Fintech

Gender Inclusion in FinTech: Insights from FinTech Live Singapore

Published

12 months ago

18 July, 2024

Gender Inclusion in FinTech: Insights from FinTech Live Singapore

The FinTech Live Singapore event hosted an interesting panel discussion on women representation in FinTech. The panel featured Alice Chen, Co-Founder and General Counsel of InvestaX; Jessica Lam, Group Chief Strategy Officer of WeLab; and Polinah Gatawa, Operations Executive in the Financial Services Industry.

Why it is important to highlight gender inequality

Highlighting gender inequality is critical to fostering a more inclusive and equitable society, especially in rapidly evolving industries like FinTech. Gender inequality not only limits opportunities for women, but also hinders innovation and overall growth in the industry. By bringing attention to these inequalities, we can address systemic biases, promote diverse leadership, and ensure women have equal access to opportunities and resources.

“Headlines amplify the presence of men, with fewer women on stage,” said Alice Chen.

Stressing the need for diverse representation at the C-suite and board levels, Alice Chen advocates for mentorship and visibility.

“Inclusion starts with me: what I do at home with my daughter, at work as a founder, I try to set a good example,” she says.

Jessica Lam emphasizes the importance of visibility and meritocracy. “It’s always about ‘see, be.’ Seeing someone similar to you can be a powerful motivator,” she shares.

“Visibility and open dialogue are the first steps,” she says, advocating awareness and practical measures tailored to specific organizational contexts. She emphasizes the importance of hiring based on skills and merit, noting that diversity fosters innovation, improves problem solving, and leads to better business results.

Awareness and good practices, meritocracy and individual action

Raising awareness is the first step toward female inclusion in FinTech. Companies must recognize existing gender disparities and actively work to address them. Best practices include implementing mentorship programs, promoting flexible work policies, and ensuring transparent hiring and promotion processes. Regular training on unconscious bias and diversity can also foster a more inclusive environment. By comparing industry leaders with those who have successfully integrated these practices, companies can tailor strategies to their unique contexts, ensuring that efforts to include women are effective and sustainable. This proactive approach not only benefits women, but also drives broader organizational success and innovation.

Lam stresses the importance of awareness and understanding best practices within the industry. “It always starts with awareness, recognizing that diversity is something to be considered, not necessarily a problem,” she says. Lam suggests looking at successful models in other organizations and adapting them to your own unique context. “It’s about figuring out what works for you based on the size and scale of your company,” she notes.

Chen reiterates the importance of meritocracy and individual action. “We need to foster a meritocracy in the workplace and encourage women to ask for help and be visible,” she says. Chen also emphasizes the need for leaders to be inclusive and support diversity without relying on quotas. She shares her experience of being supported by male colleagues and emphasizes the need to foster an environment where diversity is valued.

Polinah shares a personal anecdote: “My father told me that I was born with a silver spoon in my mouth, which means that the opportunities are endless if you believe in yourself.” She emphasizes the role of deliberate empowerment in families and the importance of continuous learning and speed of execution in achieving success.

Taken together, these insights highlight the critical steps and attitudes needed to advance female inclusion in the FinTech industry, fostering an environment where diversity not only thrives, but also drives innovation and organizational success.

Adapting strategies to different regions

Alice Chen stresses the importance of considering cultural differences when implementing diversity strategies. Drawing on her extensive experience working across Asia, she highlights the challenges and nuances involved. “We can’t change centuries-old customs overnight, but we can encourage gradual change,” Chen says, highlighting the need to balance respect for local norms with a push for progress.

Likewise, Polinah explores the potential for cross-regional learning and adapting successful models. With examples from Africa and her current experiences in Australia, she illustrates how different regions can provide valuable insights into digital transformation and diversity initiatives. “Learning from global partners and adapting best practices can drive progress in local contexts,” Polinah notes, advocating a collaborative approach to achieve meaningful change.

Launch… Global FinTech Awards

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

11 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

11 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

11 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

11 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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