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Fintech’s Role In Building Open Ecosystems – Singapore FinTech Festival Panel with Joel Yarbroug

Learn how businesses can work together to integrate digital solutions for the global economy.

The new UNEP report (published Oct 2020) has highlighted the critical role of financial institutions in advancing the growth of circularity by investing in businesses that take a more sustainable approach to production and consumption. We look forward to hearing from Ms. Inger Andersen about how cross-cutting digital innovations can help accelerate this growth, and how policymakers, financial institutions, FinTechs and businesses can work together to integrate these digital solutions to catalyze the transition into a circular economy.

Checkout all the interviews, insights and content from Rapyd at the Singapore FinTech Festival 2020

Panel Transcript

Manisha Tank  0:09

It was also great to hear about that announcement in conjunction with the Monetary Authority of Singapore. Now with online marketplaces, super apps and other digital platforms continuing their very fast growth and aggregate, both, and the ones that aggregate both commerce and community activities, you’ve got to ask what impact might they have on banking and payments? It’s an obvious question, isn’t it? partnerships that are now data LED and API enabled. So James Lloyd Asia Pacific FinTech and payments leader at eBay Parthenon will moderate a panel consisting of Liz Oaks, Executive Vice President of strategy and operations excellence at MasterCard, that’s an amazing title. Janet Young Managing Director, head of group channels and digitalization of United overseas bank, and Joel Yarbrough, Vice President of Asia Pacific for Rapyd if you’d like to post questions to the panel, which you can click on the yellow button, it is beneath the session window. But let’s see if we can go over to Jane’s to kick off the conversation.

James Lloyd  1:16

Great. Well, thank you very much for that fantastic introduction. I think we will be challenged to do as good a one ourselves, but but let me try. Firstly, good morning, good afternoon. Good evening, depending on where you are in the world. I am sitting in my home office in Hong Kong, I have put my four young children to bed in the past 30 minutes, and my wife is next door at the neighbor’s house. So if any children come through the door at any point, I may need to attend to that. But in the meantime, we’ve got a fantastic panel, I have to say building open ecosystems is one of those topics. That means many things to many people. But I do genuinely believe we’ve got a very interesting and lively debate to come. I won’t try to introduce my panelists themselves. I’m going to ask them to do that. Because I think as I said, we’ve got a really interesting mix, frankly, of backgrounds and capabilities. Liz Oaks, can I ask you to start with introductions? And then we’ll move to Janet and to Joel.

Liz Oakes  2:23

Hi, James. Thanks for that. Yes. So I am responsible for strategy and operational excellence across MasterCard in the product and innovation area. And so that is a complex bag of interesting different elements includes risk management, how we manage our products and new product development, how we also look at areas like cross border strategy. And I have a team of fantastic data scientists that support the group. And so it’s an all encompassing area, but it’s actually mostly primarily focused on how do we develop and collaborate with customers and come up with things that are relevant for the regions relevant to the different product areas that sit within MasterCard.

James Lloyd  3:13

Excellent. So I think we’ll be coming back to Liz, momentarily in relation to some of those kind of regional differences as well. But maybe before then, Jana, would you mind introducing yourself?

Janet Young  3:23

Hi, good evening. Good morning, and good afternoon. My name is Yeah, yeah. from you, ob take care of our group channels, and digitalization. So I I’m the delivery channels, cutting across the different countries and serving you will be customers across all the markets that we operate largely in Asia Pacific. We are big in ASEAN. So whether it’s consumers, SMEs, businesses and institutions, I think in my other role, besides you know, being a delivery channel, I’m also very much called to the banks, omni channel strategy. So we try to make sure that we connect customers online offline, and giving them full availability of choices and accessibility, whenever they want, whichever they want. And I take care of customer experience as well. So from a from a end to end, touch point to touch point, customer journey perspective, we try to make sure that you know, we we do our very best in ensuring that every episode, every journey of our customers, engagement with us, is a given the best treatment and that we deliver the best experience. And then last but not least, on my role of championing collaboration with fintechs and digital platforms and ecosystem partnerships. So a lot of which we’re going to talk about tonight is really about, you know, championing the innovation mindset and also championing partnerships so that we can together grow that bigger pie and serve our customers and the constituents better. Thank you.

James Lloyd  4:50

Excellent. Thank you, Janet. So already a lot of focus on partnerships there from from MasterCard and EOB. Which which brings us nicely to joe from Rapyd.

Joel Yarbrough  5:00

Hi, I’m Joel Yarborough, I manage the Asia Pacific region for Rapyd. We are what we call a FinTech as a service platform, ultimately designed to make it easy for both small and large businesses to expand globally, in a changing payments landscape, right with different consumer preferences around collecting funds, dispersing money, holding money, converting foreign exchange, there’s a lot for anyone to do as they globalize their business or regionalize. Their business Rapyd provides the single API platform to make that process of going hyperlocal anywhere in the world much, much easier. So ultimately, hopefully a simplification artists as we build partnerships to make that happen around the world.

James Lloyd  5:41

A simplification artists Wow. Okay, that’s a new one that could be a new addition to the to the LinkedIn profile. Joel, sounds good.

Joel Yarbrough  5:48

And let me go on my Twitter on my tombstone, James.

James Lloyd  5:51

Well, no time soon, let’s hope. Lots to discuss. I mean, a lot of different angles, we can take on this, I was thinking with Liz, based out of based out of the UK, Liz, I think, you know, your own background, obviously, tremendous amount of experience, both with MasterCard, and prior to that. When we think about MasterCard, I think it’s very well known business. You know, it’s one of the few global networks in any capacity, what are some of the big trends kind of globally, as you see it in relation to kind of payment infrastructure? You know, whether it’s what MasterCard has traditionally done on the card acceptance or card? side, let me say, whether it’s instant payments, whether it’s some of those other trends, is there anything you can kind of talk us through from that kind of infrastructure layer or level at a global perspective?

Liz Oakes  6:39

Thanks, James. Um, yeah, I think it’s, I would put things in three buckets of kind of, build, enhance and protect. And so we look at, you know, what’s going on in the in the kind of changing ecosystem, it’s a rush to there’s like a race to build things that are faster, safer, more secure, more convenient. And so actually, there’s a whole slew of implementations going on around the world of instant payments. But at the same time, we’re connecting, so it’s about convenience for the end user. So it’s actually more about for us, it’s about multi rail. So multi rail in the infrastructure. Environment means for us that actually customers very much more have a choice about how they seamlessly interconnect. And a lot of it is also cross border, potentially. So this is a shift towards better data in the ecosystem. So how do we introduce things like ISO 2002? Two globally? And and how do we improve the speed? So 24 seven is essential now, and this is just, you know, domestic kind of country by country, people are putting in those new infrastructures. Singapore was at the forefront of that alongside the UK. But we see now major markets, the US, you know, we’re busy building and defining out new, better ecosystems in the US. p 27. In the Nordics, for me is kind of a standout, you know, exhibit in terms of what are we really trying to do. So it’s multi currency, multi jurisdictional, it’s standardization. It’s single infrastructure, replacing nine infrastructures across that region. But it’s about harmonization, and making it much easier for banks and fintechs and consumers to actually enable, you know, how do we get access to all of this cool technology. But I think as we do that, we’re also unfortunately having to you know, really focus on protecting the system and the day to day resilience. So, you know, resilience doesn’t go away, we’re running 20 471 100% uptime, both on the cards infrastructure and also on the the non card a CH or TP infrastructure. And, and that brings with it all the attendant cyber security risks, the fraud challenges that we see, particularly, you know, in this last year, with COVID, actually, there’s been a huge upswing in in fraud attempts and scams that consumers are exposed to. And so kind of trying to do all of those things simultaneously, uplift the infrastructure move to real time. And with things like card, you know, contactless has gone through the roof. Adoption has been massive globally. And we have to focus on SRC FCA in Europe, lots of acronyms, you know, that sounds like a really simple when you dig into them actually a huge complexity both for us for the banks for the fintechs for the consumer, changing experiences, but but in efforts really, almost kind of expanding from the infrastructure layer out into the ecosystem to make things much more convenient, secure, accessible, and also we are really focusing, we’re doubling down on financial inclusion. So at MasterCard, there’s a massive drive and focus to actually bring in the additional kind of for us, another half a billion people. into the financial inclusion agenda, really to raise GDP to raise people’s access to the digital ecosystem,

James Lloyd  10:10

so a lot a lot to unpack there. I mean, all of which interesting in its in its own ways, I guess you mentioned kind of multi rail up front. I would say for most people, certainly outside of the industry, they will think of MasterCard as, as you know, the the symbol on their, on their credit card or debit card and in many markets, but multi rail includes, as you say, the kind of RTP, the real time bank to bank transfer infrastructure, I guess vocalink is a key component of that. Can you talk us through a little bit about that side of the business, the kind of non card side of the business? And specifically, you mentioned the UK I guess with faster payments Singapore with fast, how do you see that market evolving over the coming years, both in terms of domestic real time payments? And then maybe on to your to your second point around cross border and interconnectivity?

Liz Oakes  11:03

Sure. So yeah, just to confirm multi rail for us means a lot of things actually. It also includes blockchain. It includes a whole route, it’s pretty much kind of all these

James Lloyd  11:13

were only five minutes in and we’ve someone’s already mentioned blockchain, I should have, I was hoping we’d get through 15 minutes what I blocked it. But anyway, let’s I’m sorry.

Liz Oakes  11:23

But it’s really you know, that that is, you know, a data rail for us. And primarily more than anything else as well, I think the construct for us is, you know, there’s financial transactions, and there’s data, but many of the, they converge in many places, and they diverged in some places also. So yeah, the multi rail thing really, for us is much more about choice. So it’s about enabling, either, you know, the front end, it may be a consumer, but actually, consumers generally don’t care about rails. And quite frankly, we probably shouldn’t be telling them what the rails are anyway, I don’t think people would just want to consume a capability, or they want to consume the ability to move money fast with all of the attendant data and the notifications and the information that comes with it. So when we look at kind of, therefore, you know, what do we double down on concentrate on real time payments has really emerged over the last probably 10 years as one of the major investment areas and infrastructure shifts around the world. So MasterCard, acquired vocalink, he’s about three years ago now is feels like a long time ago. And that’s been an enabler, really, in terms of standing up, not just kind of a software sale to another infrastructure appeared company around the world, but but managed services. So being able to lean in on kind of having a provider that actually really understands how to run supervised regulated payment systems that are secure, resilient, you know, that that really make a meaningful difference to an entire economy. And I think that’s something that specifically in Asia, you know, we’re in the midst of, of working with a number of economies, where it’s a massive deal in terms of financial inclusion and access, it tends to also enable mobile banking or mobile services. And for many people who are not even banked it’s out to fintechs. It’s you know, Joel will tell you it’s kind of really enhancing the entire ecosystem. Excellent.

James Lloyd  13:22

Well, maybe that’s a good segue or transition to Jana. I mean, again, we’ve spoken about some of the new additional rails, I think Singapore has been, you know, really quite progressive in terms of building some of that underlying infrastructure, you know, fast has been around for many years pay now has been developed on that. I think sg findex has a range of enhancements coming out of coming out of the festival. But interestingly, Liz, I think he made the point, which is, you know, most people don’t care about rails, and I think it’s true, right, as a consumer, or as a business infrastructure is typically something that exists in the background. And I think, john, you know, we’ve spoken about your focus is very much on the customer. In terms of that customer experience across channels, can you speak to, I guess, had How does UOB see the evolving landscape in Singapore or in APAC, generally, from an infrastructure perspective, and then more specifically, how do you focus on the customer in terms of delivering upon that?

Janet Young  14:22

Yes, I was gonna say it you know, perfect that you put you know, listen me back to back because between your Visa and MasterCard, we’ve done just to give a call up call up to two MasterCard, when we first did our you’ll be mighty MasterCard and up was the first to tokenize to have the cut in the app. And then also contactless right for the ATM contactless so so with MasterCard, we were able to charge up I mean, let’s set you know, Bill, enhance protect, but it’s also about you know, being able to serve our customers a lot better, right. So I just wanted to thank, you know, that great collaboration with MasterCard. Now, I think, you know, I just want to say, you know, James, I would be You know, not truthful, if I don’t tell you that the whole concept of open ecosystem and open banking, you know, in the first instance, you know, for for bank like us, you know, we’re a bit more circumspect, right. But when we look at it, the tick that we take all the time, is that open innovation is really about giving value to the customers. And if you’re able to build better products, better services, and that we can ensure that the customer’s needs are being addressed, I think then that’s the way we have addressed, you know, the likes of the changes and the promotion that Amir says done. I was going to say two things, right? Listen, I we were chatting before you joined the club just now, about 2017 when they did a paper about API marketplace, and all this announcements that Ravi menen me has made today. And he said, you know, pervasive electronic payment systems, affordable cross border remittances. So right now, we have pay now and prompt a Singapore pilot, right to go live next year. And you will be is taking part, you know, in that for going live next year. And then of course, the part we talked about holistic financial planning, the SG findex all these were in the discussion, and in the making, but at the end of the day, for why, for who and for what, and I think this is the part that, you know, we we constantly focus on, on the individuals, the business and the cooperation front. Maybe I’ll just touch on each point and do this quite quickly. Sure, I think it is quite clear that from your perspective, we take partnerships very, very seriously. And in fact, we do a lot to promote partnerships. So that together, you know, banking is very much a horizontal and vertical. When we enable, you know, industries, when we enable e commerce when we enable right hailing, when we enable customers to, you know, order food, particularly in the, in the COVID, you know, infested period, I think it empowers the individual and the business, to continue life and be able to do things, despite what could be obstacles. And I think this is the part that, you know, we have done in the last two years, even beyond COVID. to think through, how can we make things easier for us to serve our corporates, we look at the API, and we say, so you will be way more circumspect. We didn’t kind of do a total open API marketplace, we looked at what was the most sought after, the most sought after API’s that, you know, our customers tell us is really about Account Services, payments, collections, getting notifications, when you receive money, when you pay out and you reconcile, it then enables the business small or big, to be able to connect real time and share data, and then you know, manage and run their business more efficiently. And I think for that, you know, when we went live, you know, we saw a huge amount of teacup, of course, you know, bigger names, like grab em one, you know, they were on it already with us as partners, but but that was also the thinking behind how we look at empowering, and building in open ecosystems, because from here, we can then put on the next set of, you know, important and sought after API’s that adds the most value to our customers, right. The second point, you know, around, you know, the individual so we think about businesses, anything about individuals. We know that right now with with pay now. Right? I mean, we talked about this a lot of our customers I mean, within UB we know our customers set very well. We do have a good mix of the very young the millennial the savvy you know, people that you James who vices and, and tell us,

James Lloyd  18:45

thank you for calling me young Janet, I appreciate that very much.

Janet Young  18:48

young, young man young. Yeah,

James Lloyd  18:53

my kids are aging me by the day, but I’m still somewhat young. I’m sure he was calling

Joel Yarbrough  18:57

you Savage.

Janet Young  19:00

Exactly. But But then, you know, you will be we do have customers that, you know, we don’t want to have the digital divide, not the financial, you know, excluded, right. So I plan that we ensure that from the omni channel perspective, when we introduce, you know, things like Pay Now, we also continue to have the ability to educate, right, how how does pay now, how does it How is it safe? How do you use, you know, phone number and phone number and then, you know, throughout the whole journey of mapping, what is the best user experience in order that we can deliver, you know, weather, fast pay now, and then right now, even with a jif index, now that we can see right now that we can see, and the banks taking part, we can let our customers view their balances in terms of Account Services, you know, their credit card balances unit alone position, unit trust and some of the wealth at one loop. Knowing information is just the first step. Right. That is just a step. You need to then be able to To help them to get to highest step, which is the know how, after you know the information, what are you going to do about it. So this part about weaving in the right financial advice is also what, you know, we talked a lot about, you know, it will be because the online offline, the human digital has to come together, and then we can bring people to a better place, and then help them plan for the better future. So I think, you know, even if you marry this, right now, because of customer experience, we use a metric called NPS Net Promoter Score, to kind of understand, you know, what do people really look for and what is important for them, and we realized that during this whole pandemic, customers are all seeking value, they all want, you know, to be able to get value in, in addition to convenience, accessibility, safety, you know, and all that trust, they want to be able to get maximum value out of, you know, banking and out of their business and out of their finances. So I think, you know, that’s also where the last few, you know, partnerships that we have built in, in promoting open ecosystem is about, you know, letting customers enjoy value, letting them be able to enjoy their rewards across a whole spectrum of of different verticals, whether you can use your reward points for taking a meal, right now we can travel, but soon we can, we can consume the SG $100 voucher and in doing look worse, right, and so on, and so forth. So in doing so we can bring on board, different partners, that together serve our customers better.

James Lloyd  21:43

Thank you, john, I think that’s a lot of very interesting aspects to that. I mean, I think a couple of things, as you were speaking that occurred to me is, I mean, how we think about, you know, the word open and open ecosystems or open banking or open API’s itself has many different meanings, right, depending on the market you’re operating in, and the UK, open banking is a very different construct than it is in Singapore, or here in Hong Kong, in Australia, the consumer data, right, etc. So there is a kind of a level of openness, there’s a regulatory lens through which you can view it, there’s a commercial lens, but it is, it’s clearly a kind of a macro global trend that we’re seeing more and more, kind of, let’s call it API enabled consumer driven connectivity across different service providers. The degree to which that’s driven by government, the degree to which it’s driven by the market, etc, may vary. But certainly we’re seeing that trend. And I think that that kind of maybe segues quite nicely into Joel, although maybe before we get into that, I think I’m conscious that we have a very international audience. So sg findex, which was referred to by Jonathan just announced this week is effectively a kind of account aggregation or an account insight aggregation service. And what’s interesting there is it’s, it’s effectively provided or I should say, the infrastructure is provided through kind of Singaporean utilities. singpass, you know, sitting on top of fast and Pino and again, quite an interesting model to have a kind of government infrastructure, the banks, fintechs, and others operate on that. And maybe jail that is a good kind of, hopefully a tee up for yourself in terms of, you know, we’ve got, we’ve got, you know, up one of the biggest banks in the market here in Singapore, or in Singapore, we’ve got, you know, MasterCard, obviously, one of the big global networks, at the risk of us all agreeing on everything, I’m hoping you can bring a kind of a FinTech as a service. I mean, what where is the disruption coming from? Is it? Is it coming from new players? How do you seek to empower them? How do you see all of this working in terms of the various kind of competing interests? And I guess, fundamentally, where does Rapyd play in that in that in that schema? Sure.

Joel Yarbrough  23:57

I mean, at the risk of agreeing that everyone’s agreeing, I mean, Liz, and Janet laid out a framework where payments need to be fast, they need to be secure. Liz mentioned transparency, right, I want to know where my money is, at varying points in time. But she also touched on something fairly important, which is invisibility, right? Most people really don’t want to think much about payments, they barely are comfortable thinking about money. So to a very large extent, they want it to be fading into the background of a task that they actually want to do, and into appear in a relevant way in a relevant use case, which really creates a huge opportunity for companies like grab which Janet mentioned, large ecosystem players like Google, with the various GE pay announcements, etc. To start to bring together threads of things into people’s daily lives. Right. So I think we’re going into a world where people that have very strong access to consumers time, end up having larger and larger ecosystems that bring in aspects of their money as well. Whether they have credit capabilities or not, if transaction again abilities or data capabilities all start to come together in seamless ways. You don’t have to believe that a customer wants to go turn on a bunch of open banking connections, to think they want to be able to purchase something online and not bounce, you know, bouncing, overdraft, etc. And to have enough money and to get maximum value, or as Janet said, to use their points in an intelligent way. Making all those connections happen in one geography with a relevant set of API’s that are easy for any ecosystem player to get access to is pretty hard. Doing it in eight countries, or 20 countries or 100 countries is almost impossible, at the same time as they’re trying to do their day job. So what we’re trying to do a Rapyd is really to leverage a lot of these great investments, some of which, as you said, are government some of which are Consortium, some of which are individually from a bank perspective, and provide a seamless layer. So someone can integrate to a platform player like ourselves, or one of our very few competitors, and bring together an experience where they can create customers in a compliant and intelligent manner, managing risk, they can bring funds into the system, they can collect money, if that’s how they think about the world, they can hold funds in a compliant manner. And they can disperse funds or they can perhaps even issue a traditional card product. And, you know, going back to shoutouts, to MasterCard, you know, we’re a MasterCard issuer and a direct acquirer in Europe as well. So we see a world where they have this very large expansion of networks, some of which are fully government owned, or legacy networks that have matured, some of which are basically proprietary, you know, semi semi open loop networks, built on top of commercial rails, all of which started to mix and match using a variety of standards. And that’s just a cacophony for people to try to figure out. We fundamentally believe that platforms like ourselves are about simplifying that cacophony. So people can focus on the needs of their customers and build use cases that are relevant for their customers.

James Lloyd  26:47

So okay, really interesting. I think, for me, it raises some of the when I see open ecosystems, and I guess, you know, not not to sound too much like a consultant here. But I guess this kind of industry convergence piece, or kind of FinTech everywhere idea, has actually been quite real, at least for us in the region these past couple of years. I would say that, you know, my, amongst my biggest clients of the past kind of 24 months have been, you know, a very large Well, a pan Asian retailer, a, an airline, transport network, operator, travel service provider, a lot of folks who are have have either online or offline points of user concentration, right customers, to whom they are increasingly thinking, how do we integrate financial services, be it payments, perhaps microcredit? We’re even looking at kind of mass wealth management solutions? Is this kind of industry convergence lens, something that’s equally applicable across across the, across the landscape? What I mean by that is, will we see more? I mean, you know, just this week or last week, Singapore obviously has announced a number of new digital bank licenses, we’ve got a ride-hailing telco joint venture, we’ve got an e-commerce service provider. I guess the question, and whoever wants to take this one is, you know, will we see more and more financial services subsumed into other? other points of concentration? Will that come about through partnership? Will it come about through joint ventures? Is this all just more competition, you know, who wants to make a kind of a guess in terms of how we will be conducting our day to day financial services in five years time?

Liz Oakes  28:41

I’m happy to start with that one. I think if you take a step back and look at the macro of where are we in terms of economic development, we are clearly at the beginning of a cycle. And and there’s you know, a lot of macro economic commentators will tell you that kind of between now and 2030 is a period of expansion, more competition, more evolution, and rapid development. And so when you look at that standpoint, and actually, there’s huge opportunity for people like Joel, for people like Rapyd to, to manage that complexity as people try to enter into the market or participate in the market. Because if I look at it from the standpoint of a retailer or a merchant, right now, you’re faced with a very difficult trading ecosystem. You’ve got people increasingly going digital remote, but also just the sheer complexity of payments and getting paid. And I think getting paid for me is the most critical part of this. So as we expand all the options, and we introduce more competition, and we have new players, those people who are just trying to make a living selling something, are faced with a huge level of complexity. You’ve got new banks coming into the ecosystem, new FinTech Players, for each of those, they have additional products. And so that means that a merchant is faced with how do I actually accept those transactions, you’ve got crypto, you’ve got all sorts of new ways to pay in terms of loyalty. So actually, at the same time, they have infrastructure requirements, they have to upgrade their point of sale or upgrade their their way of getting paid, integrate into new systems, and at the same time, probably, you know, upgrade their accounting, Ledger’s, and how they interact with their supply chain. So that just the sheer volume of complexity that’s involved in that, I think, provides huge amount of opportunity for people to streamline to help them and to navigate and to try and make intelligent choices. I’m sure James, you know, I too, have been a consultant, trying to explain to somebody that yet again, for the third time, in three years or five years, they have to change all of their systems that are, you know, customer facing is a very difficult investment decision to make. And it’s a, you know, but the thing is, we’re inflicting this on every single merchant out there, that that’s not funny. And I think it’s something sometimes we underestimate that we complain about the pace of change in our industry, but we are interconnected to every other industry, and we’re inflicting change on them at a great pace. And quite honestly, payments is not their day job. They just literally want to do their day job, but they’d like to get paid. And so I think sometimes we need to put that in context.

James Lloyd  31:31

Liz, I really, I really liked that description of it. I’m making note of it. To summarize your first point for me, like the increased complexity provides more opportunities to simplify. And I really like that encapsulation of it. Joel, Janet, any any comments, in terms of where we’re headed over the next few years, anything we should be really focusing on?

Janet Young  31:53

I was going to jump in on, you know, some things that we have never, you said that these mentioned blockchain in the first, you know, I don’t know, five or 10 minutes, I think we didn’t mention the word data or AI, you know, at all, you know, actually what open ecosystem is really about, for it to try any ecosystem, right game thing about it, and ecosystem for him to try, he has to grow. It means that you know, whether new players coming in existing players, you know, growing, and, and all of us, you know, coming into the mix, force for the businesses, for the individuals, but also don’t forget, we also have a community that we serve, right. So I think when when we think about that, I was going to take two points, again, on the data part, in, in wanting to promote the openness in being able to want to serve better, right is, is to increase our understanding of what the individual needs of a single business, or a single customer, one needs to do in the different different life cycle or different life stage, right. And we know that it is complex, because some people at certain life stage needs to save more and spend less, and some of the other life stage can afford to spend more and save less, right, and maybe invest whichever the case would be. And similarly, for business today, particularly, if you think of how global The world has become, most of the businesses today are trying to look for better means of winning, in more customers winning more money. And when they win customers and markets, they want to go for innovation to come up with better products and services. So this part about data, right, this part about data that collectively, if we as an ecosystem, you know, have can find a way that is safe, that is fair, that’s ethical, that’s transparent, right? To be able to share that in the interest of the end user that we serve. So actively, right, as the ecosystem, whether we as a bank, you know, working with e commerce, or you know, real estate, or shopping malls, right? or any of the other companies, utility firms, telcos and so on and so forth, to better serve our end customer, we can find really, you know, that holy grail of being able to personalize, tailor and provide, you know, the best recommendation in the interest of that customer during that stage. And I think that, as an ecosystem, we would have succeeded, right? It is complex, but I’m just saying that it is nothing is impossible, if we, if we think through partnerships that are like minded, and can be trusted, but here’s where I put a guard, that is that the other thing which is about it is really about making sure that we don’t, you know, go overboard with us, such that, you know, safety, security and cyber and all that, you know, bad things that could happen when things go wrong. You know, threaten and and unravel, you know, all the good work that has been done. And I think that’s

James Lloyd  34:58

a really good point, john.

Janet Young  35:00

Yeah, good partners, we can all come together and, and be more thoughtful about how we can, you know, keep the customer safe. While we champion innovation.

James Lloyd  35:10

I think it’s a great point. And I would add, in addition to the kind of technical considerations around security, safety, etc, there’s also going to be quite a lot of customer expectation management here. Because, you know, I do believe that hyper personalization may actually see some pushback from consumers, right, as they realize that actually, they’re not necessarily comfortable with this with this kind of vast kind of data store being. Of course, as we all know, here, transaction data payment payment data is already incredibly powerful, and in some cases, underutilized. very conscious of time. Joe, we’re coming to the end. So that leaves last thoughts with you, my friend, you know, what should we be thinking about over the next five or 10 years?

Joel Yarbrough  35:56

So I think where Janet and Liz are going is right, this system is extremely powerful, these strings have to be brought together. Ai and personalization can make the experience hyper hyper relevant to an individual user. And then a caution I would throw in for most of the people paying for this conference is the people who have the data who have the personalization capabilities, you know, if the distribution power is a very small number of platforms that are going out, run most of the people here and less people learn to compete at a higher level.

James Lloyd  36:27

A lot of great way to leave it. Okay. Excellent. On that knows, and I think that’s To be continued, hopefully in person in Singapore next year. Please join me in thanking Liz, Janet and Joel, thank you for joining us. Looking forward to it. Thanks, James. Absolutely

Manisha Tank  36:44

splendid stuff. Yes, I agree. I hope we will be all be meeting in person. This time next year, and well done. Your kids stayed asleep throughout the panel. Well, a big thank you to all of them. Now. I have a very, very exciting announcement for all of our viewers. Singapore FinTech festival is going the extra mile. And we want to thank you for being a part of this FinTech festival. 2020 we know there is so much to digest from the hundreds of sessions, the 800 plus speakers yes 800 Plus, and in case you missed any of that, you will be able to access all the session recordings organized very nicely, I might say into 14 themes anytime on YouTube. From the 12th of December, no login required. I will say that one more time, no login required. And for all of our paying delegates, we have something special for you too because I hear you I hear you saying I paid for this What about me? You will receive a specially curated for part fff 2020 insights report covering all the sessions featuring 800 plus speakers Like I said, I can’t say it enough it is so impressive and partners content as well. And this is very important. Do also look out for your sF 2021 discount voucher. And that is exclusively for you. So this is a major thing that we are doing from you from the bottom of our hearts here at the Singapore FinTech festival. 2020

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