Image for post
Image for post

Eyal Nachum, Bruc Bond’s fintech guru and board member, has a message to banks: it’s time to embrace open banking and the cooperation it can bring. The advantages of working together with alternative providers far outweigh the risks of loosening control, he says.

The movement to a more open and interconnected financial world has already begun, with clear steps taken both in the European Union and in Asian markets towards this goal. Europe’s Payment Services Directive (now in its second iteration, the PSD2) served as the kickoff shot on the continent. It opened up the banking system to the entry of so-called non-bank financial institutions (NBFI), who have taken on large chunks of the labour previously done by banks. …


Image for post
Image for post

Over the last few years, fintech has changed the landscape of banking and payments. Bruc Bond Board Member Eyal Nachum thinks that more change is needed as the industry matures.

From London to Singapore, NBFIs Have Changed the Game

From London to Warsaw, from Vilnius to Singapore, non-traditional financial institutions have firmly established their presence in the major cities of the world. In Europe, non-bank financial institutions (NBFIs) are providing services to a growing cadre of corporate clients and retail consumers. Britain, for instance, can boast of a wide range of consumer banking apps, while Lithuania plays host to a large number of business-oriented NBFIs. In Asia, the shift is more pronounced. In several jurisdictions, digital conglomerates are dominating the field. Tencent and Ant Financial in China provide a holistic consumer experience that incorporates payments and finance seamlessly. …


Image for post
Image for post

In anything you do, the most important thing to be is consistent. The second most important thing is to be open and communicative. This is doubly true when it comes to handling people’s money, says Eyal Nachum of Bruc Bond. From London to Warsaw, from Vilnius to Singapore, in all walks of life and in all capacities, people want to know that they can count on you. This is why communication is a foundational value for Bruc Bond, underpinning everything we do around here. It is more than a means, it is a goal in itself.

A survey of banking customers conducted by Smart Communications found that almost two-thirds (63 percent) would consider switching banking providers if communications don’t meet their expectations. That says a lot. What should worry the living dinosaurs of today’s banking world is that people’s expectations have shifted dramatically over the last decade and change. In fact, it’s safe to say that big banks have a big problem. …


Image for post
Image for post

Young startups often have great ideas that they struggle to put into practice, encountering too many obstacles along the way. Too often, these stumbling blocks lie on the path to a solid banking and payments infrastructure. Three global executives at Bruc Bond give their advice.

CEO of Bruc Bond Singapore Krishna Subramanyan, Country Manager for Poland Krzysztof “Kris” Matuszewski, and Board Member Eyal Nachum in a chat with Konstantin Bodragin, Magazine’s Editor-in-Chief.

KB: Hi guys, thanks for making the time. To start, what advice can you give a young fintech startup?

Eyal: Focus on time-to-market. Forget about everything else. You have to get a product out there. 80% of a working product is better than 100% of nothing. Once you do have something working, talk to the people using it. Talk to your customers. They will understand that you’re just starting out and will be more forgiving at the beginning. They will give you the feedback you have to have. You can build the other 20% using that knowledge. At Bruc Bond, we are still always talking to our customers. …


Image for post
Image for post

The Monetary Authority of Singapore (MAS) has received 21 applications for digital bank licenses. Tarini Ponniah, Chief Compliance Officer for Bruc Bond Singapore, says that she’s glad to see the city state join the likes of the United Kingdom in embracing customer centric digital banking. Coordination and cooperation between the MAS and regulators in other fintech- and digital banking-focused jurisdictions, like Poland, Lithuania, Japan and Australia, would hasten the widespread adoption of digital banking worldwide, she adds.

“With these digital bank licenses customer centric banking is finally going to be a reality,” says Tarini Ponniah. “Singapore is yet again proving to be a front-runner in powering growth in the region by focusing on the demands of the un- and under-banked segments.” …


Image for post
Image for post

Krishna Subramanyan recently joined as CEO of the company’s Asia-Pacific hub, Bruc Bond Singapore Pte Ltd. Now that he’s had time to get comfortable in his new role, Krishna found a few minutes to lay out his vision for the company in a chat with Konstantin Bodragin, Brüc + Bond Magazine’s Editor-in-Chief.

KB: Hi Krishna, welcome aboard! Tell me about yourself. What journey brought you to join the team at Bruc Bond?

Krishna Subramanyan: Hello, Konstantin. Thank you.

I am engineer from one of the premier institutes of technology in India. After working for 6 years in customer-facing roles with the Dutch MNC, Philips, I went to the US to get a fulltime MBA in International Finance with a rarely offered full research scholarship. I returned to India to lead GE’s new product development for local and export markets. …


Businessman on skateboard; Bruc Bond exec Eyal Nachum on SME banking gap
Businessman on skateboard; Bruc Bond exec Eyal Nachum on SME banking gap

It’s almost an open secret in the banking industry that many small and medium enterprises (SMEs) struggle to access the services they require when and how they need them, says Bruc Bond executive Eyal Nachum. From Lithuania to Britain, from Poland to Singapore, SMEs serve as the backbone of the economy the world over. They account for about 90 percent of all businesses around the world, employing about half of all workers globally and more than 70 percent in emerging economies. The importance of SMEs cannot be overstated. …


Image for post
Image for post

At Brüc + Bond we are experts in international payments. It’s in our blood. We do know that not everyone shares our passion for the intricacies of cross-border transfers, standardised codes and payment specifications, and that’s ok. Not everyone needs to share our enthusiasm. But we do think that even if you’re not planning to become a master of international banking, it’s a world everybody should know a few things about. That’s why we’re starting this introductory series where we’ll go deep into the complexities of international payments.

Over the coming months we will explore the differences between the world’s different payment systems, see how they interconnect and discuss their advantages. To start, we’re going to go over a few terms to hopefully clarify some confusion. …


Image for post
Image for post

In a week’s time, the European Union’s fifth Anti-Money Laundering Directive (AMLD5) will come into force. Here at Bruc Bond (Brüc + Bond), we’ll take this opportunity to review the current state of AML regulations within the bloc and ask, is it good enough?

The last two years shook Europe with a wave of money-laundering cases brought forward against a number of big-name banks and financial institutions. Such a cascade demands serious attention and, worryingly, suggests that the EU’s regulatory frameworks for money-laundering prevention demand profound reform if they are to achieve lawmakers’ stated goals. With the fifth iteration of its AML directive, the EU is tightening the reigns, hoping to significantly curtail the illicit funneling of funds within its borders. …


Image for post
Image for post

Bruc Bond has strengthened its leadership team in its new Singapore office with the appointment of two C- suite executives, as the fintech continues to expand.

Krishna Subramanyan has joined as Chief Executive Officer of Bruc Bond Pte Ltd, where he is heading up the newly opened Singapore office, based in the heart of the thriving financial district.

Krishna has specialised in regulatory affairs and compliance in finance for the last 10 years and previously held the role of Director at Citibank Asia Pacific, leading its global program and systems.

Also joining the Bruc Bond team in Singapore is Tarini Ponniah as Chief Compliance Officer. Tarini is an experienced compliance expert, specialising in anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for financial services. She previously served as a Vice President at Barclays Capital. …

About

Bruc Bond

Your Bridge to Banking

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store