Couchonomics with Arjun

In this episode of Couchonomics, we welcome Wael Fakharany, CEO of Edenred Middle East, a leading provider of smart technology solutions in the UAE. Wael shares his expertise in empowering businesses across various sectors, including retail, facilities management, and construction, through technology-driven financial solutions.

Edenred UAE offers a comprehensive range of products, such as the C3Pay card, C3Pay mobile app, and Edenred Payroll Portal, designed to streamline financial processes and enhance employee experiences. Their mission is to increase banking services uptake among the unbanked and underbanked population in the UAE, making financial services accessible to all.

Wael reveals that Edenred processes a staggering two and a half million salaries every month, serving around two million individuals. Their commitment to their "C3 pay champions" is evident, with a focus on their clients who are the fuel that runs the company.

The interview delves into various topics, including the importance of solving financial inclusion problems for micro and small businesses to indirectly benefit their employees. Wael envisions Edenred becoming the platform of choice for the underbanked, empowering individuals and corporations alike.

Topics on the menu also are the potential of open banking, the growth opportunities in Egypt despite challenges, and the importance of user-centric thinking and the adoption of emerging technologies like blockchain.

Throughout the episode, Wael's passion for innovation and commitment to profitability in the fintech industry shine through. Edenred's tripled tech investment and continued profitability showcase their ability to navigate and thrive in a rapidly evolving landscape.

Other Topics Discussed:

- The Role of Open Banking and Blockchain
- Building a Profitable Fintech
- Leveraging b2b2c partnerships to offer value-added services for corporations and their employees

Join us for an enlightening episode as Wael Fakharany shares his invaluable insights into the world of fintech, financial inclusion, and the transformative power of technology. Discover how Edenred Middle East is shaping the future of financial services and paving the way for a more inclusive and empowered society.

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In the latest episode of Couchonomics with Arjun, we had the pleasure of interviewing Oliver Hughes, former CEO of Tinkoff, one of the largest digital platforms in Russia. Oliver's unique experience in the finance industry and his excellent reputation in the market led him to be recruited by Oleg Tinkov as part of the leadership team of the newly-launched Tinkoff Credit Systems. Oliver's journey in Tinkoff and his experience in the financial industry gave us valuable insights into the current state and future of digital banking and FinTech.

During the podcast episode, Oliver shared how Tinkoff evolved from a direct-to-mail credit card business to a giant financial lifestyle ecosystem that offers a wide range of lifestyle services like brokerage, travel, entertainment, and much more. He emphasized how the lessons they learned during the global financial crisis of 2008 became competitive advantages that they still carry through today. 

Oliver also highlighted the importance of balance sheet management and profitability in the digital banking and FinTech industry. He discussed the liabilities-led approach that many companies used in the past, which resulted in scaling without profitability. He also touched on the concept of traditional banking and how it's being replaced by digital banking, which he believes is the future. However, he also noted that private equity-fueled neo banking has led to a lack of discipline in managing balance sheets, which is essential for running a profitable digital banking business.

In addition, Oliver talked about the challenges that traditional banks face in building ecosystems, as it requires expensive online expertise and a tech culture that traditional banks are not equipped to handle. He also shared his belief that the B2C business model won't move to tech companies or retailers, but rather to digital banks that have the balance sheet and the ability to go direct to consumers through mobile channels.

 Other topics of discussion in this episode include:

-      The importance of unit economics in digital banking

-      The future of traditional branch-based banking

-      The barriers to entry for entrepreneurs in emerging markets. 

Don't miss this exciting episode of Couchonomics with Arjun, where we dive deep into the world of digital banking and FinTech with Oliver Hughes. 

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In this episode of Couchonomics with Arjun, we speak with Madiha Sattar, VP of Careem Pay, the fintech arm of Careem, the Middle East's first unicorn.

Madiha has had a versatile and ambitious career across finance, tech, and media. Prior to joining Careem, she worked in management consulting at McKinsey and in corporate strategy at JPMorgan. She also has experience as a journalist covering political, security, and social issues in Pakistan.

As VP of Careem Pay, Madiha is leading strategy development and key partnerships for Careem's fintech business and products. She envisions making Careem Pay the leading digital financial services provider in the region.

Careem Pay's mission is to provide essential financial services that simplify people's lives as part of an Everything app. The company is not trying to be a neobank, but a player that meets the daily financial needs of its users. While Careem has been facilitating payments for ride-hailing and deliveries for the past 11 years, it only became a regulated FinTech recently with the launch of its digital wallet in the UAE. The company has since launched a comprehensive suite of FinTech products, including a peer-to-peer money transfer service and international remittance starting with UAE and Pakistan as the first corridor. Careem Pay is determined to perfect its services before expanding into other corridors.

In this episode, we discuss building a fintech ecosystem in the Middle East and the challenges and opportunities that come with it. Madiha shares her insights on Careem Pay's role in shaping the region's fintech landscape and how they are working to establish industry-leading verticals but also:

• The transition from a ride-hailing brand to an everything app
• Geographic expansion plans for Careem
• The problem of diversity in fintech

Join us on this episode of Couchonomics with Arjun to learn more about the future of fintech in the Middle East and how Careem Pay is playing a pivotal role in driving innovation and growth in the industry.

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In this episode of Couchonomics, Arjun speaks with Gabrielle Inzirillo, Head of Ecosystem Development at Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), about building a fintech ecosystem in the UAE and the challenges and opportunities that come with it.

Gabrielle previously managed a venture capital firm's EMEA fintech division, investing in early-stage startups and leading portfolio value creation. She also executed on the fintech strategy at Citi and built new financial models at Bloomberg. Gabrielle holds an M.Phil. in Technology Policy from the University of Cambridge and regularly delivers keynote sessions and panels at leading international conferences.

Abu Dhabi Global Market (ADGM) is an international financial center and free zone located on Al Maryah Island in the UAE's capital, Abu Dhabi. It has three authorities – the financial services regulator, the registration bureau, and the ADGM courts.

Gabrielle oversees the Ecosystem Development function within the FSRA of ADGM, informing its fintech and digital asset strategy through industry engagements and public consultations.

Gabrielle speaks about ADGM's ambitions for the Abu Dhabi economy and how founders can navigate the regulatory landscape of the UAE. She discusses ADGM's clientele, including some of the biggest sovereign wealth funds and fund managers in the world, and how its regulatory regime is calibrated for a highly sophisticated investor base. Gabrielle also talks about the virtual asset regulatory regime in place since 2018 and its importance for ADGM's funds.

Other topics of discussion:

·       Tokenization of video games

·       The application of NFTs

·       Gender diversity in the UAE

Join us on this episode of Couchonomics with Arjun to learn more about building a fintech ecosystem with Gabrielle Inzirillo and the future of the financial landscape and ecosystem.

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In this episode of Couchonomics with Arjun, we had the pleasure of speaking with Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and Chairman of Elevandi Board. Sopnendu has been responsible for the development of regulatory policies, innovation strategies, and public good projects to enhance the competitiveness of the financial sector in Singapore. He has also played a key role in building Singapore's reputation as a leading FinTech hub.

During the episode, Sopnendu discussed how Singapore grew from an inward FinTech investment of around 20 million in 2015 to an annual investment of 4.2 billion US Dollars in 2022. He emphasized the importance of creating public programs and building partnership models with the private sector to promote innovation and growth.

Sopnendu also highlighted the non-negotiables in MAS's engagement with FinTechs, such as consumer protection, AML & KYC rules, and cybersecurity. He stressed the need for banks to adopt a "Consumer First" approach to stay relevant and the role of public infrastructure in creating a safe environment for FinTechs and banks to collaborate and experiment.

 Additional topics discussed in the episode include:

- Sopnendu's key achievements at MAS

- His views on the future of Crypto, CBDC's, digital assets, and tokenization

- Co-operation with regulators

In conclusion, this episode of Couchonomics with Arjun offers valuable insights into how Singapore has become a world-class FinTech hub and the role of regulatory policies, innovation strategies, and public good projects in driving growth and competitiveness in the financial sector. Sopnendu Mohanty's expertise and experience make this episode a must-watch for anyone interested in FinTech and innovation.

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In the latest episode of Couchonomics with Arjun, the guest is Navin Gupta, the Managing Director of South Asia and MENA at Ripple. Ripple is a blockchain company that provides enterprise-grade solutions for faster, more transparent, and more cost-effective financial services. Navin has extensive experience in the financial industry and is responsible for expanding Ripple's presence in South Asia and the Middle East.

Ripple's mission is to enable a world where value moves as seamlessly as information flows today—an Internet of Value. Ripple's payment solutions are designed to provide faster, cheaper, and more secure cross-border payments than traditional financial services. Ripple uses XRP, a payment settlement system and currency exchange network that can process transactions globally. By using XRP, cross-border payments can become fast and efficient with zero Nostro account balances required.

Navin explains that the blockchain and crypto market has faced the challenge of big money coming in too early, leading to a vast majority of projects without an actual use-case. However, Navin sees massive adoption of blockchain technology in payment industry and gaming. The only thing needed is regulatory clarity, that essentially digital assets or cryptos can essentially be used. Navin also sees big potential in CBDCs, which can solve challenges in the public sector.

Navin also speaks about:

-      The importance of interoperability and collaboration among different blockchains, as well as the role of blockchain in financial inclusion. 

-      He explains that blockchain technology can provide access to financial services for millions of people who are currently unbanked or underbanked. 

-      Navin also discusses the importance of sustainability in the crypto and blockchain industry

 In conclusion, Navin Gupta's insights on Ripple's solutions for cross-border payments and the future of blockchain provide a comprehensive understanding of the potential of blockchain technology in the financial industry. Ripple's use of XRP is an innovative solution to the challenges of cross-border payments, and Navin's vision for the industry's future is insightful and informative. As blockchain technology continues to grow and evolve, Ripple is poised to be a key player in shaping the future of financial services.

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Welcome to another episode of Couchonomics with Arjun. In this episode, we have a special guest, Tram Anh Nguyen, Co-Founder of CFTE - Centre for Finance, Technology and Entrepreneurship. Tram Anh has an impressive professional background in the finance industry, having worked with renowned institutions like Standard Chartered Bank, Dresdner Kleinwort Wasserstein, and UBS, before founding CFTE.

CFTE is an education platform that addresses the needs of finance professionals to upskill in Fintech and Digital Finance. The platform is supported by senior leaders from large institutions, universities, and startups worldwide. Tram Anh founded CFTE to fill the gap in understanding technology when it comes to finance professionals.

In this episode, Tram Anh talks about her journey from traditional financial institutions to the world of Fintech. She highlights the importance of learning about technology that powers the ecosystem for future Fintech entrepreneurs and officers to create solutions to the industry's problems. Tram Anh emphasizes the need to learn about local regulations and rules and assist regulators and policymakers in creating a more balanced and prosperous ecosystem.

Tram Anh also speaks about:

-      The importance of going on the ground, understanding local regulations, and having a diverse team to create a more balanced and inclusive ecosystem. 

-      The diversity path that CFTE is taking, having achieved a 50/50 male/female ratio.

-      Need to understand, not necessarily the technology behind this FinTech revolution, but the application of these technologies in the financial eco-system

In conclusion, this episode of Couchonomics with Arjun provides valuable insights into the world of Fintech and the importance of upskilling in the rapidly changing industry. Tram Anh's journey and the mission of CFTE demonstrate the need to bridge the gap between finance and technology.

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In this episode of Couchonomics with Arjun, we welcome Peter De Caluwe, the CEO of Thunes, a global payments network that enables cross-border payments from 130 countries. Peter shares with us how Thunes is revolutionizing the way international payments are made, making them faster, easier, and more affordable. Thunes is focused on remittance companies, payroll providers, and the travel industry, but Peter emphasizes that anyone who does international payments is a potential Thunes customer.

Peter discusses how Thunes is working to solve the challenges of cross-border payments, such as regulatory frameworks in different countries. He highlights the importance of following regulations for each country they operate in and the creative solutions they have to come up with to deliver their promise of making cross-border transactions cheaper and faster.

With its innovative technology and strategic partnerships with financial institutions across the globe, Thunes is making a significant impact in the emerging markets. Peter believes that Thunes can fix a big problem by bringing efficiencies into the sector, especially since billions of dollars are being sent out of the UAE every year.

Peter also speaks about his other company, DT One, a global B2B digital micropayments platform powering cross-border transfers of mobile top-ups, gift cards, and gaming pins. He explains how DT One offers a rewards program that helps increase customer loyalty and retention.

Overall, this episode offers an insightful conversation into the world of cross-border payments and the challenges that come with it. Peter's expertise and experience in the industry provide valuable insights into the future of international payments and the role that Thunes is playing in making it more accessible and affordable.

Additional Topics Discussed:

The importance of customer experience in the payments industry

The impact of the pandemic on the payments industry and the rise of digital payments

How Thunes is working to reduce fraud in the payments industry.

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In this episode of Couchonomics with Arjun, we welcome Noor Sweid, managing partner at Global Ventures, to share her insights on venture capital funds and the investment potential of the MENA region.

 During our discussion, Noor emphasizes the importance of conducting due diligence when choosing an industry to invest in and understanding the stage of startup development it needs help with. She also shares her thoughts on the UAE being the most interesting region for investments in the near future.

Furthermore, Noor delves into the world of Web 3.0 and crypto spaces, highlighting the emergence of a new generation of creators who will be Web 3.0 natives. She explains how this will create a new ecosystem that doesn't rely on old Web 2.0 platforms, which will become obsolete.

 Other topics covered in this episode include:

·       The impact of the pandemic on the venture capital industry and the startups in the MENA region

·       How to find the right balance between risk and reward when making investment decisions

·       The importance of building strong networks and partnerships in the venture capital industry

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 In this episode of Couchonomics with Arjun, we discuss how open banking and open finance are transforming the financial industry, not only in the MENA region but also globally. We'll be joined by Hisham Al-Falih, Co-Founder & CEO of Lean Technologies, as we explore the challenges, opportunities, and latest developments in the field. Tune in to find out how the MENA region is catching up with Europe and the United States in adopting open banking, and what this means for businesses and individuals looking to stay ahead of the game. 

Moreover, the episode explores how open banking and open finance can help small and medium-sized enterprises (SMEs) access financial services more easily. With open banking, SMEs can access alternative financing options and connect with potential investors more efficiently. This can help SMEs overcome traditional barriers to financing and accelerate their growth, which is particularly important in the MENA region where SMEs are a major driver of economic activity. 

Arjun and Hisham delve into the different types of open banking models and their benefits such as: 

• Expanding the scope of open banking by including more financial services beyond traditional banking 
• Creating a seamless user experience and providing them with a more comprehensive view of their finances.
• Levelling the playfield for all participants in the “open data economy” 

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