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With an experience of over two decades in finance, Wissam Khoury leads APAC business as senior vice-president and general manager of Finastra. Entrepreneur APAC interacted with Khouri to understand his innovative open banking and digitization of the sector. Here’s what this fintech operator believes and has experienced throughout his journey.
Emerging fintech trends amid the pandemic
The pandemic has accelerated requirement of digitalization and brought the future forward, though even prior to the pandemic, the pace of digitalization was fast. The emergence of fintech has resulted in huge possibilities to share information with third parties. According to Khoury, “These possibilities are centred around the creation of smaller fintech organizations which can utilize this financial information in order to create user-friendly solutions which are targeted for several reasons.” Increasing customer satisfaction while ensuring competitiveness across financial services and creating innovative ways aimed at digitalization are worth mentioning.
In terms of trends, financial apps and collaboration to achieve goals of open banking will be witnessed in future. Khoury stated that open APIs enable data sharing to be executed in a secured manner. Hence, these APIs are essential for the effective mechanism of open banking. Moreover, the major trend which is likely to be seen in the period of two-three years would be the nature of collaboration between fintech and traditional incumbent banks.
Keeping aside the competition, the collaboration of two financial institutions has been looked over to derive fruitful outcome from open banking. Khoury pointed that fintech institutions have a key role in evolution of financial services and the solutions provided in the market.
Transition in the banking operations—5 years down the line
Banks have different considerations ranging from risk management, regulations and compliances which hinder them from
IDEMIA Launches its Global Fintech Accelerator Card Program to Support FinTechs and Neobanks in Their Card Issuance Process
IDEMIA, the global leader in Augmented Identity, helps FinTechs launch card programs rapidly with the IDEMIA Fintech Accelerator Card Program, a dedicated program from onboarding to card issuance.
In the context of a rapid transformation of the banking industry, IDEMIA, the global leader in Augmented Identity, supports FinTechs and neobanks with the launch of the Global Fintech Accelerator Card Program. This new program allows a rapid process from cardholder onboarding – to card issuance.
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IDEMIA’s leadership in card manufacturing, as the number 1 global FinTech card issuance partner, is based on a solid experience of a global dedicated FinTech team and a network of 30 Service Centers in 26 countries around the world. FinTechs can leverage the capability and know-how of IDEMIA to enable card issuance into the marketplace anywhere in the world.
Over the years, IDEMIA has built the largest world wide network of personalization centers designed to optimize responsiveness and proximity to the cardholder for fast delivery times. All of the 30 Service Centers are supported by a Common Personalization System (CPS) that allows card profile developments to be instantly and securely transferred and re-used in any one of them, helping globally aspiring Fintechs to expand rapidly. In addition to CPS, all IDEMIA sites are inter-connected via the IDEMIA Hub with a connection to almost all local and global card processors and BaaS providers so that services and solutions can be safely replicated, extended, shared and optimized across the world.
The IDEMIA FinTech Accelerator CardProgram benefits from dedicated local, regional and global FinTech teams that are trained to help to create a card product that will ensure FInTechs can fully differentiate their product in the marketplace. Before manufacturing the cards, the needs of various