Fintech

How to Turn Pride Into a Standard Fintech Practice

Published

7 months ago

11 July, 2024

FinCrypto Staff

How to Turn Pride Into a Standard Fintech Practice

A payment card colored with the Pride flag is used.

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Inclusion in the workplace is more than just waving a rainbow flag or adding your image as your profile photo on your company page for the month of June. While logos and sentiment are valuable parts of the inclusion journey, they need to be supported by True action, enable True change for inclusion.

Studies have shown that same-sex couples are less likely to be approved for mortgages. Most banks have a poor policy for anyone who needs to change their name. The World Economic Forum A recent survey found that LGBTQIA+ employees felt that workplace discrimination is still widespread. Sadly, 41% said they have experienced discrimination at work that has left them out of decisions and overlooked for promotions. This is probably still a long way from the actual number of people who are willing to admit or realize that this happens to them.

These experiences for customers, consumers and employees demonstrate that change is needed. Inclusivity is key for the industry and the people who work in it. I took the opportunity to speak with people during Pride to learn how we can turn a month-long celebration into a year-round impact.

Everyday

In conversations with Kim Nguyen, VP of People at Alloy, she urged leaders and companies to recognize that Pride is not “a designated time of year. It should be recognized every day.” At Alloy, her work has involved creating people practices with “infrastructure and systems” to promote equitable and inclusive opportunities for all. To do this in a “sustainable and scalable” way, she says accessibility is key. This includes intentional design to address promotions, career development, and benefits. To ensure equitable and inclusive outcomes, every touchpoint across the employee lifecycle must be considered.

Every space

There are several ways companies have created safe environments for everyone. Alexander Mark Deakin-Mckay is the marketing director at Xeinadin. He explains that “if you feel safe, you will contribute more.” Everyone is responsible for ensuring this for others, regardless of what type of person or communicator you are. He identified that middle managers have the power to either strengthen or decimate inclusion efforts. “Executives are critical to creating that environment” and are responsible for “embodying inclusion.” Executives can “encourage growth and trust for everyone” by creating platforms for people to share their perspectives and experiences. Alexander cited an example of how he was openly supported by management. He was given a platform to present himself and in turn built credibility and his personal brand in the company. This was so powerful for him that he said, “We don’t all need to be believed. But giving people the opportunity to believe in themselves, that’s the ticket now.”

Everywhere

Everyone can be involved in this in different ways and circumstances. Deon Pillay is Head of Marketing Technology, Enablement and Governance at LGIM and provides concrete examples. He talks about “authentic and visible support”, saying that waving a flag “is no longer enough”. He advocates for investment in education and learning resources. Training and awareness for employees impacts the wider community on LGBTQIA+ issues and drives change. Deon has demonstrated celebrating people through events, workshops and panels to highlight their stories. This is a “great way to show support for people and support people”. Great charities and organisations are working to make a difference to the community. The best companies give back through partnerships, sponsorships and volunteering time to work with these organisations. Some are working towards policy change. Others are setting up employee resource groups that can educate and empower people.

Everyone

Natalie Brock is the Chief of Staff People Team at Thought Machine. She believes that everyone needs to be involved in inclusivity for it to be sustainable. She points out that one obstacle to this is that, in the push for inclusion, those with privilege can feel like they are the problem. She says that people need to “feel like they can step in and be a part of it.” She explains that it’s easy for people to withdraw from inclusion efforts if they’ve been reprimanded for trying and making mistakes. She advises, “Be inclusive and kind to people, bring them along on the journey, and do it in a positive way.” Making people feel good about being part of the change leads to a positive and thriving work environment.

Every time

Finally, Christian Tooley encourages people to ensure their partners take concrete action to support the LGBTQIA+ community. As a senior manager at Bain & Company and founder of i³ investing, a firm dedicated to supporting investments in LGBTQIA+ startups, he believes everyone can take a stand. He criticizes dishonest support, saying, “Don’t work with organizations where queer safety isn’t on the agenda.” He emphasizes that the benefits of supporting LGBTQIA+ communities have “a strong business case” and that it’s “the right thing to do.” Constantly considering diverse voices and understanding how people are affected by various issues is a big step toward inclusion. An intersectional approach that understands systemic bias is critical to change.

While researching this article, I learned that Pride isn’t just about inclusion in June; it’s about inclusion every day, everywhere, for everyone.

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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

6 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

6 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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