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editor
Dear Readers’
Welcome to Issue 69 of Global Banking & Finance Review. This edition celebrates excellence with the Global Banking & Finance Award® 2024 Award Winners, which honor organizations and leaders who have demonstrated exceptional innovation, resilience, and leadership in the face of a rapidly evolving financial landscape. These accolades underscore the achievements of industry leaders setting new benchmarks for success and shaping the future of global finance. We extend our sincere congratulations to all winners for their outstanding contributions.
Featured on our front cover are Ms. Yenny Siahaan, Mr. Rolando, Mr. Fajrin Hermansyah from Sucor Asset Management, a Jakarta-based leader in Indonesia’s investment landscape. In our cover story, "Unlocking Investment Potential: Sucor Asset Management’s Vision for the Next Generation of Investors in Indonesia", we delve into how the company is empowering young investors through innovative strategies, digital transformation, and partnerships with banks and fintech platforms. Managing over IDR 21.22 trillion (USD 1.24 billion) in assets, Sucor Asset Management is driving growth in one of the world’s most underpenetrated capital markets. Discover their inspiring journey and plans for the future on page 28.
This edition also features interviews with industry leaders from prominent organizations, offering insights into their strategies for innovation, sustainability, and leadership in the modern financial world.
At Global Banking & Finance Review, we strive to be your trusted source of insights and perspectives in the financial sector. Whether you are an industry veteran or a curious newcomer, there is something here for you. We value your feedback and invite you to share your thoughts on how we can better serve your needs in future editions.
Enjoy the journey through our latest issue!
Wanda Rich Editor
Stay caught up on the latest news and trends taking place by signing up for our free email newsletter, reading us online at http://www.globalbankingandfinance.com/ and download our App for the latest digital magazine for free on Google Play and the Apple App Store
BUSINESS
Paul Clarke, Chief Growth Officer, Cashflows 50
Transforming transactions: How embedded payments enhance checkout experiences
Interviews
Access Bank Zambia’s MD on Building a Legacy in Leadership and Innovation
Lishala C. Situmbeko, Managing Director, Access Bank Zambia
BANKING
Daniel Telling, Chief Growth Officer, Dufrain 20
AI in Banking: How can legacy banks avoid falling behind?
TECHNOLOGY
12 How Smarter Applications Will Shape Industries in 2025
Tony Judd, Managing Director, Nordics, UK & Ireland, Verizon Business
Transforming Treasury for a Sustainable Future: Banco do Brasil's Global Ambitions
Daniel Bogado, Managing Director of Global Treasury, Banco do Brasil
Interviews
Transforming Digital Payments and Expense Management
Avinash Godkhindi, MD & CEO, Zaggle
RBI’s Iryna Arzner Discusses the Bank’s AwardWinning CRM Transformation Strategy
Iryna Arzner, Head of Group Customer Growth, Raiffeisen International Bank 06
Raiffeisen Bank International is a key entity of the Raiffeisen Banking Group in Austria, and specialises in providing corporate and investment banking products and services to companies and institutional investors in Central and Eastern Europe.
Wanda Rich, editor of Global Banking & Finance Review, interviewed Raiffeisen Bank’s Head of Group Customer Growth, Iryna Arzner, to discuss the significant transformation that the bank has recently undertaken in its CRM and client engagement strategies, and that has seen it collect Global Banking & Finance Awards in 2024 for Best Bank CRM Transformation in Albania, Bosnia & Herzegovina, Kosovo, and Central Europe.
Iryna began by speaking about what inspired this approach and how she envisions its impact on the bank’s future. “One of the signature strengths of our banking services is the quality of advisory and support that our relationship managers and service units provide,” she said. “Every employee is committed to understanding and supporting customer needs with the best-fitting banking solutions. With millions of customers taking advantage of our digital offering, we are striving to offer a personalised banking experience in every digital interaction, just like we do in a physical branch. Modern CRM powered by data is pivotal to this endeavour, allowing us to promptly capture and react to customer insights.”
As part of its mission to build a digital bank with a human touch, RBI invested not only in cutting-edge technology but also in its teams in order to position itself as a leader in the personalisation space across the CEE markets. The implementation of the bank’s CRM strategy in this region introduced some significant challenges that had to be overcome.
“Challenges are an integral part of any transformation, especially when it is set to happen across commercial and IT areas, on multiple markets in a high-velocity function responsible for a significant share of retail gross income at the same time,” Iryna said. “Shortly after defining our vision, we realised that we were missing some essential technological components we needed to make it happen. A couple of months into the tech upgrade, we recognised that changing the technology alone wouldn’t achieve our CRM business transformation. Therefore, we simultaneously focused on both the technology and the business transformation, ensuring an incremental value creation supporting further necessary investments.”
One major challenge was launching the model infrastructure in multiple countries, each with its own core banking system and internal tools, making it difficult to predict and address all potential issues. “To overcome this, we created an agile tribe as an end-to-end delivery vehicle, adhering to agile principles to maintain focus on delivering incremental results,” Iryna explained. “This approach allowed us to adapt quickly to unforeseen challenges and ensure a smooth implementation across the region. And sure enough, change management became our daily job, as any big organisation has a lot of inertia slowing down the planned changes if not account for.”
Since the deployment of its suite of CRM solutions, it has been important for the bank to measure the impact on customer communication, engagement and overall business success. “We are focusing on a few leading and lagging indicators,” Iryna said. “Leading indicators include KPIs showing how our CRM communication is transforming: share of personalised communication, frequency and coverage of the customer base with digital proactive communication and so on. Lagging indicators show us the impact of CRM communication on customer behaviours (e.g. the share of engaged customers), sales (e.g. digital sales uplift) and overall portfolio profitability. We introduced representative control groups across all RBI markets to measure and optimise the CRM uplift impact.”
Four years into the transformation, she reported, the results have been highly encouraging. “We’ve seen a substantial increase in customer engagement, sales and ‘2+ product holders’ KPIs, giving us confidence that being consistently relevant to our customers leads to higher overall business performance.”
An additional challenge to manage was the learning and upskilling required, an essential element of any large transformation. “To help our people grow into their exciting new roles, we created a Customer Value Management Academy for structured training,” Iryna revealed. “We also developed a robust community that promotes experimentation and knowledge sharing, allowing us to quickly identify and spread successful practices across different banks during integration.
“In addition, we established knowledge transfer processes through our Customer Value Management departments to facilitate ongoing learning and adaptation. This approach proved highly effective and has been recognised by Gartner and Harvard Business Review as a leading global practice in talent development.”
Iryna went on to discuss the topic of reusability, a central component of RBI’s tech upgrade strategy. “This topic can be viewed from two key perspectives: business reusability and technology reusability,” she said. “In terms of the former, given our solution has been deployed across multiple countries, we ensured it was designed for easy reusability. For example, personalised insights can be transferred between countries with just a few clicks, and visuals, content and customer journeys can be quickly localised. This approach allowed us to scale efficiently and maintain a leading position in delivering relevant experiences throughout the region.
“With regard to technology reusability, we aimed to maximise the potential of our tools by applying them to new opportunities,” she continued. “For instance, our tools were repurposed to develop solutions like carbon footprint calculation, smart widgets, member-get-member programmes and modernised lead management. This high level of reusability not only reduced costs but also accelerated the launch of new products.”
Finally, in the wake of RBI’s award-winning CRM transformation, Iryna has offered her advice to other financial institutions considering a similar transformation in their CRM strategy, in the shape of seven key steps she regards as essential to the process.
“Number one is to create the vision. Establish a clear and compelling vision for your CRM strategy, aligned with the vision of your organisation. This vision should guide all aspects of the transformation and align with your overall business goals.
“Number two: build a strong team. Assemble a dedicated team with the right skills and expertise to drive the transformation. Ensure the team is motivated and aligned with the vision.
“Third is to create an engaging community. Foster a community that shares the same vision and encourages collaboration and knowledge sharing. This helps in maintaining momentum and ensuring buyin from all stakeholders.
“The fourth step is to ensure parallel business transformation. Align your CRM strategy with business transformation efforts. Both should progress in tandem to ensure that technological advancements translate into real business improvements.
“Number five is to track incremental progress. Monitor progress through incremental milestones. This approach allows you to make adjustments as needed and demonstrate tangible results throughout the transformation.
“Six: invest in employee upskilling. Don’t underestimate the importance of upskilling your employees. Effective training and knowledge development are crucial for leveraging new tools and ensuring the success of the transformation.
“Lastly, number seven is to communicate. Never assume full alignment, either on the plan or on the progress. Communicate your vision and your progress towards it within your community and within your broader organisation with key partners.”
Iryna Arzner Head of Group Customer Growth Raiffeisen International Bank
Pioneering Zambia’s Investment Banking Future Pangaea Se c uriti e s
With a vision centered on local expertise with global reach, Pangaea Securities has become one of Zambia’s most influential financial advisory firms. Specializing in investment banking, mergers and acquisitions, equities, and debt, the firm plays a pivotal role in shaping Zambia’s financial landscape. By providing tailored financial solutions and facilitating major capital flows, Pangaea supports the growth of key sectors across the country’s economy.
In an exclusive interview with Global Banking & Finance Review, Wanda Rich, Editor, speaks with Nenani Sichone, Senior Associate, and Ndanji T. Simumba, Investment Banking Analyst, at Pangaea Securities. They share insights on the strategies driving Pangaea’s growth, how the firm is navigating challenges in Zambia’s investment landscape, and its role in supporting sustainable development and financial inclusion.
What key strategies have been instrumental in driving Pangaea Securities' success in the investment banking sector over the past decade?
Our success is driven by a combination of long-term client relationships, bespoke service offerings, and a commitment to innovative solutions. By fostering trust and loyalty with clients, we have cultivated enduring relationships that lead to repeat business and client referrals. This approach allows us to develop a deep understanding of our clients' needs, enabling us to deliver tailored financial solutions that align with their long-term goals.
Our partnerships with key industry stakeholders, including investors, regulators, and industry experts, have also played a significant role. These partnerships provide access to new opportunities and facilitate the execution of complex transactions. By embracing innovation, we continue to develop new approaches to capital raising and market development, ensuring that we stay ahead of industry trends while driving growth for our clients.
With over US $3.0 billion raised across Sub-Saharan Africa, what strategies have been pivotal in driving Pangaea Securities’ success, particularly in the Zambian market?
A key part of our success in Zambia is our commitment to relationship building. Over the years, we have developed a strong network of stakeholders, including government bodies, regulatory institutions, local institutional investors, and international investors. This network allows us to connect clients with the right investors and ensure the success of our transactions.
Another vital part of our approach is leveraging regulatory frameworks and policy initiatives. By aligning with government priorities, we optimize deal structures and accelerate capital flows. Our position as a key player in disruptive industries also sets us apart. By focusing on sectors that are often underserved by traditional financial institutions, such as renewable energy, technology, and infrastructure development, we create unique opportunities for growth.
In an increasingly competitive landscape, how does Pangaea Securities tailor its services to meet the diverse needs of clients across various sectors?
We take a client-first approach that ensures every financial solution is tailored to the specific needs of the client. Our process begins with a deep analysis of each client’s objectives, industry challenges, and risk factors. This enables us to design tailored solutions that are proactive rather than reactive. By identifying potential hurdles in advance, we streamline the transaction process and ensure smooth execution.
Our team has experience across multiple industries, which allows us to offer sector-specific expertise. We operate as a one-stop shop, providing access to a comprehensive range of financial services, including capital raising, M&A advisory, tax advisory, and wealth management. By offering these services under one roof, we make the process more efficient and less complex for our clients.
What challenges does Pangaea face in the current investment banking environment in Zambia, and how has the firm adapted its strategies to seize opportunities amid these challenges?
Zambia’s investment landscape presents unique challenges, including macroeconomic volatility and debt constraints. These factors create an environment of uncertainty, and one of the biggest hurdles we face is convincing investors that Zambia still offers opportunities for significant returns.
To address this, we have taken a data-driven approach. Our team conducts extensive local and regional research to gain insights into trends and opportunities that other firms may overlook. This insight allows us to develop customized financial instruments for the Zambian market, giving investors a transparent and predictable process. By offering this level of transparency, we build trust and confidence among our investors.
We also leverage our regional and international networks to bring in global best practices. By tailoring international financial instruments to meet local market conditions, we create a level of familiarity and comfort for investors, encouraging them to participate in Zambia’s financial markets.
Looking ahead, what are your aspirations for Pangaea Securities in the coming years, and how do you envision the firm’s role evolving within Zambia’s broader financial ecosystem?
Our vision for the future is centered on sustainable development and market expansion. We see tremendous potential in sectors like green energy, technology, and infrastructure development. Our goal is to introduce financial products that address capital deficits in these areas and drive Zambia’s long-term economic growth.
One of our most notable achievements has been the development of Zambia’s first Real Estate Investment Trust (REIT). This initiative established a new benchmark for the local market and opened new investment opportunities for both local and international investors. Moving forward, we aim to introduce more pioneering financial products that push the boundaries of Zambia’s financial sector.
We also see opportunities to increase investment flows into mineral extraction, publicprivate partnerships (PPPs), and infrastructure development. By supporting initiatives that align with Zambia’s development goals, we aim to drive growth in key sectors while contributing to the country’s longterm economic transformation.
How does Pangaea integrate corporate social responsibility into its business model, and can you highlight any recent initiatives that have positively impacted the community?
Corporate social responsibility (CSR) is deeply embedded in our company’s mission. Our focus is on initiatives that support education, entrepreneurship, and youth development, all of which are critical to Zambia’s long-term growth.
One recent example of our CSR initiatives was a three-day youth basketball camp in Lusaka. The event was led by an NBA player, who provided guidance and mentorship to young athletes. Beyond basketball, the camp focused on essential life skills like discipline, perseverance, and teamwork. This initiative helped empower local youth and build their confidence for future challenges.
We also support the University of Zambia’s Business and Economics Association, offering students access to industry tours and practical insights into the financial sector. This initiative gives students an inside look at the industry, bridging the gap between academia and the corporate world. Through these efforts, we hope to inspire and prepare the next generation of finance professionals.
Our CSR work extends beyond charitable donations. We see it as a long-term investment in Zambia’s social and economic future. By building capacity, empowering young people, and supporting education, we aim to create sustainable, meaningful change in the communities we serve.
Ndanji T. Simumba, Investment Banking Analyst, Pangaea Securities
How Smarter Applications Will Shape Industries in 2025
Prediction 1: Data-driven applications will evolve, unlocking smarter, faster decisions across industries
In 2025, the digital landscape will be dominated by the relentless march of data-driven applications. The maturation of generative AI and other data-intensive technologies will not just drive this trend—they will redefine it, demanding robust and flexible infrastructure to support their ever-expanding capabilities.
Imagine a world where every decision is backed by real-time data insights. Businesses will need to invest in scalable and secure infrastructure, including multi-cloud resources and dynamic networks, to keep pace. Picture a manufacturing plant where data analytics optimises machinery performance, improving efficiency and reducing downtime. This will necessitate advanced IT and OT segmentation strategies to secure these vital data flows.
As we embrace this data-driven future, security will be paramount. With third-party data hosting becoming the norm, the attack surface for cyber threats expands. Implementing zero-trust architectures and micro-segmentation will be our shield, protecting sensitive information and maintaining operational integrity in this brave new world.
Prediction 2: The rise of emergent technologies such as AI, IoT, and quantum computing will be a marathon, not a sprint—adopted incrementally but with profound long-term impact.
The future is now, however, it’s arriving gradually. In 2025, the integration of emerging technologies such as AI, IoT, and quantum computing will continue at a measured pace, driven by specific use cases and ROI considerations. Businesses will adopt these technologies incrementally, helping each investment to deliver tangible benefits.
Picture AI and machine learning enhanced decisionmaking and automated routine tasks. In manufacturing, predictive maintenance powered by AI will reduce downtime and boost efficiency. IoT devices will provide real-time insights into operations, enabling proactive management and swift responses to changing conditions.
Quantum computing, while still in its infancy, will begin to find its niche. Businesses will explore its potential cautiously, balancing the promise of revolutionary capabilities against the costs and technical challenges. By taking a measured approach, companies can harness the power of these emerging technologies without overextending their resources, enabling a steady and sustainable path to innovation.
Prediction 3: In 2025, the cloud-first mentality will give way to smarter, more strategic investments in both cloud and edge computing, optimising data flows while balancing cost with performance.
In 2025, businesses will master the art of strategic cloud and edge computing investments, focusing on optimising data flows and balancing cost with performance. The initial rush to move everything to the cloud will evolve into a more sophisticated approach, leveraging both centralised and edge computing resources.
Visualise a world where data-driven applications thrive, demanding low-latency processing. Edge computing will be the hero, bringing processing power closer to the source and reducing latency. This will be crucial for applications requiring real-time decision-making, such as autonomous vehicles or industrial automation. By processing data at the edge, businesses can achieve increased responsiveness.
At the same time, companies will avoid the pitfalls of vendor lock-in and manage cloud costs more effectively. A hybrid approach, blending public cloud, private cloud, and on-premises solutions, will become the norm. This flexibility will allow businesses to optimise their IT infrastructure for both performance and cost efficiency, helping them to stay ahead in the digital race.
Tony Judd Managing Director, Nordics, UK & Ireland, Verizon Business
Prediction 4: Zero-trust architectures will be the cornerstone of cybersecurity, as businesses bolster defenses against rising cyber threats in increasingly complex multi-cloud environments
As the digital frontier expands, so too does the battlefield of cybersecurity. In 2025, businesses will place an even greater emphasis on protecting their data and ensuring the integrity of their digital operations. The stakes have never been higher.
Imagine a fortress of digital security, where robust measures such as zerotrust architectures and advanced threat detection systems stand guard. These strategies will be essential in safeguarding data against breaches and managing compliance with regulatory requirements. As more data is hosted in multi-cloud environments, securing these platforms will be a top priority.
But technology alone won’t suffice. Businesses will invest in cybersecurity training and awareness programmes for their employees. Human error remains a significant vulnerability, and educating staff on best practices will be crucial. By fostering a culture of cyber risk awareness, companies can better protect themselves against the ever-evolving threats of the digital age.
Prediction 5: In 2025, private 5G networks will go mainstream, offering businesses the scalability and capacity needed to navigate the next era of digital transformation.
The revolution is here: private 5G networks will take centre stage in 2025, offering businesses increased flexibility and capacity. This technology will be a game-changer for industries that crave reliable and high-speed connectivity, such as logistics, manufacturing, and retail.
Imagine the seamless connectivity of a private 5G network, effortlessly supporting a myriad of applications. These networks will outshine traditional LAN and Wi-Fi infrastructures, providing superior coverage and supporting a higher density of connected devices. Envision a bustling port or a sprawling manufacturing plant where private 5G connects devices, from sensors to autonomous vehicles.
The magic happens when private 5G meets edge computing. This powerful combination will unlock new possibilities for real-time data processing and automation. Picture drones conducting automated inspections in ports or autonomous robots navigating warehouses with precision, enhancing operational efficiency and safety.
Transforming Digital Payments and Expense Management
Since its inception in 2011, Zaggle Prepaid Ocean Services Ltd has rapidly evolved into a leading player in the spend management and embedded payment solutions space, now standing as a publicly listed company. Founded by the serial entrepreneur and visionary Mr Raj P Narayanam, the company initially focused on digital payment solutions, aimed at transforming how businesses manage expenses and rewards. Over the years, Zaggle’s offerings have expanded significantly, reflecting its commitment to innovation and meeting the dynamic needs of its clients.
When Wanda Rich, editor of Global Banking & Finance Review, interviewed Zaggle MD and CEO Avinash Godkhindi, he spoke about how in recent years, especially post its IPO in September 2023, Zaggle has made significant strides in strengthening its market position. “Zaggle’s listing on the stock exchange has further solidified our reputation, providing the company with the capital to fuel our ambitious growth plans,” he said. “We have reported consistent growth across 20quarters, driven by a robust product portfolio that includes expense management platforms, employee benefits solutions, and rewards programmes. Our latest numbers highlight a significant revenue uptick, highlighting our strong market demand and effective business strategies.
"We continue to deliver exceptional results, achieving another remarkable quarter with a topline of Rs. ₹ 3,025.6 Mn, an Adjusted EBITDA of Rs. 295.2 Mn, and a PAT of Rs. 185.6 Mn. This outstanding performance highlights the strength of our scale and ongoing reinvention, underpinned by the resilience and agility of our business model,” he continued.
“Looking ahead, we are upping our guidance to 50-55% growth in our topline for FY 25. We are very confident of doubling our FY24 revenues in the next two years. They also highlighted that Zoyer will be a key driver of future revenue growth and that the company is considering EBITDA-accretive inorganic growth opportunities.”
In addition, he revealed that Zaggle has been actively enhancing its technological capabilities, with a strong focus on artificial intelligence and machine learning to drive efficiency and innovation. “The recent analyst presentation emphasised Zaggle’s strategic initiatives, including the expansion of its platform capabilities, deeper penetration into the Enterprise segment, and plans to scale its operations internationally. These efforts have been well-received by the market, positioning Zaggle as a key player in the fintech landscape.
“Zaggle will continue to invest in R&D, aiming to introduce more cutting-edge solutions that cater to the evolving needs of businesses across industries,” he went on. “Looking ahead, Zaggle is focused on expanding its market share, both domestically and internationally, while continuing to deliver value to its stakeholders.”
One way in which it does this is through a number of key innovations that set it apart from its competitors.
“As a leading player in spend management, Zaggle has a differentiated value proposition and diversified user base,” Avinash explained. “We have a diversified portfolio of SaaS & FinTech products, including Employee Flexi Benefits, Expense Management, Vendor Payments, Utility Bill Payment, etc. and a wide touchpoint reach. Zaggle is one of the largest issuers of prepaid cards in India in partnership with its banking partners, and we have issued more than 50 million prepaid cards and served more than 3.0 million users as of September 30, 2024.”
Zaggle’s network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, although its solutions, including Zoyer and Propel, are sector-agnostic. “Our spend management solution enables businesses to reduce time and effort spent on low-value add but business-growthsupporting and compliance-linked activities. It helps in the faster processing of expenses, optimises data management, provides spend analytics, filters fraudulent claims, avoids duplicate claims, and aids in procurement analytics and strategic sourcing, among others.”
An example of this solution is Zoyer, Zaggle’s integrated, data-driven business spend management/accounts payable platform. “With Zoyer, corporates can optionally get a corporate credit card with an additional working capital limit. With solutions on channel rewards, channel partners and employees get multiple options to redeem incentives and rewards.”
“There is also Propel, a corporate SaaS platform for rewards, incentives and recognition for channel partners and employees. With this product, corporates also get an additional credit period in some segments of payments.”
Zaggle’s spend management system has received accolades from industry analysts and customers alike for its usability, reliability and effectiveness. Avinash went into more detail on the impact it can have on businesses. “Our system can generate a 30% reduction in procurement cycle time through automation and streamlined workflows,” he said.
“Significant cost savings can be achieved through enhanced supplier negotiations and contract compliance. It scores at 70% accuracy in expense reporting and can produce a 90% reduction in processing times, leading to improved employee productivity and satisfaction. Plus, users have real-time visibility into spending activities, enabling proactive decision-making and cost-control measures.”
While contactless payment has been on the rise, Zaggle has been at the forefront of adapting to this growing demand, particularly in the realm of supplier invoicing and payments. “Recognising the shift towards digital and contactless transactions, Zaggle has enhanced its technology to facilitate seamless, secure, and efficient payment processes for businesses,” Avinash confirmed. “Our platforms now incorporate advanced features that support real-time payments and contactless transactions, which are essential for maintaining speed and accuracy in the supply chain.
“Our Zoyer platform, for example, has been specifically designed to cater to the evolving needs of businesses by offering a fully digital invoicing and payment solution. It integrates with existing ERP systems, allowing companies to transition smoothly from manual processes to automated, contactless payments. This not only reduces the time spent on processing payments but also minimises the risks associated with handling physical documents, thus enhancing overall efficiency and security.
“Zaggle’s spend management system has brought in innovation through its comprehensive feature set, userfriendly interface, seamless integration capabilities and proven track record of delivering tangible business value,” he added. “These expense management solutions are linked to ESG goals, providing tangible benefits in terms of environmental stewardship, cost savings, transparency, stakeholder engagement, risk management, employee satisfaction and competitive positioning.”
He went on to elaborate on the power of embedded payments, which are revolutionising how businesses manage their payables by integrating payment capabilities directly within business workflows. “Zaggle’s solutions are a prime example of this innovation,” he said. “Zoyer embeds payment functions directly into the spend management platform, allowing businesses to manage and execute payments without needing to switch between multiple systems. This integration streamlines the entire payment process, from invoice receipt to payment execution, thereby reducing errors, saving time and improving cash flow management.
“Zoyer also enables businesses to automate their payable workflows, ensuring that payments are processed on time and in accordance with negotiated terms,” he continued. “This not only enhances operational efficiency but also provides businesses with better control
and visibility over their financial operations. By embedding payments into the core workflows, we help clients avoid delays, reduce manual intervention and, ultimately, improve their relationships with suppliers.”
He described the crucial role Zoyer plays in enhancing supplier relationships by ensuring that payments are made on time including utility bill payments via the newly introduced BBPS platform, which is critical for maintaining trust and fostering longterm partnerships. “The platform automates the payment process, reducing the chance of delays that can strain supplier relationships,” Avinash said. “By integrating with existing ERP systems, Zoyer provides realtime visibility into payment statuses, allowing businesses to manage their cash flow more effectively and ensure that suppliers are paid promptly.
“On-time payments, including utility bill payments facilitated by Zoyer, not only help businesses avoid late fees and penalties but also allow them to take advantage of early payment discounts offered by suppliers. This improves the financial health of both the buyer and the supplier, leading to stronger, more collaborative relationships. Furthermore, the transparency and reliability provided by Zoyer enhance trust, making it easier for businesses to negotiate better terms with their suppliers.”
Avinash also raised what he sees as one of the most significant challenges in vendor invoicing today: the reliance on manual processes, which, as he explained, are prone to errors, delays and fraud. “The lack of integration between invoicing systems and payment platforms can lead to inefficiencies such as duplicate payments and missed invoices. Additionally, managing compliance with diverse regulatory requirements across different regions can complicate the invoicing process.”
Fortunately, Zaggle’s Zoyer solution addresses these challenges by offering a fully integrated digital invoicing and payment platform that automates the entire process. “Zoyer eliminates manual entry errors by digitising and automating invoice processing, reducing the time spent on managing invoices and ensuring that payments are made accurately and on time. The platform also incorporates advanced compliance tools, ensuring that all transactions meet regulatory standards, thus mitigating the risks associated with non-compliance.”
Due to such risks, Zaggle’s compliance tools are vital to ensuring that all financial transactions meet the necessary regulatory requirements. “In a landscape where regulations are constantly evolving, especially in the financial sector, having robust compliance tools is essential for protecting businesses from legal and financial risks,” Avinash said.
“Zaggle’s platforms are equipped with features that help businesses navigate complex regulatory environments. These tools ensure that all payments and transactions adhere to local and international regulations, such as GST in India, data protection laws and antimoney laundering requirements. By automating compliance checks, Zaggle helps its clients avoid the potential penalties and reputational damage associated with regulatory breaches. Moreover, this focus on compliance builds trust with stakeholders and ensures that businesses can operate smoothly across different markets.”
In terms of future growth, Zaggle is strategically positioned to capitalise on India’s rapidly evolving digital finance sector. Avinash reported that following its successful IPO, Zaggle is focused on expanding its product offerings and deepening its market penetration. “One of the key areas of growth for Zaggle is the corporate segment, where there is significant demand for efficient spend management and payment solutions,” he said. “We want to enhance our existing platforms, like Zoyer, with more advanced features that cater to the specific needs of clients including real-time analytics, AI-driven insights and enhanced integration capabilities.
“Owing to our holistic and superior offerings, we have been able to sign over 620 new clients in the last 12 months. Zaggle’s clients now include marquee names such as Wipro, Bennett Coleman and Emcure Pharmaceuticals. Some of our prominent BFSI clients include SBI, ICICI Bank, Kotak Mahindra Bank and Axis Bank.”
In FY24 and Q4-FY24, Zaggle set a record in terms of revenue from SaaS fees, programme fees and Propel Points. This led to Zaggle’s highest-ever performance across key profitability metrics during these periods. Furthermore, Zaggle is exploring opportunities to expand its presence internationally, leveraging its experience in the Indian market to enter new geographies like North Americas.
“We also plan to invest in research and development to introduce cutting-edge technologies that will drive the next wave of innovation in digital payments and spend management,” Avinash added. “As India’s digital finance sector continues to grow, Zaggle aims to be at the forefront, providing solutions that not only meet the current needs of businesses but also anticipate future trends.”
Avinash Godkhindi MD & CEO Zaggle
Access Bank Zambia’s MD on Building a Legacy in Leadership and Innovation
Access Bank Zambia, a subsidiary of Access Holdings Plc, is a leading fullservice commercial bank operating in Zambia. The subsidiary commenced operations in September 2008 and has grown significantly as part of the Access Bank network, which spans more than 700 branches and service outlets across 3 continents, 17 markets, and serves over 52 million customers globally. Lishala C. Situmbeko was appointed Managing Director of Access Bank Zambia in November 2021, bringing 25 years of experience as a business leader in both the private and public financial sectors. Under his leadership, Access Bank Zambia successfully completed the amalgamation with Atlas Mara at the beginning of the year. Lishala was also recognized as the Banking CEO of the Year – Zambia at the 2024 Global Banking & Finance Awards, and spearheaded the successful amalgamation of Atlas Mara and Access Bank Zambia, which completed on 30th April, 2024.
He recently spoke to Wanda Rich, editor of Global Banking & Finance Review, and discussed some of the notable challenges that arose during the merger.
“The merger between Atlas Mara and Access Bank Zambia was a complex but rewarding process,” he began. “One of the key challenges we faced was integrating two distinct corporate cultures while ensuring that we maintained operational efficiency and continuity. We also had to navigate regulatory approvals and align internal systems and processes.
“To ensure success, we focused on clear communication at all levels, both internally with staff and externally with customers and stakeholders. We worked tirelessly to harmonise our operations, ensuring that we leveraged the strengths of both banks. The commitment and hard work of our team made the transition smooth, and we are now stronger as a unified entity.”
As part of making its brand more relatable and providing a holistic offering that caters to the needs of Zambians of all occupations, Lishala reported, Access Bank Zambia has prioritised customer-centricity in all areas of the business. “One measure we have taken is to enhance our digital banking capabilities, making banking with us more accessible and convenient,” he said. “Additionally, we have focused on community engagement through initiatives like our Employee Volunteering Programme, partnerships with local businesses and various sustainability initiatives.
“Through consistent messaging and a strong presence at key events, we have built a brand that resonates with the public and will continue to do so with the support of the communities we serve. We also continuously invest in staff training to ensure our employees reflect the values we promote.”
He went on to explain how Access Bank Zambia, which also won this year’s Global Banking & Finance award for Best Bank for Social Media – Zambia, has developed its social media use as a critical tool in connecting with customers and enhancing its presence. “We use platforms such as Facebook, Instagram and LinkedIn to communicate, educate and engage,” he revealed. “Whether we are sharing product updates, offering financial literacy tips or addressing customer enquiries, our presence on social media allows us to be more responsive and accessible.
“We have also embraced social media as a channel for showcasing the impact of our community initiatives, which strengthens our relationship with the public. This digital-first approach ensures we remain connected to our customers while also enhancing the bank’s visibility.”
Community engagement and social responsibility are considered core values by Access Bank Zambia, and Lishala highlighted some initiatives that reflect this vision. “At Access Bank Zambia, we believe that a bank should not only serve its customers but also uplift the communities in which it operates,” he said. “The Employee Volunteering Programme allows our staff to actively participate in meaningful causes, whether through education, environmental sustainability or health initiatives.
“The Imiti Ikula initiative, which focuses on working with schools to nurture young talent, is a reflection of our commitment to Zambia’s future. These programmes are deeply aligned with our vision of responsible banking— where profitability goes together with making a positive social impact.”
With over 25 years of experience in the industry, Lishala recognises the need to foster a culture of collaboration and inclusivity and regards it as key to the bank’s success.
“Throughout my 25-plus years in the financial sector, I have learned that a collaborative and inclusive culture is essential for driving innovation and long-term success,” he said. “At Access Bank Zambia, I prioritise creating an environment where everyone feels valued and encouraged to contribute. This involves promoting open communication, fostering teamwork and ensuring that diverse perspectives are heard and respected. Inclusivity, particularly gender inclusivity through initiatives like the Access Women’s Network, is crucial in unlocking the full potential of our workforce.
“By cultivating this culture, we not only enhance employee satisfaction but also drive better business outcomes, as collaboration leads to innovative solutions that benefit both the bank and our customers.”
As the financial landscape continues to evolve at pace, staying ahead of industry trends is a challenging but necessary endeavour. Lishala approaches this through continuous learning and a forward-thinking mindset. “We constantly analyse global financial trends and technological advancements, and we partner with fintechs to ensure we are at the forefront of innovation,” he said. “Personally, I am driven by a desire to leave a legacy. I believe in fostering an environment where innovation can thrive and where every challenge is viewed as an opportunity for growth. My approach to leadership is centred around empowerment and accountability— ensuring that our teams are equipped to anticipate changes in the market and respond proactively.”
Finally, Lishala spoke of Access Bank Zambia’s future plans. One area that he is particularly excited about developing is the focus on SME banking and financial inclusion. “We believe SMEs are the backbone of the Zambian economy, and we are launching new products and services tailored to meet their unique needs,” he reported. “Additionally, we are continuously enhancing our digital banking platforms to offer seamless, secure and convenient services to our customers.
“We are also expanding our W Initiative through the Womenpreneur Pitch-a-Ton, providing more women entrepreneurs with the tools they need to thrive. The W Initiative is our dedicated banking proposition for women, focusing on empowering, inspiring, and connecting likeminded women through various platforms.”
Lishala C. Situmbeko Managing Director Access Bank Zambia
AI in Banking: How can legacy banks avoid falling behind?
Artificial Intelligence (AI) is everywhere. It’s in the mainstream media, presidential election campaigns, and if you’re in Japan, it’s even in the public bathrooms. But as AI awareness and popularity grows, the pressure is mounting on organisations to not only keep pace, but to also leverage AI throughout all operations for an enhanced level of service. For banks, the stakes are particularly high. But what does AI mean for them, and how can they unlock its full potential?
First, it’s crucial to distinguish between the various types of AI. Technologies like Machine Learning (ML) and decision intelligence, which have been used in banking for decades to improve processes like fraud detection and risk analysis for example, are well established. The current buzz, however, revolves around Generative AI and Large Language Models (LLMs). While related, they are distinct technologies with their own capabilities and challenges.
When we talk about AI as a “game-changer,” we are generally referring to the combination of Generative AI and advanced ML. These innovations have the potential to reshape day-to-day operations, creating new efficiencies and better products with data at their core.
The Opportunities: Data and Automation
In an age where data is becoming a company’s most valuable asset, financial institutions that can effectively manage and leverage their customer information are well positioned to reap significant rewards. By building the right infrastructure, banks can unlock a range of services that benefit both internal and external customers.
Automated Decision Intelligence, for instance, can be leveraged to build smarter, more intuitive tools for customers and employees. These tools can help customers track spending, suggest budgeting strategies, and even predict future financial needs, creating a more proactive banking experience. AI tools such as GitHub’s Co-pilot can significantly reduce development cycles, enabling faster deployment of new services and products. This gives banks a competitive edge in an industry where speed and innovation are crucial.
However, while awareness is high, use cases in the traditional banking sector remain low. Capgemini Research Institute’s World Retail Banking Report 2024 found that only 6 per cent of retail banks are ready with a roadmap for enterprise-wide, AI-driven transformation at scale, and 3 per cent do not currently monitor AI key performance indicators at all.
The Challenges: Legacy Systems and Data Silos
Challenger banks currently have the advantage. They have been built with a ‘data-first’ mindset and integrate data throughout their entire operations. While for the traditional, incumbent banks, the transition from legacy systems to AIpowered solutions is a difficult journey. Many established banks face significant hurdles, including outdated infrastructure and siloed data that make it hard to leverage AI to its full potential.
The key to overcoming these challenges lies in three areas: foundations, service, and product.
Foundations: The first step in integrating AI into banking operations is ensuring that the right data infrastructure is in place. Legacy systems can often suffer from data quality issues due to poor governance, missing information, or siloed databases. Similarly, banks need to understand the data that they are exposing to AI, while also securing the data that they do not want to be part of the AI models. If unaddressed, these data challenges can severely limit the effectiveness of AI and automation. If data is fragmented or incomplete, for example, AI models cannot provide the insights needed to drive innovation or improve service delivery.
Services: Next, banks must think about how AI can transform the services they offer. AI’s impact isn’t limited to backend automation, it also changes how banks interact with both customers and employees. For example, business intelligence teams need to be equipped with the right tools to analyse AI-driven insights, while customerfacing teams must be trained to leverage these insights in real time.
Product: Finally, AI needs to be integrated into the entire product development process, and products should be developed with a ‘data-first’ mindset. For banks to offer truly innovative financial products, the right data must be embedded in all product design. Collaboration between data and product teams is essential to ensure that AI is not just an add-on but a foundational element. This integration will enable the creation of products that are not only more responsive to customer needs but also more adaptive in a rapidly changing market.
Harnessing data for maximum reward
For banks, the adoption of AI is not a question of if, but how and when. While the opportunities are vast, the challenges should not be underestimated. Legacy systems, data silos, and organisational resistance can stand in the way of a bank reaching AI’s full potential.
The key for banks will be to lay the right foundations. By starting with robust data practices, having a clear strategy for service innovation, and integrating AI into their product development processes from the beginning, they can harness the game-changing potential of AI and stay ahead in an increasingly competitive market.
Daniel Telling, Chief Growth Officer, Dufrain
Transforming Treasury for a Sustainable Future: Banco do Brasil's Global Ambitions
As Latin America's oldest bank, Banco do Brasil is leading a new era of growth through innovation, sustainability, and international expansion. At the heart of this evolution is Daniel Bogado, Managing Director of Global Treasury, driving strategic initiatives that are transforming financial performance, risk management, and ESG-driven finance.
In this exclusive interview with Global Banking & Finance Review Editor Wanda Rich, Bogado unveils the vision behind Banco do Brasil's most significant moves — from the pioneering "Triple Sustainable Repo" deal to its deployment of AI-driven compliance solutions. Discover how Banco do Brasil is redefining treasury operations to accelerate global growth, sustainability, and financial resilience.
Banco do Brasil has demonstrated impressive growth across various sectors. What are the key strategies driving the bank's overall performance?
To ensure sustainable and robust growth, Banco do Brasil adopt strategies that encompass several crucial areas. We see as main premises that should guide these strategies: Costumers, Financial, ESG, Digital Transformation and Process, and People and Culture.
For customers, Banco do Brasil is focused on providing the best experience at all times. This involves investing in continuous training for the service team to ensure that each customer interaction is positive and resolutive. Additionally, using data and analytics to offer personalized products and services aims to meet the specific needs of each customer. Expanding and improving communication channels, including in-person, phone, online, and mobile app services, ensures that customers can access the bank conveniently and efficiently.
From a financial perspective, creating value and generating sustainable results is essential. BB has rigorous risk management policies to protect the bank’s assets and ensure financial stability. Additionally, it is constantly developing new financial products and services that cater to different market segments to diversify revenue sources. Optimizing internal processes to reduce costs and increase efficiency also allows the bank to offer better conditions to its customers.
In terms of environmental, social, and governance (ESG) aspects, Banco do Brasil is highly committed to sustainability and promote ESG businesses. Adopting practices that minimize environmental impact, as well as supporting our clients in transitioning to a more sustainable, diversified, and inclusive portfolio, is crucial. Investing in projects that benefit the community, such as financial education programs and support for small businesses, demonstrates social responsibility. Maintaining high standards of transparency and ethics ensures that all bank operations are conducted responsibly and in compliance with regulations.
For digital transformation and processes, we understand that the evolution of the way of working is fundamental to accelerate digital transformation and innovation. Investing in new technologies, such as artificial intelligence, can improve the efficiency and security of banking operations. Implementing automation solutions for repetitive tasks frees up employees to focus on highervalue activities. Thus, BB seeks to promote a work environment that encourages innovation and experimentation, allowing new ideas to be tested and implemented quickly.
Finally, in relation to people and culture, it is vital to engage people with the bank's values and promote collaboration, respect, and inclusion. We offer training and professional development programs for employees, ensuring that they are prepared to face the challenges of the banking industry. We also aim to promote an organizational culture that values diversity and inclusion, ensuring that all employees feel valued and respected. And lastly, we strive to implement initiatives that promote employees' physical and mental well-being, creating a healthy and productive work environment.
With a focus on these strategies, Banco do Brasil seeks to position itself as a leader in the sector, ensuring sustainable growth and the satisfaction of all stakeholders.
How does Banco do Brasil balance its domestic and international priorities, and what challenges have you faced in aligning these goals?
Banco do Brasil conciliates its domestic and international operations to fully serve its clients, integrating its businesses in Brazil and worldwide. A good example is the integration of BB and BB Americas accounts in the PF app, which is entirely customerfocused, offering a value proposition that includes differentiated bundled services, competitive rates, and personalized digital experiences.
BB’s current strategic focus on international business follows three main fronts: Brazilian Foreign TradeInternational Business and Investments, foreign currency funding, and integrated service with networks in Brazil, aiming for a better customer experience in their international journey.
Among the goals of BB’s international operations, the increase in the number of transactions carried out through digital channels, as well as the number of clients using current accounts abroad, stands out.
BB has a specialized team and structures in Brazil responsible for foreign exchange, foreign currency, import and export operations, as well as specialized advisory and consultancy services. Abroad, we have units that aim to maintain proximity to Brazilian clients who work or have operations in the world’s main financial centers.
In Brazil, the Foreign Trade Offices have in their portfolios individuals and legal entities from all segments (SMEs, Medium, Corporate, and Large) and are located in 52 locations across the country. Regarding BB’s individual clients abroad, we have branches overseas to offer comprehensive and value-added service. For advisory and service to corporate clients, we also have structures in the main financial centers of the world: New York, London, Tokyo, Shanghai, Frankfurt, Asunción, and Lisbon.
Our external network consists of 9 branches located in 7 countries. Additionally, we maintain agreements with other financial institutions abroad to serve our clients. Countries with BB S.A. branches: United States, Paraguay, Cayman Islands, United Kingdom, Germany, China, and Japan.
Regarding the challenges faced, we can primarily cite the different regulations and technological protocols of the countries, as well as fintechs and new entrants competing in the dollar account market.
BB has stood out as a fundamental partner to support the international expansion of clients, offering services and products that go beyond financial.
Banco do Brasil’s Global Treasury is leading in innovation and efficiency, what role have data analytics and technology played in enhancing risk management and driving performance?
In today's landscape, modernizing bank treasury processes is essential to adapt to digital transformation and maintain competitiveness in the financial market. The treasury, responsible for cash and liquidity management, treasury operations, and financial portfolio management, must harness the potential of Artificial Intelligence (AI) and analytics tools to boost financial institution results and enhance risk controls.
In a bank treasury, the reliance on granular and accurate data, coupled with the necessity for strict governance to ensure data quality and compliance, presents significant challenges. Decision-making based on predictive analytics demands a profound overhaul of existing processes.
The results achieved with the implementation of the digital transformation project for bank treasury were remarkable. Operations became more efficient, secure, and aligned with business needs. By creating a robust data lake containing granular data on all traded financial
instruments, the institution improved information accuracy and integrity, ensuring effective data governance and regulatory compliance. This enabled a holistic view of financial risks, allowing for more agile and assertive management.
How is Banco do Brasil integrating AI and digital solutions to improve compliance, customer service, and operational efficiency?
Banco do Brasil has built its legacy in Artificial Intelligence and Analytics based on its values, ethics, responsible use, and governance of data and models, without neglecting innovation. The bank’s digitalization began ten years ago with the implementation of Big Data strategies and the creation of a team dedicated to data-driven strategic decisions.
BB is making significant progress in its journey to integrate Artificial Intelligence (AI) and generative AI into its processes. The focus is on using advanced technologies to optimize operations and provide an enhanced experience for its customers.
Through analytical models and the use of AI, it is possible to analyze customer behavior across digital channels, offering them products and services that meet their needs and are aligned with their current life stage, in the channel of their preference.
Generative AI is also being used to improve customer service efficiency. AIpowered chatbots and virtual assistants can respond to customer inquiries quickly and accurately, 24 hours a day.
BB also use Artificial Intelligence (AI) tools to strengthen its systems defenses and promote a safer digital environment for our customers. AI has revolutionized the way threats are prevented, detected, and responded to. We believe that cybersecurity and information security are crucial to our customers’ experience and trust, as they act as a protective shield, defending digital assets, production processes, and intellectual property against constantly evolving virtual threats.
The finance and treasury areas of Banco do Brasil have also made significant progress with the application of analytical models and AI. By using real-time data and models, these areas are optimizing portfolio management and price personalization, allowing for agile responses to market fluctuations. This innovative approach improves decision-making accuracy and efficiency, promotes process automation, reduces operational risks, and allocates resources to strategic activities. Hyper-personalization of prices benefits both the commercial strategy and the customer experience, enhancing the bank’s competitiveness.
The people pillar remains an important focus in this process, which is why Banco do Brasil has been heavily investing in these technologies and in training its employees on these topics. By prioritizing the dissemination of a data-driven and AI-oriented culture, BB encourages the evolution of analytical maturity and creates opportunities for reskilling and upskilling employees. In this regard, the Bank launched AcademIA BB in June of this year, a training program aimed at showing in a simple and straightforward way that Artificial Intelligence and Analytics are for everyone. The program already has more than 20,000 enrollees and adopts a learning approach that covers all levels of knowledge, offering a project-based learning journey focused on real day-to-day challenges related to the following thematic areas: AI and Data Science, Data Engineering, DataViz, and Web Analytics. BB believes that by democratizing Artificial Intelligence and Analytics and encouraging their competent use, it can accelerate the learning curve and optimize the development of solutions throughout the organization.
Regarding regulatory compliance, one of the fundamental pillars for any financial institution, the application of AI allows for the automation of verification and monitoring processes, ensuring that all operations comply with current regulations. AI solutions can analyze large volumes of data in real-time, identifying patterns and anomalies that might go unnoticed in manual analyses. This not only increases accuracy but also reduces the time and costs associated with compliance.
With the growing adoption of AI, it is essential to reinforce governance processes to ensure that models meet the guidelines defined by the organization, including ethics, privacy, and responsibility. It is also important to ensure that the models meet the business objectives, mitigating risks and maximizing value generation. To this end, BB has a set of processes, ranging from the governance of the data used in the models to the implementation of AI models in production. In data governance, BB has been continuously evolving in the Data Governance Maturity Index (IMGD), an indicator through which BB is evaluated in its maturity in data processes, a fundamental aspect in monitoring AI models.
Since 2021, the AI Ethical Guidelines have been included in BB’s Code of Ethics. Recently, they were updated to ensure that the solutions, systems, and models implemented provide accurate information, are reliable, secure, robust, and contribute to sustainable development, acting responsibly, with respect for diversity, privacy, and non-discrimination.
INTERVIEW
Banco do Brasil recently made headlines with the “Triple Sustainable Repo” transaction. Can you elaborate on the significance of this deal and what it represents for the bank’s commitment to sustainable finance?
This is an unprecedented bilateral transaction globally, that shows our passion to innovate and find value-adding solutions, raising USD 100 million through the “Triple Sustainable Repo” structure with the French bank Natixis Corporate & Investment Banking. The objective was to execute a robust financial transaction with real-world impact through sustainability. This operation is the first of its kind to combine three sustainable elements in a single transaction and is part of BB’s Sustainability-Linked Debt Frameworks and the sustainable commitments undertaken by BB linked to the 2030 agenda.
The funds raised will be used to refinance BB’s sustainable credit portfolio, focusing on social housing projects. Additionally, BB has committed to increasing its investments in sustainable businesses, aiming to reach BRL 320 billion by 2030.
The transaction also utilizes the Sustainable Public Bond issued by the Brazilian Government as collateral, reinforcing BB’s commitment to sustainable practices.
Thus, the transaction was innovative and presented three sustainable aspects, represented by the sustainable public bond as collateral, the application of funds in sustainable housing operations, and the linkage to the growth of BB’s sustainable businesses.
Looking forward, what are the key challenges and opportunities Banco do Brasil anticipates in adapting to regulatory changes and advancing its sustainability agenda?
We used to say that sustainable companies are those that are more capable of identifying and managing risks and opportunities in the social, environmental, and economic dimensions, generating long-term value for stakeholders, and prospering.
As some of the challenges, we can mention the lack of sufficient resources at acceptable costs for rural producers, i.e., at the levels operationalized by controlled resources to enable the expansion of low-carbon agriculture. Additionally, there is a growing need for more rural technical assistance, especially for small producers, aiming to increase productivity and adopt sustainable practices. In forest restoration, we face challenges such as the lack of technical training, the structuring of the forest restoration production chain, high implementation costs, competition for credit limits, and payment capacity compared to productive activities, as well as economic and financial viability. Equally important is the need to advance the evaluation of the Rural Environmental Registry (CAR), so that producers can engage in State Environmental Regularization Programs. In the Bioeconomy, for example, we identify a lack of technical assistance that fosters the commercialization of products and integration with companies that can industrialize and expand production, thus facilitating access to credit.
To turn challenges into opportunities, BB is cooperating with Multilateral Banks, NGOs, and Governments, creating alternative instruments and conditions to overcome these obstacles and generate positive socioenvironmental externalities. We can mention the Bioeconomy Program with the Inter-American Development Bank (IDB) and the recent launch of the Finance Hub for Sociobioeconomy, the Climate Finance Initiative, in partnership with the World Bank, which aims to support Brazilian companies in decarbonizing their value chains, in addition to the Amazon and Cerrado Biomes Project, approved by the External Financing Commission in the last week of September, focused on bioeconomy, forest restoration, and recovery of degraded pastures.
As an example, at the end of September, we participated in Climate Week in New York, promoting this agenda beyond Brazil’s borders through partnerships and fundraising. I would like to highlight an unprecedented fundraising operation of US$ 800 million (R$ 4.36 billion). This operation, guaranteed by the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank, was carried out in conjunction with JPMorgan Chase Bank, Standard Chartered Bank, HSBC Bank, and Crédit Agricole.
The funds obtained will be used to support small and medium-sized farmers who use the low-carbon agriculture technique known as no-till farming. This amount is sufficient to avoid the emission of 11.8 million tons of greenhouse gases, in addition to promoting the conservation of one million hectares of land over ten years.
Thus, we are committed to reaching R$ 200 billion in sustainable credit for agribusiness by 2030. These operations bring positive social and environmental externalities and are part of BB’s commitment to the climate agenda.
Specifically, regarding regulatory changes, it is important to recognize the robustness of ESG regulation in Brazil, although these parameters must be constantly evolving and improving, as exemplified by the European Union - a reference in sustainable practices - which recently made reforms, including a new regulatory framework. In this sense, several actions have been taken here in Brazil to ensure greater transparency and raise governance levels in sustainable businesses, such as CVM Resolution No. 14, which requires companies to disclose, in their annual reports, the social, environmental, and governance impacts generated by their activities, or Central Bank regulations that impose on financial institutions the commitment to integrate socioenvironmental risks into their risk policies. Positively speaking, adapting to regulatory changes is part of our commitment to always adjust to offer greater integrity in business, not only as a way to meet increasingly higher levels of criticality, compliance, and demand from investors, but, above all, for being an institution that positions itself at the forefront, always aiming to align with best practices and encourage the market to structure itself under increasingly robust and transparent ESG measures.
We are leaders in sustainability and remain dedicated to supporting our clients in transitioning to a more sustainable, diversified, and inclusive portfólio. We will continue to improve our internal practices and influence companies and institutions in our ecosystem to adopt this transformation trajectory.
Reflecting on your leadership, what are you most proud of in Banco do Brasil’s recent achievements, and what advice would you give to other leaders navigating similar transformations?
As a leader, one of the things I am most proud of in Banco do Brasil is our ability to innovate and evolve over more than 200 years of history. We are a market-leading brand, recognized for our solidity and the trust we instill in our clients. Additionally, our historical results reflect our commitment to excellence and sustainability.
What makes me most proud is seeing how we balance tradition and innovation, maintaining our core values while adapting to market changes and our clients’ needs. Our dedication to providing high-quality services and promoting sustainable practices is something that truly inspires me.
Another point of great pride is the appreciation of our employees. We believe that our success is directly linked to the talent and dedication of our team. We continuously invest in the professional and personal development of our employees, providing a work environment that encourages growth, innovation, and collaboration. We recognize and celebrate our employees’ achievements because we know they are the ones driving our institution forward.
For other leaders, my advice would be:
Value History, But Look to the Future: Use your institution’s rich history as a foundation, but always be open to innovations and new technologies that can improve services and the customer experience.
Focus on the Customer: Put the customer at the center of all decisions. Understanding and anticipating customers’ needs is crucial to maintaining relevance and competitiveness in the market.
Managing Director of Global Treasury, Banco
Sustainability and Social Responsibility: Adopt sustainable practices and promote social responsibility. This not only improves the institution’s image but also contributes to a better future for everyone.
Appreciation of Employees: Invest in the development of your employees. A welltrained, motivated, and valued team is essential for long-term success. Recognize and celebrate your team’s achievements.
Adaptability: Be prepared for changes and challenges. The ability to quickly adapt to new circumstances is one of the keys to longevity and continued success.
These principles have been fundamental to our success, and I believe they can be valuable for any leader.
Daniel Bogado,
do Brasil
Unlocking Investment Potential:
Sucor Asset Management’s Vision for the Next Generation of Investors in Indonesia
Ms. Yenny Siahaan Director
Mr. Fajrin Hermansyah Director
Mr. Rolando Head of Business Development & Performance Management
Jakarta-based PT. Sucorinvest Asset Management offers investment solutions and wealth management services, helping clients to navigate, secure, and accumulate wealth over time through prudent investment.
When the Global Banking & Finance Awards took place in London this year, Sucorinvest Director, Ms Yenny Siahaan, was presented with trophies for Asset Management Company of the Year, both for Indonesia and for South East Asia. Afterwards, Phil Fothergill of Global Banking & Finance Review caught up with Director Mr. Fajrin Hermansyah, and Head of Business Development Mr. Rolando, to discuss the company’s path to success and what sets it apart in Indonesia’s asset management industry.
Mr. Hermansyah began by providing some highlights of Sucorinvest’s 27year journey to date. “Founded in 1997 in Surabaya by Lindrawati Widjojo, Sucorinvest Asset Management has proven its resilience through crises like the 1998 Asian monetary crisis and the 2020 COVID-19 pandemic,” he said. “Our mission focuses on helping clients secure and grow their wealth through strategic investment management. As of October 2023, we manage over 20 mutual funds with assets under management of IDR 21.22 trillion (USD 1.24 billion), placing us among Indonesia's top 10 investment managers. We lead in retail investment, serving over 1 million predominantly young investors via banks and fintech platforms, committed to delivering long-term value with a progressive approach.”
Global Banking & Finance Review has previously covered Sucorinvest’s impressive growth, particularly in the retail space. This momentum has been sustained in 2024, with new strategies implemented to further engage retail investors. “The Indonesian market is anticipated to encounter challenges in 2024 due to elevated USD interest rates,” Mr. Hermansyah said. “However, as the US is expected to reduce rates in the year's second half, market attractiveness may increase. Our flagship products continue to perform well, and we are focusing on enhancing distribution through strategic partnerships with selling agents to effectively reach retail investors. This year, we have fortified these partnerships through joint digital promotions, creative campaigns, and roadshows targeting communities, offices, and universities. We have also added several prominent selling agents and launched a joint retail penetration strategy.”
Due to 70% of Surorinvest’s investors being under 30, digital engagement is a key driver. Mr. Hermansyah revealed that employing a strong digital strategy is essential in order to meet the changing needs and expectations of younger investors. “We leverage platforms like our website, Instagram, Facebook, TikTok, and X to attract tens of thousands of followers, positioning us as a leading investment management firm on social media in Indonesia,” he explained. “Our commitment to high-quality content educates and empowers young investors by simplifying investment concepts and staying current with trends. We also host live sessions for market updates and direct interaction, addressing audience queries with real-time insights. This year, Mr. Rolando will introduce a significant initiative to further enhance our digital presence and investor education efforts.”
Next, Mr. Rolando discussed some of the new products and solutions that Sucorinvest is currently working on. “This year, we conducted a thorough analysis of Indonesia's alternative investment market, focusing on ETFs, and identified significant long-term potential,” he reported. “Next year, we plan to launch our first stockbased ETF, providing clients with a new investment option. Additionally, we intend to boost client loyalty within our B2B2C model by addressing engagement challenges through a digital community-based loyalty programme. This initiative aims to enhance client awareness of Sucorinvest products and reinforce our dedication to exceptional service and solutions.”
Finally, Mr. Rolando gave an insight into Sucorinvest’s predicted key growth areas for 2025 and beyond as it continues to scale. “Sucorinvest Asset Management is dedicated to expanding its footprint in Indonesia's retail market, capitalising on the growth potential, as only 14.2 million of 280 million Indonesians are capital market investors,” he said. “While continuing to serve institutional clients and high-networth individuals, we are enhancing our retail strategy by expanding distribution channels through partnerships with banks and fintech companies. We plan to introduce alternative investment products next year and improve operational efficiency by utilising advanced technology and AI to align with our growth strategy. These initiatives position Sucorinvest to seize opportunities in both retail and institutional markets.”
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Asset Management Company of the Year Belgium 2024
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Mashreq
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Aktif Bank
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Best Agri Business Bank Botswana 2024
Best Agri Insurance Policy (Parametric Crop Takaful) Pakistan 2024
Best Agricultural Lending Company Tanzania 2024
Best Alternative Credit Specialist Ghana 2024
Best Asset Management Company Andorra 2024
Best Asset Management Company Angola 2024
Best Asset Management Company Brazil 2024
Best Asset Management Company Chile 2024
Best Asset Management Company Cyprus 2024
Best Asset Management Company Latvia 2024
Best Asset Management Company Mauritius 2024
Best Asset Management Company RD Congo 2024
Best Asset Management Company Taiwan 2024
Best Asset Management Company Thailand 2024
Best Audit & Tax Advisory UAE 2024
Best Auto Insurance Company Brunei 2024
Best Auto Insurance Company Mauritius 2024
Best Auto Insurance Company Middle East 2024
Best Auto Insurance Process (Call & Go) Sri Lanka 2024
Best Auto Insurance Product (Salaam Pay as You Drive) Pakistan 2024
Best Auto Leasing Company Croatia 2024
Best Auto Leasing Company Kuwait 2024
Best Auto Leasing Company Nigeria 2024
Best Auto Loan Company Oman 2024
Best Bank CRM Transformation Albania 2024
Best Bank CRM Transformation Bosnia & Herzegovina 2024
Best Bank CRM Transformation Central Europe 2024
Award Winners 2024
Award Title Award Winning Company
Raiffeisen Bank Kosovo J.S.C.
Banco Mercantil Santa Cruz S.A.
Banco Interatlântico, S. A.
Nedbank Lesotho
National Bank of Bahrain
UNITED BANK FOR AFRICA BENIN ( UBA BENIN)
BAC Credomatic
QNB Alahli
Ecobank Gambia Limited
HSBC India
Lao - Viet Bank Co., Ltd
National Bank of Oman
CIMB Bank Philippines
Al Rajhi Bank
FriMi By Nations Trust Bank PLC
Mega International Commercial Bank
Equity Bank (Tanzania) Ltd
First Abu Dhabi Bank
Universalbank
Standard Chartered Bank Zambia
Access Bank Botswana
Pan Asia Banking Corporation PLC
ABSA Bank Botswana
HSBC Bangladesh
CIMB Bank Philippines
Emirates NBD
Banco Carregosa
Nam A Bank
Access Bank Zambia Limited
Intesa Sanpaolo Bank Albania
Stanbic Bank Botswana
ING Bank N.V. Bulgaria
Cambodian Public Bank Plc.
Abu Dhabi Islamic Bank
Fidelity Bank Ghana Ltd
Hellenic Development Bank HDB
Mediobanca SpA
Banka Kombetare Tregtare Kosove Sh.A
HSBC Bank Mauritius
Sterling Bank Nigeria
Bank Muscat
Rizal Commercial Banking Corporation
Access Bank Rwanda Plc
Nedbank Ltd
DFCC Bank PLC
Absa Bank Uganda Limited
BANQUE HERITAGE URUGUAY SA
Vietnam Asia Commercial Joint Stock Bank (VietABank)
Best Bank CRM Transformation Kosovo 2024
Best Bank for Auto Loans Bolivia 2024
Best Bank for Auto Loans Cape Verde 2024
Best Bank for Corporate Investment Management Services Lesotho 2024
Best Bank for Digital Banking Services Bahrain 2024
Best Bank for Digital Banking Services Benin 2024
Best Bank for Digital Banking Services Costa Rica 2024
Best Bank for Digital Banking Services Egypt 2024
Best Bank for Digital Banking Services Gambia 2024
Best Bank for Digital Banking Services India 2024
Best Bank for Digital Banking Services Lao 2024
Best Bank for Digital Banking Services Oman 2024
Best Bank for Digital Banking Services Philippines 2024
Best Bank for Digital Banking Services Saudi Arabia 2024
Best Bank for Digital Banking Services Sri Lanka 2024
Best Bank for Digital Banking Services Taiwan 2024
Best Bank for Digital Banking Services Tanzania 2024
Best Bank for Digital Banking Services UAE 2024
Best Bank for Digital Banking Services Uzbekistan 2024
Best Bank for Digital Services Zambia 2024
Best Bank for Digital Transformation Botswana 2024
Best Bank for ESG Sri Lanka 2024
Best Bank for HR and Recruitment Botswana 2024
Best Bank for International Services Bangladesh 2024
Best Bank for Millennials Philippines 2024
Best Bank for Offshore Wealth Management UAE 2024
Best Bank for Private Wealth Management Iberia 2024
Best Bank for Risk Management Vietnam 2024
Best Bank for Social Media Zambia 2024
Best Bank for Sustainable Development Albania 2024
Best Bank for Sustainable Development Botswana 2024
Best Bank for Sustainable Development Bulgaria 2024
Best Bank for Sustainable Development Cambodia 2024
Best Bank for Sustainable Development Egypt 2024
Best Bank for Sustainable Development Ghana 2024
Best Bank for Sustainable Development Greece 2024
Best Bank for Sustainable Development Italy 2024
Best Bank for Sustainable Development Kosovo 2024
Best Bank for Sustainable Development Mauritius 2024
Best Bank for Sustainable Development Nigeria 2024
Best Bank for Sustainable Development Oman 2024
Best Bank for Sustainable Development Philippines 2024
Best Bank for Sustainable Development Rwanda 2024
Best Bank for Sustainable Development South Africa 2024
Best Bank for Sustainable Development Sri Lanka 2024
Best Bank for Sustainable Development Uganda 2024
Best Bank for Sustainable Development Uruguay 2024
Best Bank for Sustainable Development Vietnam 2024
Award Winners 2024
Award Title Award Winning Company
Banco do Brasil
Ahli Bank Q.P.S.C.
National Bank of Ras Al Khaimah
Bahamas Development Bank
Absa Bank Limited
HDBank
RHB Group
HALKBANK
Publicis Sapient & Lloyds Banking Group
Arab National Bank & Infosys Finacle
Publicis Sapient & Lloyds Banking Group
BPC POTENZA
Diebold Nixdorf
Eric Sturdza Investments
LBP Leasing and Finance Corporation
Yapi Kredi Leasing
Zurich Brazil
Nomin Insurance LLC
EBank
ECOBANK GHANA
BSF Bank
Rizal Commercial Banking Corporation
Luable
i-tail Corporation Public Company Limited
Orange Mobile Finance SL Ltd
Stanbic Bank Botswana
Banco Interatlântico, S. A.
BAC Credomatic
QNB Alahli
Awash Bank S.C
BASISBANK
OmniBSIC Bank Ghana Ltd
Capital Bank
Nedbank Lesotho
Bank One Limited
OTP Bank SA
First Bank of Nigeria Limited
Rizal Commercial Banking Corporation
Banco Finantia, S.A.
Bank for Investment and Development of Vietnam JSC (BIDV)
NMB Bank PLC
ICBC Turkey Bank A.Ş.
STANDARD CHARTERED BANK UGANDA
Tenge Bank
Asia Commercial Bank
Banco do Brasil
Cambodian Public Bank Plc.
Best Bank for Treasury Activities Brazil 2024
Best Bank for Treasury Activities Qatar 2024
Best Bank for Youth and Students UAE 2024
Best Bank Management Team Bahamas 2024
Best Bank Management Team South Africa 2024
Best Banking Customer Onboarding Initiative Vietnam 2024
Best Banking Product (RHB Live FX @ Reflex) Malaysia 2024
Best Banking Services for Entrepreneurs ( Halkbank Entrepreneur Supports) Türkiye 2024
Best Banking Technology Implementation (Franchise Pre-Approval Journey ) UK 2024
Best Banking Technology Overhaul KSA 2024
Best Banking Technology Project (Personal Contract Hire) UK 2024
Best Banking Technology Solution Provider Pakistan 2024
Best Banking Technology Solution Provider Sri Lanka 2024
Best Banking Technology Solutions Provider Europe 2024
Best Boutique Asset Management Company Europe 2024
Best Business Equipment Leasing Philippines 2024
Best Business Equipment Leasing Turkey 2024
Best Business Insurance (Commercial Lines) Provider Brazil 2024
Best Business Insurance (Commercial Lines) Provider Mongolia 2024
Best Cash Management Bank Egypt 2024
Best Cash Management Bank Ghana 2024
Best Cash Management Bank Middle East 2024
Best Cash Management Bank Philippines 2024
Best CDT Simulator Colombia 2024
Best Company for ESG & Sustainable Development Thailand 2024
Best Company for Financial Inclusion Sierra Leone 2024
Best Corporate Bank Botswana 2024
Best Corporate Bank Cape Verde 2024
Best Corporate Bank Central America 2024
Best Corporate Bank Egypt 2024
Best Corporate Bank Ethiopia 2024
Best Corporate Bank Georgia 2024
Best Corporate Bank Ghana 2024
Best Corporate Bank Jordan 2024
Best Corporate Bank Lesotho 2024
Best Corporate Bank Mauritius 2024
Best Corporate Bank Moldova 2024
Best Corporate Bank Nigeria 2024
Best Corporate Bank Philippines 2024
Best Corporate Bank Portugal 2024
Best Corporate Bank Southeast Asia 2024
Best Corporate Bank Tanzania 2024
Best Corporate Bank Turkey 2024
Best Corporate Bank Uganda 2024
Best Corporate Bank Uzbekistan 2024
Best Corporate Bank Vietnam 2024
Best Corporate Governance Bank Brazil 2024
Best Corporate Governance Bank Cambodia 2024
Award Winners 2024
Award Winning Company
Ping An Bank
OCBC Indonesia
I&C Bank
STANDARD CHARTERED BANK UGANDA
Asia Commercial Bank
Alupar Investimento S/A
SinoPac Holdings
Osotspa Public Company Limited
Banco Interatlântico, S. A.
Tianjin Port Development Holdings Limited
HALKBANK
Naranja X
Creand Crèdit Andorrà
Maybank (Cambodia) Plc.
Bank of Georgia
Fidelity Bank Ghana Ltd
Banco Ficohsa
National Commercial Bank Jamaica Limited
Jordan Kuwait Bank
Halkbank AD Skopje
First Bank of Nigeria Limited
Pan Asia Banking Corporation PLC
Krungthai Bank
Absa Bank Uganda Limited
Asia Commercial Bank
Fosun International Limited
PAC Foundation
JUBILEE LIFE INSURANCE CORPORATION OF TANZANIA LIMITED
CHAILEASE INTERNATIONAL LEASING COMPANY
Land Bank of the Philippines
CECABANK
Jordan Renewable Energy and Energy Efficiency Fund (JREEEF)
Creand Crèdit Andorrà
Evocabank
FNB Botswana
Banco Interatlântico, S. A.
National Commercial Bank Jamaica Limited
UBA RDC
K&H Bank
Trade & Development Bank of Mongolia
Bank Neo Commerce
SBI Sumishin Net Bank, Ltd.
OJSC Halyk Bank Kyrgyzstan
Attijariwafa bank
Nedbank Mozambique
UBA Senegal
ECOBANK GHANA
Absa Bank Limited
Award
Best Corporate Governance Bank China 2024
Best Corporate Governance Bank Indonesia 2024
Best Corporate Governance Bank Lebanon 2024
Best Corporate Governance Bank Uganda 2024
Best Corporate Governance Bank Vietnam 2024
Best Corporate Governance Company Brazil 2024
Best Corporate Governance Company Taiwan 2024
Best Corporate Governance Company Thailand 2024
Best Corporate Sustainability Strategy Cape Verde 2024
Best Corporate Sustainability Strategy China 2024
Best Corporate Sustainability Strategy Türkiye 2024
Best Credit Card Company Argentina 2024
Best CSR Bank Andorra 2024
Best CSR Bank Cambodia 2024
Best CSR Bank Eastern Europe 2024
Best CSR Bank Ghana 2024
Best CSR Bank Honduras 2024
Best CSR Bank Jamaica 2024
Best CSR Bank Jordan 2024
Best CSR Bank Macedonia 2024
Best CSR Bank Nigeria 2024
Best CSR Bank Sri Lanka 2024
Best CSR Bank Thailand 2024
Best CSR Bank Uganda 2024
Best CSR Bank Vietnam 2024
Best CSR Company Asia 2024
Best CSR Company Nigeria 2024
Best CSR Company Tanzania 2024
Best CSR Company Vietnam 2024
Best CSR Initiative (Iskolar ng) Philippines 2024
Best Custodian Bank Spain 2024
Best Development Fund Jordan 2024
Best Digital Bank Andorra 2024
Best Digital Bank Armenia 2024
Best Digital Bank Botswana 2024
Best Digital Bank Cape Verde 2024
Best Digital Bank Caribbean 2024
Best Digital Bank Democratic Republic of the Congo 2024
Best Digital Bank Hungary 2024
Best Digital Bank in Mongolia 2024
Best Digital Bank Indonesia 2024
Best Digital Bank Japan 2024
Best Digital Bank Kyrgyzstan 2024
Best Digital Bank Morocco 2024
Best Digital Bank Mozambique 2024
Best Digital Bank Senegal 2024
Best Digital Bank Services Ghana 2024
Best Digital Bank South Africa 2024
Award Winners 2024
Aktif Bank
Award Title Award Winning Company
Yuanta Commercial Bank
WARBA BANK
Mashreq Al Islami
GFT
NICE and MAPS Credit Union
NICE
NICE
NICE
NICE
Deuna PalmPay Limited
Absa Bank Limited
Kenanga Investment Bank Berhad
CHOM CAPITAL GmbH
Cabo Verde Stock Exchange
Armstrong Craven Pte Limited
Factoring KB, a.s.
Yapı Kredi Faktoring A.Ş
Asia Asset Finance PLC
African Guarantee Fund
Flash International
Khazna
Profile Software
Global66
Tanmeyah
InfraZamin Pakistan (IZP)
Caja Huancayo
National Development Bank PLC
Absa Bank Moçambique
Lombard International Assurance S.A.
PanAfrican Capital Holdings
AL Omaniya Financial Services (SAOG)
BSP FINANCE LIMITED
Orange Mobile Finance SL Ltd
Trademaster
Luable
Mifundo
OPay Pakistan
Eupago, Instituição de pagamento, Lda.
Publicis Sapient & Lloyds Banking Group & TransUnion
First Capital Bank Botswana
Ouribank
Hang Seng Bank
OCBC Indonesia
National Commercial Bank Jamaica Limited
RHB Group
Joint Stock Commercial Bank for Investment and Development of Vietnam
Best Digital Banking Product (N Kolay Ekstra) Turkey 2024
Best Digital Banking Transformation Taiwan 2024
Best Digital Islamic Bank Kuwait 2024
Best Digital Islamic Bank Middle East 2024
Best Digital IT Services Provider Asia Pacific 2024
Best Digital Transformation for CX Operations USA 2024
Best Digital Transformation Partner Company Asia Pacific 2024
Best Digital Transformation Partner Company Europe 2024
Best Digital Transformation Partner Company Latin America 2024
Best Digital Transformation Partner Company North America 2024
Best Digital Wallet Ecuador 2024
Best Digital Wallet Nigeria 2024
Best Digital Wallet South Africa 2024
Best Equity Broker Malaysia 2024
Best ESG Equities Fund Europe 2024
Best ESG Social Bond Western Africa 2024
Best Executive Recruitment Company Asia Pacific 2024
Best Factoring Company Czech Republic 2024
Best Factoring Company Turkey 2024
Best Financial Company Digital Transformation Sri Lanka 2024
Best Financial Guarantee Provider Africa 2024
Best Financial Inclusion Technology Solutions Provider Congo 2024
Best Financial Inclusion Technology Solutions Provider Egypt 2024
Best Financial Inclusion Technology Solutions Provider Europe 2024
Best Financial Inclusion Technology Solutions Provider Latin America 2024
Best Financial Institution for Empowering Women in Business in Egypt 2024
Best Financial Institution for Empowering Women in Business Pakistan 2024
Best Financial Institution for Empowering Women in Business Peru 2024
Best Financial Institution for Empowering Women Sri Lanka 2024
Best Financial Institution Women Empowerment Mozambique 2024
Best Financial Services Group Europe 2024
Best Financial Services Group Nigeria 2024
Best Financial Services Group Oman 2024
Best Financial Services Group Papua New Guinea 2024
Best Financial Services Group Sierra Leone 2024
Best Fintech Company Brazil 2024
Best Fintech Company Colombia 2024
Best Fintech Company Estonia 2024
Best Fintech Company Pakistan 2024
Best Fintech Company Portugal 2024
Best Fintech Partnership UK 2024
Best Forex Bank Botswana 2024
Best Forex Bank Brazil 2024
Best Forex Bank Hong Kong 2024
Best Forex Bank Indonesia 2024
Best Forex Bank Jamaica 2024
Best Forex Bank Malaysia 2024
Best Forex Bank Vietnam 2024
Award Winners 2024
TBC Insurance
Jordan Insurance Company
Berjaya Sompo Insurance Berhad
MUA Ltd
Dhofar Insurance Company SAOG
Jubilee Allianz General Insurance Company of Tanzania Limited
ASIA INSURANCE JSC
Salaam Takaful Limited
Salama takaful insurance - Egypt
KFH Takaful Salaam Takaful Limited
Pan Asia Banking Corporation PLC
Amen Bank
HALKBANK
ESG do Grupo Caixa
JSC Insurance Company Imedi L
Oman Qatar Insurance Company SAOG
ASSEMBLE INSURANCE TANZANIA LIMITED
Practical Insurance LLC
Global Benefits Georgia
OneRoyal
BSF Bank
Neo Bogatsu, Botswana Life Insurance Limited
Khaled Abd El Sadek,Mohandes Insurance Company
Mohammed Jawad, Oman Qatar Insurance Company SAOG Botswana Life Insurance Limited
NEO INSURANCE CORP
Eurolife
Bereket Sigorta A.Ş.
Bereket Sigorta A.Ş.
Flash International
Stanbic Bank Botswana international investment bank S.A.
BTG Pactual Chile
Zagrebačka banka
Award
Award Title Award Winning Company
Whitetip Investments AEPEY
CDH Investment Bank
Kenanga Investment Bank Berhad
BDSec JSC
Attijariwafa bank
Banco BiG Moçambique, S.A.
uab securities
Standard Bank Namibia
CardinalStone
Lesha Bank
BSF Capital
Nedbank CIB
Bualuang Securities Public Company Limited
QNB Finans Yatırım Menkul Değerler A.Ş.
Pangaea Securities Limited
Ms Kyawt Kay Khaing, uab securities
PUENTE
First Investment Group
Standard Chartered Bank, India
ARARATBANK OJSC
Ping An Bank
Moneta Money Bank
ILLIMITY BANK
Millennium bcp
UBA Senegal
Standard Bank Group
Raya Holding
Generali
GT Capital Holdings, Inc.
Mega Financial Holding Co. Ltd.
i-tail Corporation Public Company Limited
Vingroup Joint Stock Company
IQ-EQ
Jaiz Bank Plc
Mashreq Al Islami
AmBank Islamic Berhad
Bank Nizwa
Mashreq Al Islami
Eqhwan Mokhzanee, AmBank Islamic Berhad
RHB Group
COCOA Invest Ltd
RHB Group
Al Rajhi Bank
WARBA BANK
Mashreq Al Islami
AmBank Islamic Berhad
Alraedah
Nova Labs Digital Solutions & Trading
Finance Company Saudi Arabia 2024
Best IT Services Provider Qatar 2024
Award Winners 2024
Ltd
HNB Assurance PLC
Eurolife
Prime Life Insurance Ltd
Vanguard Life Assurance
Hong Leong Assurance Berhad
MUA Life Ltd
State Life Insurance Corporation of Pakistan
Pacifico Seguros
AIA Insurance Lanka Limited
Nan Shan Life Insurance Co. Ltd
BAOVIET LIFE INSURANCE COMPANY
Aljazira Takaful Taawuni Co
VietinBank Capital Times
BT Capital Partners
Al-Bahriah Insurance & Reinsurance SAL
Trade & Development Bank of Mongolia
Bahamas Development Bank
Letshego Namibia
Wema Bank
Microserfin
HALKBANK
G B Microfinance Institution Plc
Tanmeyah
VITAS S.A.L.
Compartamos Financiera
Victoria Finance Plc
Afro Arab Microfinance
tijara by Bahrain Development Bank
Vietnam Prosperity Joint Stock Commercial Bank (VPBank)
BSF Capital
OCBC Securities PTE Ltd
MİDAS MENKUL DEĞERLER A.Ş.
KB Securities Vietnam Joint Stock Company
Alawneh Exchange
Unimoni Exchange LLC
InteliExpress Spoko
Joyalukkas Exchange
Banco Mercantil Santa Cruz S.A.
China Banking Corporation
GTN Trade
PU Prime
RHB Group
Hemera Capital Partners PLC
Mr. Nearchos Petrides, ELLINAS FINANCE
David Mansaray, Orange Mobile Finance SL Ltd
Award Winning Company Award
Award
Life & Health Takaful Provider Mauritius 2024
Life Bancassurance Provider Sri Lanka 2024
Life Insurance Company Cyprus 2024
Life Insurance Company for Digital Transformation Rwanda 2024
Life Insurance Company Malawi 2024
Life Insurance Company Malaysia 2024
Life Insurance Company Mauritius 2024
Life Insurance Company Pakistan 2024
Life Insurance Company Peru 2024
Life Insurance Company Sri Lanka 2024
Life Insurance Company Taiwan 2024
Life Insurance Company Vietnam 2024
Life Takaful Provider Saudi Arabia 2024 Best Local Bank for FDI Vietnam 2024 Best M&A Advisory Ukraine 2024
Management Team Romania 2024
Marine Insurance Company Lebanon 2024
Micro and SME Bank Mongolia 2024
Micro Finance Bank Bahamas 2024
Micro Finance Bank Namibia 2024
Micro Finance Bank Nigeria 2024
Micro Finance Bank Panama 2024
Micro Finance Bank Türkiye 2024
Micro Finance Company Cambodia 2024
Micro Finance Company in Egypt 2024
Micro Finance Company Lebanon 2024
Micro Finance Company Peru 2024
Micro Finance Company Tanzania 2024
Microfinance Company Ghana 2024
Best Mobile app for Micro and SME Bahrain 2024 Best Mobile Banking App for Micro & SME Vietnam 2024 Best Mobile Trading Platform (BSF Capital Tadawul) Saudi Arabia 2024
Mobile Trading Platform (iOCBC) Singapore 2024
Mobile Trading Platform Turkey 2024
Mobile Trading Platform Vietnam 2024
Money Exchange Jordan 2024
Money Exchange Oman 2024
Money Transfer Eastern Europe 2024
Money Transfer Poland 2024
Money Transfer UAE 2024 Best Mortgage Bank Bolivia 2024 Best Mortgage Bank Philippines 2024 Best Multi Asset Trading Platform Middle East 2024
Multi Asset Trading Platform Seychelles 2024
Multi Currency Account Malaysia 2024
Mutual Fund (Fundo Liquidez) Angola 2024
NBFI CEO Cyprus 2024
NBFI CEO Sierra Leone 2024
Award Title Award Winning Company
Abena Osei-Poku, ECOBANK GHANA
RavenPay Limited
Zand Bank
Apollo Digital
PICTET
PICTET
Fingular
Digido
Access Bank SA
FinYX (Cyprus) Investments Ltd
180 seguros
Athena Shipilli Tsingi, Eurolife
YOU INTERNET
Alkes Research
Impact Life Insurance Limited Company
Salaam Family Takaful Limited
TRUKKO
Chevaan Wickremasinghe, Apollo Digital
NEO INSURANCE CORP
Digido
Paytiko
Vasu International Payment Solutions Inc
Stag Fund Management
Ndovu
SME Bank of Cambodia
PaySupp
Access Bank SA
Sahm Capital Financial Company
SCB 10X
NICE and Banco do Brasil
OCN AVENTUS FINANCE SRL
Lotus Trading Academy
tijara by Bahrain Development Bank
Hang Seng Bank
Bank One Limited
Albaraka Türk
TPIsoftware
Fagura
eTranzact Ghana Ltd
Eupago, Instituição de pagamento, Lda.
BPC
Compass Plus Technologies
Compass Plus Technologies
SOCIAL SECURITY AND NATIONAL INSURANCE TRUST
Arca Fondi SGR
Absa Bank Moçambique
Emirates NBD
Vietnam Prosperity Joint Stock Commercial Bank (VPBank)
Best New Banking CEO Ghana 2024
Best New Digital Bank Nigeria 2024
Best New Digital Bank UAE 2024
Best New Digital Content Service Provider Sri Lanka 2024
Best New ESG Private Equity Fund Switzerland 2024
Best New ESG Real Estate Fund Europe 2024
Best New Fintech Company APAC 2024
Best New Fintech Company Philippines 2024
Best New Forex Bank South Africa 2024
Best New Fund Management Company Cyprus 2024
Best New General Insurance Company Brasil 2024
Best New Insurance CEO Cyprus 2024
Best New Internet Service Provider Colombia 2024
Best New Investment Bank Uzbekistan 2024
Best New Life Insurance Ghana 2024
Best New Life Takaful Provider Pakistan 2024
Best New Logistics and Transportation Technology Solutions
Best New Marketing CEO of the Year Sri Lanka 2024 2024
Best New Online Insurance Company Uzbekistan 2024
Best New Online Lending Services Philippines 2024
Best New Payment Management Software For Businesses Bulgaria 2024
Best New Payment Solutions Provider Philippines 2024
Best New Private Equity Fund Manager Portugal 2024
Best New Roboadvisory Platform Kenya 2024
Best New SME Bank Cambodia 2024
Best New Supply Chain Finance Technology Provider Egypt 2024
Best New Trade Finance Bank South Africa 2024
Best New Trading Platform Saudi Arabia (Sahm App) 2024
Best New Venture Capital Firm Thailand 2024
Best Omnichannel Customer Experience LatAm 2024
Best Online Finance Company Moldova 2024
Best Online Financial Education & Training Spain 2024
Best Online Services for Micro and SME Bahrain 2024
Best Online Services for Micro and SME Hong Kong 2024
Best Online Services for Micro and SME Mauritius 2024
Best Open Banking API Turkey 2024
Best Open Banking APIs Southern Asia 2024
Best P2P Lending Platform Eastern Europe 2024
Best Payment Solution Provider Ghana 2024
Best Payment Solution Provider Portugal 2024
Best Payment Technology Provider Europe 2024
Best Payment Technology Solution Provider Africa 2024
Best Payment Technology Solution Provider Nepal 2024
Best Pension Fund Administrator Ghana 2024
Best Pension Fund Management Italy 2024
Best Place to Work Mozambique.2024
Best Priority Bank UAE 2024
Best Priority Banking Services Vietnam 2024
Award Winners 2024
Ardshinbank CJSC
Ping An Bank
BANK OF CYPRUS
Awash Bank S.C
BASISBANK
OCBC Indonesia
Award Title Award Winning Company
National Commercial Bank Jamaica Limited
First Bank of Nigeria Limited
Banco Finantia, S.A.
BONI
Commercial Bank of Ceylon PLC
Yapi Kredi Bankasi A.S.
Emirates NBD
I&M Bank (Uganda) Limited
PUENTE
Gulf International Finance Limited
HSBC Mexico
Nedbank Lesotho
Hemera Capital Partners PLC
Intesa Sanpaolo Bank Albania
JS Bank
Portfolio Personal Inversiones (PPI)
Regina Capital Development Corporation
BSF Capital
Banco Mercantil Santa Cruz S.A.
Société Générale Cameroun
BAC Credomatic
QNB Alahli
Trust Bank
GCB BANK PLC
Lao - Viet Bank Co., Ltd
Halkbank AD Skopje
Victoriabank
State Bank JSC (State Bank of Mongolia)
uab bank Limited
First Bank of Nigeria Limited
Rizal Commercial Banking Corporation
I&M Bank (Rwanda) Plc.
arab national bank
Absa Bank (Seychelles) Limited
OCBC
Nedbank Ltd
NMB Bank PLC
Krungthai Bank
Emirates NBD
VietinBank
VietinBank
Banco Mercantil Santa Cruz S.A.
Award Winners 2024
Award Title Award Winning Company
InterCapital Securities
BDSec JSC
BSF Capital
BIDV Securities Company (BSC)
CardinalStone Securities
Bahrain Development Bank
ABSA Bank Botswana
QNB Alahli
BASISBANK
Absa Bank Ghana LTD
OCBC Indonesia
Jordan Kuwait Bank
ACLEDA Bank Lao Ltd
AmBank
Absa Bank Moçambique
First Bank of Nigeria Limited
Rizal Commercial Banking Corporation
I&M Bank (Rwanda) Plc.
arab national bank
Nedbank Ltd
Bank for Investment and Development of Vietnam JSC (BIDV)
Commercial Bank of Ceylon PLC
Tanzania Commercial Bank
Emirates NBD
KAMURJ UCO CJSC
Aye Finance P Ltd
Unicapital
Letshego Namibia
MERLION GLOBAL LIMITED
Mongolian Stock Exchange
Muscat Stock Exchange
Nedbank Lesotho
Al Rajhi Bank
STANDARD CHARTERED BANK UGANDA
Nedbank CIB
Linklogis
Bank for Investment and Development of Vietnam JSC (BIDV)
Fosun International Limited
Muscat Stock Exchange
Shin Kong Financial Holding Co., Ltd.
NICE Actimize
DOST Digital Innovations Center
NICE Actimize
NICE Actimize
Allianz Trade
BECI
Credit Guarantee Insurance Co. Ltd
Stanbic Bank Botswana
Best Securities Brokerage Croatia 2024
Best Securities Brokerage Mongolia 2024
Best Securities Brokerage Saudi Arabia 2024
Best Securities Brokerage Vietnam 2024
Best Securities Trading Firm Nigeria 2024
Best SME Bank Bahrain 2024
Best SME Bank Botswana 2024
Best SME Bank Egypt 2024
Best SME Bank Georgia 2024
Best SME Bank Ghana 2024
Best SME Bank Indonesia 2024
Best SME Bank Jordan 2024
Best SME Bank Lao 2024
Best SME Bank Malaysia 2024
Best SME Bank Mozambique 2024
Best SME Bank Nigeria 2024
Best SME Bank Philippines 2024
Best SME Bank Rwanda 2024
Best SME Bank Saudi Arabia 2024
Best SME Bank South Africa 2024
Best SME Bank Southeast Asia 2024
Best SME Bank Sri Lanka 2024
Best SME Bank Tanzania 2024
Best SME Bank UAE 2024
Best SME Finance Company Armenia 2024
Best SME Finance Company India 2024
Best SME Financial Advisory Company Philippines 2024
Best Social Bond Namibia 2024
Best Social Trading Platform Asia Pacific 2024
Best Stock Exchange Mongolia 2024
Best Stock Exchange Oman 2024
Best Structured Finance Project Bank Lesotho 2024
Best Structured Finance Project Bank Saudi Arabia 2024
Best Structured Finance Project Bank Uganda 2024
Best Sub-Custodian Bank South Africa 2024
Best Supply Chain Finance Technology Provider China 2024
Best Sustainable Bond Vietnam 2024
Best Sustainable Development Company Asia 2024
Best Sustainable Development Company Oman 2024
Best Sustainable Development Company Taiwan 2024
Best Technology Management Team APAC 2024
Best Technology Management Team Azerbaijan 2024
Best Technology Management Team EMEA 2024
Best Technology Management Team North America 2024
Best Trade Credit Insurance Company Asia Pacific 2024
Best Trade Credit Insurance Company Botswana 2024
Best Trade Credit Insurance Company Mauritius 2024
Best Trade Finance Bank Botswana 2024
Award Winners 2024
QNB Alahli
Award Title Award Winning Company
PT. Bank CTBC Indonesia
Bank Dhofar Banco BAI Europa
United Arab Bank
Tiger Brokers Australia
ENUYGUN
Qatar Insurance Company
Tune Protect Thailand
APA INSURANCE UGANDA LTD.,
QNB Alahli
Financial Networks Analytics (FNA)
Absa Bank Limited
Publicis Sapient & Lloyds Banking Group
Standard Chartered Bank, India
Standard Chartered Bank Zambia
deVere Investment Ltd
Fosun Wealth International Holdings Limited
VPBank Securities Joint Stock Company Bite Investments
Perla Fagundez, Aerowise
Marina Zevedeou, Aspen Trust Group
Kathrein Privatbank AG
Commercial Bank of Ceylon PLC
STANDARD CHARTERED BANK UGANDA
Diners Club Macedonia
Abris Capital Partners
Clip
Tradejini
PT SYAILENDRA CAPITAL
Consubanco, S.A., Institucion de Banca Multiple Mandal Capital Markets JSC
Global Financial Investments Holding and Securities
TISCO Asset Management
Continental Insurance Lanka Ltd
Pangaea Securities Limited
Mimoun Assraoui, RIF Trust
RIF Trust
OCN Iute Credit SRL
Mega International Commercial Bank
VietinBank
Absa Bank Limited
ZTE ITALIA S.R.L
SinoPac Securities
NICE Actimize NICE Actimize
NICE Actimize
Best Trade Finance Bank Egypt 2024
Best Trade Finance Bank Indonesia 2024
Best Trade Finance Bank Morocco 2024
Best Trade Finance Bank Oman 2024
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Tanmeyah
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Award Title Award Winning Company
I&M Bank (Uganda) Limited
Mashreq
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Confeserfidi
Banco do Brasil
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Mega International Commercial Bank
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Publicis Sapient & Lloyds Banking Group
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Winterbotham Group
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SQRL Holdings
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OCBC
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Sendly NBFI JSC
Maybank (Cambodia) Plc.
Industrial and Commercial Bank Of China Doha (QFC) Branch
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I-CARE Group
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Transforming transactions: How embedded payments enhance checkout experiences
It is a widely accepted fact that humans have a natural attraction to beauty. Scientific studies have even proven infants as young as two months old will prefer to look at conventionally attractive faces. Beauty comes in all different forms, too – whether it be a beautiful sound, taste, or smell. Mathematicians have been known to refer to equations as ‘elegant’. However, beauty is very rarely associated with the world of payments, as payments are often thought of as a necessity, like drinking water. When companies think about the design of payments, they prioritise efficiency and smoothness – the goal is for transactions to be swift and unobtrusive. In short, they should simply work without disruption.
Imagine payments that are not only swift and seamless, but also provide a premium, concierge-like experience, where the checkout process anticipates and meets the customer’s needs. Embedded finance is driving this shift, giving Small and Medium Businesses (SMBs) the resources to optimise transactions and improve customer interaction. The latest developments illustrate how embedding financial services into business platforms can both simplify the payment process and offer customers diverse, flexible payment solutions.
SMBs’ growing appetite for embedded payments
Embedded payments are gaining traction across the UK and Europe, with SMBs increasingly embracing integrated financial solutions. Research by Payment Systems Europe (PSE) and The Strawhecker Group (TSG) shows that 70% of SMBs are interested in adopting embedded payments, and 35% have already received offers. With 82% of businesses likely to adopt these options soon, the demand is driven by the need for smoother payment processes, better customer experiences, and staying competitive in the evolving digital commerce landscape.
Why does it appeal to them?
For SMBs, embedded payments offer more than convenience – they create a smoother, faster checkout experience that is far more aligned with the expectations of today’s digital consumers.
Instead of having to navigate through multiple steps –entering shipping details, choosing a payment method, confirming the purchase – before completing the purchase like in a traditional online checkout process, embedded payments can hugely simplify the process. By integrating various payment options directly into the checkout flow, customers are able to choose their preferred payment method – debit, credit, digital wallet, or BNPL – without third-party redirects.
This streamlined process reduces cart abandonment and, with financing options like BNPL at checkout, can boost average order value and conversion rates, making embedded payments a key driver of revenue growth.
Making the checkout process beautiful
One of embedded payments’ key strengths is the ability to “make the checkout process beautiful”. It goes beyond aesthetics to offer a smooth checkout process that is intuitive and seamless. It feels effortless for customers and easily integrates into the overall user experience of the website or platform.
With modern technologies like JavaScript libraries, SMBs can easily customise their payment processes to match their brand with minimal effort. This results in a checkout process that not only functions efficiently, but also enhances the brand’s identity and customer trust.
Flexibility is also at the forefront of the technology. Updates and optimisations can be made as often as needed by SMBs, ensuring that their payment processes evolve alongside their business. With features like mobile responsiveness, businesses can also ensure that their checkout process remains efficient and is optimised for all channels, whether customers are shopping on a smartphone, desktop, or tablet.
Overcoming Barriers to Adoption
Despite the clear benefits of embedded finance, SMBs face challenges in adopting this technology. Many are unaware of its advantages or view it as too complex or expensive to implement. There also remains a huge lack of awareness and understanding of how embedded payments can be integrated into existing systems.
However, innovations in technology are reducing these barriers. Simplified integration, developer support, and test platforms are making it easier for SMBs to adopt embedded payments. Additionally, a growing network of software providers offering embedded payment options is driving wider adoption, helping businesses grow and thrive within their communities.
What the Future of Embedded Finance Holds for SMBs
As the digital economy continues to advance, embedded payments are set to play a pivotal role in shaping SMB success.
With customers increasingly expecting smooth and flexible payment options, business that integrate the latest payment technologies will stand out in this competitive environment. Offering a streamlined, intuitive checkout experience will become a key factor in enhancing customer loyalty, encouraging repeat purchases, and driving sustainable growth.
