FinTech companies and compliance solutions are partnering to solve real-world challenges in digital payments
Blockchain platforms and businesses come together to provide more use cases and higher adoption, which result in better user experiences
User experience is key to successful delivery in business. No matter how technologically advanced an innovation may be, there will only be real impact if there are real-world use cases that are accessible and usable.
To illustrate, in marketing, there is the concept of omnichannel, wherein a business needs to reach a customer and make the sale or conversion through any of their preferred channels. In sales, keeping the user engaged throughout the customer journey is important in ensuring there is an actual sale.
The same can be said for decentralized technologies. While FinTech services powered by blockchain and cryptocurrency brought innovation to finance, investments, compliance, and a host of other industries, these become more meaningful when there are actual use cases that make it easier for end-users to do things.
“At the end of the day, the blockchain space has to move beyond buzzwords and create products and solutions users want.”
Such user-centeredness is a paradigm shift that technology companies are taking when engaging in strategic partnerships. We can take the case of digital payments as an example. According to a recent study by Deloitte, there are three main challenges that are a hindrance to higher adoption of digital payments in Southeast Asia: (1) customer experience; (2) technological and regulatory fragmentation; and (3) finding the right talent to build on innovations.
“Interoperability between the different payment systems is quickly becoming an issue that needs to be addressed,” reads the Deloitte report.
Victoria Krapivina, Head of Business Relations at Elevate Ventures, highlights that this can be a use case for partnerships between FinTech startups and technology companies that focus on regulatory compliance. “Both regulatory hindrances and technology concerns can be addressed through collaboration and interoperability. Collaborating closely with other value chain players and even with new industry entrants will directly address the challenge of finding the right talent to build on such technologies in the region.”
User-centricity and solving real problems
For a solution like a digital payments platform, successful partnerships can be a game-changer in the industry. “At the end of the day, the blockchain space has to move beyond buzzwords and create products and solutions users want. User centricity, providing value and solving problems for users are key to create successful businesses, in Blockchain and elsewhere,” says Felix Mago, Co-Founder at Dash NEXT and Dash Thailand, the Asia-based business development unit of digital payment platform Dash.
“User centricity, providing value and solving problems for users are key to create successful businesses, in Blockchain and elsewhere.”
He highlights how the company is partnering with businesses and other technology companies in achieving wider use cases and coverage for end-users who need digital payment solutions. “Our approach is to partner with great companies that understand the value of our solution. Dash is offering the crypto payment solution, our partners offer the settlement.”
One of the important features that businesses require when taking digital payments is real-time notification of transactions, which assures merchants of payment receipt, and which also provides end-users the ability to monitor their digital funds.
Toward this end, one of the important partnerships that Dash has engaged in is with real-time blockchain analytics company PARSIQ. By providing the ability to monitor transactions in real-time, businesses are also assured of better compliance with regulations — thus addressing the concern on regulatory fragmentation in the region.
For users and businesses, this will provide the comfort that their transactions are secure. “Notifications and additional transaction information can be provided in real-time, allowing deeper insights during the transaction process and potentially allowing to react to certain transactions accordingly when time is of the essence,” shares Anatoly Ressin, Co-Founder and Chief Blockchain Architect at PARSIQ.
Expanding the ecosystem through partnerships
Such information goes beyond simply being notified of new transactions since businesses can use business intelligence to make smarter decisions for concerns like market strategy, supply chain, and optimizing their operations.
“FinTech, digital payments, and compliance are a good match, and Elevate Ventures identified strong use cases for both Dash and PARSIQ to collaborate towards building value for the ecosystem,” says Krapivina. “By connecting the right ecosystem partners to implement real world use cases, Elevate Ventures played a key role in establishing the strategic partnership between Dash and PARSIQ.”
This partnership goes beyond Dash’s own payment platform since third party decentralized applications or dapps using the Dash Evolution platform to integrate payment solutions into their applications will also benefit from real-time notifications without having to build their own infrastructure. This includes crypto service providers, payment processors, and other dapps. Such partnerships and decentralized development can foster growth in the US$2.5 trillion digital payments industry in Southeast Asia.
“Instead of challenges I rather see a blue ocean of opportunities.”
“Instead of challenges I rather see a blue ocean of opportunities,” concludes Dash’s Mago. “So for us, partnering with great companies and helping them to grow their business is our approach to bringing Dash everywhere.”
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Felix Mago is Co-Founder of Dash NEXT & Dash Thailand, the leading cryptocurrency for real-life payments. Dash Next is focused on business development and partnerships in Asia and beyond. Dash Thailand has established the first real-life crypto payment ecosystem in Asia.
Anatoly Ressin is Chief Blockchain Architect at blockchain analytics firm PARSIQ, a modular blockchain analytics and monitoring platform offering comprehensive tools for analyzing, detecting, and preventing cryptocurrency fraud and other illicit activities on the blockchain.
Victoria Krapivina is Head of Business Relations at Elevate Ventures. She works with portfolio projects and partners, builds strategic partnerships, and works closely with the ecosystem to drive growth. She was previously Head of Sales at ICORating, an analytics agency that delivers independent research on the crypto market to an extensive network of investors.
Learn more about Elevate Ventures
- Website: https://el8v.io
- Facebook: https://www.facebook.com/elevateblockchain
- LinkedIn: https://www.linkedin.com/company/el8v
- Telegram: https://t.me/elevate_ventures
