Global Banking & Finance - Global Banking & Finance Review November 2021

Issue 32

Climate Change Multiple solutions for the same goal: Leading the Fight against climate change Page 28

Putting Sustainability at the heart of investment strategy Page 32

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EDITORS LETTER

FROM THE

editor

Chairman and CEO Varun Sash Editor Wanda Rich email: wrich@gbafmag.com

Dear Readers’

Head of Distribution & Production Robert Mathew

Project Managers Megan Sash, Amanda Walker

Video Production and Journalist Phil Fothergill

I am pleased to present Issue 32 of Global Banking & Finance Review. For those of you that are reading us for the first time, welcome.

Graphic Designer Jessica Weisman-Pitts Client & Accounts Manager Chanel Roberts Business Consultants Rick Saikia, Monika Umakanth, Stefy Abraham, Business Analysts Samuel Joseph, Dave D’Costa Advertising Phone: +44 (0) 208 144 3511 marketing@gbafmag.com GBAF Publications, LTD Alpha House 100 Borough High Street London, SE1 1LB United Kingdom Global Banking & Finance Review is the trading name of GBAF Publications LTD Company Registration Number: 7403411 VAT Number: GB 112 5966 21 ISSN 2396-717X.

This issue is filled with exclusive insights from financial leaders across the globe.

In the race against the climate crisis, businesses are coming under increasing pressure to transition to green power supply. Many businesses are often unsure where to start with the transition. Take a look at some of the financial solutions available that help businesses begin the change on page 28.

As we approach the end of 2021, we take a look at the e-commerce trends we saw in 2021 and what we can expect to see in 2022 (page 12). Discover how the last 18 months have shaped adoption and use of accounting and financial software (page 20).

We strive to capture the latest news about the world's economy, financial events, and banking game changers from prominent leaders in the industry and public viewpoints with an intention to serve a holistic outlook. We have gone that extra mile to ensure we give you the best from the world of finance.

Send me your thoughts on how I can continue to improve and what you’d like to see in the future.

Enjoy!

The information contained in this publication has been obtained from sources the publishers believe to be correct. The publisher wishes to stress that the information contained herein may be subject to varying international, federal, state and/or local laws or regulations.

The purchaser or reader of this publication assumes all responsibility for the use of these materials and information. However, the publisher assumes no responsibility for errors, omissions, or contrary interpretations of the subject matter contained herein no legal liability can be accepted for any errors. No part of this publication may be reproduced without the prior consent of the publisher

Wanda Rich Editor

®

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Issue 32 | 03

CONTENTS

BANKING Why younger generations are demanding ethical banks and what this means for the growing Islamic finance market

24

Eelco-Jan Boonstra, Managing Director EMEA, Mambu

46

From laggard to leapfrog How CEC Bank made the digital leap with Low-Code Adela Weiner, CEO, Aurachain

BUSINESS

12

E-commerce trends of 2021 and predictions for 2022 Dave Keighron, Head of Innovation and Professor of Marketing, Strategy and Entrepreneurship, University Canada West

26

Why raising startups takes more than just money Jayne Chan, Head of StartmeupHK

28

Multiple solutions for the same goal: corporations leading the fight against climate change Zharin Atanasov-Lankes, Financial Solutions Manager, BayWa r.e. Power Solutions GmbH

40

A visionary founder is not the same as a growth minded leader James Burgess Andrew Jones, CEO, Agility in Mind

04 | Issue 32

6 Driving Women’s Entrepreneurial Talent – From Mining To Longan Amret Microfinance Institution Oeurn Samon, longan farmer and one of Amret’s many successful clients

CONTENTS

TECHNOLOGY

16

Combating Financial Crime In The (Post-Covid)

Digital Age: New tools for new battles

INVESTING

10

Investment apps: a new era of investing for Gen Z Hamzah Almasyabi, CEO, MintedTM

Idan Keret, Chief Customer Success Officer, ThetaRay

20

Education, Integration, Cloud Adoption and COVID: How the Last 18 Months Have Shaped Adoption and Use of Accounting and Financial Software Dan Well, Founder & CEO, GrowCFO Chris Tredwell, Enterprise Business Development Manager, Aqilla

Putting sustainability at the heart of investment strategy Iain Ramsay, Chief Investment Officer, AHR Private Wealth

32

36 Cybersecurity Is Not A One-Stop-Shop

Rob Hancock, Head of Platform, Giacom Kelvin Murray, Threat Researcher, Webroot

50 Why Process Automation is the

key to unlocking potential in the finance industry Xanthe Bennett, Head of Business Solutions, Expleo

FINANCE

42

To Give Away your Life Savings, Press One… Barry Tuffs, Sales and Marketing Director, Invosys

16

Simplifying data architecture within financial institutions Jon Payne, Manager – Sales Engineering, InterSystems

20 Why Process Automation is the

key to unlocking potential in the finance industry

FINTECH

48 FinTechs, it’s time to grow up

– don’t be put off by the food chain Ivan Zhiznevskiy, CEO, 3S Money

Xanthe Bennett, Head of Business Solutions, Expleo

Issue 32 | 05

Driving Women’s Entrepreneurial Talent – From Mining To Longan

Oeurn Samon, longan farmer and one of Amret’s many successful clients.

Coming from a struggling second-generation farming family with original roots bound to the business of traditional gemstone mining in Pailin Province, Ouern Samon shares her life journey of transformation, accomplishment and success with us.

Q1. Tell us about yourself Married with two children, I am 33 years old and own a longan farm and trading business in Pailin. Starting with just two hectares of farming land, I now own a 13-hectare longan plantation in my hometown that distributes up to 10 tonnes of fresh longan every week. I was born into a traditional gemstone mining family. Although my parents were struggling financially when I was growing up, they managed to provide adequately for us during the mining boom. However, it all changed drastically when my father passed away unexpectedly in 1999. And being a widowed single parent, my mother had to shoulder the sole responsibility of supporting a family with two young children. Years later with the gemstone mining industry in decline, our family’s financial situation deteriorated to the point that on some days my mother was unable to generate any income at all. This prompted her to turn to farming in order to supplement the family’s meagre income derived from mining work as I turned 15.

Although my mother’s venture into farming provided our family with an additional source of income, it did very little to make a big difference. It all improved and changed for the better financially for the family when I got married and started a longan business in 2010.

Q2. What inspired you to start the longan business and what were the challenges faced in getting it started?

It all started when longan cultivation became popular throughout the Pailin provincial region about 10 years ago.

Despite having no prior experience in growing longan or having any connection to the industry, I saw a great opportunity in the business as a local trader. Being anxious and worried at first about investing years of hard-earned savings in a business I was unfamiliar with, I eventually cast all my doubts aside with the encouragement and support of my husband and started the longan business in 2010.

Longan Fruit It was really tough going for us at the beginning. I had to reach out to local farmers, negotiate a fair price and come to a purchase agreement for longan supply in Pailin as soon the trees started blooming while my husband established a distribution network at Phsar Neak Meas in Phnom Penh at the same time. Furthermore, wholesalers that my husband initially approached were either reluctant to stock our products or demanded to be supplied on consignment basis with better profit margins. And while we did not make much profit at the beginning, we persevered with these bittersweet challenges that taught us invaluable lessons in our business journey. Over time, we succeeded in building a loyal base of wholesalers that gave us the breakthrough opportunity needed to expand our business further. Having established a stable source of income, I was able to invest in acquiring trucks to lower logistics cost and purchase land to start a plantation of our own with financial assistance from Amret. This has enabled us to fulfill our wholesale orders on a larger scale with supply volume of 10 tonnes or more every week and also to meet additional orders over the festive and wedding seasons. What we have learned over the years in business is that we have to be prepared for many unforeseen challenges that lie ahead. Challenges that may come in the form of price fluctuations, unstable market demand and even rough road conditions that contribute towards affecting the profitability and bottom line of the business.

Q3. As a businesswoman with a family, how do you balance your time while focusing on running a successful business?

Managing an agribusiness is very demanding and often tiring at times. I have to set aside some time for my family while at ensuring I spend sufficient hours to business operational matters. I have get up at the crack of dawn every day to coordinate groups of labourers – usually two to three groups – and transport them to various plantations within Pailin province. Once this task done, I have to travel back and forth to every plantation to check that the fruit picking process is performed correctly to ensure the fruits harvested fulfil the quality expectations of our wholesale customers and prevent our products from being rejected. After harvest collection, I have to coordinate the transportation of labourers back to the warehouse while organising food to be prepared in advance for them for the following day.

Preparing tasks for the next day ahead of time, allows me to create time for my family. Running an integrated longan plantation and trading company is truly challenging. With the right planning and commitment, achieving the goals I have set for my business becomes both simple and rewarding. And at the end of the day, the greatest joy for me is seeing the smile of my children as I return home. It gives me the satisfaction and energy to perform my work and get me going every day.

Q4. What is the greatest ordeal you have faced since establishing your business?

2020 has been the toughest year for my business. In the wake of the Covid-19 pandemic, demand for longan has been considerably lower in comparison to past years. Social distancing measures practiced throughout the country have restricted festive and wedding celebrations that have contributed to falling sales volume. In addition, declining orders from the international market in the aftermath of the pandemic has also disrupted our business significantly. And this is clearly reflected in the ordering trend of our wholesale customers where orders have become irregular rather than daily as in the past. Our biggest concern at present, is the recent slump in prices for longan that has been felt by producers throughout the year. This has also been compounded by the obligation of our company to continue purchasing longan harvested from farmers. To mitigate this crisis, my husband and I have set up a warehouse to process the harvested longans to enable us to keep them fresh for two to three more days while we seek assistance from our network of partners to penetrate into new markets in Thailand. However, Thai customers are more demanding, their requirement for quality is significantly higher than that of the domestic market, meaning that only a few farms can meet their quality expectations. The quality of products is very important consideration for international markets.

Q5. What is your advice to young women who wish to venture into business?

Like any other businesses, to reach success, one must be committed, resilient, and bold enough to make difficult decisions when needed. Looking back 10 years ago when I first started, if it were not for my boldness, decisiveness, and devotion, I would not have achieved what I have today. My advice to young women out there who dream of venturing into business is to never give up during the rough times. You must be willing to go the extra mile to achieve their goal. You must always love what you do and success will come knocking before you know it.

Like the saying goes, if you love what you do, you will succeed in life! I would like to take this opportunity to thank my husband and mother who has always been very supportive of me in every step of the way to assist and guide me through this rewarding journey. Finally, I wish all the Cambodian business women great success and Samnang La’or in their business venture.

INVESTING

Investment apps: a new era of investing for Gen Z Facing uncertain career prospects and the rising cost of living, it’s unsurprising that the younger generation are taking their financial security into their own hands, by investing. This tech-savvy group of individuals are switching their attention to the new investment apps hitting the market, promising a safer way to make money and save for the future.

The investment market has recently seen a rise in fintech companies that are offering smarter solutions for the everyday investor. With a particular focus on cryptocurrencies and precious metals, new app technologies are changing the way people manage their money by offering a safer and more accessible alternative. Research carried out by precious metals savings app, Minted, found that 71% of 16–24-year-olds are now investing their money. Although Gen Z were already notably savvy when it came to digital banking and saving, data shows that the pandemic played a significant role in the increasing financial interest amongst this demographic, with over 60% choosing to start saving

10 | Issue 32

more and over half to start investing.

Precious metals, stocks and shares, and cryptocurrencies amount to almost 60% of total investments for this age group, making it clear that they are not afraid of exploring differing investment options.

The pandemic left many with feelings of financial uncertainty, but particularly the younger generation, who are now facing uncertain career prospects and the rising cost of living. With the rise of ‘finfluencers’ – financial influencers - social media also had a role to play in increasing the number of young investors. Terms such as bitcoin and dogecoin regularly feature on trending pages and TikTok and Instagram reels offer a plethora of advice on how to get started with investing.

The rise of digital banks such as Monzo and Starling have also shown that technology is making anything possible in the world of personal finance. Gone are the days when a physical bank is needed to support investing habits and thanks to the abundance of fintech companies

entering the markets, smarter investing and banking solutions, such as app investing, are now readily available. Offering users low entry costs and starting amounts, young people can delve straight into building their investment portfolio using just their smartphone.

One of the companies on a mission to offer young people a safe and convenient route into investing is Minted. Investing should be a viable option for the everyday person and young people should be able to invest their money where is matters.

Whether they’re looking to boost their bank account or build an investment portfolio of precious metals and cryptocurrencies, investing should be made accessible to all.

However, with any form of investment, a certain amount of knowledge is essential. The financial landscape is ever-changing, and markets can be volatile, so proper research and education into investment routes is vital to mitigate against any potential risks.