Former Prime Minster of Hati, Laurent Lamothe, talks fintech
Can you tell me about yourself?
I am known as Haiti’s most successful and longest-serving Prime Minister, a visionary leader driven by a deep sense of global social responsibility. I am a thought leader in health, education, sustainable development, and emerging markets. My approach is pragmatic, creative, and far-sighted.
What previous roles have you held?
Before founding R-Ventures, I co-founded the company Global Voice Group at the age of 26. In July 2015, I created LSL World Initiative, a private enterprise providing governments with solutions that assist them in implementing funding mechanisms to enable them to deliver sustainable development programmes, in line with their needs and priorities.
What has led to your involvement in the financial industry?
As a member of several international organisations, such as the Global Blockchain Business Council, I have facilitated numerous international panels and spoken on the theme of new ICTs as tools for development at the World Economic Forum, the Transform Africa Summit, and the Crans Motana Forum, among others. As a result, my involvement in the financial industry has been an organic revolution.
What is one of the best pieces of advice you have ever received?
The best advice I got was from my dad: to be honest, kind, don't take no for an answer and strive to be your best self every single day. He also insisted that honesty, kindness and managing relationships is the key to success. I always believe that to the true and learned from the best.
What do you think are the major emerging FinTech trends for 2022?
- The rise of digital/neo banks. Banking has traditionally been a monopoly with high barriers to market entry. But the relaxation of regulations in countries around the world has paved the way for neobanks to take the initiative and attract customers with the promise of lower fees, convenient mobile banking and improved customer experience that removes in-store banking. That’s why the neobank sector was valued at US$30bn in 2020 and is projected to grow at a Compound Annual Growth Rate of 47.7% over the next eight years. Neobanks are also attracting unbanked customers with a combined purchasing power of US$1.2tn. As more of the world’s population gets online, expect digital banking to move ahead of in-store services.
- Real-time cross-border payments. Demand is high for immediacy of payment settlement that delivers competitive advantage for businesses, reduced risk for payment failure and highly improved efficiency in cash flow. As domestic schemes become more established and popular, expect real-time capabilities to extend to cross-border payments.
- Open and transparent banking. During the pandemic, our reliance on digital payments and self-service banking confirmed the need for banks to become more digital. Open banking is an API-enabled, technology-driven approach that allows banks and other providers to seamlessly deliver financial services using aggregated and authenticated customer data. Already, several countries have introduced regulations that have compelled banks to deliver open banking in response to customer demands.
- Artificial Intelligence (AI) and Machine Learning (ML): Machine learning applications enable the processing of large amounts of data sets, reaching valuable conclusions which, by using its algorithms, can drive effectiveness and provide time-saving opportunities. Moreover, it analyses patterns in real time enabling quick decisioning. A range of financial services applications already use AI/ML today for everything from fraud detection, lending approvals, and AML screening, to risk monitoring and investment predictions.
- The emergence of Banking-as-a-Services. In recent years, Banking-as-a-Service (BaaS) platforms and services have emerged as a cost-effective and efficient way for delivering financial services using open banking concepts. Banks must adapt to a service-oriented and composable/modular architectural approach in the delivery of new and innovative digital services. BaaS is a critical component for traditional banks and financial institutions on their digital transformation roadmap.
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