Natallia Hunik discusses with James Cameron, Chief Risk Officer at iSignthis, independent card acquirer and e-money institution, publicly listed in the Australian and Frankfurt Stock Exchange (ASX: ISX | FRA: TA8) since 2015, the reasons behind the FX industry struggles with getting banking and payment channels. Besides, James discusses the rationale behind considering the FX business as an ultra high risk by banking institutions, and what can FX businesses do about it.
Highlights for discussion:
- James shares with the audience his background and success story. Reasons behind the launch of iSignthis and the businesses it serves
- The top three reasons making it so hard to find banking for FX brokerages
- As a result of high demand, the market forces play out with the fees that brokers need to pay to accept payments, what options that could happen for these fees to go down?
- There are over 500 EMI licenses issued in the EU with more than half of these registered in the UK, what are the differences among these providers?
- How people are able to get incorporated and licensed to increase chances of opening a bank account
- How the new fintech companies in the industry who do not possess any regulatory licenses operate their businesses and how do they add value to the industry
- The type of due diligence brokers should perform on the payment solutions provider, and the precautions that brokers should take in order to safeguard their own and their clients’ funds
- The future of crypto payments which have been so ubiquitous in the West, but is taking a complete new spin in Asia and money is being moved cross-borders and settled using stable coins