Today on FinTech Profile we are delighted to talk to Mash Patel, founder of Kurtosys, who provide digital services for asset managers. Kurtosys will be attending the FinTech Growth Forum in London Next week. See here for more details of the event hosted by Innovate Finance.
Over to Mash for his responses to our questions (in bold):
Who are you and what’s your background?
I am a graduate of Warwick University (Computer Science & Maths) and London Business School (Master in Finance). I started my career as a management consultant with PWC and worked on strategy and technology projects all over the world. I then completely switched careers and joined the commodity derivatives group at Merrill Lynch, where I was a structurer on their London desk and provided long dated derivative structures for oil, mining, airline and power companies. I decided that I wanted to be an entrepreneur and get back into technology; the transformation of how we do things in financial services was just beginning and I wanted to be a part of it. Having raised capital in Silicon Valley, I set up Kurtosys to change the way the financial services industry thinks about the web as a sales and marketing enabler.
What is your job title and what are your general responsibilities?
CEO. I do very little other than “hold our culture and values”.
Can you give us an overview of your business?
Kurtosys aims to provide the most innovative in digital experiences for asset managers. Whether that be creating a great-looking responsive website, to the increased production and distribution of fund factsheets, we want to change the way the industry adopts digital transformation. Our new platforms FundPress, InvestorPress and WordPress for Finance provide fully branded, customisable experiences for our clients to service their investors. As our tagline suitably stresses: Your Investors Matter.
Tell us how you are funded.
We are funded by two venture capital firms based in Silicon Valley: True Ventures and Triangle Peak.
Why did you start the company? To solve what problems?
The financial services industry has needed to change for over a decade now; the Internet is one key driver. I wanted to address the challenges of “Digital Transformation” in the context of a heavily entrenched (and regulated) industry. We have built an enterprise content platform specifically to address these industry problems.
Who are your target customers? What’s your revenue model?
Any asset manager, asset servicer or wealth manager in the world. We charge “per use” based on the consumption of our solution.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
I would personally cut the number of employees by 30%. Every pensionee in the world would benefit in retirement if we did this.
What is your message for the larger players in the Finance industry?
Wake up! The combinatorial effect of ETFs, regulation, investor malaise and a changing population is going to have a dramatic effect on us. Let’s not be the new “Kodak” story. Let’s change our industry and benefit every single human on earth that needs to, somehow, save money for their later years.
What phone are you carrying and why?
Apple iPhone 7. It’s simply the best.
Where do you get your industry news from?
I read all major publications to keep abreast of everything that concerns the financial industry.
Can you list 3 people you rate from the FinTech sector that we should be following on Twitter?
Chris Skinner @Chris_Skinner
Chris is a prominent thought leader in the financial industry, hell-bent on shaping its digital future. He travels the world over to discuss his views on the future of finance – his Twitter and blog The Finanser usefully display his often humorous and insightful musings.
Whilst not a person as such, this Belgian fintech news company is the first-stop shop for all the latest fintech news around the globe, and particularly the most pertinent stories and events in Europe. Their regular newsletter is a must.
Pascal Bouvier @pascalbouvier
A VC who shares the majority of the most recent fintech news, but also isn’t afraid to offer his more sceptical opinions on matters. His articles on personal blog FiniCulture are brilliant written, so well worth a read.
What’s the best FinTech product or service you’ve seen recently?
Monzo and Revolut – both digital banks have found the perfect way to disrupt the industry by focusing on user experience. Users can spend spend abroad with no added fees and manage their accounts via mobile. Digital transformation is paramount to financial professionals, but also account holders that need assistance with their finances – these services are the perfect start.
Finally, let’s talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
It will be interesting to see whether tech giants such as Facebook, Google or Amazon enter the financial services fray as challengers, and also whether regulation will become more relaxed after many years of aggressive regulatory enforcement. In the age of digital, the financial services industry should embrace a new era of cloud, open architecture and the API economy – we’ll have to wait and see if this happens quickly, if at all, in the coming years.
Our thanks to Mash for his thoughts today. You can connect with Mash on LinkedIn here or find out more about Kurtosys on their web site: https://www.kurtosys.com/
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Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says
Octavio Marenzi, founder and CEO of capital markets consultancy firm Opimas LLC, recently predicted that the current economic situation will shoot Bitcoin’s price “through the roof.”
Simultaneously, he suggested that the traditional financial markets will suffer as the COVID-19 fears grow.
Opimas CEO: Bitcoin Will Shoot Through The Roof
Appearing on RT’s Boom Bust, Marenzi was asked about the current state of the financial world and his prediction by the end of the year. He seemed somewhat cautious in providing precise numbers. Nevertheless, the CEO of Opimas outlined four factors that he believes drive the markets now.
According to Marenzi, those are the growing spread of the coronavirus, the stimulus deal proposed by the US government, the Federal Reserve’s policy, and the 2020 US presidential elections. He emphasized the importance of the upcoming vote as “people are starting to get nervous about that.”
The elections’ unknown developments could lead to a “messy” outcome, resulting in even more concerns among investors. Such circumstances could prompt severe price drops within traditional financial assets. However, Bitcoin might emerge as the winner.
“There’s a substantial chance that it’s going to be a contested election and will be very, very messy indeed. We will see the markets overall trending down, while things like Bitcoin shooting through the roof.”
COVID-19 Second Wave To Damage The Markets?
Once reports started emerging in early 2020 that a new virus coming from China was infecting people, the financial world took a beating. The worst came in mid-March during the so-called liquidity crisis, which saw massive price slumps among all assets.
The markets have mostly recovered since then, but the COVID-19 pandemic hasn’t disappeared. In fact, it seems that the dreaded second wave has just begun to develop. The number of confirmed cases grew above 40 million on Monday.
Several countries, mostly in Western Europe, have brought back some of the strict restrictions. Those include even full lockdowns.
Apart from health concerns, this also raises worries among investors. Bitcoin was not exempt from the first price drops, as it plummeted by over 50% in a day.
However, BTC is among the best-performing assets on a yearly-scale, with its 65% increase. Should Marenzi’s words materialize, the primary cryptocurrency could see even further long-term price appreciation.
Bitcoin Dominance at 2-Month High: Disaster for Altcoins
August was a bullish month for altcoin traders as they ranked in profits, forcing Bitcoin dominance to drop below 60% for the first time since the start of the year. However, the altcoin euphoria was shortlived as September brought along the bears.
The end of Q3 wasn’t great for Bitcoin traders, but that was expected as September is usually not a profitable month for Bitcoin. In fact, data shows that Bitcoin has lost more in September than in any other month.
As expected, the Bitcoin effect was seen across boards in the market. Altcoins suffered the most, shredding almost all of the profits accumulated in the previous month.
Bitcoin Eyes $12K
Bitcoin is pushing hard towards the $12k mark. It traded as high as $11,942 for the first time since mid-August.
Analysts believe the trend is the start of a new bull cycle for the leading cryptocurrency considering the coin shielded itself and recovered quickly from the recent negative news, including BitMEX’s charges and OKEx’s withdrawal saga.
Although October has been impressive for Bitcoin, and the coin has since recovered from the bearish move in September, altcoins continue to live in the terrible nightmare from the past month.
October: Another Nightmare For Altcoins
Bitcoin dominance started rising in mid-September after it went as low as 55%. At the time of writing, the cryptocurrency maintains a 60.3% dominance of the entire crypto market while the altcoins struggle with 39.7%.
Even Ether (ETH), the second-largest cryptocurrency, was not spared. In August, the coin traded near the $500 mark, reaching $485 for the first time in two years. In the last two months, Ether lost over 20% of its value, and market dominance dropped from above 15% to 11%.
Now, ETH is exchanging hands at $369 with a 2% loss on the daily chart. However, speculation in the market is that the upcoming ETH 2.0 Phase 0 could provide the needed boost for Ether bulls.
Looking at the top 100, a handful of altcoins have shredded at least 15% of their value on today’s trading session. Some of the most significant losers include Uniswap (-17%), Crypto.com (-25%), Balancer (-19%). Meanwhile, Flexacoin saw a big boost with over 258.11% gains in the last 24 hours.
Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto
HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:
- Stake 10,000 CRO or more in Crypto.com Exchange; or
- Stake 10,000 CRO or more in Crypto.com App
On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
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