Eavesdrop LIVE Podcast

Despite their appeal, when it comes to compliance tools, less is more! Tune in to today’s episode to hear why, and also to get some advice on the types of questions you should be asking any compliance vendor you are considering hiring. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[02:06] Why compliance tools often produce inconsistent data.

[03:40] Do less checks!

[06:48] The mindset that you should adopt when you enter into negotiations with a compliance vendor.

[07:18] Why you should find out how long a compliance vendor has been in business and who their customers are before you hire them.

[08:21] Statistics that you should ask for when interviewing compliance vendors. 

[09:02] When you should negotiate a fixed fee arrangement with a compliance vendor.

[09:49] The importance of understanding how a compliance vendor generates red flag signals. 

[10:39] Why you should always find out if a compliance vendor is utilizing their own technology or somebody else’s.

[12:00] Reasons to always test the interface, rather than relying on the demo.

[15:03] Final words of advice: no tool is perfect, and less is more! 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

War is a process of managing resources and people, and today’s episode is all about how to win a war without fighting. I have borrowed wisdom from Sun Tzu’s book, The Art of War, and applied these concepts to the FinTech compliance industry. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:40] What you can expect from today’s episode, which revolves around The Art of War, a book written by Sun Tzu.

[01:25] Examples of how to win a war without fighting (as Sun Tzu describes in his book).

[02:18] Why countries never benefit from prolonged wars.

[03:06] The main theme of The Art of War, and how it relates to the compliance industry.

[03:46] My new motto, inspired by Sun Tzu’s wisdom. 

[04:34] Examples of compliance projects that become problematic if they aren’t finished quickly.  

[05:05] Sun Tzu’s thoughts about which kind of people make the best spies, and what FinTech startups can learn from this.

[07:30] Factors that will enable your FinTech to move fast and win.

[07:53] Why I initially disagreed with Sun Tzu’s idea of placing your army in a desperate position in order to win, and what made me change my mind. 

[10:25] A moment of appreciation for the wisdom that we have access to. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

The establishment of private payment channels and small liquidity pools is a new trend that is taking place within FinTech startups’ because of a desire to remove reliance on global partners and networks. In this episode, I’m going to explain the drivers behind this. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:39] The new FinTech trend which is the focus of today’s episode.

[01:54] Why FinTech’s have started creating small liquidity pools and establishing private payment channels.

[03:11] Strain that has been placed on the relationship between larger banks and FinTech startups in the last few months. 

[05:13] Impacts of deglobalization on FinTech startups.

[07:02] How globalization changed the world. 

[09:25] Polarization that has been caused by the Russian invasion of Ukraine. 

[10:49] An explanation of what is driving the trends of small liquidity pools and private payment channels. 

[13:10] Changes to the questions that regulations are asking their entities that have taken place over the last few weeks.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

There is a lot of uncertainty and conflict in the world at the moment, which is making many people fearful about the future of their businesses. In today’s episode I’m going to be sharing my thoughts on what FinTech’s should be focusing on in order to make it through the current and near-future challenges. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:40] Today’s episode is all about what to expect from the world economy in the near future, and how it’s going to impact the FinTech industry.

[01:49] Ray Dalio and Nassim Taleb’s thoughts on the war in Ukraine, and why I value their perspective.

[05:21] Some of the issues which are fuelling social unrest and political divisions. 

[07:01] Four types of leverage that a business can utilize for growth in today’s world. 

[07:50] Why borrowing money is a good idea at the moment. 

[08:06] Reasons that I wouldn’t recommend overinvesting into user acquisitions right now.

[08:22] Investing in infrastructure and partnerships, and releasing new products is a key area for FinTech’s to focus on currently. 

[09:13] Why you should reduce employee onboarding in your FinTech for a little while. 

[10:19] The importance of keeping your bigger goals in mind, despite the uncertainty you may be feeling.

[11:13] Advice on how to better handle the shifting needs of consumers.

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

When FinTech CEOs begin experiencing problems in their startups, many believe that the solution is to hire more people. Today I am going to explain why this strategy often ends up exacerbating the issues, rather than solving them. If you’re getting to the point where you feel like you should be growing your young startup, listen to this episode for advice on who you should and shouldn’t be hiring. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[01:15] A common mistake that many FinTech CEOs make in their third or fourth year in business.

[01:56] Why FinTech CEOs are prone to over-hiring employees. 

[02:37] Problems that often arise after a CEO has brought a lot of new people into the company. 

[03:45] Why you don’t need to hire super senior level people for a young start-up. 

[04:50] Downsides of hiring regional heads for compliance, risk, transaction monitoring, and investigation teams. 

[06:06] My advice for streamlining your finance department. 

[06:45] Why too many interns often cause more harm and good. 

[07:38] Benefits of hiring a head of HR early on. 

[08:28] Reasons that customer support teams are often understaffed.

[10:01] Consequences of under-hiring sales people. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

If your compliance officer is performing poorly, they should be fired from your organization, but sometimes it can be difficult to know who is responsible for the things that are going wrong, and therefore who to fire. In today’s episode I’m going to share with you some red flags to look out for which will make it easier for you to determine whether your compliance officer should stay or go.

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[01:10] Conversations that I have had recently with clients about issues they have had with their compliance officers. 

[02:52] Some of the reasons that people feel that they should not fire their compliance officers.

[04:05] A sign that your compliance officer isn’t doing their job properly. 

[06:37] Why it is a red flag when compliance officers shy away from making important decisions.  

[07:37] How groups within an organization usually react when they have made a mistake. 

[10:28] When friction within your organization requires attention. 

[12:30] Why it is easier than you may think to fire a compliance officer for poor performance.

[13:41] Different meanings that poor performance can have in different contexts.

[15:18] A trap that FinTech founders commonly fall victim to. 

Show links:

• Access the Interview Guide here.

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

It may seem like a no-brainer to create a new legal entity in a country where you are wanting to set up a business. However, today’s episode is all about why this is definitely not the right way to do things, and where you should be focusing your time and energy instead! 

If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:40] An overview of today’s super fun topic. 

[01:29] Why legal entities are more of a liability than an asset. 

[02:58] Cases wherein a FinTech founder may feel pressured to create a new legal entity. 

[07:20] Examples of major companies that delay the creation of new legal entities until it becomes really necessary. 

[08:23] What many FinTech founders don’t know about the process of creating new legal entities.

[09:00] How creating new legal entities in different countries can be detrimental to the growth of your company. 

[12:35] The reason that you shouldn’t create a legal entity before you have built up a business in a certain area. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

With the war that is currently going on in Ukraine, I wanted to talk about the very relevant topic of sanctions. Join me today to hear about the different types of sanctions that exist, how they work, and my thoughts on financial/infrastructure services getting involved in political issues.   

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:40] The motivation behind the focus of today’s episode. 

[02:06] Three countries that are currently under territorial sanctions, and the impacts of territory-wide sanctions. 

[03:23] Cases wherein individuals will have sanctions imposed on them, and what these sanctions mean.  

[04:16] Examples of organizations that have sanctions against them. 

[05:47] How industry-level sanctions work. 

[06:24] Why it is important that FinTech CEOs understand the different types of sanctions that exist.

[08:30] When sanctions work well, and when they don’t.

[09:54] My thoughts on financial/infrastructure services getting involved in political and environmental issues. 

[13:48] An example which highlights why I don’t think the sanctions imposed against Russia, including  SWIFT selected banks removal. will have their desired effect fast enough. 

[14:43] Why Switzerland and Singapore are being hesitant about adopting the approach proposed by the EU and US to preserve their neutral status. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

Buy-now-pay-later (BNPL) services are a growing trend, with year-on-year growth in the sector over the next few years expected to be 15-20%! Despite the value that it provides to many retailers and their customers, the BNPL model also has a number of problems. In today’s episode I’m going to explain why regulators are beginning to worry about it, and changes that I expect to see take place in this industry in the future. 

If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:47] What I expect the future to look like for buy-now-pay-later (BNPL) services.

[01:24] How regulators deal with trends that are small and contained, in comparison to how they deal with trends that have gained major traction. 

[03:45] The percentage of online shoppers who use BNPL services. 

[04:30] Why the BNPL model came into being. 

[06:15] Problems with the way companies are promoting BNPL services. 

[07:36] The lack of regulation around BNPL services. 

[09:30] An explanation of how BNPL services work. 

[11:21] How paying with a credit card differs from paying via a BNPL service. 

[14:01] How adding BNPL services is expected to increase a company’s revenue. 

[15:11] Regulations that I expect to be introduced in the BNPL sector. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.

As a FinTech startup founder, it is almost guaranteed that you will experience some form of crisis at some point in your journey in the industry. And more likely than not, you will experience more than one! In today’s episode, I discuss some of the more common crisis situations, from counterparty failure to regulatory issues, and offer advice on how to deal with them.

If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. 

Today's episode:

[00:42] The focus of today’s episode. 

[01:11] How I define the term ‘crisis’ in this context.

[01:56] Examples of how a counterparty failure crisis can play out in the FinTech industry. 

[03:39] Other common problems experienced by FinTech startups.

[05:28] Situations that may feel like a crisis to a new founder, but which are actually not the end of the world.

[07:12] Why every FinTech startup will go through at least one crisis situation (and probably many more!). 

[09:21] My advice for dealing with a counterparty failure. 

[12:07] Warning signs for regulatory issues, and what to do when these arise. 

[13:12] The importance of being open and honest with regulators. 

[14:16] Survival rate for FinTech startups that experience a crisis. 

Show links:

• Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!
  

• I would love to invite you to sign up for my newsletter. If you are interested, please click here.