Game Changers issue 41

Game Changers ISSUE #41

RECIPE FOR SUCCESS! GC speaks with Novatti Group CEO Peter Cook

GAME CHANGERS

DIRECTORY O1

Note from the editor

O2

Peter Cook

O3

Iva Bogicevic

View from the top. 03

Novatti Group. 04-09

Breinrock. 10-12

O4

FiveComply. 14-17

O5

CAPEX.com. 18-21

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Cyprus Fintech Summit. 22-23

Chantal Senterre

Fadi Reyad

Andreas Livadiotis

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GC: GOING OUT

O8

GC: EAT

O9

GC: HOMME

1O 11

Kourion charity concert. 25-29

Ciao Napoli Pizzeria. 30-31

Massimo Dutti. 32-37

GC: FEMME Dolce & Gabbana. 38-43

GC: SPORT FX Cubic football championship. 44-47

VIEW FROM THE TOP It is the middle of a blazing hot summer here in Cyprus and getting to that stage of the year where I continually try and push things forward when the rest of Europe is inevitably on holiday. Every year is the same in that you think that you can have a regular couple of months results in the sales department, however it is sadly rarely the case. One tip I would give you is to accept what it is and come back stronger when the year starts again.

It is always great to have new contributors to Game Changers, and this month we are very happy to have Peter Cook who is the CEO of ASX listed brand Novatti Group on the front cover. In case you are not aware, Novatti Group are a world leading name in payments who have a twenty year track record in helping brands process payments, and you can learn more about them inside.

A huge thank you to everyone who attended the sold out charity concert in the spectacular location of Kurion, it was a fantastic event where you can see the pictures in the GC:Going Out section. If there are any other local charities we can help, let us know we are more than happy to help.

Enjoy the summer everyone!

Paul ORFORD EDITOR-IN-CHIEF

Game Changers

Novatti Group PETER COOK CEO of Novatti Group

Q What is the Novatti Group?

Our vision is to help everyone “pay and be paid.”

This simplifies the process of sending and receiving payments for businesses by eliminating unnecessary steps. We offer a comprehensive compliant set of payment solutions to any business, regardless of whether it is a traditional store, a software firm, or even a person who is not tech-savvy.

The secret sauce is to have financial licences combined with high automation via technology and global partnerships. Novatti Group has financial licences in Europe, Asia and North America and is continuing to work on expanding these licences.

Novatti Group has extensive commercial partnerships with companies including Visa, Mastercard, Amex, Ripple, Stellar, Unionpay, Alipay and Wechat Pay. With over 200 staff in AsiaPac, Europe and the US, Novatti Group has been continuously expanding and offering innovative services that have shaped the Fintech industry since 2015. Soon after the launch, the company became publicly traded on the Australian Securities Exchange (ASX) after our initial public offering (IPO), which was actually oversubscribed too.

Our services will typically take care of all of your payments requirements. Some of the services we specialise in include card issuance, merchant acquiring, cross-border remittance, international transactions, and many payments-related back-office functions.

member state, including Germany, France, Italy, and many more. We already have offices in London and Cyprus; London, of course, was historically Europe’s foremost financial centre because of its abundance of international banks and other regulated financial organisations.

We are also already active in Europe with our products Flexepin and Verv and we are supporting our merchants with a range of cross border payment and card acquiring services to help them move money faster and cheaper in a compliant and secure way.

Both provide a dynamic range to the financial capabilities and help companies achieve our vision.

Q What are Flexepin and Verv?

Flexepin is a shopper’s delight. Using a Flexepin prepaid cash voucher, customers may add funds to their current accounts and make purchases online without using a credit or debit card. When you use cash vouchers, you may deposit and withdraw money from digital wallets and utilise them at any business that accepts them. This provides an entirely new layer of privacy and security to the customer as they do not need to provide companies with their personal financial details.

Q Why are you looking at Europe?

Verv, on the other hand, offers a complete digital banking suite that caters to businesses. This provides a growing organisation’s whole payments ecosystem, including everything from their one-of-a-kind data security solution to domestic and international bank payments.

Europe has been one of the biggest role-players in the financial world. By registering and gaining licences in a single EU member state, Novatti Group can provide its solutions to European merchants and other payments companies.

Both provide an alternative to the conventional banking and monetary systems that are already available. These brands help us provide unique compliant and secure products that benefit numerous industries and personas.

A defining characteristic of the financial services industry is stringent legislative regulation. Companies that fall under the “financial institutions” category in Europe, such as banks, brokers, investment dealers, and others, are subject to these rules.

With a valid licence issued by any EUA member state, a financial institution can legally operate in any

GAME CHANGERS Issue #41

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that lets residents pay Australian bills in Chinese yuan. The solution is integrated with Chinese payment giants Alipay, WeChat Pay and UnionPay. As I mentioned earlier, we extensively work in blockchain by providing a Stablecoin as a Service to make it possible for any business to benefit from the power of digital assets that are backed by Australian dollars. We also enable crypto wallet holders to make payments in real-time using an online checkout option that connects directly with their favourite cryptocurrency exchanges. Businesses integrate seamlessly, and settlements are made in Australian dollars.

Q How does the European payment landscape compare with APAC?

Q What other services does Novatti Group provide?

Novatti Group services can be categorised into 5 main groups. Issuing, Acquiring, Cross border payments, Subscription Billing, and Alternative Payments.

We can issue Visa cards in Australia and New Zealand.

We do so by leveraging our partnership with Visa as a Principal Member.

We deliver physical and virtual payment card solutions for small to large enterprises, including white-label cards and apps.

Our acquiring business enables merchants, particularly those in e-commerce, to accept payment from consumers through credit cards, direct debits, and digital wallets such as Alipay and WeChat Pay. We have acquiring licences with both Visa and Mastercard to simplify the integration process.

Overall, we process millions of dollars daily in payments for our clients and partners. This is about sending funds, whether for a consumer or a business connected to the SWIFT payment system, but also through Ripple and other payment networks.

Our billing capabilities enable our clients to digitally and automatically bill their customers, including invoicing, enabling them to get paid sooner.

Alternative payments allow customers to pay in methods they prefer or are familiar with, outside of major debit/credit cards. This includes digital and mobile wallets, pre-paid vouchers (we discussed flexepin earlier), QR-coded payments, direct bank transfers or local payment methods such as mobile money. We also have a BPAY bill payment platform

GAME CHANGERS Issue #41

The Asia-Pacific region is genuinely an incredible kaleidoscope of diversity, ranging from extremes of prosperity and poverty to a wide range of cultural practices and political systems that influence the payment landscape vividly. I believe the Asia Pacific region is a great region to grow; it has a rich history, and people are swiftly shifting to digital payments after the pandemic.

The European payments sector has experienced a tremendous transformation due to technological innovation and digitalisation, shifting consumer behaviour patterns, and new regulatory requirements.

The European market is more regulated, which means a tighter grip over security. As the amount of data continues to increase, the most important thing for the most prominent players in the payments industry to think about is how to keep that data safe.

Data breaches are incredibly detrimental to the industry, and hence I believe that stricter regulations will help keep the breaches at bay and the organisation a lot safer.

Other than the regulations, I believe that languages and cultures are different between these two regions.

While it may seem that these might not affect the landscape much, in reality, the different cultures, investment and how people spend their money affects a lot.

I believe that the future of payments is rapidly changing because of the increased demand from customers who expect simple, quick, and error-free transactions and individualised user experiences. This increase in customer demand has directly led to the rapid evolution of the future of payments.

I think while still advanced, Asia-Pacific needs to foster digital innovation and efficiency in a manner that is in line with the values and priorities of its society if it is to maintain its position in the ground-breaking tech development.

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To get right to the point, I believe that the landscape of Europe is somewhat comparable to that of the APAC region; yet, there are certain aspects in which they are different, such as cultural variables, technical achievements, and imaginative qualities.

Q How do you continue to evolve the Novatti Group brand?

provide our quality services. We can better adapt to the challenges we face in the market, revise our approach, and see improved results. Our customers and our business partners are totally in tune with what we provide, and they like working with us because of how we are constantly evolving.

Q Do you have any tips for growth?

Whether an organisation or an individual, I think it’s important to always push oneself to learn and improve. We are always navigating the demands of the consumers and the overall strategies to deliver their needs accordingly whilst trying to achieve our vision.

With the ever-changing payment landscape, our team is constantly trying to find new ways to help improve the customer experience and anticipate upcoming industry developments. For example, we’ve recently announced an Australian dollar-pegged stablecoin to be launched on multiple blockchains.

Although I’m not sure if this qualifies as advice, I think everyone should follow our try-new-things philosophy. When expanding our business, we are not scared to attempt new things. After investing the time in the research and testing phases, we can determine whether a new concept or project will be successful.

Especially in light of the increasing number of privacy concerns and the continually evolving behaviours of end consumers, I feel that keeping your customers at the forefront of your mind is how you can provide actual value.

There is a lot of internal flexibility here, and we experiment with new products and incubate start-ups regularly. As a result of our teams’ ability to operate autonomously while coordinating their efforts globally, we can quickly bring on new clients and provide them with more value-add services.

Our team’s ability to work together and adapt quickly sets us apart from the competition and allows us to

Given the speed with which business is changing, a company should focus on testing different marketing approaches.

In today’s business environment, the capacity to innovate is very essential. Furthermore, it is a critical component in developing enterprises and reaching new stages.

Partnerships help us provide new complementary services quickly without compromising on the quality of the service.

We are also investing strategically in our partners to help us both grow. If you want to advance your position in the market and drive your company’s growth, I believe this is one of the important pieces of advice you could follow, which is often overlooked.

Peter Cook CEO of Novatti Group

Ask Iva IVA BOGICEVIC Head of Payments at Breinrock

What is banking?

Prior to being within the banking industry, I always believed that making a transaction was a simple process. I have an account, I send money to designated person, the money arrives regardless of what business I did or what country I lived in.

However, as most of my readers in Game Changers are involved in within the FX/CFD industry I am sure you are aware that there are far more moving parts to a transaction than this, and can in some cases become quite complex if you brand resides on a far off exotic island location.

What I have learnt in my banking career is that our role is all about solving problems. This may sound like a trite throw away comment, as every service aims to solve a problem (some appear to be a solution looking for a problem) However, in this industry it really is about listening to the client and finding a way to solve their problem of getting funds from A to B. I am a realist in that they wouldn’t be contacting me if they didn’t already have an existing solution provider for their transactional challenge to be solved coming over the horizon. More often than not our clients require a bespoke solution, for what is often a bespoke challenge.

GAME CHANGERS Issue #41

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If you are facing challenges such as this, my best tips for engaging with a banking solution provider to get results would is to be 100% transparent in what you are looking to achieve.

By having an informal (and confidential) conversation and putting it all out there, you will get an answer one way or another very quickly. At BREINROCK we like to be transparent from the outset of this discussion to let you know if this is possible or not to have a relationship.

Rather than going through the rigmarole of opening and account and all the administration that entails and then giving you a no at the end. It is far easier to let for us to have a brief analysis of where the flow of funds are coming from to get a good understanding of your business.

This can save you a tremendous amount of time (often running into weeks) and get along the path to solving the goal.

A common problem we are solving for our clients is providing local payment routes offering the clearing of B2B and C2B funds in a matter of hours for our corporate clients, rather than days for those looking to participate in LATAM, Asia and Africa markets.

You can do this safe in the knowledge that your brands funds are held within our award-winning tier one banking partner network. More brands are using our services as we are becoming known as the industries problem solvers.

BREINROCK….making life simple.

GAME CHANGERS Issue #41

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FiveComply CHANTAL SENTERRE Seychelles Office Manager

All about Seychelles: An interview by FiveComply’s Seychelles Office Manager Mrs. Chantal Senterre Q Congratulations on your recent approval as an Outsourced Service Provider by the Financial Services Authority, and on your appointment as the Seychelles Office Manager of FiveComply. Can you give the readers an outline of your career?

I first joined the Seychelles Financial Services Industry in 2010 and my first position was as a Corporate Administrator for an International Corporate Service Provider. I quickly developed a passion for the industry, as it was the first time that I felt I had found a field that allowed me to effectively combine all my skills and interests, whilst also finding new avenues to continuously grow and learn. That passion, and the support of my family and fellow colleagues in the industry, have been what has fueled my journey up to this point.

Throughout my career, I have occupied various positions in several companies, from Administration to Compliance, and from junior to managerial roles.

This has given me the unique opportunity to get the full picture of the industry, the regulators, products, and companies in all aspects, which has allowed me to understand how everything comes together from all perspectives. I believe that this is what has allowed me to become effective in my role as a Compliance Officer, and enables me to add value to each client’s business.

I also enrolled in professional courses as soon as I joined the industry, and I continue to study up to this day, therefore, I would also attribute my success in the industry to my continued professional learning.

I strongly believe that training, and the pursuit of acquiring the relevant professional qualifications in different areas is a vital part of the equation, especially for a young, emerging market like the Seychelles and so far, I have certifications from the ICSA, ICA and CISI, and I also recently became a registered Member (MCSI) of CISI. The Financial Services Authority (FSA) has always put a lot of emphasis on training and professional development, and I have observed that they have been encouraging and promoting this more in the recent months, especially through their collaboration with CISI and through the FSA’s Scholars Award Program. I see this as a very good initiative and

GAME CHANGERS Issue #41

encourage others to take advantage of the opportunity to join the industry, so that we can build the workforce, which will allow us to take the jurisdiction to new heights.

Q Based on your experience in the industry, how do you believe you and FiveComply can add value to the Licensed Seychelles brokers?

I believe that the collaboration between FiveComply and myself has been a match that will greatly benefit both our existing and future clients/brokers. That is because, comparable to me, all members of the FiveComply team have an array of knowledge, skills, and experience in various fields within the financial sector, including legal, finance, regulation, foreign exchange, administration, and compliance, just to name a few. As a result, our clients get access to a collective pool of information and expertise in all areas of their business, from the pre-application stage, all the way up to post-license, and throughout the existence of their companies.

The expansion of FiveComply in Seychelles means that the Company is now able to further improve its services and possibly increase the scope in the future.

It also means that the Company can now accommodate more clients, and cover more time-zones, to allow us to be more accessible to our clients as and when they may need our assistance. FiveComply has specialized in the Seychelles jurisdiction for the past 5 years, however, having also local presence in Seychelles has aided in bridging the gap between the team in Cyprus and the Seychelles, facilitating communication with various service providers and regulatory bodies, which has greatly improved on the turnaround time, and consequently made all processes more effective and efficient.

I would say that, the combination of FiveComply’s knowledge and expertise on different sectors and jurisdictions of the industry (as they have been doing licensing and compliance support in various jurisdiction on an international level) including Seychelles, along with my specialization in the Seychelles can enhance the compliance support and operations of the client and achieve utmost efficiency.

Q Why are more brokers deciding to acquire a Seychelles License? What are the benefits?

First and foremost, I think that even though Seychelles is a small market in comparison to other jurisdictions, we are still a reputable jurisdiction that offers credible licenses.

There have also been, and continue to be, significant improvements in the law governing the financial services sector, and this has been recognized by international organizations such as the European Union, who recently removed Seychelles from its official blacklist of tax havens.

Secondly, I believe that the cost of doing business in Seychelles still remains relatively low and the requirements, such as a minimum share capital of USD 50,000 and having only 2 Directors that can also occupy multiple roles in the Company, remain reasonable, which keeps the jurisdiction attractive for investors. The decision of the FSA to maintain the current Outsourced Service Provider arrangement for Compliance roles will also continue to benefit brokers seeking a Securities Dealer License, and this ensures that they have access to reliable and qualified Compliance Officers, who are well-versed in the relevant regulations, to occupy the positions in the Seychelles, which will save on the cost and time of having to relocate a Compliance Officer from their respective jurisdictions.

This is one of the services that FiveComply does offer to its clients.

Moreover, despite the constraints and restrictions imposed by the Covid-19 pandemic, business services in the Seychelles were not severely disrupted, and most offices and service providers are up and running effectively, even if not at full capacity. The FSA also continues to implement their business continuity plan, which means that licenses are still being processed in a timely manner.

Over the past two years, we have also observed a significant improvement in the services being offered by the FSA, and even more so, in the past few months. This means that applications are being processed more rapidly, and responses to queries are being addressed in a reasonable timeframe, so our clients are able to get regular updates with regards to their application, which prevents unnecessary frustration.

Q What advice would you give brokers who would like to acquire a Seychelles License?

From my experience, and from discussions with colleagues from other jurisdictions, it has been observed that the Seychelles regulator is one of the most cooperative, approachable, and transparent, and I believe that clients and investors should use this to their advantage.

The Capital Markets sector is a young industry in the Seychelles, and that means that there is a lot of untapped potential and opportunities for growth. Clients and investors have the unique opportunity to have a voice and to help

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GAME CHANGERS Issue #41

mold the industry into a competitive and reputable market. They can also propose new products to the regulators and contribute toward the development of the legislations that will regulate these products. At FiveComply, we believe in being an active participant in the industry and to use our expertise and experience to contribute positively towards it, and we also encourage our clients to do the same. We believe that transparency and open communication between all parties and stakeholders will help the industry thrive and create endless possibilities for growth.

Lastly, what I suggest to our clients is to always ensure that all documents and information, especially CDD/ KYC, are up to date and readily available at every stage, whether that be in the pre-application phase, or after licensing. I have found over the years that when it comes to this, especially with the more stringent compliance regulations being implemented globally, it is best to apply the principle of “It’s better to have it and not need it, than to need it and not have it.”.

Q What are some upcoming trends and changes in the regulatory environment in Seychelles?

I would say, the thing to keep an eye on is Virtual Assets/Cryptocurrency, and on how the regulators will decide to proceed with regards to this. The FSA recently conducted a National Risk Assessment on Virtual Assets and Virtual Assets Services Providers as a first step to collecting information required to open the discussion and start consulting the industry to determine if this is a product that can be a viable addition to the Seychelles Capital Markets Sector.

FiveComply hopes to be able to contribute towards the discussions and to also bring our expertise from the team in Cyprus to assist the regulators with this process.

Another item on the agenda would have to be the Substantial Activity Requirements. Despite the fact that this was introduced in the regulation in 2018, it seems that the regulators will be placing particular emphasis on this in the coming months to ensure that Companies are fulfilling the requirements to achieve substance in order to benefit from the preferential tax rates. FiveComply has already started providing its clients with support and information with regards to this and will continue to do so going forward. We also hope to enter into discussions with the regulators to further understand the practical application of the regulation, the implication for licensees, and also the process involved in assessing whether substance is being achieved/maintained.

The enactment of the Financial Consumer Protection Act (FCPA), 2022 also opens the floor to discussions about investor protection and has introduced a new bi-annual report which licensees will need to submit to the FSA annually by the 15th of July, however, it is important to note that the FSA has granted a transi-

tion period of 6 months, therefore, making the first report due by the 15th of January 2023.

Q What are the future plans of FiveComply in Seychelles?

As a new member of the FiveComply team, I can honestly say that I am excited for the future of the Company. I believe in the team, the services we offer and, on the integrity and professionalism of our work.

Going forward, I believe we will continue to provide quality professional services to our existing and future clients. We also hope to grow the team, to increase the scope of the services we offer, and to accommodate more clients. As I have a background in teaching and education, I hope to be able to harness those skills and the support of my team, to train more people and encourage them to join the industry, as I believe that although we are small, we can be impactful on the global stage.

Another one of our goals is to maintain and grow our presence on social media, to become more accessible to both our clients, and others who may find our services or the information we provide to be beneficial.

Finally, we hope to become more proactive and to be a voice that can positively impact the Seychelles Financial sector. We hope to have more tête-a-tête and open forum discussions with the regulators and other stakeholders to contribute towards any changes or further improvements in the law and processes relating to the sector and the licensing and ongoing monitoring of licensees.

Q How can people reach you to speak more about FiveComply and the services it offers in Seychelles?

We will be more than happy to provide readers with any additional information about our Company and services, and they can contact us by sending us an email on info@fivecomply.com , by visiting our website at fivecomply.com or by calling us on +357 25 58 19 05. Readers can also interact with us on FiveComply’s LinkedIn and on Instagram @5comply. We usually also arrange calls or face-to-face meetings based on each client’s needs and location.

Understanding and supporting each client is for us of paramount importance; our primary goal is to assist every client in the best way possible and the only way to do this is by taking into consideration each client’s circumstances, business model, group / company structure and various other factors that need to be considered prior to being able to provide tailoredmade advice / consulting.

I would like to end by thanking Game Changers for featuring FiveComply in this issue, the FiveComply team for their continuous support, and to the Founder, Gabriel, for seeing the potential in Seychelles and for deciding to push our jurisdiction forward.

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CAPEX.com FADI REYAD Market Analyst at CAPEX.com– MENA Region

Q How would you describe the services provided

by CAPEX.com and what are the markets that you cover?

•

Powerful research tools in collaboration with reputable platforms such as Trading Central and TipRanks

We are dedicated to providing a trading experience that meets traders’ unique needs. As one of the companies that uphold the values ​​of transparency and trust, we provide the best security standards to protect your money. That’s why we keep clients’ money with trusted banks, using the most advanced technologies and secure communications. Accordingly, we only allow the use of internationally recognized deposit and withdrawal methods.

•

Strong support

•

First-hand events

•

Local bank accounts

We designed our trading conditions to meet the needs of all traders, including professional ones, with competitive spreads, fast execution, and price transparency always.

At CAPEX.com traders can trade over 2000 financial instruments, from all continents North America, Europe, Asia, Australia, and Africa.

Our clients can trade 9 different asset classes, including stock shares, bonds, ETFs, commodities, indices, and Forex.

Q What makes CAPEX.com different from its competitors?

Investing in education always pays off. Our clients take advantage of the opportunity to access educational materials, tools, and the right knowledge to enable them to trade the markets with the advantage of providing the necessary information they need.

Our clients get the chance to identify and make the most of every opportunity on our powerful platforms, which are equipped with a comprehensive suite of award-winning tools. With CAPEX.com every trader will enjoy: •

Highly reputable and strong regulator Abu Dhabi Global Markets (ADGM)

•

Super-fast and reliable execution services

•

Risk management tools to protect your money

•

Advanced charting options for more efficient trading decisions

GAME CHANGERS Issue #41

Q How has technology changed the trading landscape?

The last century marked a shift in the way people perceive money and how they relate to financial initiations, paving the way for the new Fintech industry.

The two main points that are worth mentioning here are as follows: •

Rules have changed dramatically which represents a paradigm shift

Where the minimum amount required to start investing is at an absolute low. Traders can start with as little as $100. Also, the evolution of technology eliminates the need for a bank or a broker as the services can easily be replaced by online platforms or mobile apps.

•

The power of technology – accessibility

Financial research information is now widely distributed over the internet, as opposed to brokerage firms.

The investment technology and products become commonly accessible to everybody, not just to experts or the wealthy.

Q How do you see the future of trading?

“Opportunities like never before” would be the headline for the future of trading in favour of all different types of traders. Today’s trading volumes are larger than ever, mainly because more people are joining the markets and becoming traders.

Moreover, most recently Fintech technology has helped to deliver a highly effective and efficient trading experience to all different types of traders from beginners to sophisticated ones. A direct conse-

P - 19 Fadi Reyad Market Analyst at CAPEX.com - MENA Region

quence is that the number of millionaires increased substantially between 2020 and 2021.

Q Will the current tensions in Europe change the energy markets and how?

Artificial intelligence (AI), emerging technologies, and Blockchain technology are expected to be dedicated to building innovative solutions for traders around the world, also to make a move to automation, and to provide clients with the best execution.

Oil prices are hovering around the $110 mark, which is a repetition of the 2014 scenario due to increased demand and reduced concerns about the strength of supply.

Q What are the challenges investors encounter under current market conditions?

The current market conditions can be challenging for all different types of traders in the following areas: •

Lack of knowledge

•

Inability to understand market movements during unusual economic situations, such as the one we are currently witnessing

•

Highly volatile market, which requires knowledge and experience to survive

Q In light of the changing monetary policies worldwide, what are the trends in the forex market?

Most central banks made the shift in their monetary policy from quantitative easing to tightening policies.

It started with interest rates hikes as we saw with the Bank of England which raised the interest rates in June for the fifth time in a row by 25 basis points to 1.25%. But what also encouraged central banks to make this move is the current inflation levels, which is almost at an all-time high, and near the highest levels in decades.

Recession fears have also been added to the menu of challenges alongside the central banks’ plan to raise interest rates. Recession fears are growing, and are being supported by the forecasts recently published

by Citigroup Bank which stated that “increasing interest rates could increase the probabilities of a global recession by 50%”.

On the one hand, the tightening policy taken on by the U.S Federal Reserve is putting pressure on stocks.

Particularly some speculative stocks which have shined since the Corona pandemic started.

On the other hand, buying the dip resumes to be the strategy which many investors are following even with the current drop in US indices. It is also notable, that market sentiments are witnessing a slight shift to the positive side, after the markets already priced in most of the negative news that happened since the beginning of 2022.

GAME CHANGERS Issue #41

Last month, the price of Brent crude, breached the $120 barrier once again ever since the Russian Invasion of Ukraine started. In this context, analysts, and experts of the American investment bank Goldman Sachs, raised their expectations for oil prices to average $135-a-barrel during the upcoming 12 months.

This confuses policies aimed at combating high inflation rates that have reached their highest levels in major economies, especially in the United States and Germany.

To understand this more, let me explain the main reasons behind the expectations of oil prices climbing in the upcoming 12 months: •

High demand for oil

Although travel and airports have not yet reached pre-coronavirus levels, they have largely managed to withstand the outbreak of the Covid-19 virus so far, which has increased the demand for jet fuel in Europe.

•

Obstacles to oversupply

The “OPEC Plus” alliance, consisting of members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is working to increase the targeted monthly production by 648,000 barrels per day during the months of July and August. This might not be enough especially with Russian oil still being under global sanctions. Russia is the second-largest producer in the “OPEC Plus” alliance.

This would make the heavyweight OPEC countries, especially Saudi Arabia, the UAE and Iraq, the only ones able to increase production within a short period.

These countries however could soon face the problem of reaching their maximum capacity of supply.

•

Russia and Ukraine war

Geopolitical tensions were the main cause for fluctuations in the oil and energy markets this year (2022) after Moscow’s invasion of Ukraine as well as affecting the strong jump in crude prices. Experts predict oil prices could exceed the $140-per-barrel barrier a scenario which shows they believe the RussianUkraine situation will not be solved anytime soon, especially with the United States and Europe siding with Ukraine.

Oil prices are being forecasted to rise in the upcoming 12 months, and the strength of the dollar is said to increase the cost of a barrel of oil to importing countries. Most countries worldwide are starting to take the shift toward renewable energy into consideration.

Where a global fuel price hike is eroding demand, and the global economy is witnessing pressure as a knock-on effect from high prices.

Although the share of renewable energy in the global mix was very limited in the precrisis era, the OPEC Long-Term Oil Outlook for September 2021 indicates that these clean sources will be the fastest growing in the period from 2020 to 2045.

However, OPEC expects the share of oil in the global energy mix to decline to 28.1% by 2045, compared to 30% in 2020.

Q In your opinion, which financial markets have growth potential in the current market conditions?

Since March 2020 financial markets in general are witnessing unusual volatility. Many of the current market movements are not making sense for most traders due to mixed market conditions. However, areas of potential can still be seen in the current market conditions, in different asset classes such as: •

Oil sector

After over 42% gains since the beginning of 2022, Bank of America Strategists say valuations are still attractive after the 2022 rally.

Where energy stocks are one of the best options to consider, even after a 40% gain this year, while all other S&P 500 sectors are showing losses.

•

EV stocks

The top sectors to have a positive outlook are electric vehicle stocks. Where UBS Bank last month raised its forecast for Tesla stock to $1,100, which represents an increase of 50% from its current levels and is seen as a recommendation from them to buy the stock.

Also, the Swiss Bank sees Tesla’s operating outlook as stronger than before. They also forecast a vertical integration of semiconductor and battery businesses will achieve super profitability in the coming years.

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Cyprus Fintech Summit ANDREAS LIVADIOTIS CEO at XValley Technologies

the development of products and services in Cyprus.

Working alone versus working together!

Q How does it differ from other networking events?

While other events are specific about an industry, we are more general about services and products used in fintech companies. We aim to educate and collaborate with other fellow “summiteers”.

Q Why choose Fintech as a specific subject for your event?

Q Andreas you have a huge background in technology. Can you give us an outline of your track record?

I am the founder of XValley Technologies Ltd, a firm with vast tailor-made services, focused on developing and trading software for diverse global clientele within the financial industry. Upon completing my education of BSc in Computer Science and MSc in Finance in London, I acquired an excellent track record for developing financial technology projects. I am an entrepreneur at heart, with extensive expertise in the industry for over 12 years. Prior to that, I worked in various major companies, including, but not limited to, FxPro, PrimeXM and FBME Bank with projects in MT4, MT5, and cTrader. With a deep passion for innovative technology and career growth, I founded my own company in 2015. Since then, I have been significantly successful in forex, blockchain, banking and equity markets projects, raising the bar for innovation limits to new heights.

Q What were your motivations for making an event?

Cyprus Fintech Summit is a gathering of the fintech professionals and the community, which is by far the most popular services in Cyprus. Before our event fintech professionals had to attend related events but nothing specific to financial technologies services.

Banking, payments, accounting, forex and crypto companies, all have their own respective events who are quite popular. My aim was to gather all the people in the fintech industry, Cypriots and foreigners, all together to get to know each other and accelerate

GAME CHANGERS Issue #41

Fintech is a part of most companies these days. While most companies are trying to evolve, they also need to understand how to run their old business model plus their new business model, which is all of paramount importance. Any core business service, such as banking or payment institution, has the need for a technology development, support and maintenance, thus making it even more of a fintech company than the old traditional core business model. Understanding how to run a tech company together with your own company can be very hard.

Q Is this an expo or a networking event?

This event is a community gathering, networking event and an expo for sponsors to showcase their services and products. We facilitate for international speakers and locals to present future ideas and technologies. We also encourage sponsors to showcase their products and represent their companies.

Q What are the upsides for sponsorship?

Sponsors get a booth and speaker at the event. They also get online exposure and brand awareness.

Q As of early July, you have a lot of interest from attendees. How can people get a ticket?

We already had many people buy their early-bird ticket. We expect around 500 attendees. You can get a ticket very easy and fast from our website. Click on your choice of general access or VIP access and submit your details.

Q You have it as one day event, do you feel this is more effective to have it as a single day?

Yes, definitely, one day events are much better. I always attend all events for one day, not only because we are all busy with our own businesses and lives, but also because usually it takes a day to see everything.

However, the vision for this event it to evolve into Fintech Week, and when in the future we will gather more and more speakers and sponsors we will have it plan much different.

Q These types of events usually have some excellent onstage discussions. Who do you have appearing, and what subjects are they looking to cover?

We will have top speakers from all around the world.

Helen Yu from New York will be doing a Keynote speech and participating in FinTech Product Development. Jonathan Stahl from Mexico will participate in FinTech Product Development as well. Abdalla Kaplan from Malta will speak on FinTech innovation on Blockchain technologies. Matteo Rizzi from Italy and Xavier Gomez from Paris, France, will talk about Funding a FinTech company in this era. Devie Mohan from the UK will tell us about the Governance of FinTech in Europe.

Q Is this aimed at exclusively people in the Fintech industry or to the wider community?

This is event is aimed for all the fintech community, including the CEOs, CTOs, and all C-level suite, plus the programmers, hrs, support and financial professionals. We had 2 successful previous events with more then 2,500 people registering for our events, and having more than 550 concurrent online viewers on the streaming platform. The aim is for all to gather and look for the next big ideas, talk it out, breath it in, and make it happen.

P - 23 Andreas Livadiotis CEO at XValley Technologies

Game Changers Magazine

Lifestyle

GC: GOING OUT Kourion charity concert

Game Changers were incredibly proud to sponsor this fantastic event, which had a huge response and a sold out performance which generated a great donation for the Pancyprian Association of rare genetic diseases.

Thanks to Lambros Lambrou for organising a great event, and also the other sponsors Exclusive Capital Prime, Breinrock and Index FX. Here are the pictures...enjoy!

GAME CHANGERS Issue #41

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GC: EAT CIAO NAPOLI PIZZERIA LIMASSOL

You can find Ciao Napoli, which is one of the many high quality Carob Mill restaurants based around the tourist hub of Limassol castle. I have never really been impressed by the selection of Italian food establishments in Cyprus (apart from the incredible Rafael’s Food Truck) However, Ciao Napoli hit the spot perfectly.

I think it is because many local Italian restaurants attempt to fuse both a Greek and Italian ingredients. Often it ends in a dish that is completely incompatible, by trying to appease to many differing palettes. Both are great homes of food culture, however far too many places have a Greek / Cypriot pizza’s kind of sweeter on the crust than a traditional Italian wood fired pizza.

GAME CHANGERS Issue #41

However, when GC visited Ciao Napoli it had a great setting and decor in an old building that has been refurbished to a very high standard in keeping with historic location. With any Carob Mill restaurant, they always allow you to eat in great comfort. Many places can focus on the décor and not too much with what is being delivered to the table.

When the menus were passed to us, we were determined not to have the standard pizza order, instead opting for chicken penne which is served with chicken. The mushrooms and cream sauce dish was of an incredibly high standard The cream was not too heavy and my plate was not swamped with a huge portion which locally is often measured in quantity rather that quality. This was just the right size where you do not feel like you are going to need to sleep afterwards.

The venue has a great low-key ambience where you do not have to dress up or over dress, just roll up and eat the food. Of which you will leave happy and well fed. Well worth a visit if you are looking for a solid Italian meal in a fantastic environment.

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GC: HOMME MASSIMO DUTTI

BRAND: MASSIMO DUTTI NAME: Printed blue swimwear swimming trunks.

COST: 35.99 EUR

BRAND: MASSIMO DUTTI NAME: Printed swimming trunks COST: 35.99 EUR

BRAND: MASSIMO DUTTI NAME: Round sunglasses with metal bridge COST: 65.96 EUR

BRAND: MASSIMO DUTTI NAME: Canvas tote bag with leather details COST: 120 EUR

BRAND: MASSIMO DUTTI NAME: Cotton and linen tapered fit chino COST: 55.95 EUR

BRAND: MASSIMO DUTTI NAME: Short sleeved micronized cotton t-shirt COST: 25.99 EUR

BRAND: MASSIMO DUTTI NAME: Soft blue nappa leather deck shoe.

COST: 85.95 EUR

BRAND: MASSIMO DUTTI NAME: Pique 100% cotton polo shirt.

COST: 25.95 EUR

BRAND: MASSIMO DUTTI NAME: 100% linen stand up collar polo shirt COST: 35.95 EUR

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BRAND: MASSIMO DUTTI NAME: Slim fit striped 100% linen shirt COST: 45.95 EUR

ND: MASSIMO DUTTI ME: Slim fit striped 100% n shirt ST: 45.95 EUR

BRAND: MASSIMO DUTTI NAME: Regular fit cotton striped Oxford shirt COST: 45.99 EUR

GAME CHANGERS Issue #41

BRAND: MASSIMO DUTTI NAME: Split suede trainers with translucent soles COST: 85.99 EUR

BRAND: MASSIMO DUTTI NAME: Knit short sleeve striped t shirt.

COST: 35.95 EUR

GC: FEMME Dolce & Gabbana

BRAND: DOLCE & GABBANA NAME: Citrus print twill top COST: 695 EUR

BRAND: DOLCE & GABBANA NAME: Twill calf length skirt with mixed panels COST: 1.750 EUR

BRAND: DOLCE & GABBANA NAME: Printed canvas and wicker bucker bag COST: 1.650 EUR

BRAND: DOLCE & GABBANA NAME: Patent leather sandals COST: 550 EUR

BRAND: DOLCE & GABBANA NAME: Capri sunglasses COST: 250 EUR

BRAND: DOLCE & GABBANA NAME: Sleeveless silk and twill sweater with arancini print COST: 750 EUR

BRAND: DOLCE & GABBANA NAME: Arancini print silk and twill cardigan COST: 995 EUR

BRAND: DOLCE & GABBANA NAME: Crochet bucket hat with DG logo COST: 495 EUR

BRAND: DOLCE & GABBANA NAME: Mikado pants with ankle slits COST: 850 EUR

BRAND: DOLCE & GABBANA NAME: Patent leather mules with 3.5 heel COST: 895 EUR

BRAND: DOLCE & GABBANA NAME: Pasta print poplin calf length sundress COST: 1.750 EUR

BRAND: DOLCE & GABBANA NAME: Bracelet with colourful rhinestones and DG logo COST: 495 EUR GAME CHANGERS Issue #41

BRAND: DOLCE & GABBANA NAME: Portofino sneakers.

COST: 650 EUR

BRAND: DOLCE & GABBANA NAME: Straw kendra bag D&G logo COST: 1.350 EUR

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GC:SPORT FX CUBIC

FX CUBIC football tournament!

The inaugural FXCubic mini football tournament was held at the Wembley mini football pitches on June 3rd organized by industry leading tech company FX Cubic bringing together many of the leading brands in the local Limassol FX eco system.

The brains behind the event, Wassim Khateeb from FX Cubic commented “The idea of organizing a sports event that will bring FX professionals together was conceived in early 2020. Unfortunately, realizing such an idea in the midst of a pandemic was simply not possible! However, we are thrilled to finally be able to see the FXCubic mini-football tournament evolve from an idea into reality. We are hoping that this will be the first FXCubic mini-football tournament of many to follow.”

The winner of the ball-based battle of the brokerages was Sheer Markets, whose captain John Christofides happily commented after lifting the cup “Thank you FxCubic, and congrats on an amazing tournament bringing fintech companies together on and off the pitch.”

Great job FXCubic and looking forward to this becoming a yearly event.

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GAME CHANGERS Issue #41

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ISSUE #41

THE JOURNAL FOR INDUSTRY LEADERS

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