Game Changers issue 43

Game Changers

PETRENKO POWER!

GC speaks exclusively with Dmitriy Petrenko from FXBO.

VIEW FROM THE TOP

Hello everyone,

I am writing this from my hotel room prior to the first FX expo of the year in Dubai, having spent the past week here visiting the new Breinrock office in the DIFC. Over the past couple of years, the FX eco system has become huge with the big players visibly making their name visible, via such things as the renaming of metro stations in their brands name.

This to me follows a theme for anyone who visits Dubai, where the Emirate just goes big on everything making sponsorship of a football team a thing of the past. When you see this, perhaps this will be the new global hub for online retail FX trading.

It is fantastic to have on the front cover of this issue, Dmitriy Petrenko the CEO of FX Back Office. Dmitriy and FXBO have been a long time supporter of GC, so it is great to not only have him on the front cover, but also learn some more about perhaps one of the best CRM’s out there.

Having worked with Dmitriy in my first retail FX job far too many years ago, it really is great to see him make such a great success of the FX Back Office brand.

As ever, thanks to everyone who contributed to another great fun issue to put together. If you have any suggestions for having your brand in an upcoming edition and in Dubai, feel free to message me via Linkedin.

Thanks

Paul ORFORD

EDITOR-IN-CHIEF

FiveComply

NAYIA XIARI

Global Head of Licensing and Compliance Support Department at FiveComply

2022 has come to an end; in terms of regulatory developments, one can say that the year was packed. FiveComply in this GameChangers issue, is here to share some useful tips on what could be the 2023 licensing and regulatory trends.

Q It is really great to have FiveComply here with us again! So how was 2022 for you?

Likewise! It is really great, ending this year together in this closing issue of GameChangers Magazine. 2022 was a milestone year for FiveComply; we have achieved quite a lot. For us, this was a year of great developments and expansion that of course, was the result of hard work, dedication and consistency.

Q We have seen that FiveComply has expanded a lot within 2022. Have your expectations been met?

Indeed, FiveComply has expanded a lot within 2022. We have managed to establish our presence in two additional jurisdictions. In Seychelles, with local offices and our approved Outsourced Compliance Officers by the Financial Services Authority (FSA) Seychelles and in Mauritius with the establishment of a local office. We have also enhanced our team of professionals in Cyprus, as our target is to offer the best possible service to our clients in the most efficient manner. If we backtrack to 2022, we can say that not only we have met our expectations, but in my opinion, we exceeded them.

Q Is there any specific reason that FiveComply decided to strategically focus on Seychelles, Mauritius and Cyprus?

Our choice of jurisdictions has not been randomly made, but is the result of years of experience in the regulatory scene and more specifically in the licensing sector. Our CEO, Gabriel Styllas, has been specialising in licensing for numerous years and has acquired licenses in over 15 jurisdictions, so he is well-aware of the peculiarities, benefits and disadvantages of various jurisdictions and he can easily make the comparison. Based on his experience, the ever-evolving regulations and developments, he decided along with our team to strategically focus in three jurisdictions that in terms of cost, time efficiency and flexibility outperform other jurisdictions. In addition, as we have been specialising for numerous years in the said jurisdictions, we are also in a position to know that particularly the specific offshore licenses i.e. Seychelles and Mauritius, address our customer’s wants and needs outside the EU.

Q In terms of licensing, are there any regulatory challenges that should be noted and how these might affect the regulatory scene?

What we have seen so far is that, licensing is becoming more complex in nowadays. Regulators introduce new requirements and become stricter. If one does not possess the experience and knowledge on how to approach and prepare an application, this might have adverse results for example, delay in acquiring the license, or even rejection of the application. In addition, we have seen that regulators introduce new requirements (e.g. fitness and propriety of shareholders/directors) and restrictions (e.g. cap on leverage); as a result, a license might become less popular or more popular according to the flexibility it offers. This makes of paramount importance the role of FiveComply, as we are able to guide the client and assist him to overcome the obstacles and regulatory challenges that are imposed and help him choose the right jurisdiction to set-up his brokerage and operate successfully.

Q Based on what you have seen in 2022, what developments do you expect in the regulatory scene of 2023?

We believe that the fact that Apple has decided to remove Metaquotes from its App store and the fact that Metaquotes decided to enhance its due diligence process in order to meet higher compliance standards and potentially be re-added into the App Store, will be a factor of paramount importance in the evolvement of the market and the developments of 2023. As a consequence, we expect that, Apple will be targeting other trading platform providers as well, with Metaquotes being only the starting point. As Metaquotes will now award rights to its platform only to regulated providers, we believe that applications will increase, as more brokers will need to shift to regulated jurisdictions in order to be able to use Metaquotes. This will apply mutatis mutandis to other platform providers as well.

The FTX collapse will also affect the global cryptoscene of 2023, with regulators and stakeholders considering this as a cautionary tale. Recently, ESMA has issued its November newsletter that includes its initial analysis on the FTX collapse and the implications that the latter will have in the European Union. ESMA made sure to emphasise the urgency to implement protections and rules around the crypto-assets market, so to achieve the protection of investors

and market participants and also raise its concerns about the fundamental risks involved in crypto-assets markets (e.g., market risk, liquidity and operational risks) which were also the basis of the rationale for the implementation of MiCA Regulation. Thus, we expect to see more crypto-exchanges to acquire licenses in reputable jurisdictions, as firstly, investors will be more cautious but also the global crypto-industry will be highly supervised, as it will be under the microscope for some time. In 2022, we have already seen the first CASP licenses to be submitted for approval under CySEC and the first crypto-license to be approved in Mauritius.

All things considered, we expect an increase in applications especially in offshore jurisdictions, as acquiring a license is becoming an issue of necessity rather than a reputational issue for brokers. Under the circumstances we expect that the applicants will face even stricter due diligence requirements by local regulators, whereas existing licensed entities will face increased ongoing regulatory requirements.

Q How does Apple’s decision to remove MetaQuotes from its App Store affect the forex brokers and the CFDs industry in general?

I believe this is just the beginning and more measures will follow by Apple that at the end of the day will require the non-regulated brokers in SVG, Marshall, Bermuda and other jurisdictions to proceed with proper licensing and substance, based on minimum regulatory organisational requirements. This is a result of a chain reaction, where the US and other local authorities put a lot of pressure on Apple for more thorough due diligence, then Apple in turn puts pressure to trading platform providers for enhanced due diligence measures and then unavoidably trading platform providers like MetaQuotes introduce additional due diligence requirements to online brokers.

In the long run, this will create a level playing field among online brokers and will enhance investors’ protection. However, in the short run, this creates uncertainty and confusion while some market participants are not ready to fully accommodate these drastic changes and sometimes use temporary solutions.

Eventually, only the properly licensed brokers will survive and will benefit from the demanding regulatory environment. The sooner they realise that they must get properly licensed, the more they will benefit in the long-term.

Q As a license expert, which type of licenses do you expect to be more popular during 2023?

As we are talking about trends here, allow me to say that CFD brokers can be defined as the ‘all-time classic’. We truly believe that the CFD industry will

continue to grow especially in the offshore part, as it has been proven over time that, this industry is more robust and cannot be easily affected by external factors, such as Covid-19. In addition, EMI / PSP licensing is becoming very popular and we expect increased demand, due to the fact that the industry needs more payment solutions. Conversely, we expect some hesitation in regards to the crypto-licensing scene, as the FTX collapse might negatively affect the decisiveness of potential investors.

Q What are FiveComply’s goals for 2023?

FiveComply intends to continue its steady but upward progression to expand its team and enhance its expertise in our three offices; Cyprus, Seychelles and Mauritius. Of course, this goal is directly connected with our utmost goal which is to perform and deliver the best results to our clients. We will have some more exciting news on FiveComply’s expansion, so please make sure that you follow us on Linkedin (www. linkedin.com/company/fivecomply/) to be updated on a constant basis on our plans but also for regulatory / compliance updates.

In addition, our goal is to continue maintaining strong relationships with regulators across the globe, especially in Cyprus, Seychelles and Mauritius, as we believe that our regular face-to-face meetings help in achieving better coordination and efficiency for applications but also compliance matters. We have also started discussing with more EMIs and PSPs in order to be able to offer more specialised solutions to our clients.

Lastly, we want to offer to our clients the possibility to meet us in person, so we try to travel on a regular basis across the world to meet with existing and potential clients. Actually, you can find us in a few days at the Dubai World Trade Centre Za’abeel Hall 6, where we will be exhibiting at iFXEXPO Dubai with Booth 21; there, you will have the chance to meet some of the key members of our team and discuss potential business opportunities, licensing options, group structuring / re-structuring and other compliance matters.

All in all, what this year has taught us is that, everything can change in the blink of an eye. Thus, our role as consultants, is to be pro-active and be constantly updated on all regulatory developments; this is the only way that we can assist our clients in making the best choices, based on their circumstances and operational model. Our priority throughout 2022 was our clients’ welfare, and this will continue to be the case for us in 2023, as this is part of our values and principles.

You can find more about us by contacting us on: Email: info@fivecomply.com Website: www.fivecomply.com

KATERINA ODER

B2B Sales & Marketing Representative at Panda Trading Systems

FX Industry Trends for 2023 and Beyond

With 2022 almost in the books. We thought it woud be a good idea to discuss some of the key trends that we at Panda see being a big part of online trading in 2023. The following insights are based on the requests we’ve been receiving, the priorities of the brokers we partner with, as well as conversations we’ve been having with industry participants at recent expos.

Q The Mobile Moment Following Apple’s MetaQuotes Ban

This, of course, is a perennial topic in our industry. Mobile has probably been on the top of most brokers’ respective agendas for the best part of a decade. Why is it still there? Well, the answer is simple, much of the industry has yet to make a convincing transition to mobile. The reasons? These may be a little more complex, but as we’ve repeatedly stated in the past, ad nauseum, it has a lot to do with the off-the-shelf mobile solution from MetaQuotes that many brokers in the industry had gravitated to, mostly for the sake of ease and convenience.

What’s different this time? Apple’s recent decision to remove MetaQuotes mobile apps from its app store seems to be forcing a change in the industry that it failed to make on its own. The signs were already there. We at Panda have repeatedly highlighted the weaknesses of that specific solution in the past (again probably ad nauseum!) from the difficulty brokers have in differentiating their brands, to the inability to have all of their services (registration, verification, funding, trading) available via mobile. But often businesses don’t make a change until some outside factor forces them to. This time it was bad actors giving the entire industry a bad name and forcing Apple to take action.

In the immediate aftermath of this decision, the brokers who chose to upgrade their mobile offerings with one of our solutions have found that they now have an advantage over those who haven’t. Our mobile solutions are not subject to this ban because they are fully branded apps belonging to the brokers who choose to implement them. At Panda, we’re seeing an influx of brokers now wanting to take their mobile offerings to the next level and we feel that this shakeup will be good for the industry and allow for more competitiveness and innovation among technology providers.

Q Simplified Trading Amidst Increasing Retail Appetites

The next trend we foresee being a big part of the industry, going forward, is simplified trading. There are a few very clear reasons for this. Firstly, ever since the pandemic (some would say even further back to the 2017 boom in crypto) trading has become a much more mainstream activity. With this increased attention on the retail end of the trading spectrum, has come a massive surge in appetites for trading among the general public.

This has naturally led to providers of these services coming face to face with one of the biggest limitations of the services they offer. Namely, that trading is a little too complex for most lay people. And so, you have a situation where there’s a mismatch between the number of potential clients who truly would like to get involved, and the number that brokers can actually meaningfully on-board and retain. Trading education is great. Explanatory articles and videos can help. But when you get down to it, most fully functioning trading platforms are a bit beyond the grasp of retail clients who are new to the world of trading.

This is why we at Panda have been flying the flag of simplified trading for quite some time now. It makes sense to have a scaled-down, simplified interface for your complete beginner traders. The effect it has is to keep them interested, and most importantly to give them the confidence to try making that first trade in a manner that the full versions of the platforms on offer don’t.

As already mentioned, the appetite for trading is already there, in a much bigger way than at any time in the past. The drop-offs now occur when complete newbs find themselves facing the overwhelming array of options and features that cause a significant portion of these potentially loyal clients to hit the pause button on their trading development. They promise themselves to come back when they’ve done some further research. Many of this group never do. This is why simplified trading is extremely important for brokers wanting to make the very most of all the incoming clients that their marketing initiatives have managed to convert.

Katerina Oder

B2B Sales & Marketing Representative at Panda Trading

At Panda we’ve had our own simplified trading solution on the market, Simplex, for some time now, and it has been a consistent source of volumes for the brokers that have made it available to their users. In many ways, it’s the same story as mobile. Brokers can often be unwilling to try new things when the road ahead is already mapped out for them. But in order to remain competitive, thinking outside of the box and making changes that others haven’t is key. Many crypto exchanges, that operate in a much more movefast-and-break-things manner, have recognized all of the above, and that’s why many of them were so quick to offer both “beginner” and “pro” versions of their respective trading platforms. We believe that this will also be one of the next mass moves for CFD brokers in the near furture.

Q Social Trading as an Engagement and Retention Tool

In some ways, social trading is an extension of simplified trading, the goal being to keep beginner traders engaged by providing the vital feedback to them that keeps them interested and excited about trading. Social trading goes about things in a slightly different way. Where simplified trading appeals to individuals who just need help with taking those important first steps, social trading is a solution that’s much more attractive to community-minded people, who enjoy the social element of any activity just as much, if not more, than the activity itself.

There’s a theme developing here, and it’s that in today’s crowded market, simply providing your customers with a platform and a bunch of assets to trade isn’t good enough. It may have been fine 10-20 years ago when the ability to trade over the Internet was so new. With so few brokers offering these services, you essentially had a captive audience back then.

Today, the potential market may have grown exponentially, but so too has the competition between different venues. Not just that, today you’re dealing with different demographics, and a world of very savvy digital consumers, so it’s paramount to ensure that you’re catering for specific segments as best you can.

The hardcore traders come with their own demands, and these will have a lot to do with the functionality of your main platform, the assets you offer, as well as the spreads and execution characteristics you should be able to guarantee. As we saw in the previous section, a certain contingent of beginners will require a simplified “leg-up” into the world of trading. And then there’s an entire demographic of social media die-hards who will naturally gravitate to the trading venue that can best replicate that social element for them that they receive from all the other thumbnails on their homescreen.

One of the main things we’ve been trying to get through to brokers in our industry, is that social trading isn’t just a niche that’s best left to a specific type of brokerage business. It represents a sizable chunk of the new registrations you’re probably already converting and failing to retain. The goal of a modern brokerage should be to target, convert, and retain as many of these different groups as possible. If you don’t, your competition will. Today, with very capable technology providers in the space (like.. Ahem.. Panda), it’s not as difficult as you might think to add social trading to the rest of the services you have on offer.

If you would like to discuss any of the topics raised in this article, as well as find out all the relevant products and services we have been working on, please don’t hesitate to get in touch.

3 Media Stars

BOJAN SKOKO

CEO Founder of 3 Media Stars

Q Hi Bojan, can you tell the readers the story behind you starting 3 Media Stars?

I’ve been working in numerous well-known companies where I’ve acquired a feel for what’s missing in today’s marketing field, and that is strategies that are painstakingly tailored to reach specific audiences. Since my wife also contains extensive experience in the marketing industry, we decided to set off a family business which is now operating globally due to effective and well thought out digital marketing.

Q What factors contribute to a marketing firm’s success?

We are very well aware of what we offer — from our top quality content writers, designers, SEO experts to effective ORM strategies and more, but one of the key aspects of our success is that we are actually very selective when it comes to taking on new clients. What I mean by this, is that one has to believe in what they promote in order for it to be successful.

Q You will be attending the iFX Expo in Dubai. Is it possible to give an assessment on a brand at a face to face meeting?

Absolutely, there are specific assessment questions that get to the heart of the matter, to be honest, we prefer face to face meetings, because we find it easier to comprehend the client’s vision which is the most important step towards successful and enduring partnerships.

Q What’s the key to building a thriving Fintech brand?

I would say ‘prominence’, successful SEO followed by online reputation management that persists, will ensure a clear path from the user’s device to the brands platform. Besides this, a brand awareness would be developed via social media marketing and the brand would become recognizable.

Q If most marketing agencies have the same goal, of placing their client at the top of google search, what distinguishes who ranks first?

That’s a good question, I suppose we all have the same end goal, however, what sets 3 Media Stars apart from the rest is that we are rigorous when it comes to recruiting. So far, our teams are made up of experts who have proven track records in the area of SEO and contain a deep knowledge of analyzing google search algorithm data, because Google’s search algorithm specifics change regularly so it takes continuous monitoring and research in order to maintain a competitive edge. Another significant factor is that its specifications are famously vague, so that necessitates additional audits and the ability to constantly optimize effectively.

Q How can you achieve a positive online reputation?

Not all negative feedback is always accurate, but it nevertheless damages a company’s reputation and therefore hinders its growth and success. What we specialize in is bringing the positive feedback to light in order to suppress the negative, for that we have a team of experts who create innovative and effective strategies, and what you will find happens is that people’s perception of the brand shifts to where we want it to, and pretty quickly the negative feedback becomes even hard to find, if at all.

DUBAI WELCOMES BREINROCK TO THE DIFC.

Global Neo Banking goliath Breinrock has announced another landmark in its journey, by opening an office in the prestigious location within the DIFC, Dubai. It has been a remarkable expansion for the Canadian regulated entity, adding to its global network of offices in Limassol, Toronto and London offering bespoke banking solutions.

Founder and CEO of Breinrock Zoran Radovanovic said “We first came to Dubai when Breinrock was a young brand a couple of years back. We could see that this region was going to play a pivotal role in our growth. Also, the local infrastructure in Dubai is breathtaking along with its incredible ability at welcoming and facilitating new business. One thing we witnessed first hand is the amazing can-do attitude to get things done. Moreover, after attending several expo’s in Dubai, it is only fitting that we have a solid presence for our clients to visit us to assist them in making them a more streamlined banking ecosystem”

For those looking to learn more about the region, the DIFC is the central financial hub in the Middle East, and is also home to world leading financial institutions acting as the bedrock in establishing the Emirate as a future world leading location to complement London and New York in the world of finance and banking.

Mr Radovanovic went further and stated “We only had one location in mind for our office which was within the DIFC. Breinrock is soon to become a world leading provider of payments, banking and transaction solutions, so it is only fitting that we are with other global leading financial institutions.Our goal has always been to improve the customer experience when they use Breinrock, and not to have it as another empty marketing slogan. Moreover, we are aiming to improve a client’s knowledge and understanding the complexities of how a transaction works. By imparting our knowledge to our clients, this also helps their brands enabling a more effective banking solution.”

Breinrocks rise to prominence has been based upon offering a consultative  approach to their clients, and welcomes both existing and prospective clients visiting any of their global offices. We pride ourselves on offering a solution to make your brand’s banking and payments eco system not only more efficient, but also reducing costs and time in your transactions.

You can book an appointment with one of our global banking consultants directly by the Breinrock website breinrock.com

Moneta VC

ADORAM GAASH & MEIRAV HAR-NOY Co-founders of Moneta VC

A.G.: Adoram is a serial investor and entrepreneur who brings vast knowledge and experience to Moneta.

Adoram started his career by co-founding 3 successful ICT startups, all of which had major exits. He went on to found and co-manage Stage One, a top quartile VC fund that created 7 exits, before moving to Silicon Valley where he worked as a Technology M&A Banker.

Adoram’s experience covers the full life cycle of a tech company; ideation, funding and growth. Notable names among the many successful exits that Adoram has contributed to, either as a member of the founding team or as an investor, include Radwiz, Octalica and Trivnet.

M.H.: Meirav brings to Moneta two decades of experience as an investor with some of the world’s leading VCs.

Meirav had pivotal roles in international investment funds such as Intel Capital, Apax Partners, and more recently served as CEO of Iris Ventures, a technology incubator that is supported by the Chief Scientist. Meirav’s most successful investments include Panaya, Storwize, Fiberxon and Aeroscout.

Meirav grew up in Silicon Valley until her senior year in high school, when she moved to Israel to join the IDF.

Meirav holds a BA in Economics and Political Science from Bar-Ilan University and an MBA from Ben Gurion University, with a major in corporate financing.

Q Can you outline your background prior to entering the world of Venture Capital?

M.H.: I began my career in the investment world as a Strategic Investment Manager at Intel Capital, the Corporate Venture Capital (CVC) arm of Intel Corporation. I immediately fell in love with the excitement of identifying potential in a young company and helping it to grow. Following my time at Intel, I joined Apax Partners, a global firm which has raised and managed approximately $60B to date. At the time of joining Apax Partners, the firm had a complete focus on Venture Capital before converting into Private Equity. I then took a position at Tamares Ventures, a

single family office with significant interests in real estate, technology, manufacturing, leisure and media before moving to a Government sponsored incubator where I gained significant hands-on experience mentoring and working alongside our portfolio companies. With an overview of the vastly different fields of investment, I always felt a pull towards Venture Capital. The thrill of experiencing an exit from a company that only had 2 employees and a concept when you met, is unparalleled.

A.G.: My entry into Venture Capital was not as direct as Meirav’s. I began my career in the trenches of operational companies. With a degree for Computer Engineering, and following a military career in 8200 (the elite technology unit of the Israel Defence Forces),, I started as a system-engineer and after a few years crossed the lines to Sales and Marketing at a NASDAQ listed Hi-Tech company. After a decade of engineering and marketing I felt prepared for the real challenge - building my own company. I led a startup from ideation all the way to an Exit in Silicon Valley; later I was deeply involved in 2 other startups who were very successful as well. The years working with these startups gave me a broad perspective that prepared me for my next career as a Venture Capitalist. As we know, markets can drop as well as rise, and my previous operational experience helps me to understand where and when to make cost cuttings and what other key decisions are needed in the portfolio in order to help them weather any storms.

Q What gave you the idea to form Moneta?

A.G.: We were looking for our investment thesis for a new fund for 2 years, so we decided to build a specialty fund and not a general purpose VC firm. We also knew that the next decade would belong to AI and Big Data, and our fields of interests were around these areas. Our opportunity came when the largest bank in Israel invited us to conduct a strategic research project on the expected impact of Fintech on incumbent banks. By the time we concluded this project, which took approximately one year, we had already fallen in love with the Fintech domain. We were very lucky to launch our first fund (with the bank becoming our largest investor) in 2015 which is the year that many people believe started the golden-age of Fintech globally.

A.G.: It really depends on the stage. Our seed stage funds are around $50m, and the later stage funds are around $100m each. It all depends on the average cheque size that the fund wishes to deploy into investments.

M.H.: We have expertise in multiple areas. Our main expertise is in the industry verticals that are our primary focus; fintech and insurtech. Because we understand the world of finance, credit, payments, core-banking, investment, insurance underwriting and claims, etc, we can speak to our portfolio teams in their language. We understand what they are trying to achieve, we understand the needs of the companies they are selling to and we understand the competitive landscape, so are able to advise our portfolio teams from a position of knowledge. Because we are so well established in the fintech and insurtech worlds, we can guide our teams and direct them to resources that they would not generally have access to.

A.G.: I agree with Meirav, but I would also add that we have vast experience and knowledge of Enterprise Software ventures. We know how to help with management team building, with GoToMarket plans, and we know and usually guide our portfolio teams towards fund raising in their next funding rounds. We always try to identify and address issues before they escalate and become harmful to the business.

M.H.: I don’t think there is one specific item that makes a great pitch; for me, a pitch has to hit a certain number of targets. For instance, we focus on ‘People First’, so the CEO and other members of the pitch team need to be impressive. They should have either a proven track record with previous startups, an impressive education, an outstanding military career - there needs to be something that makes them special. We also look at the interaction between the team members. If the CEO is passive in a meeting and is not the main speaker, they are likely to be passive in managing their team. If the conversation is stilted or the team talks over each other to get the point across, again, this will raise a flag with me. When I meet a company for a pitch meeting, I want to see a team that is relaxed and comfortable with each other, where conversation flows effortlessly and where each member of the team brings their own perspective of the same story. For me, the product offering is less important in the first meeting.

A.G.: If I am going to invest in a startup, I want to know that they are world experts in their field. I want to see that they have already identified who their competitors are, I want them to understand what is currently on the market and then explain to me how their product is different and why companies would stop using one product in preference to theirs. I want to know that they have a clear idea of the direction in which they are heading and an understanding of the pitfalls and issues that may be in their path. If they can prove to us that they have considered every pitfall, that builds the initial trust. Of course once we have confidence in the team, then we need to check the technology!

Q If there are any readers out there looking to make their own VC, how much capital do you require?

Q Are you an expert in the fields that you invest in, prior to the partnership?

Q A lot of people who read Game Changers have great ideas. What makes a great pitch?

Q Can you spot style over substance on a pitch??

M.H.: I’ve been working in Venture Capital for a very long time and I’ve seen and heard it all. You very quickly develop a sixth sense for something that is mainly hot air. Again, this is another area where understanding people is critical. Observing how the team responds to questions, whether they are answered calmly or whether there is a desperate need to push a certain point of view is telling. Remember, we know the markets in which we operate, so cannot be ‘sold’ on a product if we do not believe it will be adopted in those markets.

A.G.: I would add that we are experts in identifying buzz words and name dropping, etc., when used instead of cutting to the chase and discussing the product, vision and proposed execution in detail.

Q Is there a win/loss ratio you have to adhere to to stay sustainable?

A.G.: We believe that in the early-stage about 50% or more of our companies should be successful (raising at higher valuations and achieving an Exit)

Q When you invest in a new brand, what qualifies as a success in the first year of a partnership?

A.G.: During the first year we measure 2 things: operational efficiency which is the ability to execute within a pre-defined budget; GoToMarket which is the length of time it takes to book the first clients, and fund raising which is the ability to fund the startup in a further round.

Q When do you know is a good time to cut your losses on a project?

A.G.: When things are either not happening as planned or taking a lot more time than expected…

Q Do you have a hands on relationship with the brands you partner with, such as having your people in key roles?

M.H.: While we do have a hands-on relationship with our portfolio companies, we do not generally place members of our team into key roles in their teams. We are certainly available to assist with identifying recruitment needs and assisting in the search process, but we do not fully embed ourselves in our portfolio companies.

A.G.: I would add that, as part of our hands-on approach, we work with the portfolio team to understand their roadmap, what their development plans are going forward, and how they will achieve these

plans. Part of this also includes understanding future hiring needs. If we can identify these early on, we can assist our portfolio teams at the right time in the right way while still allowing them to run their companies autonomously.

Q Is part of VC also about mentoring how to run a functional organisation?

A.G.: That’s the difference between an average VC and an exceptional one. At Moneta, we believe in people first; it’s even there on our website homepage. You can develop the best technology that solves the world’s biggest challenges, but if you can’t convey that fact or scale your product, you will never succeed. Our added value is that we work closely with our portfolio companies on multiple levels to help them achieve their goals and ours. We are also entrenched in the fintech and insurtech community globally and have made significant introductions for our portfolio companies, whether that leads to further investment, identifying design partners, potential clients and even acting as a town crier to get their message across.

M.H.: In my opinion, mentoring is crucial, and it serves two purposes. Obviously, the most important principle is coaching and assisting our teams to help them achieve their targets, but no less importantly, it helps build a closer relationship. The closer the relationship we have with our portfolio companies, the more likely we are to be able to act as and when required to assist or adjust certain approaches. Our portfolio companies also know that we are always available to them whatever their needs.

Q Can individuals also invest in the entities you back via your brand?

A.G.: Unfortunately not.

Q Is there a way that people can invest in start ups without getting burnt?

M.H.: In Israel, there are Venture Capital firms that allow individuals to invest directly into their funds. Here individuals can benefit from investing in a VC that will meet hundreds of startups each year, of which only a handful will receive investment. An individual would never be able to carry out the due diligence required on that many companies themselves. Obviously, investors should carry out their own due diligence and check the firm’s track record both in times of economic uplift and downturn.

Q What’s the best way for people to contact you?

We can be contacted via our website at www.monetavc.com

GC: OPINION

What does Alex Jones & Gwenyth Paltrow have in common?

Many eons ago when I was studying A Level history I was always fascinated by the cult of personality, and what made large groups of people follow a charismatic leader, and how do you create a mass following.

Although not on the same level as Stalin and Hitler (at least not wanting to invade Poland anytime soon), I was reading this week about the supplements that both Jones and Paltrow sell to their huge cult-like followings. They are in fact the same product but just packaged differently.

With both groups holding diametrically opposed world views, it would be an interesting experiment to see if either group would purchase the same product from a brand with an opposing ideology.

Moreover, perhaps a solution for Jones to begin replaying his billion USD debt, would be to follow Gwyneth Paltrow and sell the controversial female genital scented candles that goop become synonymous with. Positioning it as protecting you from 5G, New World Order and Satan.

Kind of sums up late stage capitalism well..Same sh*t, different shovel!

Is this the ultimate guide to posting on social media?

I got sidetracked the other day staring aimlessly at my phone scrolling through the nonsense that is social media (for which I like to think I play a tiny but significant role.)

For some reason, I thought back to my old philosophy classes at university and remembered about Socrates and the ‘3 sieve test’, also how we had to spend the preceding week using it to see if it improved our life.

If you are not aware what it is, the story goes that Socrates was about to engage in conversation with an ancient Greek gossip regarding one of his students.

Before he could start his story, Socrates stopped him and asked him the following...

“Are you about to tell me it is true?”

“Are you going to tell me something good about my student?”

“Is what you want to tell me about my student going to be useful to me?”

Imagine if (and that is probably the largest if ever created by our species) this method was carried out

when we posted on Facebook, LinkedIn or perhaps was followed through in journalism using these three rules. Maybe there needs to be a drop down bar which complies with these 3 rules to get something posted.

We can assume that Socrates would not have been a fan of social media or journalism, with him not trusting the written word and relying on Plato and Xenophon to transcribe for him. So if there is anything wrong with his work, blame these two for not following sieve one.

If (I am using that galactic sized if again) legislators did pass this test for our online interactions using this method, I can guarantee this would be the biggest ever short in stock market history, with the value of social media brands collapsing in moments.

Below is an actual picture of ancient Greek social media. Historians agree that this was the first ever ‘pile on’ with Plato giving his views on changes to American laws regarding gun control.

See if you can use it and last longer than my 14 minutes, before I started arguing online about who has the best cat....best of luck!

Whist watching the England v USA match in the FIFA World Cup Qatar 2022, my mind moved other thoughts away from the bore fest my eyes were absorbing, served up by England’s number one technocrat Gareth Southgate.

After a second half that was worse than the first, I began to ask myself (and probably slurring to the others i was sat with after having had a couple of beers at this point) was a charismatic leader better to have, rather than someone who could be regarded as humble?

A study by the Harvard Business Review noted that of 105 small to medium sized companies who had a ‘humble’ leader performed better, with its top management more likely to collaborate and share information.

Moreover, it outlined that humility can be contagious within the group. The study went further and analyzed the performance of 161 teams which concluded that with a humble leader it gave the advantages of

allowing people to admit their mistakes without fear, along with their limitations. More importantly they were open to new ideas, advice and feedback to develop and improve the collective performance.

Perhaps we are going into a new era of rejecting fact free loud mouthed charismatics as global leaders. In favour of detail oriented introverts to steer us through many complex issues that will arise in the next couple of years.

Linking the managerial styles of small to medium size businesses and the performance and England may be a bit of a stretch, but you take what you can in the Southgate era.

If we play badly tomorrow, expect my post to be discussing ‘Why I agree with state backed capital punishment, as a reward for poor managerial performance of the England football team’.

Actually thinking about it. Having that policy may enhance our bid for hosting future world cups.

Does a charismatic leader help?

DMITRIY PETRENKO

Job Title

The CRM system that has it all … literally

FX Back Office’s forex CRM and back office software have it all. Their comprehensive suite of systems is the ultimate resource for international forex brokerages all over the world.

FX Back Office, a Cyprus-based developer of an industryleading forex CRM and back office system, are the brains behind one of the trading industry’s fastest rising forex CRMs. The CRM and its accompanying back office, client area, and partners’ area solutions, are the ultimate tools for international brokerages and their clients. FX Back Office currently works with more than 400 international clients, including companies from Europe, Asia, and Africa. With an impressive track record, the CRM has some of the best reliability numbers in the industry and when something does go wrong, the company offers 24/7 customer support.

Around the world, forex brokerages are facing stiff competition.

As the industry is becoming increasingly regulated, there’s a need for robust reporting mechanisms, and increasing numbers of regulated firms from all over the world are competing for business and clients. Alongside this, brokerages are facing challenges when it comes to attracting, and then retaining, top level traders. Retention has never been more challenging, or more vital, than at present.

This is where FX Back Office’s CRM comes in.

CEO and Co-Founder, Dmitriy Petrenko said of his company, “We’ve created, and continue to develop, an entire ecosystem for traders around the world. Every business’s needs are different, and we work closely with our clients to create bespoke, tailored systems that address they way they do business. I’m proud to say that we’ve built a company that embraces innovation and freethinking. We’re all about services and our product, and we welcome anyone who can help drive us forward. We’re committed to creating a great office environment while developing industry-leading products and services.”

Robust reporting tools

FX Back Office’s internal reporting tools, including automatic report generation, can be set up with just a few clicks. Reports can be fully customized and sent to email addresses of your choice on a regular, recurring basis. All this means that you’ll be able to understand your business like never before, generating detailed custom reports at

will. In terms of external reports, FX Back Office’s forex CRM was designed from the ground up to be fully CySEC compliant; as a result, all the reports required by the regulatory body can be generated quickly and easily. All reports can be fully tailored to a specific brokerage’s needs.

Third-party software integration

FX Back Office’s forex CRM is fully integrated with a range of leading trading platforms, including MetaTrader 4 and 5 and cTrader. This means that there’s no need to leave the CRM in order to trade, saving time and therefore money. FX Back Office continues to expand its offering and recently added the visually immersive MetaConnect and DXtrade platforms to its offerings.

Alongside trading platforms, the CRM can be integrated with world class VoIP platforms and KYC/AML systems such as those offered by Shufti Pro and Sumsub. The end result is an ecosystem that is self-contained and powerful, allowing teams to get with their jobs from within the CRM itself.

Ever more PSPs

Payment service providers (PSPs) are proliferating across the globe and

FX Back Office’s forex CRM continues to expand its range of integrations. According to the company, their CRM now offers integration with 150 PSPS from around the world, making it truly international and able to offer secure, regulated payments on an increasingly global basis.

Partners Area

FX Back Office’s Partners Area offers introducing brokers (IBs) and affiliates the tools they need to grow their business, including customizable marketing materials, detailed reports and the ability to request deposits and withdrawals. It’s the ultimate tool to help IBs and affiliates understand their business and to drive growth. It’s specifically designed to help brokers establish long-lasting partnerships and to maintain and grow a thriving business.

CMO Christina Iracleous said, ““We’re convinced that we have one of the best products in the market. Marketing a forex business, and supporting your existing clients is incredibly challenging these days. Our clients can automate and target email campaigns to both existing clients and prospects, link to landing pages and more to help promote their business. Our products and services continue to evolve, for example we recently launched our tiered loyalty program and we’re sure that brokers and traders alike will see its benefits.”

Loyalty program

As mentioned at the start, brokerages are facing ever more competition from firms around the world and the need to keep clients happy is intense. FX Back Office’s tiered loyalty program offers brokerages the ability to create a scaling, volume-based rewards program. The more traders trade, the more rewards they gain. They’ll also progress through the tiers, earning greater rewards at every step. The system can be customized with the brokerage’s colors and each tier can be renamed, creating a unique experience, all of which will incentivize traders and create a bond between the brokerage and the trader.

Fully customizable

Finally, almost every element of FX Back Office’s forex CRM can be fully customized, from the reports it generates, to the Client Cabinet, to the aforementioned loyalty program, almost everything can be tweaked to meet their clients’ needs. FX Back Office’s forex CRM might just be the best CRM of its type in the industry.

Dmitriy Petrenko Co-Founder at Fx Back OfficeSystems

PSP Angels

VIKTORIA SOLTESZ

Founder of PSP Angels

The current payment landscape for offshore licenced operators

A few years ago offshore was the absolute favourite when it came to financial, gambling or forex operarions as local lawyers offered an easy, cheap and legal alternative to target clients in multiple jurisdictions. Even Warren Buffet used this amazing loophole in the regulatory system, which allowed companies to pay lower taxes and run the operation on a much lower cost - while still being legal and compliant.

Today, as we know, the tables have turned and more and more countries request a special local licence to target their citizens. It’s easy to understand why why: the offshore companies taking home the chunky tax free profits while the country’s own economy needs to fiance the players’ or investors’ bad decisions and financial downturns.

There are still a handful of jurisdictions what we can target with our offshore licence legally, however many established payment providers would not touch such traffic, many times for reputational reasons.

So how can we keep balancing on this thin thread of grey area and make sure that we have the safest and cheapest payment providers?

PSP Angels’ top tips:

• Hold onto your current provider

If your current payment provider has not closed you down and is still willing to work with you thanks to the long years of trust and understanding: stick to them. The market is full with new payment service providers, however it is very hard to establish if they are bringing on the table what they promise.

• High risk mean high risk for you too

Established payment providers dropping offshore traffic first. Unfortunately, processing payments for an offshore entity became high risk itself, so you have to also do your full due diligence on your new providers. Most probably you are talking to their sales staff whos job is to promise you good fees and perfect conversion rate. But always askyour payment consultant if it is indeed the case and there are no problems with the processing for other, similar verticals.

Think about it: if a new payment provider on the market is taking high risk, they might on board someone who can ruin the processing for the whole pool. You better keep your eyes open and evaluate the risk for yourself.

• Forget cards

While many countries still think of cards when it comes to paying on a website, the emerging markets - which are the most likely to still accept your offshore licence – are mainly operating on alternative payment methods. This is good news for us as in this way we can avoid the pricy and strict rules of Visa or MasterCard.

With all those new technologies, such as open banking, local payment methods, mobile payments, top up cards and vouchers, we have a vast selection of alternative payment methods.

• Motivate your clients to deposit as you want them to Never underestimate the greed of your clients. We have a lot of marketing opportunity to motivate and educate our clients about new payment method by offering larger bonuses and other perks towards our preferred payment methods. If they need to put an extra effort to familiarise themselves with a new payment method, make it fun for them. People can do a lot in order to get that extra spin or a chunkier bonus.

• Have a good payment consultant

Unfortunately its very hard to find an independent payment professional in this industry who not only understands the ever changing high risk payment market inside out, but also opens special doors through their personal connections which might not be available otherwise for your company. You either hire a top professional who will charge an arm and a leg (and perhaps select providers based on how much commission they give back to him), or you are down to do the legwork on your own.

How can PSP Angels help

PSP Angels is the leading high risk payment consulting firm in the industry. We screen the payment market regularly, to give our clients an accurate picture about all the different payment processing and banking options. We find out who accepts what type of businesses and what fees are offered. We understand the requirements, risk appetite and risk, so our clients can make an informative decision about their possible options. Within our personalized payment consulting services, we set up an overall payment plan, help to move funds between countries, reduce real banking and payment risks, re-negotiate our client’s current fees to match the lower market rates, optimize tax and cash flow, and assist with the overall payment/banking setup.

Viktoria Soltesz

Founder of PSP Angels

MT Proxy

KENT

RIBOE

Author of Common Sense Leadership ( link to book, kentriboe.com/amazon )

There’s no denying it. The Covid-19 pandemic has forever changed the way we work, and the way we run our companies. Now that our teams are operating more freely, they’re starting to rethink the value of what they do, and the impact that it has on their personal lives. And as leaders, we’re learning to respond to our teams’ needs, by offering them more flexibility and a better work-life balance. But like any manager, I often wonder, can we do more?

As we transition away from the panicked work-fromhome models of the pandemic, and towards new, more permanent working arrangements, it’s time to take another look at how we lead, and how we can better support our remote workers. Here are a few gentle suggestions to help you navigate this new era of leadership and remote management.

Understand the importance of soft values:

Soft values are the personal qualities and characteristics that can influence how people interact with others. As a manager, you may already have a great relationship with your team. But it can be difficult to maintain those connections when everyone is working remotely. As a leader, it’s important to motivate your team and help ensure their overall wellbeing. It’s also important to show empathy, emotional intelligence, and authenticity when interacting with them individually. Aim to check in with your team daily, even if it’s just to say a quick hello, and try to encourage them to support each other as well.

Practise active listening in meetings:

This means paying attention to what others are saying, showing interest in their ideas, and responding thoughtfully. As a manager, you may find it easy to work remotely. But there may also be times when your team finds it difficult, or even impossible, to get things done. As a leader, it’s your responsibility to reach out to your team and try to better understand their needs. By actively listening to your colleagues, you can try to see things from their perspective, to build strong working relationships, and to overcome problems together.

Communicate clearly and effectively:

Clear communication is essential for building trust

and collaboration within a team. As a manager, you may already feel confident in your ability to delegate, oversee projects, and meet performance targets. But as a leader, it’s important to also communicate your expectations and ensure that your team has the resources they need to meet your goals. If you’re open and transparent with your colleagues, you may find that they also feel more comfortable communicating with you, and you can work together to achieve the best possible results.

Show appreciation and recognition:

Remote working has blurred the lines between our personal and professional lives. Many people now find themselves working even more overtime. The result? Burnout. As a manager, you can optimise workloads and encourage your team to maintain a good worklife balance. As a leader, you can always show your appreciation to someone who goes the extra mile. Recognizing and valuing the contributions of your team members can go a long way in building morale and motivation. Make sure to thank your colleagues for their hard work and let them know that their efforts are valued.

Be open to feedback and learning:

We’re all learning new ways of working - including managers. If you’re heading up a team, it’s important that you’re open to learning and improving. And as a leader, it helps to take on board any constructive criticism that comes your way. Encourage your team members to share their feedback and ideas, and be willing to listen and consider their perspectives. It will help you keep things running smoothly in the long run.

Practise empathy and emotional intelligence:

For some, remote working can lead to feelings of loneliness and isolation. In fact, there are many people who prefer the social side of being in an office, but who need to work from home for practical reasons. As a manager, you can help your remote workers get more enjoyment out of their work situation. And as a leader, you can show that you empathise with your team and respect their emotional needs, and in turn, you can create a positive and supportive work environment.

Always lead by example:

As a leader, your actions and behaviour set the tone for your team. Make sure to model the values and behaviour you expect from your team members, and to be a role model for positive and respectful interactions. As a manager, you can lead the way by setting targets, outlining projects, setting deadlines, and delivering your own work to a high standard. You can create opportunities for your team to improve their own performance - by giving them the tools they need to communicate, share ideas, and collaborate effectively.

Remote leadership certainly has its challenges but, with the right approach, it can be an enriching experience for both managers and their teams. And if we continue to show our teams not only flexibility - but also open communication, meaningful recognition, and trust - then we can help them build the kind of careers they truly want.

Kent Riboe

Managing Partner at MT Proxy

Game Changers Magazine Lifestyle

GC: EAT

Le Bordeaux Restaurant

The week before Christmas I was invited to discuss a new project which will no doubt will revolutionize the internet as we know it, improve our lives immeasurably and after quite possibly realign the universe. However, to achieve this I had to eat in a French restaurant, and I will be straight with you I have never been to a French restaurant in my long existence. French always seemed to be way down on my list as it never seemed like a home delivery dish. Moreover, how many French people had I met in Limassol. Not too many, hence my reticence in it being a perhaps a bad interpretation of French cuisine.

Don’t get me wrong, I have eaten a lot of cutting edge French food such as a bacon and fried egg baguette, Croissant (plain and/or chocolate filling) and when I was a mere slip of a lad I used to enjoy drinking the small bottles of Kronenbourg beer achieving a status that I am reliably informed the French call Le Hardcore. So based on my extensive French food resume, you can see that I am well versed in the finer foods that Paris can offer, and was a blank canvas waiting to be painted like a Matisse masterpiece.

278 Agia Andreou, 3035. Limassol

The front of the restaurant is incredibly well designed incorporating its traditional old style Cypriot façade, along with the interior being classic French minimalism. It was really nice to be in a place where I am not visually bombarded, with what you can normally expect consisting of faux French black and white images, road signs telling the distance to Paris, and an old bicycle precariously screwed to the wall. What is it with international French / Benelux eateries. Has this been secretly agreed in Gitane filled rooms to represent the official French speaking world. Maybe the clientele are full of people who are lost and need to ride an old bike all the way to La Rochelle...who knows.

The service was first rate with plenty of space between tables to eat, along with a great ambience to the venue. Thankfully we were given a menu that was not intimidating in the slightest. I think what also held me back previously was that I had always envisioned a French restaurant menu to be a complex beast. One where I struggle to translate and end up eating a wheel of cheese for my main course, and pretending this is what i wanted.

We chose the beef bourguignon and oil feed chicken breast for main, along with goat cheese and pear salad. The salad sounds like a peculiar mix, however it works very well on the palate. We accompanied this with a fantastic glass of red each, which is kind of unusual for me as I am not a big wine drinker.  I didn’t accept the second glass (as fantastic as the first was), for fear of embracing the true spirit of vive la difference, and adopting the care free lifestyle to that of a Satre or Montesquieu. With this in mind I decided to bring back my English uptight attitude as I drew a line in the metaphorical sand ,making a silent agreement with myself that I would not become one of them peculiar English people who suddenly start to over compensate in their actions when they have experienced a new foreign restaurant / experience.

For some peculiar reason, as a species we become first class graduates of the Steve Maclaren language school (type into you tube Steve McLaren’s Dutch accent if you don’t know) which I think is as a result of

years of emotional repression and only eating sliced white bread. By the time the desert menu comes out, we begin to act in a way that is counter to our normal actions, developing extravagant French hand gestures and affectations, along with seeing why it is quite reasonable to go on strike in the workplace... all because of my new found love for camembert. Who would have thought.

The food was perfectly arranged on the plate, and really was spectacular to taste. It didn’t come served with the feared side dish of Parisian arrogance, just two very well executed dishes that will definitely deserve a return trip in the near future. Also the price which you think would match eating in a tourist location on the Champs Elysée, far from it. Considerably under 80 EUR for two people, which for its quality of food and drink along with the great service and venue really is c’est magnifique!

You might want to also give this place a shot in the summer as it has a fantastic courtyard, and from what I could see was a small Tapas bar which looks very relaxed. No doubt we will revue that in a future edition.

Le Bordeaux....tres bonne!

GC: GOING OUT

LIMASSOL The Nags Head Pub

Whilst we have been producing GC043 the World Cup has come and gone, so what better place to review than the Nags Head after paying several visits here to watch England’s inevitable march to quarter final mediocrity. I used to kind of avoid sports bars as I always associated them with American beer, chicken wings menu and sports I never cared about. However, the Nags Head is different.

If you have not been before, the Nags Head is in Germasogeia which has been one of the few bars who have survived the transition from the era of 1990’s heyday of Limassol mass tourism, to evolving into a modern city and moving with the times and needs of its clientele.  Although it mainly focuses on football, of which they do incredibly well, you are very well looked after with more TV’s than a Sony factory in the main bar. Moreover, you can also sit in the new pool room where you can grab one of the huge tables if you have a big party of people and many platters to devour.

Although it proudly claims to be beer, burgers and sport (again which it does incredibly well) the menu is more diverse than you would expect. As an experienced pub enthusiast I was surprised to see such dishes as chicken mango on the menu.  (Fillet, mango, ragulla, pineapple mixed greens, walnuts, parmesan flakes and green apple. Which is also served with a light apple dressing.) Now to me that is not what your regular dish that you would get in a standard British sports bar, by aiming to make those who may not sit in the easy sweet spot client of beer and football welcome.

If you are eating there and are not a big sports fan, the crowd is not boisterous so you can enjoy your food without the usual aggro that can go with eating in some sports bars where it can get a little intimidating for some. The Nags Head is without doubt a very family friendly establishment that welcomes all.

They have kept good pub orthodoxies of very fast service with the drinks and enough space where you don’t feel like you are sitting on top of each other. And One minor thing that always gets a solid recommendation from me, is that they always give you the bill quickly. In too many places you are left sat around waiting to get out of there. This sounds like a small thing, but is a big thing if you have kids or have to be somewhere else this can be as important as getting your drink.

Well worth a visit for any sporting event, alternatively you just want a Sunday roast dinner you will walk away with a full stomach and being incredibly content.

GC would strongly advise always booking ahead as the venue can get rammed for even the most random sporting event.

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GC: HOMME

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GC: CHARITY

As the human population can accurately be described as cat or dog people, we couldn’t decide which charity to feature in this edition so we chose two fantastic local sanctuaries.

Both Malcolm’s Cat Protection Sanctuary and Sirius Dog Sanctuary provide a huge amounts of support to those who are abandoned or mistreated, and in many cases finding them a loving home to spend the rest of their life in.

You can make a donation to help with the great work they do, by contributing food to the shelters, or by purchasing some of their merchandise which covers the huge expenses of running these great causes.

Malcolm’s and Sirius are great places to bring your kids to engage with the animals. This really helps in developing a healthy relationship with animals from a young age.

Always get a dog or cat from a shelter rather than a breeder!