Finance Leadership Summit Ger OSullivan Fexco CFO RDS Simmonscourt - - PowerPoint PPT Presentation

Finance Leadership Summit Ger O’Sullivan Fexco CFO

RDS Simmonscourt January 29th 2019

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Once upon a time…………….

…this was Fexco’s Headquarters!

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Over 30 years ago… Fexco spent IR£2m

• n a mainframe!

Our fifth Killorglin location costing €21m

• pens 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

50+

Acquiring Bank Partners

Profitable

since inception

48

Countries

Partner Focused

with a strong entrepreneurial spirit

2300+

Employees in Fexco

7

Fexco – A brand with a consortium of businesses

Dynamic Currency Conversion Multi- Currency Pricing OpenConnect Tax Free Shopping

Managed Business Solution Centre Expense Management Services Multi-Channel Contact Centres End to End Business Solutions

No.1 Currency Fexco Currency CEC Ltd

Asset Finance

Innovation Payments & FX Managed Business Solutions & Outsourcing Retail FX Strategic Business Development Holdings & Investments Thomas Exchange Global Technology Solutions

Corporate Payments

Market Analysis & Customer Engagement

Fexco Property Services Group Fexco Aviation Services

Future growth to be delivered through

Acqu quisi sition

&

Innov

• vation
• n

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.

• 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

Cryptocurrencies are probably here to stay but in what capacity? Could they replace mainstream currencies?

Blockchain Technology

Blockchain Technology could be a game-changer once teething problems are resolved

• 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

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:

Beware of Fake News!

• 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!

• Bitcoin is equivalent to Gold
• The wheels spin slower than anticipated:
• ATM’s took over 24 years to be fully accepted
• “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 This needs to be balanced with other facts:

• 4 fold growth in mobile payments and banking since 2014 in

emerging markets

• Connectivity -- 2.7bn people using mobile services
• Traditional end-to-end banking under increasing pressure

Fexco is betting on the Fintech world “How do we separate the facts from the hype?”

Use multiple sources and industry experts to get the real story

Finance Function and Talent

The potential for Finance to create value by supporting key Fexco decisions and strategies is where we want to make a difference. This entails two underlying enablers to make it happen:

• Continuing to ensure common systems, processes and data to create

space and provide essential information

• Investment in quality Finance talent with the ability to broaden c

competencies will equip them to leverage the opportunity to create value

The large Finance function of today is all about expanding competencies and exposing talent.

This can only become a reality if:

• CFO and Senior Finance team are seen to be doing enough to create the

step change needed in the Finance team’s performance

• Provide career opportunities and exposure – Beyond finance if desired

and also rotational

• Provide a seat at the decision table
• Continually challenge staff relative to ambition and competencies

Do not be afraid to share the stage!

• 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

This involves the Finance function balancing responsibilities and not forgetting the basics

Thank You