Scaling for Impact: Building a Resilient and Sustainable Fintech in Today's Dynamic Global Economy

Delivered at the Singapore FinTech Festival, this session featured insights from Axel Weber, Advisor, Raisin & Former Chair of the Board of UBS Group AG & Former President of the Deutsche Bundesbank, on building a fintech environment that can scale and thrive amid rapidly evolving global conditions. Drawing from his experience at Raisin, a Germany-based fintech, he outlined five key principles essential for achieving both growth and sustainability.

Key Highlights:

1. Clear Strategy and Adaptability

• Success requires a clear strategy that addresses three main challenges: rapid technology change, strict financial regulations, and shifting consumer preferences.
• Fintechs must embrace and stay ahead of evolving technology and regulation. Weber emphasised using regulatory insights to gain a competitive advantage rather than avoiding compliance.

2. Unique Value Proposition

• A fintech’s value proposition should address specific pain points for consumers. At Raisin, this means offering better interest rates on insured deposits and enabling cross-border financial access.
• Simplified, jargon-free financial education is crucial, especially for underserved market segments, such as younger and senior investors.

3. Leveraging Technology for Scalability

• Fintechs must build technology-driven solutions from the outset to enhance scalability, cost-efficiency, and user experience.
• Raisin uses a cloud-based, global platform that enables operations across different jurisdictions, automates Know Your Customer (KYC) processes, and applies AI for operational efficiency.

4. Data-Driven Risk Management

• Developing a resilient risk management framework is critical, especially in managing AML/KYC compliance across international markets.
• Advanced cybersecurity measures, such as multi-factor authentication and proactive monitoring, are non-negotiable for consumer trust.

5. ESG and Consumer-Centric Growth

• Promoting financial literacy and offering ESG-compliant products are key to long-term growth. Raisin prioritises its own ESG footprint while making sustainable finance accessible to all.
• Delivering growth means creating a seamless, best-in-class experience for both consumers and partners, including offering white-labelled solutions for traditional banks.

Conclusion:

By maintaining flexibility and leveraging data insights, fintechs can drive sustainable growth and remain competitive in the evolving financial landscape.

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