March 2022

The problem: This year, we’re going to see that migration open up a massive attack surface that we haven’t yet thought through. While your APIs are convenient for the sake of migration, they’re also leaving everyone vulnerable. Think of it like this: Business rely on APIs because they need them in this new landscape, but the attackers know that, and they know exactly where to go. It’s like animals congregating at the watering hole because they need the water. Who else is there? Carnivores. They know exactly where to go to prey on the unsuspecting animals. And access barriers don’t ask “are you going to attack us or not?” In far too many cases, if you have a credit card, you have access. The moats and perimeters of the past are no longer relevant, and to succeed in 2022, businesses will have to

take on the responsibility of discovering, mapping, protecting, securing, and making devices and data available. It’s a big task and requires continuous monitoring of attack surfaces. Trend: Convergence As digital transformation ramped up, many IT/ security tools were made available to support company’s objectives – but those tools were largely siloed. Each tool delivered within its own niche, but there was a lack of functional interoperability. Every company went out and sourced a siloed tool, often from a dozen different vendors. In 2022, we’re going to see a convergence of solutions. Businesses are looking for ways to improve continuity, efficiency, and ease of use. That means seeking vendors with multifaceted capabilities that can seamlessly address the entire lifecycle. The need for convergence is particularly acute in cybersecurity, where businesses with siloed tools struggle to maintain visibility and management across endpoints, applications, and networks. Any disruption in visibility is a critical weakness that makes the enterprise vulnerable to increasingly sophisticated and frequent cyberattacks. Trend: Solution as a Service The trend toward convergence doesn’t preclude the need for external support. Instead, we’re going to see the opposite. You’ve seen Compute as a Service and Software as a Service, and now we’re entering a phase of Solution as a Service. Businesses no longer want to leverage 12 tools from 12 different vendors, but they absolutely want to outsource pain points, and that will ramp up in 2022. In security, we’ll see an uptick in managed security services. Across the business landscape and in nearly every conceivable department and industry, we’ll see businesses offer up problems and vendors will deliver a completed solution. We were already moving toward Solution as a Service pre-pandemic, but the war on talent has significantly accelerated this trend. This creates significant opportunity for businesses that are able to address contemporary pain points. Trend: AI bias 2020 was a year of reckoning when it came to racial bias. There is a long way to go on the human front,

to be sure, but there’s another problem that still hasn’t been addressed to nearly the extent warranted: AI bias. People may assume that software and systems are not racial, but that simply isn’t true. Software is written by humans. The systems are running the software. The systems learn from the trainer. We’re starting to see that when you look at a global movement around race from a human perspective, it’s very geocentric and takes a long time to spread. But when racial bias is infused into an algorithm, it can have a rapid, global impact. We’re seeing evidence of this in elections, in how aid is distributed, and in a growing number of other examples where data sets were inherently biased. Researchers are becoming aware of the problem and are working to diversify samples and improve data. This has been coming to a head for a long time, but 2022 must be the year when the world comes to terms with the powerful impact of AI bias. When you tune the algorithm, you determine the fate of a company serving millions or billions of people who consume that software. Who gets to tune that algorithm? What are their biases? What are their data sets? Which companies can afford an ML or AI Ph.D., so they have a voice to even have an influential algorithm? Whom do those companies benefit? We’ll be asking all of that in 2022. Trend: AI ethics It used to be that the people who owned the most oil were the richest. Today, the people who own the most data are the richest. Data feeds the systems and as described above, has a global impact that’s almost impossible to overstate. And yet, there is one significant difference between oil wealth and data wealth: When the former leaks, the government is quick to hold leaders accountable, implementing fines and regulations. When the latter leaks, the same accountability doesn’t apply. In 2022, we’re going to see more executives being held responsible for both cybersecurity and data integrity. Optimally, any company adopting AI would undergo a monthly review of who is on the team, how they’re using the data, and how they ensure it’s unbiased and secure. The bottom line: 2022 is going to be a year when extreme digitization and automation go up against the very human elements of bias and accountability. It doesn’t have to be a battle. The real victors will be those who navigate both sides for the betterment of all.

CXO OUTLOOK March 2022

SHARON ANDERSON FOUNDER & CEO, KCG CONSULTING SERVICES (KCG)

A Global Thought Leader Cultivating a Culture of Civility

very individual is blessed with a unique set of talents and skills. But, only a handful of those is ready to utilize them for the betterment of society. Known for her philanthropic nature, out-of-the-box thinking, solution-oriented approach, and optimistic attitude, Sharon Anderson, the Founder & CEO of KCG Consulting Services (KCG), is one such role model to be emulated. Sharon holds a BA degree from Tufts University in International Relations and a Juris Doctorate from the prestigious Georgetown Law School. From a very young age, she had a passion for serving the public. This is why Sharon began her career as a public defender and started representing individuals who couldn’t afford their own legal aid. Later on, with experience and expertise, she became recognized as a

CXO OUTLOOK March 2022

global thought leader in civility and the law. She is also an Executive Pastor at a major church in Washington, DC. Notable Accolades, Awards & Recognitions Sharon’s benevolent contribution to the legal profession has earned her numerous promotions, awards, and accolades. Among those, her work for the Mayor of the District of Columbia at the Office of the Attorney General as the Senior Deputy for Public Protection and Enforcement holds a special place in her heart. She was awarded the coveted District of Columbia Mayor’s TrailBlazer recognition during the Williams’ Administration and was appointed the Co-Chair of the Prince George County Maryland Faith Based Advisory Board in 2020.

I have dedicated this moment in my career to examining the abandoned value of civil interaction; and call us to action to apply civility as our standard to bring success, peace, and safety to our homes, communities, and nations

Sharon Anderson Founder & CEO, KCG Consulting Services (KCG)

CXO OUTLOOK March 2022

In 2021, Sharon was acknowledged as the Special Advisor to the Global Board Chair of OPAD- and recognized in the 2021 World Book of Greatness in the UK. Sharing one of her proud moments out of many, Sharon says, “I am extremely proud of my current appointment to the Executive Board of the International Congress on Global Communications. Our goal is to create a global platform to discuss and innovate solutions to the sustainable goals worldwide.” She is also a published author on civility and the law. Through her current book “Emotional Civility-The New Standard for Global Success", she encourages the world to understand the importance of civility and keeping it on the societal forefront. Sharon shares, “I have dedicated this moment in my career to examining the abandoned value of civil interaction; and call us to action to apply civility as our standard to bring success, peace, and safety to our homes, communities, and nations.” This successful author is planning on three more literary works on civility in the coming days. Birth of KCG & its Functionality in the Pandemic Times “Over the last decade, I have focused my career on building civility in a society that all too often seems tilted towards uncivil speech and actions, and through research and experience in developing a proven framework for cultivating a safe and productive culture of civility and respect in all spheres of our daily lives,” asserts Sharon. Founded in 2018, KCG Consulting Services is unique in the business development industry because it is client-centered and tailors its services to meet the needs of each client regardless of size and revenue/worth. Moreover, when the COVID-19 pandemic caught the world off guard, people, much fewer businesses, were unprepared and overwhelmed. To survive in such unprecedented times, small to mid-sized and large businesses had to quickly shift gears and become technology-driven. But this is not as easy as it sounds. Leaders from all industrial landscapes were expected to bring innovative plans and digital strategies to manage their working from home employees, supervise staff, and bring financial outcomes to the table. This was the crucial and most functional time when a consulting firm dedicated to helping businesses with strategic planning, training, and funding, such as KCG, came as an answer to their prayers. Reminiscing those days, Sharon says, “We became functional during the pandemic to be an answer for businesses and business leaders who needed help to manage the transitions created by the pandemic.” She also strongly feels that communication, transparency, and managing expectations are the key traits for businesses and business leaders. Hence, KCG, led by Sharon, made every effort to practice what they preach to their clients.

CXO OUTLOOK March 2022

Sharon strongly feels that communication, transparency, and managing expectations are the key traits for businesses and business leaders

Mistakes are the Steppingstone to Success Each one of us makes mistakes. It is, however, solely up to us how much we learn from them and never walk on the same path again. Similarly, in the early days, Sharon made a few errors. One of them was undervaluing her work. The effort, time, and resources one puts in are irreplaceable, whether for charity or paid clients. In many charitable cases, people tend to not appreciate the work or the efforts. Hence, one of the most important lessons she learned was to balance the donated work with the paid clients. Another crucial lesson she learned was the problems that can develop from a lack of communication. Irrespective of the amount of pressure, ongoing projects, deadlines, or numerous meetings, communicating with the clients is imperative. They must always be kept informed about their work status. A simple mail or an update to keep them in the loop goes a long way. Likewise, Sharon believes that not every client is suitable for their business. One must learn the art of saying no and also understand what may prove to be good and fatal in the long term. Finances and money should not be the sole driving force. Hence, leaders and managers should always be in the mode of learning. While looking back at her journey as a successful leader, Sharon explains, “The need for my voice, knowledge, and expertise around the world has come to a full circle. I am now being asked to comment, contract, and manage globally.” Post-Pandemic Plans for KCG Just like the arrival of the pandemic, its post scenario is bound to change unforeseeably. Leaders and organizations who can sight this change will survive and succeed, whereas businesses that continue to operate as before are bound to crash and burn. In the case of KCG Consulting Service, Sharon feels that the company will continue to be the voice for civil communication and a business development, management, and training firm. Furthermore, she asserts, “My vision is to become one of the leading business development firms in the world, known for the ability to craft creative solutions to complex problems, and most importantly train all levels of employees and leadership so that implementation is seamless and change is sustainable.” Sage Advice for Business Leaders Sharon wants all business leaders and owners to stay encouraged and seek out collaborations and partnerships whenever possible. During the hour of need, one must never be afraid to ask for assistance. Also, mentorships are helpful when one is navigating change. Finally, she adds, “God is still in the miracle-working business. If you are struggling right now, remember, one call, one partner, one connection can change the trajectory of your life. Stay the course.”

CXO OUTLOOK March 2022

EXPERT OPINION

Blockchain Trends to Watch in 2022 Amit Ghosh, Chief Information & Services Officer, R3

CXO OUTLOOK March 2022

F Amit is the global Chief Information & Services Officer for R3. He leads the global operations organization that is responsible for information security, infrastructure and IT operations, customer operations & professional services and support. In addition to his global role, he also leads R3’s business and growth in Asia Pacific. Amit is a business leader with 18 years of experience across strategy and operations, business development and commercial solution design. He is a seasoned professional in CxO engagement, stakeholder influencing, and has industry experience in digital payments and enterprise IT services.

rom CBDCs to smart contracts, the blockchain industry has witnessed significant disruption and development over the years. The pandemic has provided an unprecedented impetus for change, with many businesses completely rethinking their ways of working – often through the transformation of legacy infrastructures – in order to adapt to the ‘new normal’. Despite the challenges of the pandemic, 2021 turned out to be a significant year for digitalization and blockchain, and 2022 will no doubt be another unprecedented year for financial technology and the trust technologies in the digital economy. This year, we can expect the following trends to reshape the blockchain landscape not only in the US, but across the rest of the world. Enabling a global 24 x 7 financial market With digital exchanges now able to underpin the posttrade lifecycle with distributed ledger technology (DLT), delivering a single, seamless workflow and client experience between trading and settlement; market participants can now architect entire platforms to support a broad range of digital assets over time. Not only that, the digitalization of capital markets means it is now possible to create a truly global exchange that has the capacity to operate round the clock and to a global audience. By underpinning these digital exchanges with tailor-made DLT, they can combine the ‘execute to settle’ lifecycle alongside increasing the capacity of asset class coverage and expanding the open trading window. As an example, the Swiss stock exchange, SIX Group, launched the SIX Digital Exchange– SDX, a FINMA-regulated, fully integrated trading, settlement and custody infrastructure in November last year. This is a major turning point in the transformation of systemically important financial market infrastructures, setting the standard for digital asset exchanges, central counterparties (CCPs) and central security depositories (CSDs) in the future. This is likely one of the biggest changes we will see in financial market infrastructure in our lifetime. The technology is ready, regulators are piloting the change and early adopters are already going live, and in 2022, we will see innovators start embracing this transformative potential. The quest for trust will dominate the digital realm Until recently, firms doing business with each other had no way of knowing if they had the same records. And so

CXO OUTLOOK March 2022

they wasted staggering amounts of money reconciling with each other. Blockchains are solving this problem by literally creating trust that “I know what I see is what you see.” But there is so much further to go – and this is where the tech industry must focus its attention in 2022 and beyond. For example, when you send information to a third party, you have no technological way to know what they will do with your information. So you have to spend a fortune on ‘data scrubbing’ or audits… or, more likely, you don’t share sensitive data at all. The inability to trust how our information is processed when it is in the hands of others is a huge opportunity cost for businesses.

The delivery of trust to all realms of our digital lives will drive the next wave of human advancement – and we will see this unfold in 2022

But this is changing, because trust technology is now here. The convergence of blockchains, confidential computing, and applied cryptography is happening, and firms are applying this to massively increase the levels

CXO OUTLOOK March 2022

of trust that exist within and between firms of all sizes operating in the digital realm. The delivery of trust to all realms of our digital lives will drive the next wave of human advancement – and we will see this unfold in 2022. The lines between DeFi and CeFi will continue to blur Interest in decentralized finance, or ‘DeFi’, is booming in the technology world, and in 2021, that interest peaked. The term has invited enthusiasm, skepticism and curiosity, in equal measure. There is no doubt that the technology could be host to a number of exciting applications. At its core, DeFi rests upon the central principle of disintermediation, and this could have many benefits – namely, democratization of finance. However, the idea that DeFi is ready to replace the existing, centralized or traditional financial system, or ‘CeFi’, is still overstated at this point, especially at a time when governments are increasingly favorable to regulated financial markets and institutions. With that said, we do see incumbent financial firms and market infrastructures adopting some of the insights and breakthroughs from the decentralized world – for example DTCC’s Ion work and the Swiss Digital Exchange, SDX – so we can imagine these two trends coming together and reinforcing each other this year. In 2022, we can expect DeFi to continue to mature and co-exist with the financial services ecosystem we have come to know and trust as it, in turn, evolves. CBDCs will move even closer to real-world deployment 2022 will be the year that CBDCs gain clear, policyled direction and guidance. This year, we will find out if any central bank is bold enough to launch a true digital equivalent to cash. CBDCs at both the wholesale and retail level are now being explored by countries all over the world, to different extents. Riksbank has been working on its ‘e-krona’ in Sweden for some time now, for example. One of CBDCs’ usages that have received less attention until very recently is their use in cross-border settlements. In December, Project Jura successfully settled a “reallife” transfer of securities and cash between France and Switzerland with a wholesale CBDC. 2022 will be a year of real maturation for CBDCs. They are now understood by jurisdictions and this year, policymakers will get off the fence and tell us: will we as citizens be allowed to make digital payments with the same freedom we can make them in the real world? Yes or no? We’ll get an answer in 2022 and that will unlock everything – as we will then know what we need to go and build.

CXO OUTLOOK March 2022