Global fintech firm meets local banks

GLOBAL fintech (financial technology) firm Finastra met with executives of TT banks at a networking reception held on Tuesday evening at the Maraval residence of UK High Commissioner Harriet Cross.

Fintech, in general, delivers financial services by using new technology such as artificial intelligence (AI), blockchain, cloud computing, and big data.

Finastra is a global provider of financial software applications and marketplaces, with offices in the US, UK, UAE, Canada and Singapore.

The company held the reception to let local finance sector leaders explore the latest innovations in financial services.

About two dozen guests mingled, variously drawn from private banks, the Unit Trust Corporation, Exim Bank, and several credit unions.

Cross gave brief welcoming remarks. She later told Newsday the event was held to showcase how the UK was a global leader in conventional and green financial centre rankings.

"The UK is able to bring together transition financing experts, an appetite for long-term sustainable investment, and a leading insurance market for global environmental projects," she said.

Cross said the UK – as Europe’s leading fintech ecosystem – was a global financial hub where innovative companies could grow.

"Finastra is a great example of a global company with roots in the UK."

She was very happy to introduce senior executives from TT's financial sector to the Finastra team.

"It is our hope that Finastra will be able to offer their applications to more local financial institutions and in so doing accelerate the development of the industry through an open innovation platform for banks, fintechs and non-banks to connect and collaborate."

Peter Lawlor, senior business development specialist, brought guests greetings from Finastra. He said he was available to discuss the latest trends and innovations in treasury and capital markets, such as treasury management, wealth management, and asset and liability management.

Treasury management is the act of managing a company's daily cash flows and larger-scale decisions regarding finances.

Wealth management is an investment advisory service providing financial management and wealth advisory services to clients ranging from affluent to high-net-worth and ultra-high-net-worth. It includes financial investments, tax planning and estate planning.

Asset and liability management (ALM) entails managing financial risks that arise due to mismatches between assets and liabilities, as part of an investment strategy. ALM sits between risk management and strategic planning.

In a media statement, Finastra described itself as a global provider of financial software applications and marketplaces.

It launched its leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services.

Finastra addresses lending, payments, treasury and capital markets and universal banking (retail, digital and commercial banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and banking as a service.