I had a thrilling time in Mexico where I was able to explore an untapped alternative finance market and build new bridges which will last for a long time. I am truly excited about what I witnessed in Mexico and I am honoured to have been selected to be apart of the United Kingdom’s FinTech delegation to Mexico.
After visiting the FinTech hub in Mexico I had a very productive meeting with the regulators there and had the privilege to participate in a Q and A session (Click to view) which they had put on. This was a great introduction to how the Mexican FinTech scene is set up and enabled me to create strong partnerships. In the Q and A session I was also able provide a few tips and share some of the knowledge I have gained while working in the FinTech sector. I was also invited by the Department of International trade to deliver a key note speech at the Pay Expo (Click to view)Americas. This was a fantastic experience where I was able to touch upon a few key areas of change that we will be noticing not just in Mexico but also around the world. There are already many great products out there on the market. Now a days there are smart terminals and smart watches. We are constantly seeing developments in the payments sector. But the use of cash will still be prominent. This is because it is down to the consumer to choose how they would like to deal with payments. It is the role of companies like Decimal Factor to use all of theavailable means to make an all round better experience for the consumer and if we can provide a WOW factor, then that is a plus!
I also managed to touch upon a few more developments that will happen in the the future. Smart contracts. This is a phenomena which has already got the banks and the entire finance industry excited. This form of alternative
finance and alternative business will soon loose the adjective and will just become business and finance. This is a form of block chain which will make contracts paperless and transactions T-zero. After learning about block chain (Click to view) in Las Vegas I firmly believe that within my lifetime I will be able to see transactions happen in
0 days. This will be a true feat in the payments sector.
I was asked a very interesting question during the session with the regulators which made me think of how effective the FCA is here in the United Kingdom and what Mexico can learn from the UK in terms of regulation. At the moment Mexico has three different regulators. The FCA however, has a number of different bodies working under one umbrella organisation. This is a very beneficial system as once you are regulated by the FCA a company can begin as a credit broker and grow into a wealth manager as they will always have one regulatory number where they can then apply for many different licences. This is something that will definitely help businesses in Mexico just like it has helped businesses in the UK.
What has Decimal Factor learned from it’s experience in Mexico ? What are Decimal Factor’s plans for Mexico?
Decimal Factor will launch it’s Mexican based company and have operations live in Mexico by May 2017. It will build a team of core Funding Specialists under the leadership of our Managing Director in Mexico, Gerrardo Saldivarto and Mik Basi our Chairman- South Americas. Decimal Factor (Mexico) will help our USA operations. This is to help reach out to the Spanish speaking community that resides in the US. This foundation will enhance our capabilities to build for the future. It is our
aim to launch our Cash Advance Programme successfully in Mexico by 2018.
Mexico will be alongside USA, UK, UAE, India and Singapore when Decimal Factor launches it’s new alternative finance platform, using the latest technology built on BlockChain and using new age Smart Contracts which Decimal Factor will be launching by 2019.
The trip ended with a lunch meeting with Mauricio Sulaimán the President of WBC (World Boxing Council). He had great things to say about Great Britain Boxing and also about the potential India has in Professional Boxing.
You may remember my association and love for boxing when Decimal Factor sponsored Great Britain’s Lion Hearts V/s Russia at The Brewery in London. (Click to view)