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The 2017 Fintech Awards Khube Mag Khube Mag – December 2017 © 2017 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.. 1 Document Classification: KPMG Confidential © 2017 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.. 2 Document Classification: KPMG Confidential Greetings from Jean-Pascal Editorial Greetings from Jean-Pascal Dear readers, I am honoured to welcome you on behalf of the In this December edition we are delighted to share Khube team to this new, vibrant, and dynamic news about our Fintech Awards 2017 winners, with edition of the Khube Mag! a bit of personal touch: get to know them and what winning an award has changed for them. And finally, The Khube is a growing network of innovative a word on a very famous KPMG acquisition – Matchi companies, financial institutions, corporate partners, (Fintech innovation and matchmaking platform). and other actors in Luxembourg’s Fintech ecosystem. We have also shared our knowledge and expertise on various technological and trending topics like This magazine aims to reflect the Khube’s mission, ICOs, web personalisation, and much more. We which is to help innovative companies and hope you will find this edition interesting and corporations embrace innovation and create value insightful! together. We also want it to be a way to share with you all the exciting initiatives and projects going on in I wish you a wonderful time with your friends and our ecosystem around innovation and technology. family for the Christmas holidays, Best regards, Jean-Pascal Nepper Partner Khube Mag – December 2017 3 Khube Mag Content In this edition… Greetings from Jean-Pascal p.3 Matchi – finding the needle in the haystack p.5-6 Partnerships between financial institutions and Fintechs – an interview with Matchi CEO David Milligan p.7 Forging the future p.8-9 Fintech Awards 2017 p.10 . Interview with Jacob Bernstein (AIFMaps) p.13 . Interview with Daniel Peled (PayKey) p.14 . Interview with Eugene Greenberg (getmeIns) p.15 . Interview with Bernadette Wingings (blanco) p.16 . Interview with Frédéric Stiernon (CarPay-Diem) p.17 . Photo report Fintech Awards 2017 p.18 The Pulse of Fintech Q3 ‘17 p.19 From IPOs to ICOs p.21 Understanding ICO p.22-23 Arteïa ICO p.23 Apps that work – a word from an Expert p.24 Spotlight on Adapti.me p.26 Contact us p.27 4 Matchi Spotlight Finding the needle in the haystack The Matchi difference KPMG recently acquired Matchi, a leading global Fintech innovation and matchmaking platform that connects financial institutions with leading-edge financial services technology solutions and companies worldwide. Matchi’s database includes over 3,500 Fintech solutions. The problem is not finding Fintech solutions — it’s finding the right solutions, aligned to the needs of the client organization. Matchi Challenges cut through the clutter, helping financial institutions to find vetted, high-quality solutions. Matchi does this in a way that helps to build support for innovation with key stakeholders, while increasing speed to market via our proven approach. Using the Matchi platform, financial institutions are able to search for a specific company or solution, or they can use the platform’s proprietary ‘Innovation Challenge’ capability to present specific problem statements to the global Fintech market and receive recommendations on solutions from Fintech innovators. In this way, financial institutions are able to access and unlock the leading-edge technology and deep customer insight of the world’s best Fintech firms for their own operations. The team at Matchi have developed a set of criteria that they assess when vetting a Fintech company. Some of the criteria include: - performance metrics such as number of users/ transactions (depending on the nature of the solution) - the top three client benefits provided by the solution - current and past clients - balance of technology staff within total headcount - founders’ professional experience. Khube Mag – December 2017 5 Matchi Spotlight Focus: When looking for opportunities, leading financial institutions start with the problem rather than the technology to ensure there is demand for a solution and that any solution provides the required value. Before attempting to ‘plug and play’ a Fintech solution or partner into their organization’s operations, they work 1 to ensure activities are well aligned in order to reduce integration challenges. Evaluation framework for Fintechs: Leading companies use frameworks aligned to Five key attributes of their business strategy, specific pain points and desired outcomes, in addition to an effective the specific characteristics of the Fintechs being evaluated (e.g. the quality of the partnership Fintech company’s management team, the alignment of its strategic objectives 2 with the financial institutions’, its technology capacity, the scalability of technology solutions, potential integration challenges and cultural differences). Partnering offers numerous benefits — access to talent, Outside the box thinking: In today’s constantly evolving Fintech environment, enablement of a portfolio effective partnerships can be established with a variety of different organizations, approach and increased from Fintech startups and technology giants to companies in ancillary industries, speed to market — however to actual business competitors. Leading companies look beyond traditional it isn’t a straightforward 3 boundaries to form partnerships, forging alliances with companies well beyond process. their own sector in order to leverage insights, solutions and opportunities. Developing Fintech partnerships A global mindset: Leading companies often have a presence in key Fintech requires a significant amount of time and effort on the part of ecosystems in order to stay on top of signals of change and to help identify potential partners from outside their local jurisdictions. For example, Canada’s financial institutions — both to CIBC, the National Australia Bank and Bank Leumi of Israel have formed an identify the right Fintech companies with whom to 4 alliance in order to leverage joint innovation to improve the customer experience for all three banks. CIBC and the National Australia Bank have also partner, and to ensure the resulting partnership is partnered on a blockchain project. structured so that both parties can achieve their desired Experienced advisors: When it comes to identifying and establishing partnerships, objectives. Looking many leading companies have a network of advisors who can supplement their at how leading companies existing skill sets and provide assistance with both evaluating partnership approach partnerships, five opportunities and with managing the legal and risk management issues that key themes emerge. These might arise during the development and execution of any partnership include: 5 arrangements. Source: KPMG International, 2017 1 NEWSWIRE: CIBC forms strategic alliance with National Australia Bank and Bank Leumi. Innovation Challenges and scans help to quickly source qualified Fintech solutions aligned to strategic focus areas either to resolve issues or capitalize on opportunities. 2–3 1 weeks week Innovation Challenge Validating and definition and design shortlisting solutions Global marketing and Final adjudication and targeted scouting selection for proof of concept (PoC) 3 2–3 weeks weeks 6 Matchi Spotlight Partnerships between financial institutions & Fintech firms David Milligan, CEO of Matchi, answered a couple of questions about the pace of innovation. How well are financial institutions keeping What are the most common ways you are up with the need to innovate? seeing effective partnerships between financial institutions and Fintech firms? It’s become common over the past few years that customers compare their banking Once banks find appropriate Fintech partners, experience against their experience in other they get to choose between investing in, areas of their lives. With large tech giants such buying, or partnering with the Fintech solution as Amazon, Apple, as well as online retailers in some way. and mobile and internet service providers upping their game, banks and insurers have In a recent KPMG survey of financial David Milligan, CEO Matchi found that their services often fall short in the institutions globally, 81% said that they digital world. intended to partner with Fintech firms and over David has an extensive 70% saw Fintech firms as their best source of background in innovation and Understanding this, banks have spent the last innovation. When it comes to partnering, we strategy within the financial few years building up significant digital and have seen instances when the bank licenses services industry. innovation teams in an effort to reinvent their or white labels the Fintech solution, while offering with a new set of online and mobile customising it to their particular needs. In this Prior to launching Matchi in solutions for their customers. They have been way, a bank can find an existing solution with 2013, he led a number of followed closely by insurance companies some market proof points that already meets innovation and new venture which are also working hard to catch up, e.g. 60%-80% of their requirements,
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