Finance Leadership Summit Ger O’Sullivan Fexco CFO RDS Simmonscourt January 29th 2019
Once upon a time……………. Divider Page 3 …this was Fexco’s Headquarters!
Over 30 years ago… Divider Page 3 Fexco spent IR£2m on a mainframe!
Our fifth Killorglin location costing €21m opens in late 2019 A 52K sq. ft. Innovation Hub and IT Centre
The spectacular view from the third floor canteen I’m seeing a lot of coffee meetings in my future!
Many people tell me that Fexco is a closely guarded secret but here is a quick global overview 2300+ 50+ 48 Employees in Acquiring Bank Countries Fexco Partners Partner Focused Profitable with a strong since inception entrepreneurial spirit
Fexco – A brand with a consortium of businesses Payments & Managed Business Retail Holdings & Strategic Business Development FX Solutions & Outsourcing FX Investments Dynamic Currency Managed Business Asset Finance No.1 Currency Innovation Conversion Solution Centre Fexco Property Multi- Currency Expense Services Group Pricing Technology Fexco Currency Management Solutions Services Corporate Payments Fexco Aviation Multi-Channel Market Analysis CEC Ltd Services Contact Centres OpenConnect & Customer Engagement Thomas Exchange End to End Tax Free Global Business Solutions Shopping 7
Future growth to be delivered through Acqu quisi sition & Innov ovation on
Cryptocurrency (or Crypto Currency)
Cryptocurrency is a brilliant solution still trying to identify the underlying problem
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography. It received a huge boost with the financial crisis in 2008.
Cryptocurrencies are probably here to stay but in what capacity? Could they replace mainstream currencies? • Is it a currency or commodity? • 1,500+ crypto currencies exist – Bitcoin, Ethereum, Litecoin, Ripple, etc. • Scams are wholesale – Several individuals are doing jail time – Charlie Schrem (Bitinstant) and Josh Garza (Paycoin) Ponzi scheme • Blockchain technology is based around open source technology • ICOs and Cryptocurrency ETFs
Blockchain Technology
Blockchain Technology could be a game-changer once teething problems are resolved
Blockchain technology will increase transparency and could ultimately undermine intermediaries Blockchain is a large distributed ledger of sorts that stores records of transactions. It ultimately will have usage way beyond the cryptocurrency world: • Speed is currently an issue • Transaction cost needs to reduce • Impact could be significant primarily in the financial services sector, including banking and insurance. • Many advocate Asia is poised to become a hotbed for blockchain innovation
Beware of Fake News!
Fexco is betting on the Fintech world “How do we separate the facts from the hype?” • A large Cryptocurrency Conference in the US boasted of a large attendance and that the wave is coming.. you had to pay registration fees by cash/credit card! This needs to be balanced with other facts: Use multiple sources and industry • 4 fold growth in mobile payments and banking since 2014 in • Bitcoin is equivalent to Gold experts to get the real story emerging markets • The wheels spin slower than anticipated: • Connectivity -- 2.7bn people using mobile services • ATM’s took over 24 years to be fully accepted • Traditional end-to-end banking under increasing pressure • “As a result of the proliferation of credit cards, there has been widespread speculation about the possibilities of a chequeless, cashless society in the future.” Jack Lefler 1968
Finance Function and Talent
The large Finance function of today is all about expanding competencies and exposing talent. This can only become a reality if: The potential for Finance to create value by supporting key Fexco decisions and strategies is where we want to make a difference. • CFO and Senior Finance team are seen to be doing enough to create the Do not be afraid to share the stage! step change needed in the Finance team’s performance This entails two underlying enablers to make it happen: • Provide career opportunities and exposure – Beyond finance if desired • Continuing to ensure common systems, processes and data to create space and provide essential information and also rotational • Investment in quality Finance talent with the ability to broaden c competencies will equip • Provide a seat at the decision table them to leverage the opportunity to create value • Continually challenge staff relative to ambition and competencies
This involves the Finance function balancing responsibilities and not forgetting the basics • Insight – Provide appropriate guidance, knowledge, and information to help management make informed decisions • Trust – Manage and maintain the normal control and financial risk environment, processes and policies • Efficiency – Strive for internal efficiencies and promote the delivery of optimal cost/service balance across the Group
Thank You
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