| Date: | Wednesday 7th June |
| Time: | 8.30am - 10.30am |
| Venue: | Southplace Hotel |
Cross-Border and FX Payments breakfast roundtable
| Date: | Wednesday 7th June |
| Time: | 8.30am - 10.30am |
| Venue: | Southplace Hotel |
The cross border payments sector is struggling to bridge the gap between product and technology, with the demand for product managers and owners with a technology background much shorter than the supply.
Trying to work in a fully agile fashion has increased the need for teams to work cross functionally and with this comes an increased demand for technology focused product managers, which come at a premium. With VC and PE investment being limited in 2023, it became clear that this wasn’t necessarily an option, as FinTechs continue to scale, but on a budget.
We looked at tactics that could be used to navigate around this issue and the most prominent was to make the compromise on hiring someone from outside industry, with a strong technical understanding. When we explored this further, it became apparent that some of the attendees best hires had come from outside of the cross border payments space, bringing a fresh perspective on how to best work.
With developing countries becoming more connected with the rest of the world from a global trade perspective, the cross-border payments space is growing rapidly, with FinTechs and Tier 1 Banks looking to have a slice of the pie.
This makes it essential to have a clear product strategy in every cross-border payments FinTechs to enables businesses to find their niche in the market. Out of the 6 businesses represted, only half believe they have truly found their niche in a crowded market. With the other 3 businesses still working on finalizing on defining their strategy before implementing it and scaling.
The takeaway from this is that it is imperative for cross border payments businesses to work cross functionally to enable products to be delivered at pace. In an ever changing market, with many new entrants, it is imperative agile delivery methods are utilized, to enable businesses to get there first and then in turn build their brand.
If you are interested in attending future FX & payment events, please get in touch with Oliver Baggett.
