ISSUE: 159/19
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In this issue: News, Reviews & Business Views Motoring: Aston Martin DBS Superleggera Volante Gadgets & Gizmos Travel: Arrecife
What's next for cryptocurrency? THE DIGITAL ASSET BREAKING DOWN BARRIERS AND CREATING A WORLD FULL OF OPPORTUNITIES In Conversation: Alpa Bhakta CEO, Butterfield Mortgages
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Contents In this issue... NEWS 4 IN CONVERSATION: Alpa Bhakta, CEO, Butterfield Mortgages 8 BUSINESS FEATURES
16 Welcome... In this edition, Kyle Ferguson of Fraedom uses research to detail the growing importance for banks to personalise their approach in targeting the SME market. He explores why banks must develop their consumer-focused offering for SME business customers. He also provides insight into exactly what SME customers are currently demanding from banks as well as examining ways this will change in the future and how banks will begin to address the issue. Rhiannon Cambrook-Woods from Lysander Law provides an overview and analysis of how new technologies are being innovated to tackle fraudulent crimes and how criminals are attempting to stay ahead by utilising other new technologies. She also dwells into how fraud is fought differently by authorities across the world that have differing levels of technologies and preventative measures. Riveting read. Amy C. Edmondson of Harvard Business School draws on 20 years of research and field work to shed light on the crucial workplace factor of psychological safety: what it is (and isn’t); how it affects employee performance in wide-ranging organisations at every level, from the factory floor to the C-suite; and what business leaders need to do to build it and get it back when it is lost. Businesses could certainly do well to bear the study’s suggestion in mind when it comes to employee well-being, which would surely have a direct impact on the staff as well as the company’s economic performance. Enjoy. Isaac Hamza - Editor
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What's next for cryptocurrency
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The art of good communication
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Addressing the balance
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Looking ahead
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A tailored approach
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At the cutting edge of crime
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Open banking
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The fearless organisation
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The cash crop
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Legaltech is heating up
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100 LEADING LAW FIRMS
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TOP 50 GLOBAL LAW EXPERTS 2018
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LIFESTYLE City – Arrecife
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Hotel – Villa Vik
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Adventure – Timanfaya National Park
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Gadgets & Gizmos
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Motoring – Aston Martin DBS Superleggera Volante
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Profile – Alastair Lukies
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GLOBAL NEWS
Intercontinental News
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UNITED STATES
AUSTRALIA
Amazon leads $575M financing round in Deliveroo
RBA cuts Australia interest rates to record 1.25%
Amazon is leading a new $575million Series G preferred shares funding round in Deliveroo, a British online food delivery company. The new investment will take the total Deliveroo has raised to date to $1.53billion. Amazon’s cash injection would be alongside existing investors T. Rowe Price, Fidelity Management and Research Company, and Greenoaks. The new investment will contribute to growing Deliveroo's engineering team based in its London headquarters, creating more high-skilled jobs and building on London's growing reputation as a tech hub. It would also help expand Deliveroo's delivery reach in order to continue offering its service to new customers. This would be in addition to enabling new innovations in the food sector, for example through deliveryonly super kitchens "Editions", as well as new formats that will help restaurants expand to new areas at a lower cost and lower risk, bringing more choice to local neighbourhoods. Also on the cards would be development of new products for customers to offer a more personalised experience, increased support for restaurant partners, and new tools to offer riders flexible and well-paid work. Will Shu, founder and CEO of Deliveroo, said: "This new investment will help Deliveroo to grow and to offer customers even more choice, tailored to their personal tastes, offer restaurants greater opportunities to grow and expand their businesses, and to create more flexible, well-paid work for riders. "Amazon has been an inspiration to me personally and to the company, and we look forward to working with such a customerobsessed organisation. "This is great news for the tech and restaurant sectors, and it will help to create jobs in all of the countries in which we operate." Doug Gurr, country manager for UK, Amazon, said: "We are impressed with Deliveroo's approach, and their dedication to providing customers with an ever increasing selection of great restaurants along with convenient delivery options. "Will and his team have built an innovative technology and service, and we are excited to see what they do next."
The Reserve Bank of Australia (RBA), the country's central bank and banknote issuing authority, decided to lower the cash rate by 25 basis points to 1.25 per cent. It took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target. Global financial conditions remain accommodative. Long-term bond yields and risk premiums are low. In Australia, long-term bond yields are at historically low levels. Bank funding costs have also declined further, with money-market spreads having fully reversed the increases that took place last year. The Australian dollar has depreciated a little over the past few months and is at the low end of its narrow range of recent times. The central scenario remains for the Australian economy to grow by around 2¾ per cent in 2019 and 2020. This outlook is supported by increased investment in infrastructure and a pick-up in activity in the resources sector, partly in response to an increase in the prices of Australia's exports. The main domestic uncertainty continues to be the outlook for household consumption, which is being affected by a protracted period of low income growth and declining housing prices. Some pick-up in growth in household disposable income is expected and this should support consumption. Employment growth has been strong over the past year, labour force participation has been increasing, the vacancy rate remains high and there are reports of skills shortages in some areas. Despite these developments, there has been little further inroads into the spare capacity in the labour market of late. The unemployment rate had been steady at around five per cent for some months, but
ticked up to 5.2 per cent in April. The strong employment growth over the past year or so has led to a pick-up in wages growth in the private sector, although overall wages growth remains low. A further gradual lift in wages growth is expected and this would be a welcome development. Taken together, these labour market outcomes suggest that the Australian economy can sustain a lower rate of unemployment. The recent inflation outcomes have been lower than expected and suggest subdued inflationary pressures across much of the economy. Inflation is still however anticipated to pick up, and will be boosted in the June quarter by increases in petrol prices. The central scenario remains for underlying inflation to be 1¾ per cent this year, 2 per cent in 2020 and a little higher after that. The adjustment in established housing markets is continuing, after the earlier large run-up in prices in some cities. Conditions remain soft, although in some markets the rate of price decline has slowed and auction clearance rates have increased. Growth in housing credit has also stabilised recently. Credit conditions have been tightened and the demand for credit by investors has been subdued for some time. Mortgage rates remain low and there is strong competition for borrowers of high credit quality. RBA's decision to lower the cash rate will help make further inroads into the spare capacity in the economy. It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target. The Board will continue to monitor developments in the labour market closely and adjust monetary policy to support sustainable growth in the economy and the achievement of the inflation target over time.
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GLOBAL NEWS
UNITED KINGDOM
Firms under the spotlight as a result of SRA investigation A review by the Solicitors Despite repeated warnings Regulation Authority (SRA) has over the need to comply, the shown that a number of law SRA found that more than a third firms are not doing enough to of firms reviewed did not meet prevent money laundering and the the standards expected when it ramifications look set to be felt far came to their risk assessment and wide as the regulator steps up procedures, while, likely to cause efforts to stamp out the problem. even more concern, four had no Almost half of those under risk assessment at all. Paul Philip, CEO, SRA scrutiny due to concerns over There were also found to be potential breaches could face disciplinary issues around appropriate customer due proceedings after alleged failures were diligence, including inadequate processes exposed, with this being just the tip of the in the way that many of those assessed and iceberg as more work of a similar ilk is to follow. managed risks around Politically Exposed During the review process, which is the first Persons (PEPs). In addition to this, it has also of three of its kind, 59 firms that provide trust been discovered that 15 firms had turned and company services – seen as a particular down work following due diligence. area of risk – were used as a sample and With Paul Philip, CEO, SRA warning of put under the spotlight, with 26 of those now the need for substantial improvement and having their practices further examined. adding that ‘strong action’ will be taken if While it is important to note that the there are considerable concerns that a firm review did not find evidence of actual money could be enabling money laundering, the laundering or that the organisations included time for action is now. had any intention of becoming involved Analysing the situation, and likely in criminal activities, breaches of the 2017 developments, Amy Bell, a compliance Money Laundering Regulations, concerning consultant and legal industry advisor to a number of areas, were flagged, as well as encompass, a provider of intelligently poor training and processes. automated Know Your Customer (KYC) One of the biggest causes of concern solutions said: “It is important to remember was firms’ risk assessments and how these that this is only the first piece of work, with are carried out. An integral part of a robust more to come. The fact that the SRA have and effective Anti-Money Laundering (AML) issued the warning notice in relation to risk compliance programme, a risk assessment assessments based on a small selection is required in legislation and should be key to of firms shows the level of inadequacy that tackling money laundering and ensuring the is evident and that this is a situation that issue is given the attention it requires. requires urgent attention.” JAPAN
Toshiba Memory Holdings to implement 1.2T Yen financing through preferred stock and loans Global memory solutions provider Toshiba Memory Holdings Corporation has created an agreement with Sumitomo Mitsui Banking Corporation, MUFG Bank, and Mizuho Bank, (hereinafter: main financial banks), to take on 900billion yen in new loans and an additional commitment line of 100billion yen, aiming to further strengthen the company’s business base and capital structure. The board of directors also decided to issue 300billion yen worth of non-convertible-bondtype preferred stock as a third-party allotment to Development Bank of Japan, bringing the
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total amount of new financing to 1.2trillion yen. Both financing initiatives are scheduled to be implemented by the end of June. The new financing will be used to refinance loans totalling of 600billion yen from its main financial banks for the acquisition of Toshiba Memory Corporation last June by KK Pangea, a special-purpose company formed by a consortium led by Bain Capital Private Equity. The company will also reorganise its capital structure through moves including early redemption of existing non-convertiblebond-type preferred stock.
Appointments KIMBERLY A. REED
Kimberly A. Reed has been confirmed as president and chairman of the board of directors of the Export-Import Bank of the United States (EXIM) with a term expiring in January 2021. Previously, Reed served in the US Department of the Treasury, where she headed the Community Development Financial Institutions Fund that provides tax credits and financing to institutions investing in economically distressed communities.
JEFFREY PATTERSON
Jeffrey R. Patterson has been elected as managing partner at Allen Matkins, a California-based full service real estate and business law firm, effective 1 July, 2019. He is only the third managing partner since the firm's founding in 1977. Having begun his career at Allen Matkins in 1986 in its Orange County office, Patterson moved to the San Diego office in 1990, and for the majority of his career practiced as a business litigator, bankruptcy and creditors' rights attorney. He is consistently named to Super Lawyers and Best Lawyers in America.
ZAHIDA MANZOOR
Zahida Manzoor has been appointed chair of Britain’s Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury. Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Manzoor was appointed to the House of Lords in 2013, where she served as House of Lords Government Whip and Minister between March 2018 and May 2019. Before joining the Lords, she spent over 20 years at board level within large, complex organisations.
JENNIFER NEWSTEAD
Jennifer Newstead will join Facebook as general counsel, overseeing the company’s global legal functions. Newstead succeeds Colin Stretch, who announced in July 2018 that he planned to leave. He will continue at Facebook through the summer to help with the transition. Newstead currently serves as the legal adviser to the United States Department of State, overseeing work on all domestic and international legal issues affecting the conduct of US foreign policy. She was confirmed by the Senate in December 2017. Before joining the State Department, Newstead was a partner in the law firm of Davis, Polk & Wardwell.
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GLOBAL NEWS
Intercontinental News HONG KONG
HKSAR GOVERNMENT’S INAUGURAL GREEN BOND OFFERING The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the ‘HKSAR Government’”) announced the successful offering of its inaugural green bond (the ‘Green Bond’) under the Government Green Paul Chan, financial secretary of Hong Kong Bond Programme. The Green Bond, with an issuance size of $1billion and a tenor of five years, is a landmark transaction which sets an important new benchmark for potential issuers in Hong Kong and the region. Despite the recent financial market volatility, the Green Bond saw strong demand from global investors, attracting orders exceeding $4 billion, which was more than four times the issuance size, allowing the final pricing to be tightened by 17.5 basis points from the initial price guidance. The deal attracted interest from a diverse group of conventional and green investors. Orders were received from over 100 global institutional investors, and 50 per cent of the Green Bond was distributed to Asia, 27 per cent to Europe and 23 per cent to the US. By investor type, 29 per cent was distributed to banks, 30 per cent to fund managers, private banks and insurance companies, and 41 per cent to sovereign wealth funds, central banks and supranationals. Financial Secretary of Hong Kong, Paul Chan, said: “We are pleased to see such strong demand for the HKSAR Government’s inaugural Green Bond. The favourable response from global investors indicates not only their recognition of Hong Kong’s credit strength, but also their support of Hong Kong’s determination and efforts in promoting sustainable development and combating climate change”. He added: “The Green Bond has also received strong support from banks and service providers in Hong Kong throughout the preparation of the transaction, which is yet another demonstration of Hong Kong’s strengths as a leading green finance hub in the region.”
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UNITED KINGDOM
Pioneering law students adopt digital evidence management platform
The legal education sector is for the first time implementing digital evidence in its legal training. The University of Kent and CaseLines have entered a partnership that provides free access to its digital evidence management platform for students at Kent Law School. Built on the Microsoft Azure cloud platform, students are able to use CaseLines to create their own digital case files during coursework assignments and for moot court sessions. The intention of the partnership is to allow the next generation of legal professionals to be fully conversant in the latest digital evidence management technologies. Currently being used in the most innovative global courts, including the UK and Dubai, these skills will be crucial for those working in an increasingly digitalised legal system. Following the launch of the partnership, the first paperless mock trial was held by Kent Law School as part of an event to mark the naming of the School’s Moot Court in honour of Dr Kennedy Wong, a key benefactor of the Kent Law Campaign. The occasion saw the bench and advocates use CaseLines to efficiently and securely prepare, collate, redact, share
and present the digital legal bundles, via a single easily accessible system. In another first, the audience were able to follow court proceedings and view the documents being discussed by logging on to tablets. This made for a more inclusive and comprehensive mock trial than can be achieved on paper. Among those presiding this moot were Sir John Mummery LJ (former Masters of the Rolls) and judges Andrew Patience QC (ret’d) and Adele Williams. Already used by prosecutors, lawyers, barristers and judges around the world, CaseLines provides a digital solution to increase the efficiency and security surrounding legal proceedings. This contributes significantly towards the global digitalisation of courtroom administration. Darren Weir, lecturer in law at Kent Law School, said: “We are delighted to be the first law school in the UK to have developed a new course which incorporates a digitalised evidence and courtroom presentation system. Our students will benefit tremendously from using the same systems implemented across the Crown Courts and Civil Courts from the beginning of their training.”
BELGIUM
European Commission focuses its proposal on jobs, growth and security The European Commission has proposed an EU budget of w168.3billion for 2020 for a more competitive European economy, and for solidarity and security in the EU and beyond. This budget is the seventh and last one under the current 2014-2020 long-term EU budget and operates within the limitations set therein. It is designed to optimise funding for existing programmes as well as new initiatives
and to boost the European added value in line with the Juncker Commission's priorities. Günther H. Oettinger, European Commissioner for budget and human resources, said: “The draft 2020 EU budget is the last budget proposal of the Juncker Commission. It seeks to continue supporting EU's prioritiesjobs, growth, young people, climate change, security and solidarity – and to prepare the transition to the next budgetary cycle”.
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GLOBAL NEWS
TURKEY
Mandatory mediation in Turkey As of 1 January 2019, mediation has become mandatory for court actions related to IP law including trademarks, designs and patents and including monetary/compensation claims. Provisions related to mandatory mediation will not apply to court actions pending before first instance courts, district courts of appeal and the Court of Cassation. However, the parties may still apply to a mediator at their discretion for pending actions. If the parties cannot agree upon a mediator recorded in the registry then one party can apply to the mediation office where the competent court is located. Then mediation will be carried out by one of the registered mediators who will be appointed randomly. Mediation will be completed within six weeks of appointment of the mediator and such period can be extended by up to two weeks. The mediator will complete the process if they cannot reach the parties; if the sessions cannot be held due to the nonparticipation of the parties; and whether or not the parties come to an agreement. In that case, the mediator shall prepare the final minutes and inform the mediation office. The Law also sets forth some sanctions for parties who do not attend to the first session without a valid excuse related to litigation expenses and attorney’s fees. Since mediation is a clause for the court action, it will be ex-officio taken into account by the Court. It is compulsory for the plaintiff to add the final minutes to its petition. If the plaintiff files the action without applying to the mediator then the action will be rejected on procedural grounds. If the plaintiff does not submit the final minutes when filing the action then the
Court will grant them one week to submit the final minutes. If they do not do so, the action will also be rejected on procedural grounds. If the parties come to an agreement, the final minutes are regarded as having the same effect as a court decision and can be enforced accordingly. In preliminary injunction (PI) requests, mediation is not mandatory. If a PI is granted before the action (ex-parte), the main action shall be filed within two weeks of the party’s request for the enforcement of the PI decision. This period will not run between the dates of the application to the mediation office until the issuance of the final minutes. If the PI is requested within the main action and the main action involves a monetary/ compensation claim, then the plaintiff shall still start the mediation process before commencing the action. Especially for urgent matters; the IP right owner may consider requesting the PI separate from and before the main action (exparte) if a monetary/compensation claim will be included in the main action. Since certain and short time limits are regulated for the mediation process, it will not cause a serious delay to the relevant court actions. However, since (i) the period provided for the mediation is relatively short and (ii) most IP-related disputes require expertise and it is unlikely that the randomly appointed mediator will be an expert in them, mandatory mediation seems likely to remain as a procedure to be followed rather than a useful tool to reach an amicable solution. As the legislation’s aim seems to be to extend the mandatory mediation to a broader range of areas of law, it is possible that mediation will become mandatory in other types of IP-related disputes. SPAIN
RCD, DWF join hands in exclusive association Spanish law firm, RCD (Rousaud highly-regarded firm in Spain Costas Duran) and UK global and through its own international legal business DWF agreed to an network it will also help DWF to exclusive association in a bid to support our clients in Portugal and strengthen international presence more extensively into Latin America. and consolidate joint capabilities. This builds further on our recent Adolf Rousaud, managing partner, acquisition in Poland and shows RCD, said: “We are pleased to be Adolf Rousaud, that we are addressing another managing partner, RCD strengthening our international of the international opportunities capabilities through this association with DWF. highlighted in our prospectus. We have lots of synergies in terms of our ways "We have a significant client and sector of working and how we deliver legal services overlap with RCD, including in all three of our through innovation, technology and our people. global sectors of insurance, financial services We are confident that this association will result and real estate. Even more importantly, we are in lots of benefits for our clients and our people." working with a firm that shares our determination Andrew Leaitherland, CEO, DWF, said: "This to do things differently and to use technology is another important step forward for DWF to challenge long-established processes and in developing our global network. RCD is a practices in the delivery of legal services."
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BRIEFS NEW STUDY FINDS GOOGLE RECEIVES AN ESTIMATED $4.7B IN REVENUE FROM NEWS PUBLISHERS’ CONTENT
The News Media Alliance published findings from a new study that analyses how Google uses and benefits from news. Among the major findings of the study is that news is a key source on which Google has increasingly relied to drive consumer engagement with its products. The amount of news in Google search results ranges from 16 to 40 per cent, and the platform received an estimated $4.7billion in revenue in 2018 from crawling and scraping news publishers’ content – without paying the publishers for that use. The study, containing analysis conducted by experts at strategy and economics consulting firm Keystone Strategy and written by the News Media Alliance, includes a qualitative overview of Google’s usage of news content, an analysis of the amount of news content on Google Search and Google News, and an estimate of revenue Google receives from news. News Media Alliance President and CEO David Chavern said: “News publishers need to continue to invest in quality journalism, and they can’t do that if the platforms take what they want without paying for it. Information wants to be free, but reporters need to get paid.” According to the report, since January 2017, traffic from Google Search to news publisher sites has risen by more than 25 per cent to approximately 1.6billion visits per week in January 2018. Corresponding with consumers’ shift toward Google for news consumption, news is becoming increasingly important to Google.
EUROPE ANNOUNCES EIGHT SITES TO HOST WORLD-CLASS SUPERCOMPUTERS
Eight sites for supercomputing centres have been selected across the EU to host the first European supercomputers. They will support Europe's researchers, industry and businesses in developing new applications in a wide range of areas, from designing medicines and new materials to fighting climate change. In a major step towards making Europe a top supercomputing region globally, the European HighPerformance Computing Joint Undertaking EuroHPC has selected eight sites for supercomputing centres located in eight different member states to host the new high-performance computing machines. The hosting sites will be located in Sofia (Bulgaria), Ostrava (Czechia), Kajaani (Finland), Bologna (Italy), Bissen (Luxembourg), Minho (Portugal), Maribor (Slovenia), and Barcelona (Spain). They will support the development of major applications in domains such as personalised medicine, drug and material design, bio-engineering, weather forecasting, and climate change. In total, 19 of the 28 countries participating in the Joint Undertaking will be part of the consortia operating the centres. Together with EU funds, it represents a total budget of 3840million. The exact funding arrangements for the new supercomputers will be reflected in hosting agreements that will be signed soon.
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IN CONVERSATION
In conversation....
Alpa Bhakta CEO, BUTTERFIELD MORTGAGES I AM ALPA BHAKTA, AND I SERVE AS CEO OF BUTTERFIELD MORTGAGES LIMITED (BML). I HAVE WORKED IN THE FINANCIAL SERVICES SECTOR FOR MORE THAN THREE DECADES NOW, HAVING PREVIOUSLY HELD ROLES WITH THE LIKES OF NATWEST AND BNP PARIBAS. I joined Butterfield back in 2011, before being appointed CEO of BML in September 2017.
BML
BML is a prime property mortgage provider with a particular focus on the needs of local and international high net-worth (HNW) individuals. We deliver bespoke mortgages for clients who are buying properties across London and the South of England.
USP
BML has three main USPs. First, we specialise in working with HNW individuals. We understand the complicated unique financial profiles of the super-rich, something that can deter other lenders. Using our expertise and experience, we can create bespoke mortgages that suit the exact needs of a HNW client, whether they are a UK national or a foreign investor. Second, BML is a standalone mortgage provider. Unlike many of our competitors, we do not have the need to offer ancillary services, instead keeping our service proposition focused on HNW mortgages. Clients appreciate not having additional products sold to them, while it also enables BML to act with speed when issuing
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At BML, we are not concerned with becoming a dominant name in the UK mortgage market. After all, we specialise in HNW clients, and our focus is on providing an exceptional service to such individuals. In both the short and the long-term, my role will be to broaden our network of private clients and intermediaries, while ensuring the quality of service we deliver is never compromised.
for the UK’s property market has proven unfounded. However, there has been an increasing number of HNW individuals who are adopting a ‘wait and see’ approach to their financial strategies. This has meant that fewer people are choosing to buy or sell real estate at present. We are certainly very confident that once Brexit comes to pass there will be a surge in activity in the property sector; until that point, we must remain patient and continue to work with clients to provide the support and services they require during this period of political uncertainty. Indeed, the market has remained resilient in recent months and evidently the demand for prime property still exists.
MANAGEMENT STYLE
AIMS, GOALS AND ACHIEVEMENTS
mortgages because the entire business is built around this single market. Third, BML benefits from being part of the Butterfield Group, which provides broader support and brand heritage.
ROLE AS CEO
At BML, we are fortunate to have a vastly-experienced team that consists of individuals who have spent decades working in the mortgage, finance and HNW arenas. As such, my role as CEO does not require any form of micromanagement, but rather a more strategic input to help drive the company forward in the right areas. The property market is always evolving, and so too is the mortgage industry. My focus from a management perspective is to ensure BML is doing all it can to meet the changing requirements of our clients.
CHALLENGES
Like most UK businesses, our most immediate challenge comes in the form of Brexit. Much of the scaremongering about what leaving the EU might mean
BML works with both domestic (UK-based) and international HNWs. Due to the performance of the UK property market over a number of decades, it has become a popular investment asset for many investors. Whether they are looking for capital growth or on-going rental returns, residential real estate in places like London is highly sought after, particularly among HNWs. Over the past two years, we have seen increasing interest from overseas property buyers, which has been driven by the falling value of the pound. In the case of US nationals, this point is particularly pertinent; five years ago the pound was worth $1.71 - today it trades at just $1.27. It has made British property a more attractive investment option. International HNWs looking to purchase property in the UK can
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IN CONVERSATION
At BML, we are fortunate to have a vastly-experienced team that consists of individuals who have spent decades working in the mortgage, finance and HNW arenas.
face many obstacles if they require finance to facilitate the acquisition. At BML, we specialise in working with such clients to understand their financial profiles, the assets he or she owns, the location of these investments and the reasons they want to buy the property. This, in turn, enables us to deliver bespoke mortgages that fit the needs of the individual. Â In the coming months and years, BML is looking to grow its international client-base, and we aim to do so by demonstrating our expertise in working with overseas buyers who are keen to access the UK market. We see the US, Far East and Middle East as key markets for us in this regard. l
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DIGITAL CURRENCY
What's next for cryptocurrency? THE DIGITAL ASSET BREAKING DOWN BARRIERS AND CREATING A WORLD FULL OF OPPORTUNITIES The rise of cryptocurrency is be seen as one that is truly democratising the global economy. Secured token offering, for example, has emerged as a true rival to the traditional IPO for growing businesses. Judging from the wide-acceptance for crypto by countries and companies, it is predicted that institutional investors would be moving towards secure crypto investments over the next decade, if not earlier. Ana Bencic
GIVEN THE TREASURE-TROVE OF INFORMATION FINANCE AND LAW FIRMS HANDLE, IT IS NO WONDER THEY ARE PERENNIALLY BEING TARGETED BY CYBERCRIMINALS AND OTHER BAD ACTORS SEEKING TO GET THEIR HANDS ON SENSITIVE DATA. The rise of cryptocurrency is be seen as one that is truly democratising the global economy. Secured token offering, for example, has emerged as a true rival to the traditional IPO for growing businesses. Judging from the wideacceptance for crypto by countries and companies, it is predicted that institutional investors would be moving towards secure crypto investments over the next decade, if not earlier. Uber Technologies’ huge initial public offering launched in May and the ridehailing app has run into some difficulties. It has planned to go public with a $120billion valuation, which was pitched by bankers at Morgan Stanley and Goldman Sachs ahead of its IPO. However, the company ultimately listed with a $75.5billion market cap. According to the New York Times, one reason for this is that the institutional investors, many who privately-owned Uber stock, would not purchase more shares at a higher price. Uber had received more than $10billion from institutional investors and private equity firms, among other investors,
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according to the report and many bought their Uber shares at valuations below $61billion. The ride-hailing giant priced its IPO on Thursday 9th May at $45 a share, raising a minimum of $8.1billion and putting Uber’s IPO well behind other big offerings on the US market in recent years. Facebook raised $16billion through its 2012 offering, while Visa raised almost $18billion in 2008 while Alibaba raked in roughly $25billion in 2014. Initial public offerings (IPO) can offer companies the opportunity to raise new equity capital – to monetise the investments of private shareholders such as company founders or private equity investors and to enable easy trading of existing holdings or future capital raising by becoming publiclytraded enterprises. But for companies looking to list, there are potential disadvantages. First, the cost for accounting, marketing, and legal professionals to get to the point of an IPO can be substantial. It can also require a significant amount of time and effort from the management team, potentially distracting them from their primary task of running the business. Furthermore, as in Uber’s case, there is a risk that the required funding will not be raised. While no guarantees can be made in these situations, many may be looking at the recent state of these tech unicorns such
as Uber and even Facebook wondering if the next big thing will follow the same path. As well as financial sacrifice, the time and effort to get to the IPO stage and the administration needed once a company has gone public or floated is substantial. For companies at the cutting-edge of technological advancements, time is of the essence. According to Street Directory, an IPO usually takes between six and nine months. In some cases, this process can take up to 18 months. For high-growth companies, this kind of delay can knock potential unicorns off their path to a £1billion valuation and give their competitors a huge advantage. So what other opportunities do highly scalable businesses have? The cryptocurrency market provides unique opportunities for businesses in need of access to vital growth finance and for investors wanting access to potential unicorn businesses at an early stage. This is made possible by cryptocurrency platforms’ ability to operate across borders giving it a unique advantage, one that is not enjoyed by traditional markets. In April, the French parliament approved a ground-breaking financial sector bill which encourages cryptocurrency issuers and traders to set up in France. Firms wanting to issue or trade both existing and new cryptocurrencies will be able to apply for
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DIGITAL CURRENCY
official certification. The planned certification process demonstrates a degree of official recognition of the cryptocurrency market. Bills like this enable French investors to trade and invest in cryptocurrencies whilst also facilitating businesses to be traded as a secured token offering (STO) which would give investors, traders, and entrepreneurs a way to trade and exchange tokens for cryptocurrencies, bringing the ecosystem into the cryptocurrency world. In exchange for charging tax, France is laying the foundations for the Europe-wide adoption of cryptocurrency trading. The country is pushing for the European Union to adopt a regulatory framework on cryptocurrencies. There has also been a largely positive attitude towards cryptocurrency by several countries. Malta, Slovenia, and France are strong examples of those who are encouraging the implementation and use of cryptocurrency for trading and investment. The ability to invest or trade freely and across borders is an attractive prospect for businesses who are able to receive financial investment from foreign parties. New technologies are allowing businesses that are not in a jurisdiction that has cryptocurrency regulation in place yet to be included in the new, second generation of scaling business investment. With Brexit on the horizon for the UK, economists are making their predictions about how the value of the pound will be affected. Due to the interdependence of the pound and euro, some have claimed that in either of the potential outcomes there will likely be some loss in value to these traditional forms of currency. Cryptocurrencies offer an alternative to traditional the US Foreign Intelligence Surveillance Act (FISA) currencies for both consumers and companies, due to their unique advantages of being decentralised, transparent and whollyunaffected by the Brexit situation With disparate regulation and legal frameworks across the globe, platforms that enable a company or investor in one jurisdiction to trade or exchange tokens or currency with another trader in another country with a different statute could open the doors to potential unicorn companies to thousands of family offices, hedge funds, and institutional investors in a matter of years. In the medium term, platforms that give businesses access to global growth finance could help developing countries and the wider global economy grow at a truly competitive rate to their Western counterparts. Cryptocurrencies have spent the last several years in a phase of maturation. The growing prominence of blockchainbased cryptocurrencies is easy to see today. From the increasing rate of adoption of Bitcoin and Ethereum by mainstream institutions, the establishment of digital-assets trading platforms, and the adoption of cryptocurrency-specific legislation by multiple countries both inside and outside of the EU, cryptocurrency is seeing far greater adoption by both institutional and private traders/investors. With the ability to invest in a company from anywhere in the world faster than by traditional means and with a far greater potential for a rapid return on investment, cryptocurrency offers multiple unique and significant advantages that have secured it a lasting place in the world.l
Ana Bencic is founder and CEO of NextHash, a UK-based parent organisation of several crypto-dedicated entities, ranging from cryptoexchange, ICO strategic consultancy, investment fund, and venture capital, blockchain technology development, and general cross-sector consultancy for crypto and blockchain projects at any stage of their development.
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LANGUAGE OF LEADERSHIP
THE ART OF GOOD WHY ‘GETTING THE MESSAGE ACROSS’ REQUIRES A LOT MORE THAN SPEAKING ALOUD We all know that good communication skills are vital for legal and financial professionals, but what exactly does that mean? The answer is certainly not more of the same. However much you hone your skills as a speaker, deeper meaningful communication does not naturally follow from conversational or presentational competence. It requires something fundamentally different. Judy Apps IT IS A COMMONLY RECEIVED VIEW THAT COMMUNICATION IS ABOUT PEOPLE HEARING WHAT YOU HAVE TO SAY. OFTEN WHEN I WORK IN LEGAL OR FINANCIAL ORGANISATIONS, DELEGATES ARE MOST CONCERNED ABOUT ‘GETTING THEIR MESSAGE ACROSS’, AND OF COURSE THEY WANT TO BE LISTENED TO WITH ATTENTION. However… There is a missing piece. And this is the huge gap between people hearing what you say, and their connecting with your communication, let alone acting on what you say or changing their thinking or attitude because of it. Most talk – in meetings, the boardroom, presentations, conferences – does not cross that gap, however fluent your language, firm your voice and confident your physiology. As Ali Smith says in her recent book ‘Autumn’: “It has become a time of people saying stuff to each other and none of it actually becoming dialogue.” If you want to sell
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services or an idea, if you want to influence, or even establish good relations, you have to do much more than deliver competently. The Catch 22 is that the very authority and assurance that most of us aim to adopt can be a hindrance to genuine connection, because there is usually an element of performance in such delivery, and performance gets in the way of relationship. Without connection there is no trust, and without trust your message doesn’t hit its mark.
Common agendas
Now you might say that you don’t perform. But, in dozens of different ways, most of us do. There is calculation in our interactions. We tend to switch on a particular mode when we speak, either the pattern we’re accustomed to, or a particular agenda. Most of us are so used to it, we don’t even notice we are doing it. Let me describe typical agendas: Looking good • Acting the role of expert, a slight stiffness in demeanour giving away that it is a performance.
• P olite correctness in small talk: ‘Oh, you’re climbing in the Himalayas? How exciting’ in a non-excited voice. • A robust display of competence in debate, aimed at showing your intelligence. • Adopting the physiology of status, standing tall, chin high like a cat, taking your time. Competing to win This is communication with an eye to the main chance: • Winning the point in an argument • Eclipsing others’ statements in competitive repartee • Single-minded focus on winning business, profit, power, attention, or advantage. • Acting with a veneer of bonhomie, with cool calculation beneath the surface. Such agendas are so common in business that they are invisible to most of us. Pleasing Pleasing does not sound professional, but it is a common default in business and public life. Look at politics at the moment. How much
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LANGUAGE OF LEADERSHIP
COMMUNICATION communication is based on calculations such as, ‘Will this make people like me?’ ‘How will this come across?’ ‘Might this upset someone?’ Much leadership and management is distorted by such considerations. Of course, we all adopt performance agendas. That is how most of us go about getting on with people, selling, convincing, succeeding, and all the other goals we set ourselves. But with insufficient awareness of your audience, it can deplete your energy, distort your thinking, cloud your natural intelligence, and hinder proper listening. It prevents you from fully showing up. It is hard for other people to relate to an image, which is what's created in these agendas.
The alternative way Gradually business sectors that deal principally with facts and data – including the financial and legal professions – are beginning to realise that emotional competence is essential in every kind of communication. So how do you create a close enough connection to influence, let alone create new thinking and opportunity? Not by the accumulation of more speaking techniques. However much you may hone your skills, no matter how interesting your facts, how relevant your anecdotes, even how well you share a conversation, deeper more meaningful communication does not naturally follow on from conversational or presentational competence. It requires something rather different. Here are two crucial facts: 1. Successful communication requires you to be real; and if you want to be real, it has to stop being a performance.
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2. Being real means being ready to go off script. Communication cannot always be planned in advance. The greatest communicators possess an energy that attracts others to pay attention. You may know such people: they have an infectious spark starting with their eyes which lights up the room. In contrast, others seem robotic. You get a sense of someone who is fully present and alive. You suspect they might say or do something interesting or new and you want to be there when it happens. But you don’t get the impression that it is a performance; it is more like openness – you feel you are getting the whole person. Unless you bring yourself into the room, unless you notice the other as a genuine person and not only as a title – prospect, client and so on – you fail to truly connect. And then you miss out on the rich possibilities of relationship: trust, genuine cooperation, creativity, the emergence of something new; and yes, even the successful deal.
Solutions So what is the answer? Here are four ideas to start you off: 1. Firstly, breathe, move and unlock your natural energy. There is always stiffness in maintaining a performance, so loosen up. Then others will see you as a real person and warm to you. 2. Pay exquisite attention here and now. Don’t hear just the ideas and wants in your own head; focus outward and attend
to what is happening with the person you are communicating with or your larger audience. You cannot respond accurately and spontaneously to reality unless you are actually present, noticing. Communication is always two-way, even if you are standing at a podium talking to thousands. 3. The art of communication is the HEART of communication. Your best instincts clock in only when you are open to feeling as well as rational thinking. If you miss out on feeling, you are losing at least half of the information. Sound intuition is a feeling; listen for it. 4. The best leaders and communicators have a good relationship with self. When you are overly self-critical, conflicted, or selfconscious your relationship with others mirrors your connection with yourself, however much you intend it to be different. The best stuff happens when you are so engrossed in relationship that your ego completely disappears. When you are open and available, then your whole mind is free to think clearly, uncluttered by prejudice, expectation or other interference; you pick up more information and use your intuition far more surely. Surefootedness and sound instinct may seem an inaccessible God-given endowment, but it is available to us all, when we dare to come out from behind our various agendas and pay attention in the here and now with openness and trust in the moment. It is a talent of great price in today’s business and political uncertainties. l
Judy Apps is founder of Voice of Influence, executive coach and author. She has provided coaching to top companies, including Volkswagen Financial Services, GlaxoSmithKline, the Metropolitan Police and JP Morgan, as well as well-known individuals, such as members and executives of the European Parliament and Commission. Her fifth book, The Art of Communication: How to be Authentic, Lead Others and Create Strong Connections, has just been published by Capstone.
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GENDER EQUALITY
ADDRESSING THE BALANCE WOMEN IN FINANCIAL SERVICES TO BENEFIT FROM FRESH PERSPECTIVES There are a number of industries that have a reputation for being a fastpaced, ruthless and male-dominated workplace. However, there are already great strides being made to address the issue of women being underrepresented, with increasing numbers of organisations recognising the importance of stamping out these outdated workplace environments and adopting policies such as gender neutral pay structures and flexible working policies that should be standard practice across the financial industry. This is, nevertheless, work-in-progress with much left to do to achieve absolute gender-equality. Rosie Silk
Gender diversity
There has been much talk about the issue of gender diversity in the financial services industry. With examples of gender pay gaps, sexual harassment in Silicon Valley, and a significant lack of women taking up senior positions, it would appear to many that the experience of women in the workplace has failed to improve over the past three decades. But that is not the case. There are now a number of examples of initiatives and financial service organisations that are leading the way when it comes to fostering a positive working environment, and one that has zero gender bias. Over 800,000 employees within the UK are now covered by the Women in Finance Charter, with over 30 new companies signed up to the government’s strategy to tackle gender inequality in the industry. The Charter tasks firms to commit to four actions to prepare their female talent for leadership, with the aim of encouraging businesses to build a more balanced and fair industry. Organisations must begin by setting internal targets for gender diversity in senior management
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positions, linking executive team members’ salaries to achieving those targets and publishing their progress each year for complete transparency.
Modern Working Practices
As part of the drive to address gender balance in the workplace, companies must encourage working practices that suit and positively promote today’s attitudes towards a better work/life balance. For example, it is now becoming more of an expectation for both women and men to have equal access to flexible working policies. The financial industry is comprised of companies of all sizes, from small startups to large international corporations, but the importance of addressing the work/life balance is consistent across all organisations. Fast growing, start-up businesses may not initially see the need for flexible working practices that will support parents of both sexes and for many start-ups, such flexibility might not seem feasible. But as with all industries, everyone has the choice to find
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an employer that suits their needs. There are many elements that can help to ensure a good fit for the employee, in addition to industry knowledge and experience alone. With so much change occurring within the industry, if flexible working is important to any individual, they will be able to find an employer that offers it. A crucial shift in cultural attitudes and behaviours, as well as working practices in firms, is happening across the financial services sector. It is, therefore, vital for both employer and employees to recognise these factors up front. Faced with pressure from growing competition and regulation, firms are realising that innovation and flexibility must be encouraged within the workforce to attract the best talent, enhance workplace culture and boost productivity in order to succeed in the future.
Mentors
Strong female role models have an important part to play, not just to inspire those within the industry and the next generation of talent, but also to set expectations within the workplace. Women no longer need to follow or adopt so called male leadership traits. Successful women are forging their own path within the financial industry as much as any other sector, and that is an important message to be promoted to encourage even more women into the industry. These role models can help to strengthen the culture by taking on a mentoring role for new recruits, to coach and pass on advice as to how women can become influential leaders. It is well-known that mentoring schemes in business can deliver numerous benefits; increased confidence, knowledge sharing, networking and improved relationships, for example. One such scheme, run by Women
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in Banking and Finance, matches mentors with mentees to seek career guidance, advice and support, and acknowledges that mentors will reap the benefits as much as their mentees – so there are rewards to be gained from all sides. Seeing shifts in the workplace with regards to gender imbalance is inspiring, but in order to achieve zero-gender bias, there must be wider changes in culture, at home and in education. Speak to any successful woman and they will have the same experiences when it comes to their career foundations – they were treated equally, confidence was instilled at a young age coupled with encouragement to try new experiences and as a result, in the working world their expectation is to be treated as an equal and have access to the same opportunities as male colleagues. So to encourage the same cycle to continue, any business leaders looking to adopt flexible working policies must remember to apply the same support and encouragement that they deliver in the workplace in their home life too!
Conclusion
While there are still negative headlines, there have been clear changes made towards the underrepresentation of women in the financial services sector. With forward thinking employers and the confidence to take risks, female leaders are now becoming commonplace and acting as role models to the next generation.
Organisations are seeing the importance of flexible working practices to support the need for a better work/life balance for all staff. With continued efforts towards deploying these policies, the workplace gender imbalance will be addressed and, hopefully, in the near future we will be able to consign the issue to history. l
Rosie Silk is tax manager, research and development at Kene Partners, a specialist R&D tax consultancy based in the UK. The company assists innovative organisations receive access to Government funds set aside to encourage innovation.
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RISK MANAGMENT STRATEGY
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LOOKING AHEAD THE FUTURE OF OPERATIONAL RISK AND POSITIVE RISK MANAGEMENT
This article explores the range of operational risks such as information security, fraud or reputation damage alongside how to put in place an effective programme based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. It also takes a close look at the current methods and best practices applied in financial companies and the advanced tools and techniques developed by the most mature firms in the field. Ariane Chapelle
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Resilience and reputation
In an increasingly volatile and unpredictable world, risk identification, assessment and prevention have shown their limitations. The financial sector has made significant progress in post-incident management, robust mitigation, early monitoring and detection, crisis management and corporate resilience. Cyber security specialists and business continuity managers rightly take the view that accidents are not a question of ‘if’ but ‘when’, meaning we should be prepared for anything, anytime. In the face of rising risks, the current trend for corporate resilience and crisis management is unlikely to diminish. Reputation risk, alongside cyber risk, is a top risk in organisations. However, reputation is not so much a risk as an outcome, and firms can manage and control their reputations by the way they conduct their business and how they interact with their stakeholders; proper stakeholders management and effective response to crises are two pillars of a good reputation. Resilience and reputation are interdependent: a lack of resilience during a crisis will significantly damage a firm’s reputation, just as significant reputation damage during a crisis will surely jeopardise the firm’s resilience. Reputation is a license to operate: when reputation remains good enough, the firm can stay in business.
RISK MANAGMENT STRATEGY
Behavioural regulation
In 2002, Kahneman and Trevsky won the Nobel Prize for their work in behavioural economics. Now, more than 15 years later, the behavioural approach has made its way from behavioural finance to behavioural regulation, and regulators are focusing on what drives human behaviour and how research findings can be applied to regulated financial entities to promote good conduct. The pioneering work of psychologists since the 1970s is benefiting from the massive growth in big data, opening the field of Social Physics: the quantitative study of peer-topeer behaviours and social interactions from individual data collected from phones or other types of internet-based activities. Data science is still in its infancy but is developing rapidly, and it will have farreaching effects. I hope that the financial industry, and particularly the legislators, will commit the time and effort to understand how it can benefit prudential and financial regulation, and produce better regulatory design.
Artificial intelligence and comprehension of risk
The fantastic progress of computer science and data availability, giving rise to machine learning and artificial intelligence (AI) is now making its way to the operational management in the financial sector. Regulatory changes and the removal of AMA modelling (e.g. Advanced Measurement Approach for operational risk capital calculations) has produced the unexpected benefit of reorienting part of the modelling effort to better understand the causal factors of operational risks to improve its management. Some Tier 1 financial institutions are deploying AI technologies to dive deep in the understanding of the causes of operational risk events by analysing data surrounding past incidents and investigating the roles of several business factors in provoking or aggravating operational losses. Senior managers and executives need to prioritise this promising field to achieve a better understanding of the causes and early signs of incidents too often experienced as nasty surprises.
When understood, risks are worth taking
The role of risk management is to drive better decision-making. In order to achieve this objective, the risks taken by organizations
must be understood in terms of their likelihood, potential impacts and also their interdependencies. Better risk taking does not necessarily mean less risk taking. Investments, entrepreneurship, and business operations require actions and therefore risks. Whether financial or non-financial, credit, market or operational risks bring returns, provided that these are understood and therefore managed appropriately. Good risk management is not about decreasing risks so much that understanding the ones we take and therefore act in a such a way that they do not materialise, like stunt actor, car pilots, or business executives.
Risk management and performance
We need operational risk management to become more widely accepted as an enabler of performance, of better management and higher achievements. Some compare risk management to car brakes: it allows you to drive faster because you can trust your breaks to stop the car when needed. The new COSO framework for enterprise risk management has adopted this angle of better risk management enabling better performance. This positive view of risk management is easily accepted for financial risks but not quite yet for operational risks. In many organizations, operational risk management has still to prove its value beyond regulatory compliance.
Positive risk management
Positive Risk Management is about capturing information on success stories as well as losses, about discovering why some people, departments or firms are positive outliers and exceptionally good at what they do. Positioning risk management as a quest for upside rather than the avoidance of downside is far more inspiring and energising for firms and individuals alike. Operational risk management not only avoids disasters and crises: it also recognises the importance of opportunity costs. Inefficiency is the largest operational cost for firms, and there is always a hefty price to pay for not being better, faster, cheaper, or for failing to reflect, educate, innovate and evolve. A new generation of risk managers, I believe, will stop worrying so much about regulatory compliance or unreported minor incidents; instead, they will help businesses to seize safely untapped opportunities, achieve their full potential, and celebrate success. l
Ariane Chapelle is associate professor (honorary reader) at University College London for the course 'Operational Risk Measurement for Financial Institutions' and is a Fellow of the Institute of Operational Risk and a trainer for the Professional Risk Managers' International Association (PRMIA), for whom she designed the Certificate of Learning and Practice in Advanced Operational Risk Management. She is a former holder of the Chair of International Finance at the University of Brussels. This article is a modified extract of the conclusion of her book ‘Operational Risk Management: Best Practices in the Financial Services Industry’, published by Wiley Finance Services in December 2018.
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PERSONALISED BANKING
A TAILORED APPROACH WHY PERSONALISATION IS KEY FOR BANKS LOOKING TO TAP INTO SME MARKET The SME market for the majority of banks is becoming a key target sector, but these often more agile organisations demand a better digital approach. As a result, there is a growing importance for banks to personalise their approach in targeting the SME market. Kyle Ferguson AT THE BEGINNING OF 2018, THERE WERE 5.6 MILLION SMALL BUSINESSES OPERATING IN THE UK, ACCOUNTING FOR 99.3 PER CENT OF ALL PRIVATE SECTOR BUSINESSES. Of this number, 99.9 per cent were classed as SMEs. From these statistics, it is clear to see that the SME market is extremely valuable to the UK economy, so it is no wonder that the majority of banks have set them in their sights as a target sector. Yet, despite this, research by fintech provider Fraedom found that both banks and SMEs do not feel confident in the
current offering from commercial banks. According to the research, 47 per cent of banks cited the lack of technology as a major concern in addressing the needs of SME customers, while over half of banks are concerned that large enterprises invariably take priority over resources. These findings echo the concerns raised by SMEs that banks are not able to provide the technology they desire and do not fully understand their needs, with only 12 per cent of UK SMEs saying they felt the banks their organisation dealt with fully understood their needs as a business.
As technology has evolved, the way we bank in our personal lives has changed considerably; this has given rise to SMEs now expecting the same experiences and offerings they get in their personal lives. SMEs are now demanding a better digital approach from banks. In fact, 57 per cent of SMEs now want to move to an online/ mobile banking business environment – something that will only become more prevalent as younger, more digital-savvy employees climb up the ranks. So, how can banks overcome these issues and offer SMEs the same kind of banking experience they get in their personal lives? And, what impact is this likely to have?
Providing digital platforms
It seems from our study that 95 per cent of commercial clients, who bank digitally in their personal lives, expect to do so at work as well. With so many of us able to check our personal bank accounts via an app on a smartphone or tablet, it should come as little surprise to banks that SMEs now want the same digital capabilities they get as personal customers. Unfortunately, banks are yet to provide this with less than half of SMEs saying they have near real-time control over business spend. SMEs lack the day-to-day visibility of spend they get in their personal lives with over half of respondents spending more than two hours a week on expense or financial management tasks. This need
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to regularly go back and interrogate audit trails can be a further drag on a business’ resources, efficiency and productivity. Banks must, therefore, address this clear disparity between what SMEs need and what is being provided in order to give SMEs the tools needed to offer them a real-time view of spending that they require. Additionally, the most valuable digital services for SMEs were found
PERSONALISED BANKING
to include real-time accessibility, access to online and mobile banking and fast turnaround - specifically relating to problem rectification, credit applications, account balance and fee enquiries. Banks should listen to these needs and provide the digital platforms that will answer this demand.
Creating better customer experiences
Banks are undoubtedly currently far more geared towards big businesses than they are SMEs, offering products and services that appeal to large enterprises but do not pack the same punch for SMEs. Rather than lowering costs and up-weighting rebates, SMEs want their banks to deliver the same services they get from banking in their personal lives. Within the world of consumer banking, customer experience has come on leaps and bounds, but at this stage, the same cannot be said of commercial banking experiences. Largely influenced by technological innovation in our personal lives, we now have seamless mobile transactions, highly responsive customer service and fast transaction times. While personal bank statements typically update in real-time and can be viewed on a mobile device, reconciliation of work-based expenditures can take days, if not weeks to process. Similarly, while procurement generates reams of paper invoices and purchasing orders, personal mobile wallets pay, log receipts and reconcile on
bank statements in the blink of an eye. This lack of innovation from commercial banks is leaving SMEs frustrated, and as such, they are demanding banks provide the same levels of service and experiences we have become so used to in our personal lives. As part of improving the customer experience for SMEs, banks must also address the way in which they communicate and bring this in line with what SMEs are used to outside of the business. According to the 2018 FIS Performance Against Customer Expectations (PACE) report, almost half of UK SMEs prefer to contact their bank using digital methods, such as via a tablet or mobile phone. Given that so many of us are so used to logging on to banking apps or websites and talking to a chatbot to resolve issues within minutes, this is unsurprising. For SMEs, online communication is likely to be much more time efficient than making phone calls, which often requires periods of being left on hold. As such, banks should develop this offering for SME customers in order to increase engagement and reflect the changing ways in which the world at large communicates.
Developing SME-specific offering
If banks are to answer the growing demand from SMEs for a more personal service, they must begin to innovate and work with fintechs to not only implement the right technology, but also to gain a better understanding of SME customers. Fintechs are often best placed to help banks better understand the consumerisation of business processes and technologies today; the eagerness of SMEs to adopt these to achieve enhanced agility; and the frustration they feel if they sense that banks are effectively not speaking their language. By offering a more personal, techenabled service tailored to SMEs, banks will be able to build lasting, more trust-based relationships with SME customers, while SMEs will benefit from greater business agility, streamlined efficiencies and increased visibility of expenditure. l
Kyle Ferguson is CEO at Fraedom, a UK-headquartered Software-as-a-Service technology company providing payments and transaction management solutions for financial institutions and their corporate customers. Since its launch in 1999, Fraedom has managed over 1.5 billion transactions through its web-based platform. The platform supports more than 100 commercial issuing banks and over 600,000 organisations, managing transactions for a total of more than seven million employees worldwide. A wholly-owned subsidiary of Visa, the company has offices in the UK, US, Canada, Australia and New Zealand.
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TECHNOLOGY AND FRAUD
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At the cutting edge of crime RELATIONSHIP BETWEEN TECHNOLOGY AND FRAUD CAN PROVE TO BE A DOUBLE-EDGED SWORD Tech is both helping and hindering fraud cases. Exploring how fraud is fought differently by authorities across the world that have differing levels of technologies and preventative measures. Taking a closer look at what new technologies are being innovated to tackle the crimes and how are criminals utilising other new technologies to further theirs. Rhiannon Cambrook-Woods IN THE PAST, FRAUD USED TO INVOLVE SLEIGHT OF HAND OR A DODGY PHONE CALL. NOW, IT HAS BECOME MUCH MORE SOPHISTICATED. Technology like the internet, the rise of data and machine learning has been a boon for tech-savvy fraudsters. They have moved beyond stealing victims’ identities and card details, committing insurance fraud, or crash for cash, to much more advanced and lucrative scams. Yet, simultaneously, a host of new tools to combat fraud have been developed using the same technology. Organisations and authorities can take advantage of machine learning tools for better detection and prevention of online fraud, like spotting unusual credit card transactions or detecting an intruder in a system. There is an arms race unfolding online - with significant consequences for the safety of our society.
Fraud on the rise
Fraud is the most commonly experienced crime in the UK, for example, with £1.2 billion stolen in the country last year. Because of technology, fraud has become more global. We have all probably received an email from a Nigerian prince or ‘friend’ trapped
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overseas, both scams which are easy to spot. However, a less obvious and rising form of fraud comes from all the information that we post about ourselves online.
Identity theft fuelled by social media
Credit reporting company Experian has recently warned customers about fraudsters using personal details to apply for finance products. Without realising it, many people post their personal information, like addresses, freely on social media and other online mediums. Fraudsters can easily use this to steal their identity. When coupled with stolen credit or debit card data, passport details and banking information, the scam becomes even more plausible. This type of fraud will likely increase as our world becomes more connected. Smart home devices are prone to being hacked, enabling criminals to watch victims go about their daily lives and learn more sensitive information. They could even use this to understand someone’s usual movement patterns. If a financial director reveals that they are going on holiday, fraudsters could take the chance to phone their company, posing as them with an urgent transfer request.
Organisations in firing line
Because fraudsters are increasingly targeting companies with this type of fraud, along with hacking, the onus is on them to step up and prevent such fraud from occurring. But that’s easier said than done. This kind of fraud is meticulous and well-planned, making it difficult to spot through the usual course of business, especially because many organisations collect swathes of data on their customers, putting a big-data-sized target on their backs.
Fighting back through data
Data proves both a curse and an opportunity, however, because it can also be used to protect organisations. Machine learning models are trained on masses of transactional and financial data to understand normal patterns of behaviour. When transactions occur that don’t fit with this, such as a significant number of withdrawals within 24 hours, the system will issue an alert. Further steps can then be taken to prevent financial loss. Mastercard uses such a system to predict customer spending habits and identify fraudulent transactions that do not fit with this. As machine learning constantly adapts, Mastercard’s detection system evolves with a customer’s life circumstances, helping to minimise false positives.
The future will see such protective measures improve further. Collaboration across industries and with law enforcement, in a similar vein to open banking, will share threat data and prevention tools, making it harder for identified fraudsters to continue operating. Similarly, trusted digital identities will take over from password-based access. Combining various customer data types, like their device biometrics, online behaviour, and identity information, will make it trickier to imitate them, although not impossible if a criminal is determined enough to scour the internet for all of their details.
deepfakes. These are images and videos that have been doctored by artificial intelligence (AI) to convince viewers of events that never happened and people who never existed. There are widespread ramifications for politics and public knowledge, as well as a personal risk of impersonation. Returning to our holidaying finance director, a deepfake could be made imitating his image and voice to either convince colleagues to transfer business funds or to blackmail the director himself.
Ad fraud costing billions
Difficult to combat
Future protection against fraud
Another form of fraud that’s impacting companies is ad fraud. This causes organisations to pay for fake customer impressions and reach. They are duped into believing that their advert has been shown to 20,000 potential customers, when, in reality, it has only reached 2,000. Unfortunately, due to the complex nature of online advertising and the many parties involved, this fraud is difficult to unpick. The money involved in the fraud ranges from $6.5 billion to $19 billion. This undermines confidence in the entire sector so finding a solution is high on every ad firm’s priority list. Previously, ad fraud mostly occurred on desktops. However, third-party verification tools such as DoubleVerify have helped with combating this. Now, increases in mobile browsing have caused an 800 per cent jump in mobile ad fraud, something that has led third-party verifiers to develop a mobileoptimised solution.
Fake news circulating
Fake news hit headlines a few years ago after its influence on the 2016 US presidential election was uncovered. Since then, it has been simmering in the background as a new kind of fraud that can cause political and economic turmoil. It has been joined by a nefarious partner-in-crime, namely
Unfortunately, the way that deepfakes are developed by pitting one machine learning tool against another detecting tool makes them difficult to combat. Public education is one solution, to help people critically analyse the content that they are seeing online. Facebook and Twitter have rolled out safeguarding tools and banned certain sponsored posts from appearing on the sites. Plus, there's ongoing research and partnerships between academic institutions like The AI Foundation and the Technical University of Munich that are racing to get ahead of fake news and deepfakes.
History repeats itself
Sadly, as history has shown, we will never fully eliminate fraud. The ambitions and abilities of fraudsters will always evolve to take advantage of emerging technology. They will forever find innovative ways to get around fraud detection and security systems. However, companies should still use every tool and process available to defend themselves. But they should also face the fact that determined criminals will eventually get through. Having a plan for when that happens and a way to detect them when inside is essential. This two-pronged technological approach will stop too much harm being done and deter the majority of fraudsters – for now. l
Rhiannon Cambrook-Woods is managing director at Lysander Law, a UK-based law firm specialising in family law, personal injuries and serious injuries. Its teams of experts in these fields provide personalised specialist advice for each claim.
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OPEN BANKING AND DATA MANAGEMENT
Open banking IS IT A REAL THREAT OR A REAL OPPORTUNITY? Linked to shifts in attitudes towards the issue of data ownership exemplified by regulations such as GDPR and concepts such as the Open Data movement, open banking is redefining banking in a financial services market where your biggest competitor may be Amazon or Google, not a traditional bank. Tiffany Carpenter
OPEN BANKING MAY NOT HAVE MADE MUCH OF AN IMPRESSION ON CONSUMERS YET. BUT IT IS A TOPIC THAT THE INDUSTRY CANNOT AFFORD TO IGNORE. TIER ONE UK BANKS ARE ALREADY BOUND TO GRANT LICENSED STARTUPS ACCESS TO TRANSACTION-LEVEL DATA, AND SMALLER BANKS ARE LIKELY TO HAVE TO FOLLOW SUIT IN THE NEAR FUTURE. THE POTENTIAL IMPACT ON THE BANKING LANDSCAPE IS PROFOUND. Today, the standard business model for retail banks is to build strong relationships with their customers by offering free current accounts and other incentives. These services are a net cost to the business, but they help the banks win trust and provide a channel for marketing more profitable products, such as mortgages, loans and wealth management services.
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Open banking threatens to sweep this business model away like an avalanche. Agile fintech companies are already developing apps that aggregate all the financial services that a customer receives from any provider, creating a single point of control. This will certainly improve the banking experience for most consumers. But it will also add a new layer between banks and their customers. All communication with the customer will happen via the app –
and the app provider will control that communication channel, not the banks. According to market analysts, this poses a real threat. If a bank cannot upsell highvalue services to its customers, it may be left with a thin share of the market. Banks could be drowning in current accounts while app
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providers skim the cream of profitable loans and investment services off the top. Bain & Company point out that similar disruptions in industries, such as music and travel, have seen incumbents’ profits fall by 10 per cent to 20 per cent, often within fewer than five years.
Threat or opportunity?
While the stakes are high, the odds are still in the banks’ favour – at least for now. For decades, they have collected data on millions of customers and billions of transactions, across the whole spectrum of financial services. This data is a priceless source of insight that banks can use to create customer experiences that their data-poor fintech competitors simply can’t match. For example, instead of just helping customers make payments or check their balance, a new generation of banking apps could provide users with much more relevant, personalised advice. By comparing individual spending patterns with the behaviour of a wider population of users, they could pinpoint topics that users really care about –reducing utility bills, for example, or paying off a mortgage – and suggest helpful strategies for meeting their financial goals.
Serious competition
Banks are not just worried about competition from fintech startups. There is also a risk that other data-rich companies could make
OPEN BANKING AND DATA MANAGEMENT
a beeline for the financial services market. Amazon, Apple, Google and other tech giants already have enormous quantities of information about consumer spending habits, as well as some of the world’s most talented data scientists, UI and UX developers. If they want to build the world’s best banking app, they seem to have all the right tools already. What’s to stop them from seeing financial services as their next market to dominate? Again, the answer is that banks still have the advantage, at least in the short term. There is more to a user’s personal finances than just online shopping habits. And banks have a much more complete picture of how people borrow, spend and invest their money across mortgages, loans, credit cards, savings accounts, stocks and funds. More importantly, customers trust their bank to manage both their information and their money. As a heavily regulated industry, banks simply cannot afford to play fast and loose with their customers. Meanwhile, barely a week goes by without another scandal about an internet company selling, losing or misusing customer data. So while you probably trust online retailers to deliver your shopping, you might still have a few qualms about letting them manage your pension. That said, customers’ trust and loyalty are finite commodities. If banks do not act on their advantage now, they will lose it little
by little. An outstanding user experience can easily seduce customers. And if you cannot provide one, your competitors certainly will.
On your marks
In short, the race to build the killer banking app is on – and banks, fintechs and other players are all in the running. Whoever gets there first will win it all, leaving the others scrambling to redefine their role in a banking industry that bears little relation to today’s world. The difference between winning and losing, as we have already hinted, will be in the data. If banks can mobilise the treasure trove of data they already possess and harness artificial intelligence and machine learning to bring insights closer to the point of customer interaction, then they will be in a powerful position to lead the next stage in the evolution of financial services. And that is not just wishful thinking. Take a look at our case study with ICA Banken. SAS solutions are helping ICA Banken analyse customer behaviour online and combine it with historical banking data to create a fully personalised and customised user experience. While customers browse the ICA Banken site, intelligent algorithms automatically assess their needs and display helpful information and relevant offers in real time, resulting in a tenfold increase in conversion rates for the bank’s campaigns. l
Tiffany Carpenter is head of customer intelligence at SAS UK & Ireland, a business analytics software and services provider with the largest independent vendor in the business intelligence market. An American multinational developer of analytics software founded in 1976 and based in North Carolina, the company develops and markets a suite of analytics software (also called SAS), which helps access, manage, analyse and report on data to aid in decision-making. The world's largest privately-held software business, its software is used by most of the Fortune 500.
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HUMAN RESOURCE MANAGEMENT AND EMPLOYMENT RELATIONS
www.intercontinental- finance.com
THE FEARLESS ORGANISATION CREATING A WORK ENVIRONMENT THAT ENCOURAGES WORKERS TO THRIVE AND MAXIMISE THEIR POTENTIAL Only three in ten employees, according to a 2017 Gallup poll, believe their opinions count at work. Even if a company hires creative individuals, innovative ideas will never have a chance unless people are encouraged to speak out without fear of being discounted or demeaned. This article sheds light on the crucial workplace factor of psychological safety: what it is (and is not); how it affects employee performance in wide-ranging organisations at every level, from the factory floor to the C-suite; and what business leaders need to do to build it – and get it back when it’s lost. 24
Amy C. Edmondson
' NO PASSION SO EFFECTIVELY ROBS THE MIND OF ALL ITS POWERS OF ACTING AND REASONING AS FEAR.’ -EDMUND BURKE, 1756. WHETHER YOU LEAD A GLOBAL CORPORATION, DEVELOP SOFTWARE, ADVISE CLIENTS, PRACTICE MEDICINE, BUILD HOMES, OR WORK IN ONE OF TODAY’S STATE-OF-THE-ART FACTORIES THAT REQUIRE SOPHISTICATED COMPUTER SKILLS TO MANAGE COMPLEX PRODUCTION CHALLENGES, YOU ARE A KNOWLEDGE WORKER. Just as the engine of growth in the Industrial Revolution was standardisation, with workers as labouring bodies confined to execute ‘the one best way’ to get almost any task done, growth today is driven by ideas and ingenuity. People must bring their brains to work and collaborate with each other to solve problems and accomplish work that’s perpetually changing.
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Organisations must find, and keep finding, new ways to create value to thrive over the long term. And creating value starts with putting the talent you have to its best and highest use.
HUMAN RESOURCE MANAGEMENT AND EMPLOYMENT RELATIONS
individuals acting alone. And few individuals simply do their work and then hand the output over to other people who do their work, in a linear, sequential fashion. Instead, most work requires people to talk to each other to sort out shifting interdependencies. Nearly everything we value in the modern economy is the result of decisions and actions that are interdependent and therefore benefit from effective teamwork. As I have written in prior books and articles, more and more of that teamwork is dynamic – occurring in constantly shifting configurations of people rather than in formal, clearly-bounded teams. This dynamic collaboration is called teaming. Teaming is the art of communicating and coordinating with people across boundaries of all kinds, expertise, status, and distance, to name the most important. But whether you are teaming with new colleagues all the time or working in a stable team, effective teamwork happens best in a
which interpersonal fear is minimised so that team and organisational performance can be maximised in a knowledge intensive world. It is not one devoid of anxiety about the future. Psychological safety can make the What it takes to thrive in a complex, difference between a satisfied customer uncertain world and an angry, damage-causing tweet While it is not news that knowledge and that goes viral; between nailing a complex innovation have become vital sources of medical diagnosis that leads to a patient’s competitive advantage in nearly every full recovery and sending a critically-ill industry, few managers stop to really think patient home too soon; between a near about the implications of this new reality miss and a catastrophic industrial accident; – particularly when it comes to what it or between strong business performance means for the kind of work environment and dramatic, headline-grabbing failure. that would help employees thrive and Psychological safety is broadly defined as organisations succeed. a climate in which people are comfortable For an organisation to truly thrive in expressing and being themselves. More a world where innovation can make the specifically, when people have psychological difference between success and failure, it is safety at work, they feel comfortable sharing not enough to hire smart, motivated people. concerns and mistakes without fear of Knowledgeable, skilled, well-meaning embarrassment or retribution. They are people cannot always contribute what they confident that they can speak up and would know at that critical moment on the job not be humiliated, ignored, or blamed. They when it is needed. Sometimes this know they can ask questions is because they fail to recognise the when they are unsure about need for their knowledge. More often, something. They tend to trust it is because they’re reluctant to stand and respect their colleagues. out, be wrong, or offend the boss. When a work environment has For knowledge work to flourish, the reasonably high psychological workplace must be one where people safety, good things happen: feel able to share their knowledge. mistakes are reported quickly This means sharing concerns, so that prompt corrective questions, mistakes, and half-formed action can be taken; seamless ideas. In most workplaces today, coordination across groups or people are holding back far too departments is enabled, and ‘No passion so effectively robs the mind of all potentially often – reluctant to say or ask game-changing something that might somehow ideas for innovation are shared. its powers of acting and reasoning as fear.’ make them look bad. In short, psychological safety Edmund Burke, 1756 To complicate matters, as is a crucial source of value companies become increasingly creation in organisations global and complex, more and operating in a complex, psychologically safe workplace. more of the work is team-based. Today’s changing environment. Psychological safety is not immunity from employees, at all levels, spend 50 per cent Yet, a 2017 Gallup poll found that only consequences, nor is it a state of high selfmore time collaborating than they did 20 three in 10 employees strongly agree with regard. In psychologically safe workplaces, years ago. Hiring talented individuals is the statement that their opinions count at people know they might fail, they might work. Gallup calculated that by ‘moving that not enough. They have to be able to work receive performance feedback that says ratio to six in 10 employees, organisations well together. they are not meeting expectations, and they could realize a 27 per cent reduction in In my research over the past 20 might lose their jobs due to changes in the turnover, a 40 per cent reduction in safety years, I have shown that a factor I call industry environment or even to a lack of incidents, and a 12 per cent increase in psychological safety helps explain competence in their role. These attributes productivity’. That is why it is not enough for differences in performance in workplaces of the modern workplace are unlikely to organisations to simply hire talent. that include hospitals, factories, schools, disappear anytime soon. If leaders want to unleash individual and government agencies. Moreover, However, in a psychologically safe and collective talent, they must foster psychological safety matters for groups workplace, people are not hindered by a psychologically safe climate where as disparate as those in the C-suite of a interpersonal fear. They feel willing and able employees feel free to contribute ideas, financial institution and on the front lines of to take the inherent interpersonal risks of share information, and report mistakes. the intensive care unit. Imagine what could be accomplished if the candour. They fear holding back their full My field-based research has primarily norm became one where employees felt focused on groups and teams, because participation more than they fear sharing a their opinions counted in the workplace. I that’s how most work gets done. Few potentially sensitive, threatening, or wrong call that a fearless organisation. l products or services today are created by idea. The fearless organisation is one in
Amy C. Edmondson is the Novartis professor of leadership and management at the Harvard Business School. Recognised by the biannual Thinkers 50 global ranking of management thinkers since 2011, she teaches and writes on leadership, teams and organisational learning. Her articles have been published in Harvard Business Review and California Management Review, Administrative Science Quarterly, and the Academy of Management Journal. The above article is an edited extract from her book The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley, December 2018).
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MEDICAL MARIJUANA INVESTMENT
The cash crop WHY INVESTING IN MEDICAL CANNABIS TRADE MAKES BUSINESS SENSE It is predicted that by 2028 the European medical cannabis market will be worth £100billion a year, nearly twice the revenues that Apple reported in the region last year. With a dozen cannabis companies valued on the stock market at over $1billion, it is a thrilling and profitable time to be investing in the medical cannabis market. Jeannette VanderMarel
THE US ‘BIG MARIJUANA’ DRIVE WAS A LUCRATIVE TIME FOR MANY INVESTORS AND THERE IS HOPE THAT THE GROWING ACCEPTANCE OF CANNABIS WITHIN BRITISH POLITICAL AND BUSINESS ESTABLISHMENTS WILL EVOKE THE SAME RESPONSE. With the market expanding rapidly, there is more than enough room for new entrants to make an impact. Amongst those rising to the top are female CEOs and c-suit executives, who can provide a heightened understanding of the growing female consumer and their needs. For those looking to get into the industry, there are three main things to consider:
Tailor your expertise First and foremost, you should work out what you do best and how you can apply this to the industry. The next decade will see an increasing number of business opportunities emerging thanks to medical cannabis, opening up doors for individuals with diverse skillsets. Whether you are a scientist, a graphic designer or a medical practitioner, there is a role for you.
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Nonetheless, the stigma associated with medical cannabis is something that all new business owners must be prepared to deal with. The market itself is continuously under scrutiny and understandably governments are cautious. As such, it is important to be aware of restrictions regarding the country you reside in when deciding to take the next step. Canada is an example where the industry is tightly restricted with comprehensive regulations to be aware of.
Understand the investment you are making You should never underestimate the financial implications of setting up a medical cannabis business. There are a number of associated costs that are often not considered when starting a cannabis farm. Large greenhouse structures and high-pressure LED lights are required to aid plant growth. These lights are extremely energy exhaustive and are costly to run. Alongside these costs there are also insurance and security measures to finance, as well as protective suits for workers, constant research and development, and quality control procedures.
These strict quality control measures are both costly and time consuming, but they are vital to meet the required regulatory standards. Security systems are one of the procedures which must be obeyed. To ensure the integrity of your product, you must be able to show clear protection around the entire boundary of your property and be able to identify any intrusions. There are also rigorous inventory management guidelines to follow. Every gram, including water, must be weighed and documented and anything that is disposed of must be witnessed and recorded by two people. Although laborious, these processes should be factored into any business production model from the offset.
Be one step ahead of the curve All aspiring businessmen and women should have a forward-thinking mindset. Regulations around the globe are regularly changing so you must ensure you are on top of these developments. Technology will continue to play a
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big part as new and innovative ways are discovered to make the production process simpler. Even today, some greenhouses choose to handpick the plants, whereas others are opting for robotics that cut costs by eradicating the need for humans in the production process. This area is especially valuable given the need to eradicate the popularity of the cheaper black market where products are not regulated and are of a lower quality. Medical cannabis businesses should be looking to benefit from the rising societal shift towards living sustainably by becoming as environmentally friendly as possible. This will not only make production cheaper but will also satisfy consumers. Licences are now being rolled out to allow cannabis to be grown outdoors too, aiding the movement towards an eco-friendlier medical cannabis business model. Starting a business is never straightforward for anybody, but with the right expertise and support, the medical cannabis industry is certainly one to be investing in now. l
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MEDICAL MARIJUANA INVESTMENT
Jeannette VanderMarel is CEO of 48North Cannabis and co-founder of The Green Organic Dutchman, the world’s largest organic cannabis producer with a billion-dollar market capitalisation. The above piece is an extract from her speech at the inaugural ‘Women, CBD and Medical Cannabis Conference’ held in May 2019 in London.
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AI AND LEGAL INDUSTRY
Legaltech is heating up TAKING THE TEMPERATURE OF LEGAL AUTOMATION TO ENSURE ROBUST CONDITION We are now in the midst of the fourth industrial revolution, and it is causing considerable debate as businesses adjust. This fourth leap forward is already fusing the digital and physical worlds more closely, empowered by technology, and it is widely predicted to propel industry forward in a way that the third did not achieve, through a greater ability of smart machines and software to automate tasks. The knee-jerk reaction to this change from some is one of deep concern about robots replacing humans in jobs – but as with so many complicated issues, it is just not as clearly black and white as that. Ben Stoneham WHEN IT COMES TO THE LEGAL PROFESSION, PRESSURE TO CHANGE IS COMING FROM TWO SOURCES: INTERNALLY AND FROM THE CLIENT. The impact of changing business models, flexibility around outsourcing certain portions of activity, and a drive toward productisation of service – all of these are combining to increase demands of clients on their legal partners to improve their own efficiencies and service levels. Still, some businesses are hesitant to adapt. The building momentum behind using Machine Learning and AI in a practical way is especially challenging for those who invested in earlier stage legal management platforms that do not have a data-driven operational process model baked in. This foundation is required if companies want to build the capabilities and develop a proprietary AI capability. This may be one reason behind the PWC survey, which last year found that over one in five of the top UK law firms do not consider legal process automation a priority.
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Taking this ‘head in the sand’ approach to how the law will adapt is rather shortsighted – even if businesses don’t want to change their own internal functions, there is a broader imperative to understand how evolving digital technologies are transforming other businesses. Process optimisation through automation and the benefits it can bring cannot and should not be ignored. Some 38% of professional services businesses have already deployed Artificial Intelligence technology to automate some of their service operations, and that number is set to grow. This isn’t a blind backing of technology for innovation’s sake, but recognition from forward thinking businesses that it can sharpen up their own business efficiencies, and even make the employee experience better. For example, traditionally the more time consuming, repetitive tasks tend to fall to junior associates and paralegals. Whilst in the past, this was seen as a key part of their training – learning the basics and the repetitive tasks before building up to handling more complicated matters.
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There is a clear benefit to fast tracking this part of their training. Current forms of legal automation can now take on some of these relatively straightforward, but time-wasteful tasks – such as finding and updating standard clauses in contracts. Where many first generation process automation tools reach the limits of their potential is when it comes to tackling less straightforward, more complicated actions. This is often as every non-linear process becomes complex to design and automate, very quickly. These tasks are also frequently highly bespoke to each particular use case and business. And yet, automation is evolving at such a pace that more adaptable technologies, like our own, are emerging which can more comfortably accommodate these more complicated processes. These next generation approaches are also constructed to be more user-friendly by design. Lawyers are highly adept to the law – they are not software programmers. To tackle a specific and unique operation, previous automation software would need to be calibrated by someone highly IT literate. However, newer and emerging platforms like ALX can be built through much simpler, drag-and-drop approaches. This means that the legal professionals who understand the many steps involved in a specific process can adapt the technology to pick up the slack, but without facing a steep learning curve or training on a new system. Drag-and-drop interfaces like these are also making a dramatic impact when it comes to managing priorities for a partner’s typical daily activities and case load. This new adaptability in emerging automation options also removes some of the risks for some law firms, when it comes to potentially investing in a new system or technology. Legaltech is still at a relatively early stage and
AI AND LEGAL INDUSTRY
market leaders are yet to properly emerge in every category. This is why newer platforms are technology agnostic; the autologyx platform is deliberately able to incorporate other third party technologies. This means that no user is tied in to backing one single type of tech as the sector continues to develop, but can instead start finding solutions and delivering cost- and productivity savings from the get-go. All of these advantages should be passed on to staff – who are then relieved of the more lengthy, onerous and potentially lower value tasks. Instead, they are freed up to work on more challenging priorities where human thinking is still highly-prized. Trainees can still learn the process and still understand why and how tasks need to be set up as they are, by building and taking ownership of the automation process themselves – but can also progress more rapidly in their roles.
We’re undoubtedly a long way off from total automation of the law, and it’s highly unlikely that modern definitions of AI, machine learning or automation will be able to ever entirely replace a fine legal mind. This does not mean that the sector would not be impacted and improved by the development of technology and a removal of more repetitive, lower priority activity. Forward-thinking law firms are already investing in ways to incorporate developing legal technologies into their current frameworks. A client of ours has already seen a significant time-saving in their team dedication to repetitive tasks, alongside significant client service benefits. These included a 60 per cent reduction in response times, a 40 per cent drop in follow ups and allowing the team to increase its throughput by eight times, all contributing to a significant upward trajectory of growth. This should be the final and potentially most important issue for law firms who have, to date, been slower to embrace new digital innovations. They may soon be falling behind the pace of other businesses who have more readily accepted that business development often means change and accepting different behaviours. Not only is automation helping companies to service their clients faster and meet higher criteria in Service Level Agreements, but it will also help staff to develop and learn without being dedicated to tedious or lengthy processes. There is good reason why investment in legaltech spiked by over 700 per cent in 2018. One fifth of UK law firms may not be considering legal automation a priority – but the other 80 per cent are using it to become more efficient, service their clients more effectively – and give them the edge over competitors. l
Ben Stoneham is CEO and founder of Autologyx, a UK-headquartered cloud platform for process automation. Founded in 2014, the company develops cloud-based applications for automating processes in businesses and enterprises. It clients include T-Mobile, Boeing, Luxottica, Eversheds Sutherland Ignite and Adecco among others.
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ICFM TOP 100 LEADING FIRMS 2018
IT IS OUR PLEASURE TO INTRODUCE TO YOU THE INTERCONTINENTAL FINANCE MAGAZINE’S 100 LEADING FIRMS LIST, FEATURING THE BEST FIRMS FROM THE WORLD OF LAW, FINANCE AND PRIVATE EQUITY The honourees on the list have been chosen in accordance with their business practice, depth of knowledge and service rendered to clients. ICF recognises that partnering with the right service provider in today’s highly-competitive world is of utmost importance to organisations who mean business and would settle for nothing less. Our list provides you that cutting edge you need with a roster of names that is a veritable Who’s Who of the business, finance and legal world. Featured are the crème de la crème who can advise you on all corporate matters.
Congratulations to all our Top 100 Leading Law Firms
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ICFM TOP 100 LEADING FIRMS 2018
Australia
Davis Advisory www.davisadvisory.com.au
Canada
Czech Republic
PatentAxis Inc.
Gurlich & Co.
www.patentaxis.com
Bahrain
www.akrg.cz
France Rogerson Law Group www.rogersonlaw.com
Zu'bi & Partners
Cabinet Plasseraud www.plass.com
www.zubipartners.com
China Belgium
AMBOS NBGO
Lee, Tsai & Partners
IXO Private Equity
www.leetsai.com
www.ixope.fr
Colombia
Germany
www.amboslaw.be
Botswana Posse Herrera Ruiz www.phrlegal.com
Busse & Miessen
Cyprus
www.busse-miessen.de
Luke & Associates www.lukeandassociates.net
Christodoulos G. Vassilliades & Co. LLC www.vasslaw.com
Kather Augenstein www.katheraugenstein.com
Piyush Sharma Attorneys & Co. www.sharma.co.bw
Costas Tsirides & Co Llc
Brazil
www.tsirides.com
Pohlmann & Company www.pohlmann-company.com
Basilio Advogados www.basilioadvogados.com.br
Mantis & Athinodorou www.mantislaw.com
SIWE www.si-we.d
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ICFM TOP 100 LEADING FIRMS 2018
Greece Fox Mandal PPT Legal
www.foxmandal.in
S.K. Srivastav www.srivastavandco.com
www.pptlegal.gr
India HSA Advocates www.hsalegal.com
Anand and Anand
Tuli & Co www.tuli.biz
www.anandandanand.com
Kesar Dass B. & Associates www.kesardass.org
VERITAS LEGAL www.veritaslegal.in
Indonesia AZB & Partners www.azbpartners.com
Law Office Of Ramni Tanjea www.ramnitaneja.com
Hermawan Juniarto www.hermawanjuniarto.com
D. H. Law Associates www.dhlawassociates.com
Mundkur Law Partners www.mundkur.com
Lubis Ganie Surowidjojo www.lgsonline.com
Ireland Desai & Diwanji www.desaidiwanji.com
NKN Legal www.nknlegal.co.id
Fidus Law Chambers www.fiduslawchambers.com
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VIGITRUST www.vigitrust.com
O.P. Khaitan & Co www.opkhaitan.com
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ICFM TOP 100 LEADING FIRMS 2018
Italy
Lebanon Berdeja Abogados SC www.berdeja.com.mx
Annunziata Associati www.acfirm.it
Abou Jaoude & Associates Law Firm www.ajalawfirm.com
Tumi Law Firm
Ritch Heather Mueller Y Nicolau www.ritch.com.mx
www.tumilawfirm.com
Dalla Verita' & Partners www.dallaverita.it
Nepal
Luxembourg
Dennemeyer & Associates S.A. www.dennemeyer.com
Pradhan, Ghimire & Associates www.pradhanlaw.com
Spadafora De Rosa Law www.spadaforaderosa.net
Nicaragua
EY www.ey.com/lu/en/home
Ughi e Nunziante - Studio Legale www.unlaw.it
Guy Jose Bendana-Guerrero & Asociados www.guybendana.com.ni
Malta Nigeria
Japan
YUASA and HARA www.yuasa-hara.co.jp
G. Elias & Co.
KSI Malta www.ksimalta.com
www.gelias.com
Mexico
Kenya
JATA www.jata.mx
Hermon www.hermonlaw.com
PPT Legal www.pptlegal.gr
Oscos Abogados
Tokunbo Orimobi LP
www.oscosabogados.com.mx
www.tolegalgroup.com
Waweru Gatonye www.wawerugatonye.co.ke
SMPS Legal www.smpslegal.com
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Pakistan
ICFM TOP 100 LEADING FIRMS 2018
The Netherlands
Spain
Heussen www.heussenlaw.nl
Vellani & Vellani www.vellani.com
Lebrero Abogados S.R.L.P. www.lebreroandco.com
Turkey
Philippines BEZEN & PARTNERS www.bezenpartners.com
DivinaLaw
Maio
www.divinalaw.com
www.maiolegal.com
Sweden
Group Law Firm www.grouplaw.com.tr
Hechanova Bugay Vilchez & Andaya-Racadio
Delphi www.delphi.se
ÜNLÜ & Co
www.hechanova.com.ph
www.unluco.com
Switzerland Portugal
UAE AFSCHRIFT
SPASS - Santos Pereira & Associados
www.afschrift.com
www.spass.pt
Fichte & Co
Russia
www.fichtelegal.com
Tax Partner AG
UK
www.taxpartner.ch
Zuykov & Partners www.zuykov.com
Taiwan ABR Solicitors www.abrsolicitors.com
Slovenia Deep & Far www.deepnfar.com.tw
AVONDALE Law Office PETEK Ltd
www.avondale.co.uk
www.op-petek.si
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ICFM TOP 100 LEADING FIRMS 2018
Bonaccord Ecosse Ltd www.bonaccord.eu
Fulcrum Chambers
SIA Group
www.fulcrumchambers.com
www.sia-group.co.uk
Ukraine Boult Wade Tennant
Goal Group Ltd
www.boult.com
www.goalgroup.com
Aleksey Pukha and Partners www.puhaipartnery.com.ua
HGF Limited www.hgf.com
USA
Carter Perry Bailey LLP www.cpblaw.com
Demotech, Inc. Imprima
www.demotech.com
www.imprima.com
Cavendish Corporate Finance LLP www.cavendish.com
Luvera, Barnett, Brindley, Beninger & Cunningham www.luveralawfirm.com
Intercorp Group Financial Marketing Ltd
www.intercorpgroup.com
www.financialmarketing.com
Maalouf Ashford & Talbot, LLP www.maaloufashford.com
Liquidity Services Inc. www.liquidity servicesinc.com
FMConsult www.fmconsult.co.uk
Purvis Gray Thomson, LLP www.purvisgray.net
Maxwell Winward LLP www.maxwellwinward.com
Sadis & Goldberg www.sglawyers.com
36
Intercontinental Finance & Law • 159/19
North America
Europe
Asia
www.winston.com
TO INTERCONTINENTAL FINANCE MAGAZINE'S TOP 50 GLOBAL LAW EXPERTS FOR 2018 THE FOLLOWING LAWYERS HAVE BEEN RECOGNISED BY INTERCONTINENTAL FINANCE MAGAZINE AS ONE OF THE TOP 50 GLOBAL LAW EXPERTS IN THE WORLD TODAY. ICFM is a monthly magazine and is distributed to our 158,500 strong corporate database. We hope our Top 50 Global Law Experts will help you to make informed decisions as to what firms or individuals to assist you in corporate matters, whether of a transactional nature, financing or simply ongoing assistance to ensure your businesses are applying good governance in all areas.
Congratulations to all our Top 50 Global Law Experts
39
Belgium - China
TOP 50 GLOBAL LAW EXPERTS 2018
De Broeck Van Laere & Partners
Didier Van Laere is a business lawyer at the Brussels’ Bar and the Ghent’s Bar, specialized in tax and corporate law. He obtained a Master degree in law at the University of Ghent and a special Master degree in tax law at the University of Brussels. Didier
E: dvl@dvp-law.com
Van Laere is one of the two founding partners of the law firm
T: +32 2 4230 042
De Broeck Van Laere & Partners (1998). His practice includes
F: +32 2 4230 032
corporate tax work, mergers & acquisitions, restructuring and...
www.dvp-law.com
READ MORE HERE
Thierry Afschrift
AFSCHRIFT LAW FIRM
With over 30 years experience in domestic and international tax law and white-collar crime law, Professor Thierry AFSCHRIFT leads the firm’s practice and advises individuals and a significant
E: avocats@afschrift.com
BELGIUM
number of major companies and banks, in reorganizations, tax
T: +32 2 6464 636
planning and tax litigation. He has often appeared as a “pioneer”
F: +32 2 6443 800
in respect to the developed argumentation in the dynamic field of
www.afschrift.com
tax law... READ MORE HERE
Principal Partner of Piyush Sharma Attorneys & Co. a Law Firm established in 2014 after the dissolution of Sebego Piyush Sharma Attorneys & Co.
BELGIUM
Didier Van Laere
Sharma & Co. The Principal Partner has set up a Firm with four
E: sharma@sharma.co.bw
Attorneys and support staff to cater to the needs of Botswana’s
T: +267 3 191 622
growing Commercial and Property market. Prior to this, he
F: +267 3 910 321
was Co-founding Partner of Sebego Sharma & Co.; Member of the International Bar Association; Law Society of Botswana;
www.sharma.co.bw
Botswana Institute of Arbitrators... READ MORE HERE
E: abasilio@basilio advogados.com.br T: +55 21 2277 4200 F: +55 21 2210 6316 www.basilioadvogados.com.br
Grandall Law Firm
40
as well as in arbitration. Bachelor of Law from Universidade
Cândido Mendes, worked in large offices of Brazil, among them, Sergio Bermudes’ firm, where she worked during eleven years. She was also a partner of Trench, Rossi e Watanabe Firm (Baker & McKenzie), being responsible, in Brazil, for the civil and
BRAZIL
Basilio Advogados
Ana Tereza Basilio is a specialist in civil and commercial litigation
commercial litigation area, from July, 2002 to December, 2005. She is a post graduate in... READ MORE HERE
Mr. Wang has represented legal service for numerous worldfamous companies include: General Motors Co. of U.S.A, General Motors China, The ABB Group of Switzerland, AT & T Inc. of
E: wangweidong@ grandall.com.cn
U.S.A., General Electric Company, IBM Corporation, U.S.A.,
T: +86 10 6589 0600
Japan, Bank of Tokyo-Mitsubishi, CLP Power Hong Kong Limited,
www.grandall.com.cn
Electricité de France, China 999 Group, Qinshan Nuclear Power
Siemens AG, National Power of U.K., Export-Import Bank of
CHINA
Ana Tereza Basilio
Weidong Wang
BOTSWANA
Piyush Sharma
and China Datang Corporation... READ MORE HERE
www.intercontinental-finance.com/globallawexperts-50
TOP 50 LAW EXPERTS 2018
China - France Broad & Bright, founded in 2004, is a full-service Chinese law firm providing a broad range of specialized legal services in multiple
CHINA
practice areas for domestic and international clients, Among the firms in antitrust law practice in China. The antitrust team of
T: +86 10 8513 1818
Broad & Bright has extensive and expertise in the competition
F: +86 10 8513 1919
has... READ MORE HERE
www.broadbright.com/en/ zycy_fy.htm
Graduated from University College London in 1996. He was
Alexandros Tsirides
CYPRUS
Lincoln’s Inn in 1997 and completed his Master of Laws in 1998
E: alexandros@tsirides.com
called to the Cyprus Bar in 1999 and joined the firm. In 2004 he
T: +357 2 5820 810
was elected, and was until 2006, the treasurer of the Limassol Bar
F: +357 2 5359 772
Law and Trusts. Languages: Greek... READ MORE HERE
The law office GÜRLICH & Co was founded on 1st February 2002. All members of the firm are experienced lawyers possessing outstanding professional expertise in various branches of law.
www.tsirides.com
Richard Gürlich E: info@akrg.cz
by a qualified office staff. Besides, on a case to case basis, we
T: +420 2 2210 1591
would invite for cooperation many other external specialists and
F: +420 2 2210 1590
services in the Czech and English... READ MORE HERE
After an initial experience in an in-house legal department in a leading retailer, Bérénice joined the IP Department of a well-known firm in the cosmetics field. After joining Cabinet
www.akrg.cz
Bérénice Dejardins E: dejardins@plass.com
Design Attorney and contributed to the growth of the legal
T: +33 3 2814 1490
department by managing portfolios of trademarks, designs and
F: +33 3 2814 1495
consumer goods), and SMEs... READ MORE HERE
After starting her career as an in-house lawyer in the electronics industry, Guylène joined Cabinet PLASSERAUD in 1990. She actively developed the firm’s legal department and became a
www.plass.com
Guylene Kiesel Le Cosquer
partner of the firm. In addition to managing her own portfolio of
Cabinet PLASSERAUD
clients and overseeing cases of other IP professionals in the legal
E: kiesel@plass.com
department and drawing on her broad experience in Industrial Property, she is a regular speaker conferences in France as well as abroad on a host of subjects... READ MORE HERE
www.intercontinental-finance.com/globallawexperts-50
Cabinet PLASSERAUD
PLASSERAUD in 1999, she qualified as a Trademark and
domain names for clients, leaders in their areas (high technology,
Gürlich & Co
Currently, the firm consists of many lawyers who are supported
free-lance lawyers. This law firm is fully capable of offering legal
COSTAS TSIRIDES & CO LLC
with specialisation in Commercial and Corporate Law. He was
Council. He specialises in Litigation, Contract and Tort, Company
CZECH EPUBLIC
Broad & Bright E: yao_feng@broadbright.com
called to the English Bar as member of the Honourable Society of
FRANCE
various practice areas, Broad & Bright is one of the leading law
law practice, including merger control review, quality service
FRANCE
Yao Feng
T: +33 1 4016 7000 F: +33 1 4280 0159 www.plass.com
41
Germany - India
TOP 50 GLOBAL LAW EXPERTS 2018
Dr Christof Augenstein has been active as a litigator for more Property in 2007, enforcing intellectual property rights such
Kather Augenstein
as patents, trademarks, and designs in litigation. His advice, in
E: augenstein@katheraugenstein.com particular in extensive, technically complex patent infringement litigation, is valued by clients around the world. He has been
T: +49 211 5135 360
GERMANY
than 10 years and has become a Certified Specialist in Intellectual
widely recommended in directories (Best Lawyers, IP Stars,
F: +49 211 5135 3622 www.katheraugenstein.com
Legal 500, JUVE) for his legal... READ MORE HERE
Dr Claus-Peter Martens
Lawyer. Specialist Lawyer for Administrative Law Partner
SammlerUsinger
and planning law, air pollution control and installations, Project
Focus: Waste, residual pollution and soil protection, construction management, Public Private Partnerships, Industrial Estates
E: claus-peter.martens@ sammlerusinger.com T: +49 30 2639 509 - 190 F: +49 30 2639 509 - 600 www.sammlerusinger.com
Dr Eugen Popp
Law, environmental and nature protection, administrative
GERMANY
Practice area: Public Commercial Law
law in trade and industry Foreign languages: English, French Education... READ MORE HERE
Meissner Bolte
Dipl.-Ing. (Master of Science-Mech.-Eng.); Dipl.-Wirtsch.Ing. (Master of Business and Administration), Master of Laws (LL.M.), German and European Patent and Trademark
E: mail@mbp.de
Attorney
Education
Mechanics,
industrial
management
T: +49 89 2121 860
and law at the Technical University of Munich and Ludwig-
F: +49 89 2121 8670
Maximilians-University of Munich; PhD in patent Law; Master
www.mbp.de
of Laws degree from the Open University of Hagen, Germany...
GERMANY
Dr Christof Augenstein
READ MORE HERE
Juan Pablo Carrasco de Groote
Partner at CENTRAL LAW in Guatemala. Graduated Bachelor
CENTRAL LAW
CIG. He has continued his legal studies and obtained different specializations: in Arbitration Law and Alternate Dispute
T: +502 2383 6000
Resolutions in Loyola University; Specialization in International Mergers & Acquisitions, College of Law of England & Wales; Executive Program in Legal Issues... READ MORE HERE
Ramni Taneja
Born in New Delhi, India, on 4th December 1955, and educated in Mumbai, India, and London, England Ramni Taneja completed her school education through Grey Coat Hospital, Westminster,
E: ramni@ramnitaneja.com
London, England, United Kingdom, as a consequence of which
T: +91 11 4155 2051
she obtained the University of London, General Certificate of
F: +91 11 4155 2053
Education, Ordinary Levels and Advanced Levels, between 1972-
www.ramnitaneja.com
INDIA
www.central-law.com
Ramni Taneja
GUATEMALA
has a MSC. in Mercantile and Competiveness Law from USAC/
E: guatemala@central-law.com F: +502 2361 3317
42
in Laws from Universidad Francisco Marroquin, Guatemala and
1974. She obtained her BA Honours [First Class Honours] Degree in English Literature [Major]... READ MORE HERE
www.intercontinental-finance.com/globallawexperts-50
TOP 50 LAW EXPERTS 2018
India - Indonesia Rustam Gagrat is the Senior Partner of Gagrats in Mumbai and of Gagrat & Co. in New Delhi. Mr. Gagrat’s Practice Areas cover
INDIA
Aviation Law, Banking and Finance and Corporate (M&A). Mr.
Rustam Gagrat Gagrats
Gagrat qualified as a Solicitor of the Supreme Court of England
E: rjgagrat@gagrats.com
and is also admitted as an Advocate of the Supreme Court of
T: +91 22 6752 9037 - 52
India. He obtained a BA (Hons) in Law and an MA from Downing
F: +91 22 6752 9053
College, Cambridge University and has also done the PIL at The
Harvard Law School... READ MORE HERE
Vishwang is the Managing Partner of Desai & Diwanji, one of the largest and oldest law firms in India. He practices corporate
INDIA
and finance law and specializes in mergers and acquisitions,
Vishwang Desai
Desai & Diwanji
private equity, buy-outs, spin-offs, de-mergers, divestitures,
E: v ydesai@desaidiwanji.com
project and structured finance, infrastructure and energy
T: + 91 22 3984 1000
project development, cross-border transactions, FDI, corporate
F: + 91 22 2265 8245
governance, competition and regulatory issues. He has been involved in complex restructurings... READ MORE HERE
Ignatius Andy started his law career at Kanaka-Legal Study
INDONESIA
Bureau as researcher from 1990 until 1991, when he was still a student at Parahyangan Catholic University, Bandung. Soon
E: ignatius.andy@ignatiusandy.com
& Taira S. as associate concentrating at commercial dispute
T: +62 21 5150 350
resolutions and corporate commercial matters until 1996. He
F: +62 21 5150 351
joined Hadiputranto, Hadinoto & Partners in 1996 as associate in
Dr. Ganie is the Managing Partner, and one of the founders, of Lubis Ganie Surowidjojo. He graduated from the Faculty of Law
INDONESIA
Ignatius Andy Law Offices
as he graduated cum laude, in 1992 Andy worked at Makarim
Banking & Finance Practice Group... READ MORE HERE
of the University of Indonesia and holds a PhD in Law from the
www.ignatiusandy.com
Dr. Mohamed Idwan ('Kiki') Ganie
University of Hamburg. Dr. Ganie is admitted to the Indonesian
Lubis Ganie Surowidjojo
Bar (PERADI) since 1984. Dr. Ganie specializes in commercial
E: ganie@lgslaw.co.id
transactions and commercial litigation, including alternative dispute resolution and has acted as an expert in a number court and arbitration proceedings... READ MORE HERE
Mr Arief Tarunakarya Surowidjojo specializes in corporate law, corporate and project finance, particularly capital markets,
INDONESIA
Ignatius Andy
merger & acquisition, mining, environmental, commercial
T: +62 21 8315 005 F: +62 21 8315 015 www.lgsonline.com
Mr Arief Tarunakarya Surowidjojo
litigation and alternative dispute resolutions, he has acted as the
Lubis Ganie Surowidjojo
lead lawyer in hundreds of IPOs, rights issues and other capital
E: surowidjojo@lgslaw.co.id
market transactions, in addition to another in excess of 100 M&A deals... READ MORE HERE
T: +62 21 8315 005 F: +62 21 8315 015 www.lgsonline.com
www.intercontinental-finance.com/globallawexperts-50
43
Indonesia - Japan
TOP 50 GLOBAL LAW EXPERTS 2018
Mr. Timbul Thomas Lubis
Mr. Timbul Thomas Lubis obtained his law degree (S.H.) from the
Lubis Ganie Surowidjojo
degree in law (LL.M.) in 1981 from the University of Washington
to the Indonesian Bar in 1977. He went on to obtain a masters in Seattle, USA. Mr. Lubis has also completed an Accounting
E: lubis@lgslaw.co.id
Management Program at the Management Institution at the
T: +62 21 8315 005
University of Indonesia. In addition to being a member of the
F: +62 21 8315 015
INDONESIA
Faculty of Law, University of Indonesia in 1974 and was admitted
Indonesian Bar Association... READ MORE HERE
www.lgsonline.com
Osamu Yamamoto
Osamu Yamamoto is a patent attorney, and a managing partner
YUASA and HARA
of YUASA and HARA, and is the acting Chief of the Chemical
pharmaceutical research and worked in the field of development at a chemical company for around ten years before specializing in intellectual property. Mr. Yamamoto has represented a variety
F: +81 3 3246 0233
of companies in the fields of biotechnology, pharmaceuticals,
www.yuasa-hara.co.jp
diagnostics, and foods... READ MORE HERE
Hajime Watanabe
Hajime Watanabe is one of the founding partners of STW
STW & Partners E: hajime.watanabe@stwlaw.jp T: +81 3 3596 7303 F: +81 3 3596 7330 www.stwlaw.jp
& Partners. His main areas of practice are antitrust and competition laws, dispute resolution and intellectual property litigation. He also has assisted a number of clients with antitrust aspects in their commercial transactions and the establishment of compliance structures based on his extensive experience in
JAPAN
T: +81 3 3270 6641
JAPAN
Section. Mr. Yamamoto has experience in biotechnology and
E: yamamoto-ch@ yuasa-hara.co.jp
cases in Japan and other jurisdictions. He obtained an LLB from the University of Tokyo in 1985... READ MORE HERE
Satoko Niiya is one of the founding partners of STW & Partners.
STW & Partners E: satoko.niiya@stwlaw.jp
Her main areas of practice are corporate, M&A and dispute
resolution. Since November 2105, she has been serving as a partner in a Japanese private equity firm, Integral Corporation,
T: +81 3 3596 7305
dedicating herself to implementing various M&A transactions.
F: +81 3 3596 7330
Ms Niiya obtained an LLB from the Kyoto University in 1992 and
www.stwlaw.jp
was admitted in Japan to the Tokyo Bar Association in 1994...
JAPAN
Satoko Niiya
READ MORE HERE
STW & Partners
Shin’ichiro Yoshiba is one of partners of STW & Partners. His
main areas of practice are licensing, IP related M&A transactions, and IP litigation and dispute resolution involving infringement
E: shinichiro.yoshiba@stwlaw.jp of patents, trademarks and copyright. He has considerable T: +81 3 3596 7317 experience in handling IT-related legal issues and disputes F: +81 3 3596 7330 regarding various types of internet services and IT system www.stwlaw.jp
JAPAN
Shin’ichiro Yoshiba
development. He regularly provides comprehensive legal advice on litigation/dispute resolution,... READ MORE HERE
44
www.intercontinental-finance.com/globallawexperts-50
TOP 50 LAW EXPERTS 2018
Japan - Mexico Wataru Sueyoshi is one of the founding partners of STW & Partners. His main areas of practice are IP Law and Corporate
JAPAN
Law. He obtained an LLB from the University of Tokyo in 1981 and was admitted in Japan to the Daini-Tokyo Bar Association in
E: wataru.sueyoshi @stwlaw.jp
1983. He joined Mori Sogo (now, Mori Hamada & Matsumoto) in
T: +81 3 3596 7301
1983 and established STW & Partners in 2007. Mr. Sueyoshi was
F: +81 3 3596 7330
the Visiting Professor, University of Tokyo Graduate Schools for Law and Politics from 2013 to 2016... READ MORE HERE
Nelson Ihachi Ashitiva is the Senior Partner and Head of Strategy at Ashitiva and Company Advocates, a firm he founded 5 years
KENYA
ago with partners Ken Ashimosi and George King’ori. A practicing
Nelson Ihachi Ashitiva
he is also a Commissioner of Oaths, Notary Public and an
E: info@ashitivaadvocates.com
Arbitrator and Associate of the Chartered Institute of Arbitrators
Carlos Abou Jaoude is the founder and managing partner of Abou Jaoude & Associates Law Firm. His multidisciplinary expertise
LEBANON
www.stwlaw.jp
Ashitiva and Company Advocates
ADR specializing in corporate restructuring.... READ MORE
and international experience in a broad range of industries in both the public and private sectors include Corporate Law, Banking &
T: +254 20 2710 880 T: +254 722 764 732 www.ashitivaadvocates.com
Carlos Abou Jaoude Abou Jaoude & Associates
E: c.aboujaoude@ajalawfirm.com
Finance, Mergers & Acquisitions, Capital Markets & Securities,
T: +961 1 395 555
Tax & Succession Planning, Structured Finance, Financial
F: +961 1 384 064
Restructuring & Insolvency, Telecommunications, Media, Project
www.ajalawfirm.com
Development & Finance and Privatization.... READ MORE HERE
Shankhnad Ghurburrun has many years of experience in advising international and domestic clients on white collar crime, asset
MAURITIUS
advocate of the High Court of Kenya with 10 years of experience,
of the United Kingdom. Nelson focuses on Commercial Law and
recovery and anti-fraud matters, in both Mauritius and the
Shankhnad Ghurburrun
Seychelles and regional cross border matters. GEROUDIS has its
Geroudis
own in-house intelligence team, and often collaborates with state
E: sanjeev@geroudis.com
authorities in the development and elaboration of commercial crime legislation in Mauritius. The firm has full service capabilities with around 20 Forbes 100 clients... READ MORE HERE
1977 was a good year for beginnings. The first Apple Computer went on sale, The Clash released their first album, Star Wars
MEXICO
Wataru Sueyoshi STW & Partners
opened in theaters, and as for real space exploration the Space
T: +230 2103 838 F: +230 2103 912 www.geroudis.com
Dario U Oscós Coria Oscós Abogados
In Mexico City, there was another sort of launch: Oscós Abogados
E: doscos@oscosa bogados.com.mx
Law Firm was founded by its senior partner Darío U. Oscós Coria.
T: +52 55 5550 2829
Oscós Abogados is a boutique law firm abounding with a team of
F: +52 55 5550 1273
Shuttle made its first test flight and Voyager I & II were launched.
professional lawyers.... READ MORE HERE
www.intercontinental-finance.com/globallawexperts-50
45
Nigeria - Philippines
TOP 50 GLOBAL LAW EXPERTS 2018
Aham Eke Ejelam SAN
Called to the Nigerian Bar in August, 1985. LL.B (Hons.) (1984)
Principles Law Partnership
of Nigeria on the 22nd of September, 2014. Member, Chartered
University of Science and Technology. Made a Senior Advocate
E: aham.ejelam@principleslaw.com Institute of Arbitrators (UK). Member, International Bar
Association. Member, Commonwealth Lawyers Association.
T: +234 84 302 576
NIGERIA
University of Nigeria. LL.M (2000) from the Rivers State
Member of the Executive, Nigerian Bar Association, Port
www.principleslaw.com
Harcourt Branch... READ MORE HERE
Miannaya Aja Essien, SAN, CArb., FCIArb
Principles Law Partnership is a firm of legal practitioners,
Principles Law Partnership
an extensive range of legal services in areas of litigation,
arbitrators, notaries public and registered capital market
E: info@principleslaw.com
Corporate and Commercial law, Banking law and Secured Credit
T: +234 84 361 582
Transactions; trademarks and trade names, intellectual property,
NIGERIA
consultants in Port Harcourt and Lagos. Principles provides
Capital market, Environmental, electricity, oil and gas law,
www.principleslaw.com
receivership, liquidation... READ MORE HERE
Akabogu & Associates E: emeka@akabogulaw.com T: +234 1453 5940 T: +234 80554 61557 (DL) www.akabogulaw.com
Akabogu is a widely recognised expert in the field of maritime law and policy in Nigeria. He is the Senior Partner at the law firm, Akabogu & Associates, which is active in shipping, maritime, petroleum and international trade representation. He has served and continues to serve on a range of national committees and initiatives on maritime development including the Ministerial
NIGERIA
Emeka Akabogu
Cabotage Review Committee. His book, ‘Maritime Cabotage in Nigeria’, was the first published work... READ MORE HERE
Badaruddin F. Vellani
Mr. Badaruddin F. Vellani is an Honours graduate in Chemical
Vellani & Vellani
(London). He is a senior partner at Vellani & Vellani and has over
Leicestershire and a Barrister-at-Law of the Middle Temple
E: khi@vellani.com
35 years experience in commercial matters, including corporate
T: +92 21 3580 1000
work such as mergers and acquisitions, anti-trust and competition law, corporate finance, project finance, infrastructure projects,
F: +92 21 3580 2120
building and construction contracts... READ MORE HERE
DivinaLaw
Nilo T. Divina is a leading counsellor and authority in Philippine corporate law and litigation. He founded the Firm in 2006, and has been the firm’s managing partner since. He grew the
E: nilo.divina@divinalaw.com
firm from a crew of nine lawyers to the present complement of
T: +63 02 822 0808
50 attorneys and counsels. He is also the dean of the Faculty of
www.divinalaw.com
Civil Law of the University of Santo Tomas, one the Philippines’ leading law schools. Mr. Divina’s experience spans some 25 years
PHILIPPINES
www.vellani.com
Nilo T. Divina
PAKISTAN
Engineering from Loughborough University of Technology,
of appearing before courts of all levels... READ MORE HERE
46
www.intercontinental-finance.com/globallawexperts-50
TOP 50 LAW EXPERTS 2018
Singapore - Turkey She has more than 35 years of experience of work in IP, including
RUSSIA
patents. According to the most reputable Russian and foreign magazines, Dr Vakhnina is one of the leading IP professionals in Russia. She was recommended by Russian business newspaper
E: mail@vakhnina.ru
Vedomosti and the website www.pravo.ru as one of 2011’s best
T: +7 49 5231 4840
Russian lawyers and as one of 2012’s best Russian lawyers for IP.
F: +7 49 5231 4841
In 2010 / 2011 / 2013 / 2014, she was listed as a leading legal expert by Who’s Who Legal... READ MORE HERE
Mr Ajaib Hari Dass is a consultant with Haridass Ho & Partners, a
SINGAPORE
law firm in Singapore which he co-founded. He is an Advocate and Solicitor, Commissioner for Oaths and Notary Public. Graduated
T: +65 6533 2323
Temple in 1975 and called to the Singapore Bar as an Advocate &
F: +65 6533 7029
Banking division of One Legal LLC. She is also a founder of the
SINGAPORE
Haridass Ho & Partners E: mail@hhp.com.sg
Tracy Chen co-heads the Corporate, Corporate Finance & law corporation. Having been in corporate practice since 1988,
www.hhp.com.sg
Tracy Chen
One Legal LLC
Tracy has been actively involved in various aspects of the practice
E: tracy.chen@onelegal.sg
and particularly in corporate finance, mergers and acquisitions,
T: +65 6720 6786
joint ventures, loan and security, and other corporate matters.
F: +65 6720 7998
Her clients include listed entities, small and medium enterprises, multinational clients... READ MORE HERE
Marla Bojorge is the owner of Bojorge & Associates, an international corporate and immigration law firm located in Valencia, Spain. The firm specialises in finding the right legal
SPAIN
Ajaib Haridass
(Honours) degree, he was admitted as a Barrister-at-Law, Middle Solicitor in 1976. He has more than 43 years of continuous legal
www.onelegal.sg
Marla Vanessa Bojorge Zúñiga
solution for each client’s unique circumstances. Ms Bojorge
Bojorge & Associates
previously practised in Switzerland (Tribunal de Première
E: marla@visalawspain.com
Instance – Suisse) and the United States (Kavanagh Maloney & Osnato LLP Manhattan, New York), and is a member of theInternational Bar Association (IBA).... READ MORE HERE
Since October, 1982, Mr. Tsai has indulged himself in experiencing all phases of intellectual property laws from preparation to prosecution and then to litigation of patent, trademark, copyright,
T: +34 96 0451 676 F: +34 96 1125 927 www.visalawspain.com
C. F. Tsai
Deep & Far
circuit layout, trade secret, unfair competition and license before
E: cft@deepnfar.com.tw
instances of courts in this country and other countries. Brain
T: +886 2 2585 6688
waves, perseverance and stamina are considered to be most
F: +886 2 2598 9900
important factors of a successful character.... READ MORE HERE
www.intercontinental-finance.com/globallawexperts-50
www.vakhnina.com
from the University of London in 1974 with a Bachelor of Law
experience and specialises in shipping... READ MORE HERE
TAIWAN
Dr Tatyana Vakhnina Vakhnina and Partners
www.deepnfar.com.tw
47
Taiwan - USA
TOP 50 GLOBAL LAW EXPERTS 2018
Felix Wang is an attorney at law based in Taiwan with over 10
Felix Wang
YANGMING PARTNERS
labor law, securities law, cross-border M&A, and antitrust law.
E: fwang@yangminglaw.com
Mr. Wang has handled various M&A deals across industries,
T: +886 2 8725 6677
including life insurance, food, management services, cable
F: +886 2 2729 5577
television, communication equipment, application software, lodging, and container shipping. He also advised on premerger
www.yangminglaw.com
filings for a wide range of multinational... READ MORE HERE
Mehmet Nazım Aydın Deris
Mehmet Nazım Aydın Deriş graduated with first class honours
Deris
spoken command of Greek. Mr. Deris has been shareholder and
He is fluent in French, English, Italian and German and has a manager since July 1971 of the firm Deris Patents & Trademarks
Mr. E. Kerim Yardimci
Founding Partner and Executive Board Member at Deris, Kerim
Deris
Kerim’s international expertise is complemented by his extensive
Agency AS, which provides full-range services for securing, maintaining and defending (search, registration, renewal, opposition) intellectual... READ MORE HERE
attorney locally and internationally. Fluent in English and French, network. Kerim’s innovative approach to intellectual property litigation, complex court proceedings and portfolio management has helped drive Deris’ status as a top, forward-thinking IP law firm... READ MORE HERE
Gary P. Naftalis is co-chair of Kramer Levin Naftalis & Frankel of the 100 Most Influential Lawyers in America by The National Law Journal and as one of the Top 10 Lawyers (Top Point Getter) in New York by Super Lawyers. Mr. Naftalis is a Fellow of the
F: +1 212 7159 238
American College of Trial Lawyers. He represents individuals
www.kramerlevin.com
and corporations... READ MORE HERE
The Entrepreneur Law Center, P.L. E: khamner@entrepreneur lawctr.com T: +1 407 6014 980 F: +1 407 6014 981
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One of the nation’s leading trial lawyers, he was selected as one
USA
E: gnaftalis@kramerlevin.com
LLP, where he co-chairs the firm’s extensive litigation practice.
For the past twenty five years, Ken Hamner has accumulated a wide variety of experience in finance, accounting, consulting, and
law. He has significant experience in structuring international and domestic transactions, equity and debt relationships, and negotiating contracts. Ken manages and directs all of the primary
USA
Kramer Levin Naftalis & Frankel LLP
Kenneth Hamner
TURKEY
is a highly experienced and respected intellectual property
E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr
T: +1 212 7159 253
TURKEY
from the Faculty of Law at the University of Geneva in June 1968.
E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr
Gary P. Naftalis
TAIWAN
years of experience specializing in general corporate matters,
practice areas of the Entrepreneur Law Center, P.L., a boutique law firm with focused practice areas of business planning, international and domestic... READ MORE HERE
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TOP 50 LAW EXPERTS 2018
USA - Uganda Mr. Rami Fakhoury is passionate about immigration law. He is the founder and Managing Attorney of Fakhoury Law Group, PC
USA
(FLG), a Martindale Hubbell AV-rated business immigration firm. Mr. Fakhoury was a pioneer in establishing an office in Mumbai
Fakhoury Law Group, PC (FLG)
to better service FLG’s Indian IT and Engineering clients. His
E: rami@employmentimmigration.com
knowledge of immigration and foresight into immigration trends and policy have earned him widespread recognition. He is currently helping the State of Michigan... READ MORE HERE
om has practiced Property Tax and Real Estate Law since 1978 and has been an MSBA Board Certified Specialist in Real Property Law since the inception of that designation. Tom is
USA
Rami Fakhoury Fakhoury
T: +1 248 6434 900 F: +1 248 6434 907 www.employmentimmigration.com
Thomas R. Wilhelmy
highly acclaimed for his expertise in real property valuation
E: t wilhelmy@fredlaw.com
and property tax appeals, including retail, office, industrial,
T: +1 612 4927 058
apartment and redevelopment properties. He is rated “AV
www.fredlaw.com
Preeminent” by Martindale-Hubbell, and is a MSBA certified
Fredrikson & Byron P.A.
specialist in real property law.... READ MORE HERE
WAYNE N. OUTTEN is a founding and the managing partner of Outten & Golden LLP. His practice focuses exclusively on
USA
representing individuals in all areas of employment law. He co-
Wayne N. Outten Outten & Golden LLP
chairs the firm’s Executives and Professionals Practice Group.
E: og@outtengolden.com
Mr. Outten’s notable cases include a recovery of $12 million in
T: +1 212 2451 000
a gender discrimination/retaliation case against Morgan Stanley
www.outtengolden.com
in federal court and (with partner Larry Moy) a $18.9 million arbitration award... READ MORE HERE
Mr. Martucci, who holds an LL.M. in employment law from Georgetown University in Washington, D.C. practices nationally
USA
in complex class action (employment discrimination and wage
E: wmartucci@shb.com
worth having on any dream team for employment litigation and
T: +1 202 7838 400
policy issues.” His jury work has been featured in The National
F: +1 202 7834 211
in California, Florida, Illinois, ... READ MORE HERE
Joseph is the Managing Partner of the Firm; he holds an LLM (SEU) from Arkansas, MA Corporate Governance from Kingston University London, Bachelor of Laws (LL.B) Makerere University Kampala and, a Diploma in Legal Practice (Dip. LP), Law Development Center Kampala. Uganda; he has worked on local
www.shb.com
Joseph Buwembo
Buwembo and Company Advocates
E: joseph@buwemboadvocates.com
and international projects and his current practice draws upon
T: +256 41 4341 335
his experience in commercial and corporate/company law as well
F: +256 41 4341 842
as in the areas of intellectual property... READ MORE HERE
www.buwemboadvocates.com
www.intercontinental-finance.com/globallawexperts-50
Shook Hardy & Bacon LLP
& hour) and EEOC litigation. Chambers notes “Bill Martucci is
Law Journal. Currently, Bill is involved in class action litigation
UGANDA
William C. Martucci
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TRAVEL | CITY | ARRECIFE
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Arrecife A port city on the east coast of Lanzarote, one of Spain’s Canary Islands, Arrecife, once known as the Venice of the Atlantic, is filled with action – shops galore, beautiful beaches, splendid promenades and exciting nightlife that makes you come back time and again. Carol Wright ARRECIFE’S NAME COMES FROM THE SPANISH FOR ‘REEF’ COMMEMORATING THE BLACK VOLCANIC ROCKS, EXPOSED AT LOW TIDE, WHICH SHELTERED THE FISHING BOATS OF THE ORIGINAL COMMUNITY. Founded in the fifteenth century, the rocks protected them against frequent piratical attacks that regularly swept down on Lanzarote the most north easterly of the Canary islands. At the end of the sixteenth century the small settlement expanded due to the need for warehousing for the growing trade between old and new worlds with the
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Canary Islands strategically placed as a staging post. London’s Canary Wharf name reflects that trade. Growing prosperity encouraged more pirates and in 1571 they almost destroyed Arrecife. The city remained defensive in the eighteenth century but thrived in the nineteenth becoming capital of the island in 1852. Previously the capital was at Teguise 10 kms inland but having the advantage of a hilltop castle just outside from which the approach of raiders could be seen and signalled to the populace who, to avoid being taken as slaves, hid in their water catchment spaces.
When the pirate peril subsided, a capital that was also a good port for trade was needed and Arrecife was chosen. Today, it is an attractive city fanned out round a series of bays that enable it to combine commercial life with resort facilities. There is a continual people parade along the palmshielded promenade sweeping the width of the city from the fishermen’s area almost to the international airport nearby; visible but not audible. The neat white low rise buildings are relieved with sculpture and wall paintings. With a population of around 55,000 and covering 22.72 square kms, it is an easy
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TRAVEL | CITY | ARRECIFE
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THE COSMOPOLITAN CAPITAL OF LANZAROTE
place to master. The sea forms a constant reference point as streets and alleys work back from the promenade. The Calle Real and Calle Leon y Castello are the main shopping and commercial streets selling local crafts among international brand shops. Much of Arrecife’s importance still comes from the seas and ships as well as ferry links with other islands. It has the largest fishing fleet in the Canaries snugly homed in the Charco San Gines named for the city’s first archbishop as is a seventeenth century church around which a farmer’s market is held on Saturday mornings. The Charco is a man-made lagoon – the site of the first fishing settlement. Fishermen’s houses – many now restaurants and bars – line one side, part of Cesar Manrique’s remodelling with the avenue named in his honour. On the other is a three-arched low stone bridge through which boats must carefully judge the tide to exit safely. Just beyond the Charco is a new yacht marina, another popular restaurant and bar area, and still further north is the commercial port and cruise terminal. Beyond here is one of Arrecife’s two sea castles – the Castillo de San Jose (Castle of San José). Built to provide employment in the 1730s during years of scarcity and poverty after the six years of volcanic activity devastating the island, it became known as the Fortress of Hunger. Today, the castle houses and important museum of contemporary art including works by Miro, Manrique, Rivera, and Tapies. Its restaurant, QueMUAC designed by Cesar Manrique with stunning marina and sea views, provides innovative touches to traditional dishes. Popular
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are the slow-cooked kid roll, glazed and wrapped in white sweet potato purée, black wreckfish in a crust of sautéed vegetables, and Canarian red wine sauce and island cheesecake. Nearer the centre of town, the second castle, Castillo de San Gabriel, built in 1590, houses a museum of piratical Arrecife history and is fronted by two magnificent cannon. The castle is reached by a long stone bridge that gives good city views. Arrecife was developed before Cesar Manrique imposed his idea of not allowing any building higher than a palm tree to be built. The blot on his landscape is the Hotel Gran, a high-rise 1960s dark block in the centre of Arrecife’s shoreline. Its rooftop bar is one place where you cannot see the building, a good spot for city overviews. South of here is the deep curve of Playa Reducto of immaculately-kept golden sand that earns it a Blue Flag award. In spite of being in the city centre, it never seems crowded. The main restaurant and bar scenes cluster along the edge of Charco and Playa Reducto both offering pavement dining and people watching. Cuisine choice is eclectic given the city’s trading history. There are plenty of oriental and Asian offerings, the best burgers along with artisan beers and local wines are found at Tabla in Calle Doctor Ruperto Gonzales Negren. Nearby Pizzeria Italiana Gigi offers good pizzas and Italian food. Sushi, Thai and Chinese dishes appear on good value set menus at Asiatico Marina in the new marina. Two to try on Charco are Naia and Cala, the latter offering light Spanish dishes like delicious croquettas with Iberian ham and Catalan caramel cream. l
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TRAVEL | HOTEL | VILLA VIK, LANZAROTE
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HOTEL VILLA VIK THE HOME-STYLE HIDEAWAY Nestled in the residential part of Playa del Cable, Lanzarote, the elegant, completely renovated Hotel Villa Vik is an adults-only upscale acommodation that well combines modern design with classic touches lending the place a real touch of class and sophistication. Carol Wright
ARRECIFE’S FIVE-STAR HOTEL VILLA VIK IS SET IN A QUIET RESIDENTIAL AREA FRINGING THE SEA. IT IS A LOW, LAVA-STONE, TWOSTOREY CUBED GLEAMING WHITE BUILDING SPIKED WITH BURSTS OF BRIGHT BOUGAINVILLEA AND FEATHERY PALMS. Apart from a discreet sign at the urnflanked entrance gates, there is a little to set it apart from its surroundings of equally low-rise elegant white luxury homes. The area is set back a few yards from a beach and promenade that forms a swift walking or biking link along the seashore to central Arrecife. This is the perfect hotel for those who like peace and pampering in a congenial, laidback atmosphere yet within a few minutes’ drive or 10-15 minutes’ walk off the centre of Arrecife by road or promenade. Villa Vik was built as a private villa and owned by a local architect and friend of local artist and sculptor Cesar Manrique,
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the centenary of whose birth is being celebrated this year. Manrique helped his friend with house design and presented him with a sculpture that now centres the upper, light-filled atrium. The villa became a hotel in 2007 though the basic house design has not been changed and the feeling of a private residence persists with elegant classical furnishing and ornaments. Each of its 14 rooms is decorated individually with marble bathroom and a balcony or terrace. There is free wifi in all the rooms. The marbled entrance hall with its discreet reception desk – where excursions, cars, bikes, and taxis for the five minute ride to the airport can be arranged – opens onto a chic bar with back lit rows of bottles on one side and a glass-walled restaurant on the other. Tables for coffee or drinks fill the space in-between, which moves out to become the pool terrace around a bluetiled pool set in private gardens. Not only does the hotel not look or feel like a hotel but it does not quite operate like one. The Vik hotels are a chain of separately owned hotels – Villa Vik is coowned with the San Antonio in nearby Puerto del Carmen from where extra staff can be brought in if necessary. Its adult-only hotel status provides Villa Vik with a relaxed atmosphere. There are no meeting rooms as such but the two top suites with Jacuzzi and large terrace can be used. There is also a secluded area in the garden that is used for meetings and private lunches. The hotel is small enough to be taken over exclusively as some firms have done.
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TRAVEL | HOTEL | VILLA VIK, LANZAROTE
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The restaurant provides international a la carte menus including traditional French dishes for dinner and it also caters for all kinds of diets provided an advance notice is given. Breakfast is a small buffet selection with hot dishes cooked specially to individual order. Lunch as such is not served but guests can order salads and sandwiches from the bar and business lunches can be prepared with advance notice. Tables can be set alongside the pool or in the garden areas with the weather usually permitting eating outside. Occasionally barbeque evenings are put on and picnics prepared on request. Nonresidents can dine in the restaurants if they book ahead. There is also 24-hour room service. The pool and its surrounding loungers, secluded by tall cactus and tree plantings, offer a tranquil place to unwind although the beach is only a few minutes’ walk away. Yoga and massage are available in the rooms. Staff numbers are low with three to four for the kitchen, restaurant, and bar; two cleaning personnel and one gardener underlining the feeling that this is more of a private home than a hotel. The hotel can be very flexible providing and adapting things to suit the needs of the individual guest. Normally open all-year round with winter the most popular period, this year the Villa Vik will close from May-September for minor renovations. Those who feel they need private space to set up a temporary office with space for entertaining and meetings could rent an apartment in the huge Arrecife sands block right on the end of Playa del Reducto,
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which is the main beach in Arrecife, and sits adjacent to the city centre as well as plentiful restaurants and bars. The apartment has a modern wellappointed kitchen with balcony and laundry facility, three bedrooms – the one at the front has a four-poster bed and overlooks the beach – two bathrooms, plentiful dressing and wardrobe spaces, and a spacious sitting-dining room combined with lengthy elegant glass-topped table leading to a small furnished balcony. l
Hotel Villa Vik 3 Calle Hermanos Diaz Rijo 35500 Arrecife Las Palmas, Spain Tel: + 34 928 815256 www.villavik.com
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TRAVEL | ADVENTURE | TIMANFAYA NATIONAL PARK
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TIMANFAYA NATIONAL PARK SIMPLY MESMERISING A Spanish national park in the southwestern part of the island of Lanzarote, Timanfaya National Park is entirely made up of volcanic soil and is one of the most sought after tourist experiences. Carol Wright
ON 1 SEPTEMBER 1730 LANZAROTE EXPERIENCED A MASSIVE VOLCANIC ERUPTION THAT CONTINUED FOR SIX YEARS PLASTERING A THIRD OF THE ISLAND WITH A DEEP COVERING OF BLACK VOLCANIC ASH. This cataclysmic upheaval provides today’s visitors with unique vistas of brooding volcano cones, their sides ribboned with lava flows. The volcanic ash is greatly-prized as a rich, water absorbent growing medium nourishing plants including vines. The dramatic Timanfaya National Park can be explored on special buggies or hiking trails (wear sturdy boots) and food cooked in the hot ground eaten at a restaurant. The visual effect of the black landscape is heightened by the villages and little towns of blinding white-cubed houses with
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window and door frames in green inland or blue on the coast. Buildings are no higher than a palm tree and palms form the main splash of green on Lanzarote. The charming appearance of the island is much due to the campaigning of local artist Cesar Manrique who was born a hundred years ago this year. Manrique also used the lava forms to create compelling places to visit. He declared ‘Lanzarote is like an unframed, unmounted work of art. And I hung it up for all to see’. Visitors can see the truth of this saying starting at Manrique’s home on the fringe of Haria in the north, a town of craftsmen and artists who hold a market every Saturday. Manrique’s house has an enchanting garden and the cleanest brightest loos in the world decorated with prints of his work. Many of the island’s leading attractions
have had a Manrique input: the Cactus garden created from a disused quarry was his first creation. Jameos del Agua is a deep lava grotto built around a collapsed volcanic tunnel. A trail leads down past hanging gardens and rock pools where blind albino crabs live. Here, Manrique designed a restaurant, pool, and 600-seater concert hall. One of the most dramatic creations is the Mirador del Rio. A characteristic Manrique-wrought iron sculpture outside signals the way through the lava to bar with circular white windows and thrilling terrace sculpted from towering cliffs overlooking the island of La Graciosa. A good peaceful base from which to explore these amazing sights in the north of the island is Arrieta, an old fishing village with good beach and small restaurants
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overlooking the sea. Just outside is the Finca de Arrieta, a self-catering complex of luxury yurts, lava stone cottages and villas grouped around communal pool and bar. It is eco-friendly with solar panels, own water making plant, and hens that provide guests with eggs in return for kitchen scraps. The owner is restoring a vineyard in the hills above and from this summer guests can visit his little bodega, taste wines on an honesty basis, siesta on the beds provided, have a barbeque, and watch the setting sun gilding the volcano slopes. An exhilarating drive can be made up to the little town of Ye with its vineyards on the flanks of the mighty Mount Corona the vines protected against the powerful winds by lava stone walls. Hiking trails lead up the mountain flanks for immense views over black land and blue sea.
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TRAVEL | ADVENTURE | TIMANFAYA NATIONAL PARK
The volcano eruption made vine growing possible and a day can be spent happily sightseeing and sipping along La Geria’s wine trail. La Geria means ‘the pits’ and metre deep pits are dug in the volcanic ash to plant the vines. Start vineyard visits at El Grifo, named for a village submerged by the eruption and the island’s oldest winery founded in 1775. Indeed, 200 year old vines still flourish at the entrance. The original winery low and whitewashed is now a museum filled with old wine machinery and company history including Cesar Manrique’s label, still used, which he designed for the semisweet wine he loved. There is a fascinating cactus garden, an elegant tasting room, and a shop. It is good to buy at the wineries as little is exported.
La Geria winery has a good coffee shop and the most impressive valley of vines growing in their pits. Opposite is Rubicon another old winery on the site of a goat farm. The building housing the shops, bar, and tasting room shows off what a substantial Lanzarote home was traditionally like. The tasting room in the former water cistern now has a glass floor above a carpet of wine bottles. Rubicon is a good place to have lunch on a windy day cosily inside among antique wine presses and other antiques and on calm days on the big outside terrace under a massive eucalyptus tree with views over the black landscape. Menus use traditional Lanzarote products and dishes include grilled goat’s cheeses and grilled rabbit in a rich sauce. Rubicon’s crisp white wine made from the Malvasia grapes that flourish in the black ash makes a perfect accompaniment. l
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GADGETS & GIZMOS
Gadgets & Gizmos SONY RX0 II The Sony RX0 II has been designed to be the world's smallest and lightest premium compact camera. Building upon the waterproof/ dustproof, shockproof, crushproof and ultracompact qualities of the original RX0, the new model now offers internal 4K recording, an adjustable LCD screen that tilts upward 180 degrees and downward 90 degrees and works underwater, all this in addition to the new image stabilisation solutions for video recording. At the heart of the RX0 II sits a 1.0-type stacked 15.3-megapixeli Exmor RS CMOS image sensor and an advanced BIONZ X image processing engine that offer enhanced colour reproduction, including beautiful skin tones. This power-packed combination has been optimised to deliver lightning fast performance and exquisite image quality for both stills and movie shooting across a wide sensitivity range of ISO 80-12800. The ZEISS Tessar T* 24mm F4.0 fixed wide-angle lens has a shortened minimum focusing distance of 20cm, making it perfect for selfies or table-top photos. The RX0 II can be taken into places that no other camera can go. Measuring just 59mm x 40.5mm x 35mm and weighing just 132g, the RX0 II fits easily into a pocket and is ready for whatever the elements can throw at it. It is waterproof up to 10 metres deep, dustproof, shockproof up to two metres, and crushproof up to 200KG force. The camera offers 4K 30p internal movie recording with full pixel readout and no pixel binning to collect approximately 1.7 times the amount of data required for 4K video. By oversampling this data, the appearance of moiré and jaggies is reduced to deliver smooth, high-quality 4K footage with exceptional detail and depth. Using the recently introduced Sony ‘Imaging Edge’ mobile applications, this footage can be transferred to a smartphone, edited and shared easily across social networks.
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BOSE NOISE CANCELLING HEADPHONES 700 The new Bose Noise Cancelling Headphones 700 introduces a revolutionary new voice interface that redefines mobile communication the way Bose noise cancellation redefined mobile audio. The 700s isolate a user’s voice from 360 degrees of unwanted sound. And that lets Bose 700 owners do what has never been done. Surrounded by competing conversations, rushhour traffic, and loud subway platforms, they can share their quiet, and not the noise around them for crystal clear calls to home and work, and unprecedented accuracy from VPAs. Siri for iOS is easily accessible, the Google Assistant and Amazon Alexa are both built-in and now, Alexa is just a wake word away. The Bose 700s use the next-generation Bose noise cancellation for improved noise reduction, and sophisticated electronic circuitry that eliminates the ‘hiss’ regularly heard in other headphones. Combined, they enable the 700’s new adjustable noise cancellation feature, including a full-transparency experience that gives the term ‘off’ an entirely new meaning. The Bose Noise Cancelling Headphones 700 were built to last, built to use, and feature gorgeous stainless-steel, premium components, and fewer visible screws, seams, and joints than the industry standard. It distributes weight
across the headband for all-day comfort and has up to 20 hours of battery-life for all-day use. For streamlined control, capacitive touch works for common commands, like answering and ending calls, muting audio, changing volume, pausing your music, or skipping tracks The 700s kick-off a trio of headphone innovations from Bose. The truly wireless Bose Earbuds 500 are super-compact, versatile, and available this year. The breakthrough truly wireless Bose Noise Cancelling Earbuds 700 will follow next year. And the Noise Cancelling Headphones 700 are available on 30th June.
SAMSUNG GALAXY S10 5G The introduction of the Samsung Galaxy S10 5G is a key milestone in Samsung’s research and development that also includes key breakthroughs like the world’s first gigabit speed 5G transmission, the first 5G handover between multiple cells, and now, its first 5G smartphone available on the market. With speeds up to roughly 20 times faster than 4G networks, consumers on a 5G network can download a full season of a TV show in minutes, play graphics-rich cloud games, stream 4K video with virtually no lag and enjoy enhanced VR and AR experiences. Additionally, 5G will unite more than one million devices per square kilometre transforming how consumers live, communicate and work by connecting not only smartphones but vehicles, factories, offices and cities as well. The Galaxy S10 5G includes new advanced features that expand the viewing experience with the largest display available on a S Series device, create stunning photos and videos with intelligence and offer the powerful performance needed to keep pace. The device’s 6.7-inch Dynamic AMOLED display with edge-to-edge screen allows digital 5G content to be seen as it was intended. Samsung has developed a visual display that fully immerses consumers in the high-quality HD content, games, augmented reality and video conferencing made possible through 5G. The Galaxy S10 5G significantly upgrades the
smartphone camera with a neural processing unit (NPU), to help with the perfect shot, as well as six total cameras including the 3D Depth Camera. It accurately provides depth information by measuring the length of time for a light signal to bounce off subjects to deliver bokeh effects with Live focus video, measure objects with Quick Measure. In addition to delivering the speed to download a season of HD television in minutes or bufferfree experiences for uninterrupted streaming, the Galaxy S10 5G packs a 4,500mAh battery for streaming content and playing games without needing to recharge frequently. For those times where power may be low, the Galaxy S10 5G uses Super Fast charging at 25W. Galaxy S10 5G is available in Majestic Black, Royal Gold, Crown Silver colours starting in Korea 5 April 2019 and expanding to additional markets after.
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GADGETS & GIZMOS
Cool and clever gadgets and gizmos can turn us on, particularly the ones that surprise us with their extraordinary shapes, forms and features. And the day you give into these superlative electronic devices you will wonder how on earth you ever lived without them in the first place?
FURBO DOG CAMERA
APPLE MACBOOK PRO The new Apple MacBook Pro is an updated version and comes with faster 8th- and 9thgeneration Intel Core processors, bringing eight cores to MacBook Pro for the first time. The MacBook Pro now delivers two times faster performance than a quad-core MacBook Pro and 40 per cent more performance than a 6-core MacBook Pro, making it the fastest Mac notebook ever.1 These new processors, combined with powerful graphics, the brilliant and colourful Retina display, super-fast SSDs, the Apple T2 Security Chip, all-day battery life and macOS, make MacBook Pro the world’s best pro notebook. MacBook Pro is more powerful than ever for compiling code, processing high-resolution images, rendering 3D graphics, editing multiple streams of 4K video and more. The 15-inch MacBook Pro now features faster 6- and 8-core Intel Core processors, delivering Turbo Boost speeds up to 5.0 GHz, while the 13-inch MacBook Pro with Touch Bar features faster quad-core processors with Turbo Boost speeds up to 4.7 GHz. When compared to the fastest quad-core 15inch MacBook Pro, the new MacBook Pro with 8-core processors is up to two times faster.
Along with these powerful new processors, MacBook Pro features the best Mac notebook display ever, a stunning Retina display with 500 nits of brightness, support for the P3 wide colour gamut and True Tone technology, for a natural, true-to-life viewing experience. It also comes with incredibly immersive stereo speakers with widestereo sound, the security and convenience of Touch ID, dynamic and contextual controls with Touch Bar and a large Force Touch trackpad. MacBook Pro also features blazing fast SSD storage, the Apple T2 Security Chip for enhanced security, and powerful and versatile Thunderbolt 3 ports for data transfer, charging and connecting up to two 5K displays or four external GPUs.
Anything can happen to our dogs when they're at home alone. Furbo Dog Camera can give peace of mind to dog parents and keep pups happy. Unlike a basic pet cam, Furbo is made just for dogs. Working closely with vets and dog trainers, Furbo is designed to help train, comfort, and reward dogs when they're home alone. Furbo is an interactive smart dog camera that lets you see, talk, and toss treats to your dog from anywhere. When our dogs bark, it could mean something is wrong at home. Furbo Dog Camera sends you an alert so you can immediately check in on them. The camera allows user to see in super clear 1080p Full HD, 4x zoom, 160° wide-angle and night vision. Holding over 100 pieces of any rounded treats, the pet camera lets you dispense treats into the air to play a game of fetch from anywhere. Furbo is a two-way pet camera to hear and speak to your dog. Hear what’s happening and speak to stop your dog from bad behaviours. It is easy to set-up and use, and you can stay connected on any device. The device also works with Amazon Alexa – start a treat tossing schedule before heading out the door.
DELL XPS 13 2-IN-1
The XPS line is Dell’s most-awarded line of devices celebrated for its best-in-class technologies, exceptional build and materials, and ability to blend both power and beauty. The new Dell XPS 13 2-in-1 is redesigned and higher performing than the previous generation. To achieve this, the display experience has been elevated on all fronts, refining the InfinityEdge display in a 16:10 format, now offering a stunning edge-to-edge screen and seven per cent larger viewing experience. The most innovative webcam and Dell’s smallest laptop camera ever is now located at the
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top bezel, a long awaited ask from customers. The new display offers improved colour accuracy and resolution with FHD+ and UHD+ options to capture precise detail and sharp images, as well as the ability to enjoy HDR content with a HDR400 certified UHD+ panel and Dolby Vision. With the addition of Eyesafe display, Dell is helping reduce potentially harmful blue light emissions while maintaining colour gamut performance. Because today’s device-driven culture has people staring at devices for hours on end each day and consuming high levels of blue light, Dell has partnered with Eyesafe to intelligently manage light energy at the source to selectively reduce harmful blue light and disperse it across the light spectrum. While the display and design is stunning, Dell has not pushed performance aside. In fact, its been elevated from what was previously a fanless design to an actively cooled 15W design for up to 2.5 times more performance than the previous generation.*
The XPS 13 2-in-1 is Dell’s first laptop with Intel’s 10th Gen Intel Core processors and features adaptive performance based on the latest Intel Dynamic Tuning Technology, which proactively changes the power of the CPU according to the performance of the workload. Dell has reengineered the thermal design to cool the higher performing processor while creating an overall eight per cent thinner 2-in-1 than the previous generation.
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MOTORING
Aston Martin DBS Superleggera Volante THE ULTIMATE OPEN TOP GT EXPERIENCE Combining three iconic nameplates in one flagship model, the new Aston Martin DBS Superleggera Volante delivers all the evocative talent of the British marque’s critically-acclaimed Super GT flagship – the magnificent DBS Superleggera – and blends it with class-leading convertible technology. ASTON MARTIN HAS OPENED THE ROOF ON ITS ULTIMATE OPEN-TOP DRIVING EXPERIENCE; THE NEW DBS SUPERLEGGERA VOLANTE. The second Aston Martin to carry the Volante name following the introduction of the company’s Second Century Plan, DBS Superleggera Volante has been designed in-house under the guidance of executive vice president and chief creative officer Marek Reichman. With the aim to
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create the most beautiful flagship Volante on the market, Aston Martin’s primary mission has also been to retain the coupe’s powerful dynamics, aggressive poise and astonishing performance. Powered by Aston Martin’s own 5.2-litre twin-turbo V12, producing 715BHP 900Nm of torque, and with a top speed of 211mph, the Volante boasts ferocious acceleration, covering 0-62mph in just 3.6 seconds and 0-100mph in 6.7 seconds.
The car continues the aerodynamic masterpiece of the coupe model, commanding and exploiting the surface airflow to maximum effect. At the front, the Volante’s splitter and airdam work in unison, accelerating airflow underneath the front of the car to deliver true downforce and assist cooling by feeding air to the front brakes. The new deeper side strake draws more air from the front wheel arch to reduce lift and aid high-speed stability.
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MOTORING
Behind the front wheels, the ‘curlicue’ allows air to escape and flow smoothly along the car’s flanks, while the double diffuser at the rear allows air to exit cleanly and neutralise lift as efficiently as possible. A revised iteration – to accommodate the Volante’s clothed roofline – of the revolutionary Aeroblade ll system continues to deliver additional downforce at the car’s rear. At VMAX, DBS Superleggera Volante produces 177kg of downforce, three kilogram less than the coupe, an impressive feat when considering the car’s fundamental aerodynamic changes. Volante is a name that can only be attributed to convertible cars bearing the iconic Aston Martin wings badge, and thus the defining feature of any Volante is its roof. An advanced fabric system allows for an innovative and beautiful formed flowing roof line. Incorporating eight layers of insulation materials and acoustically enhancing materials, the canopy greatly improves the comfort of the interior cabin for all occupants when up, but allows a true orchestra of sound to pour into the cabin when retracted. The authentic soundtrack delivered by the car’s powertrain is a critical hallmark of the Volante experience and typically, the DBS Superleggera Volante has been tuned to provide incredible sound quality synonymous with an Aston Martin Super GT. Equipped with a quad exhaust system
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DBS Superleggera Volante delivers a pure, harmonic and authentic voice, unmatched by its rivals. Aston Martin’s engineers have worked hard to ensure the best possible roof and rear package is achieved, while still delivering conflicting targets of styling and durability. With a class-leading stack height of 260mm for the car’s folded roof, the Volante maintains a smooth seamless rear profile and maximised luggage capacity. Roof operation takes 14 seconds to open and 16 seconds to close and can be operated from inside or, for added convenience, from the remote key within a two-metre radius of the car. Continuing Aston Martin’s persistence for offering extensive levels of customisation, DBS Superleggera Volante’s hood is available in eight distinct colours including Bordeaux Red, Atlantic Blue and Titan Grey. The hood can be further personalised on the inside, with a further six Rokona headliners. For the first time on an Aston Martin Volante model, the window screen surround is available with a 2x2 twill carbon fibre finish, with the option to continue that theme to the car’s tonneau cover and rear waterfall. Large pieces of finely-woven carbon fibre pieces replace what was once swathed in leather and for the most exclusive specifications, tinted carbon fibre is also available for selection. l
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PROFILE - ALASTAIR LUKIES
Alastair Lukies AT THE CUTTING-EDGE OF FINTECH
A UK businessman and entrepreneur best known as a pioneer and champion for the country’s global fintech industry, Alastair Lukies was named entrepreneur of the year at the 2011 Growing Business Awards and is a member of prime minister’s business council. OVER HIS CAREER, HE HAS HELD MANY IMPORTANT ROLES, WITH HIS LATEST ONE BEING CHAIRING FINTECH ALLIANCE, A GOVERNMENT-BACKED MULTIFACETED DIGITAL ENGAGEMENT PLATFORM LAUNCHED IN 2019 THAT AIMS TO BRING THE GLOBAL FINTECH ECOSYSTEM TOGETHER IN ONE EASILY ACCESSIBLE DIGITAL MARKETPLACE. Alastair Lukies has been at the forefront of the UK’s financial technology industry, working with financial institutions, investors and regulators to promote collaboration and mutual benefit across the ecosystem. In 2003, Lukies co-founded financial services technology company Monitise. Three years later, Monitise was recognised as a ‘technology pioneer’ by the World Economic Forum and in June 2007, he led the company’s demerger from Morse and listing on the London Stock Exchange AIM market. During his time as CEO, Monitise grew to a market cap of $2billion, employing 1,700 staff on four continents. In January 2014, Lukies was appointed as a business ambassador to the prime minister for the financial services industry by the UK Government, and remained so until 2019 when he moved across to join the prime minister’s business council. At its launch in August 2014 until 2017, he was named non-executive chairman of fintech industry body, Innovate Finance. In September 2015, Lukies was part of the founding team of Motive Partners, an investment firm based in London and New York focused on investing in and building the next generation of financial technology. He remains the vice-chairman of the global advisory council at Motive Partners, alongside John Thompson (chairman, Microsoft) and Larry Summers (former secretary of the US treasury). Awarded a CBE for services to mobile banking and charity in June 2014, Lukies was named Entrepreneur of the Year at the 2011 Growing Business Awards. Prior to conceiving, financing and successfully building Monitise, Lukies was a co-founder of epolitix.com, the portal for Westminster, Whitehall and the devolved institutions. Indeed, at 46, Lukies has a long
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list of achievements that sets him apart. “Fintech has been a central part of my life for many years now. I have worked with financial institutions, investors and regulators to promote collaboration and mutual benefit across the ecosystem,” he says. “In 2003 I founded my first company, Monitise, and three years later, after a lot of hard work from me and my team, we were recognised as a ‘technology pioneer’ by the World Economic Forum. I have never stopped working and championing fintech ever since.” Those years have proved invaluable for Lukies as it taught him the magnitude of impact fintech would have in the financial services industry. “I have been working in this sector long enough to know the UK is, undoubtedly, the best place for fintech in the world, but we have to keep working very hard to keep that status. And for a long time, I have felt that there was a need for one place for everything fintech related. A place where anyone interested in the fintech sector can go to access the latest news and insights, government and regulatory policies, access talent and connect with funding. That is where the FinTech Alliance came from.” The FinTech Alliance is a digital marketplace built for the whole ecosystem. It is not a trade body nor is it a lobby group. Quite simply, it is designed to be a digital platform accessible to all. “I am incredibly excited that companies and individuals will finally have one single online destination to go to share best practices, get advice, and become a stronger community, with solid foundations that will help us go even further.” The UK is a world leader in the fintech sector. There are more than 1,600 fintech firms in the country contributing £7billion to the economy. The predictions are these numbers will keep growing in the years to come. A community this size needs space to thrive and that’s where Lukies expects FinTech Alliance to play a crucial role. “Our platform is built on providing opportunity and education to those working in the sector. It will also open up international opportunities and build bridges, enabling global growth and success.”
Brought up in the small town of Bishop Stortford in Hertfordshire, one of England’s home counties, Lukies attributes his later life success to the sport of rugby which he played at a professional level. “At a young age, I started to play rugby and that had a huge impact on my life. After I finished school, I moved on to play professionally, which taught me a lot about the importance of a strong team unit and creating a working culture that draws on the different strengths of all your colleagues. I am very thankful for everything I learned while playing sports. Rugby gave me the discipline that is crucial to achieve any goals you set yourself.” So what does success mean to him? “Success to me will be building a global fintech community that achieves the FinTech Alliance’s purpose of improving the greater good for fintech in the UK and globally. In doing so, we can promote better, more inclusive financial services for all of society while maintaining the UK’s role at the forefront of this highly-successful and exciting technology movement.” According to Lukies, his greatest achievement to-date has been building Monitise to a billion pound company in only a few years, employing 1,700 staff across four continents. He is also proud to have been awarded a CBE for services to mobile banking and charity, and for his time as a business ambassador to the British prime minister for the financial services industry. “I want a stronger and more united fintech community in the UK. I want the FinTech Alliance and its members to thrive,” Lukies says. “We have been leading the way for some time, but this is not something that has happened by chance, and certainly something we cannot be complacent about. “Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across the country to create the unique alchemy that we benefit from today. “The FinTech Alliance will not only demonstrate this thriving environment digitally but will further cement our key role in the global fintech ecosystem.”
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DEEP & FAR Attorneys-at-Law
Founded in 1992 by CF Tsai, Deep & Far law firm has successfully risen to be one of the top firms in its country of practice. The firm
Deep & Far are proud to be recognised as one of ICFM 100 Leading Firms of 2018
deals with all areas of intellectual property rights (IPR) including patents, trademarks, copyrights, trade secrets, unfair competition, and/or licensing, counseling, litigation and/or transaction thereof. Such is its expertise in the field that it has often been one of the largest sources from which foreign filing orders originate. “It is our philosophy to provide competent legal services that other firm cannot comparably provide,” says Tsai. “Our professionals own a relatively higher percentage of acquiring double backgrounds including technology and law.” Deep & Far employs highlyskilled legal professionals who have achieved significant expertise in their area of practice.
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