The FinTech Five – 13th January 2023
Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members.
1. Sonovate launches Future World of Work report 2023
First this week, Sonovate have launched the latest edition of their Future World of Work report.
Sonovate surveyed 4500 people, including 500 small and medium business owners, to understand what work flexibility means to them, particularly in the current environment.
“Flexibility goes far beyond where and when people work; it encompasses policies that let workers move between permanent and temporary contracts, wider benefit packages and the right technology”, explains Sonovate’s Co Founder & CEO, Richard Prime.
FinTech Wales is delighted to have been able to contribute to the report. Our CEO, Sarah Williams-Gardener commented: “We are moving into a world where flexible, hybrid models are the norm. This goes beyond just where and when people choose to work – it applies to how they are paid too. It is abhorrent that there are organisations out there taking 90 days to pay people for work they’ve done. This must change. Business leaders – and leadership teams more broadly – need to be open to learning about and implementing the technology that can help them adopt more flexible, reliable, and fair payment practices.
Often, this technology is delivered by FinTechs. Unlike traditional banks – which can be sometimes held back by incumbent, legacy infrastructure – FinTechs are able to be more agile, nimble, and responsive to market demand. In this instance, there is a clear need for payment solutions that can deliver scalable flexibility for organisations of all sizes, and ultimately giving businesses the tools needed to ensure people are paid on time. As Sonovate has shown, FinTechs are perfectly positioned to provide this and to set the foundations for the future of work.”
2. Currencycloud partners with Windsor First to give its clients a royal cross-border payments experience
Next, Currencycloud, the experts in simplifying business in a multi-currency world, has partnered with Hong Kong-based money service operator Windsor First to launch a new multi-currency account solution to help Windsor First clients seamlessly optimise their B2B and eCommerce international payments processes and access a wider range of currencies at competitive FX rates.
By partnering with Currencycloud Windsor First will have a more streamlined onboarding process for customers, and will offer clients the ability to seamlessly accept and process multi–currency payments from many different jurisdictions, as well as locally in the US, Canada, UK and Europe.
Says Rohit Narang, Managing Director of APAC, at Currencycloud: “Windsor First understands the issues of international business and in offering a multi-currency account solves many of those problems immediately. We are delighted to be part of their solution.”
3. Delio Insights into the outlook for private markets in 2023
Next this week, Delio have released their latest insights for private markets in 2023.
Delio explains that “Over the last decade, private markets have seen strong and consistent growth year on year. While this trend continued in 2022, the economic and political turbulence of the last 12 months meant that the increase in value of private assets under management (AUM) was much more subdued.
As we enter 2023 under the storm clouds of a likely global recession, it’s perhaps unsurprising that industry experts are warning of a much more cautious outlook regarding what may be in store for private markets.
However, that’s not to say that the forecast is all doom and gloom. Many experts are still predicting long-term opportunities from the asset class.”
Some of the key themes in private markets that Delio identifies as likely to emerge in the year ahead include:
- More ‘realistic’ asset valuations likely to emerge
- Private markets still expected to grow given the longer-term nature of opportunities
- Market volatility likely to result in attractive opportunities
- Significant growth anticipated in secondary markets
- The impact of the Great Wealth Transfer
- Digital access to private markets
- Increased regulatory scrutiny
4. Three out of five Brits are anticipating a difficult year financially, according to new research from Go.Compare
Next, new research from Go.Compare has discovered the UK’s top five financial concerns* as we start the new year, with spending less on outgoings and saving into a deposit account topping the table.
More than 2,000 UK adults were surveyed by the comparison site and found that 58% of those questioned admitted they were anticipating a difficult year financially, with nearly three quarters (72%) of those aged 55 to 64 expecting to feel the pinch most, out of all age groups.
Those aged between 18 and 24 were the most optimistic about their finances for 2023, with 68% saying they anticipated a good year financially.
Matt Sanders, Head of Money at Go.Compare, said of the survey results: “It is really concerning that so many people are fearful of the year ahead financially. The cost-of-living crisis is having a real effect on people’s mental health, with our survey showing that many of us are seriously worried about what the next year has in store.
“But it’s great to see that the younger generation are looking to save some money, as well as give some to charity – at a time when they will also be feeling the pinch.”
5. Delta Capita’s 2023 sustainability outlook
Last but not least this week, Delta Capita have shared insight into their 2023 sustainability outlook.
Delta Capita explains that “The focus of our ESG agenda is to embed Sustainability at the very heart of our organisation – part of Delta Capita’s values and specific commitment to being a socially-responsible company.
From working with our charity partners to progressing with new sustainable initiatives, we are frequently looking for more ways to implement sustainable business practices. As we enter 2023, we outline our ambitions for the year ahead as we continue our sustainability journey.”
Until Next Time
And that’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us fortnightly for more of the best content from across our FinTech Wales membership.