Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
A Tech CFO on Three Disruptive Technologies Transforming Finance
CFO Innovation | by Eric Cheung, Unit4 Asia Pacific | March 15, 2018
The world as we know it is changing. Rapid technological advancements are altering industries and creating new market opportunities. As the business world accelerates towards what arguably is looking like an everything-as-a-service (XaaS) economy, the next few years will be pivotal for finance departments in making the transformations necessary to update their service offerings and deliver service excellence.
Several trends are converging over the next few years that could set the stage for a service-economy shift that will keep CFOs more than ever in the driving seat. This year, 2018, may turn out to be an important turning point for the finance function as three disruptive technologies begin to be widely adopted – as the finance function of Unit4 Asia Pacific, which I lead as CFO, is finding out.
In the finance function, we are developing blockchain-enabled distributed ledgers that we plan to link to our Unit4 Financials single-ledger system in 2018
Blockchain and Self-Driving Finance
As the foundation of cryptocurrencies, blockchain has already played a vital role in next-generation finance tools. It is also gaining traction in a wide range of industries across Asia Pacific. In markets as diverse as Australia, Thailand, and Singapore, there is a strong acceptance of the technology not just in financial services, but across the entire supply chain, from food provenance to logistics.
See: Technology is the ‘most profound force bearing down’ on big banks, ex-Barclays boss says
Technology industry research organization IDC estimates that spending in Asia on developing blockchain applications – customizing the technology for business solutions such as payments, trade finance, regulatory compliance, and supply chain management – will almost double to US$281.69 million in 2018, from US$148.76 million in 2017.
There is another aspect of blockchain that could prove to be even more influential. As a technology that optimizes efficiency and accuracy of any transaction, blockchain applications can underpin the growth of self-driving finance – if these could be connected to the organization’s internal ledger.
The need for standardization, trust, and compliance are issues that have plagued auditing and financial record-keeping. The simple act of having to manually manage a database enables the entire universe of accounting errors, malfeasance and compliance headaches. Those problems are amplified when the ledger is shared among multiple partners.
By collecting data in distributed ledgers, and feeding that into a corporate single ledger finance system in real-time, reconciliation suddenly becomes a constant, innate operational function that requires no additional effort. This is what we hope to do in Unit4. In the finance function, we are developing blockchain-enabled distributed ledgers that we plan to link to our Unit4 Financials single-ledger system in 2018.
Unified Ledger Integration
A corollary to the adoption of blockchain is the integration of unified ledgers with the performance management system. What this means is the realization of the "single version of the truth" that the C-suite has long sought in data consolidation initiatives. This would quite literally deliver 24/7 real-time intelligence to the boardroom.
See: FINTECH FRIDAY$ (EP.16-Nov 2): Envisioning the Future of Open Banking for Consumers and Businesses with Cato Pastoll, Co-founder and CEO, Lending Loop
Management consultancy Accenture estimates that, by replacing fragmented financial databases based on transaction processing with a unified ledger system, companies can reduce 50 percent of costs in business operational compliance and up to 70 percent of costs associated with financial reporting.
In turn, streamlined processes with lower error rates and the vast amount of data available will enhance the accuracy of forecasting and decision-making assisted by Artificial Intelligence (AI). And CFOs will be able to access both period reporting data and real-time reporting with no need for the traditional monthly close.
Unit4 recently released a new version of its single, unified ledger financial management solution in the US, and is looking to roll it out in the Asia-Pacific region over the next few years. This version will give companies the ability to store real-time, unlimited, and separately analyzable data against any transaction generated by any business application.
The result will be a real-time intelligence for driving future performance across the whole organization, as well as ensuring compliance within statutory and management reports. This also means that I, as CFO, can perform better data analysis and calculate more complex KPIs than previously, and do so directly from the finance dashboard.
I believe that deeper insights, faster turnarounds and the release of more operating capital for investment are just the beginning of this new paradigm.
Enterprise chatbots and digital assistants can be seamlessly integrated with services like Office365 to support natural language queries and cognitive services – and even capture data like travel expenses and billable times as they occur
Artificial Intelligence in Expense Management
AI and the closely related technology of machine learning have evolved to the point where they are becoming indispensable additions to the finance toolkit. Automated processes are much easier to update than are human brains in response to variable financial rules and changing governmental regulations. This has proven especially true for enterprises with independent or contract mobile workers who must adhere to local laws and financial-reporting guidelines.
See: Startup CEOs on how to keep the artificial intelligence ball rolling in Canada
Artificial intelligence programs can now instantly handle the company's accounting consolidation, arbitrage and legal compliance needs. Invoices can be generated more rapidly and accurately as remote workers enter their data directly into the time management system.
Enterprise chatbots and digital assistants, such as Unit4 Wanda, can be seamlessly integrated with services like Office365, and Microsoft Azure’s LUIS (Language Understanding Intelligent Service) to support natural language queries and cognitive services – and even capture data like travel expenses and billable times as they occur.
The emergence of Wanda has transformed and assisted with many of the core functions within Unit4’s finance office. We find that Wanda comes into its own in relation to programmable processes like accounting and backward-looking disclosure.
The technology can autonomously replace human cognitive functions by analyzing massive amounts of relevant data very quickly in a way that we as humans can’t. This is very useful in cases where Unit4’s end goal is well-defined and outcomes can be predicted.
The Future of the CFO Function
I believe that these three technologies – blockchain, unified ledger integration and AI – indicate that a dramatic restructuring of the financial landscape lies in the year ahead. They are coalescing to simplify predictive technologies and apply them to integrated business planning, from strategy to business to budgets – and open up an entirely new opportunity for the finance professionals to get involved in the strategic decision support.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Read More
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Read More
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Read More
Read More
March 29, 2023 Blockchain technology has been around for over a decade now and has the potential to revolutionize a wide variety of industries. However, using blockchain technology in the gaming industry is a relatively new concept for many people. Blockchain games use blockchain technology in their design and development, making them unique and potentially more valuable than traditional games. Top-notch blockchain technology gives gamers a whole new experience with some amazing features. So, if you’re looking for a profitable investment option, take a look at these ten reasons why you should definitely invest in blockchain games. 1. Ownership and Asset Monetization One of the most significant advantages of blockchain games is that they allow players to own and monetize their in-game assets. In traditional games, players invest time and money to acquire in-game assets but have no ownership over them. With blockchain games, players can own their in-game assets, which are recorded on the blockchain and become the player's property. This means players can sell, trade, or even rent out their in-game assets for profit, just like real-life properties. 2. Secured Environment Another reason to invest money in some of the best blockchain games is that they provide the ...
Read More
Read More
March 29, 2023 Forex trading involves changing one currency into another. While some people undertake this action purely for tourism reasons, others make a living out of it. There can be many benefits associated with forex trading, such as low costs, easy short-term sales, and an abundance of currency options. However, forex investment can be risky, and you might like to align yourself with a forex trading broker for some of the following reasons. You’re New to Forex Trading We all have to start somewhere in the investment world, but the complexities surrounding forex methodology and forex markets can make it easy for beginners to make costly mistakes. Many beginner forex traders entrust their money with forex brokers to make sound investment decisions on their behalf. This can be a worthwhile decision when you lack the skills to undertake trading yourself but understand the many benefits of getting involved. You Don’t Have Time Forex trading takes a considerable amount of time and effort. While the investment itself can take just a few seconds, you also have to study and analyze forex market data to ensure you’re making wise investment decisions. Hiring a forex broker can sometimes be in your best ...
Read More
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Coindesk | Sam Reynolds | Mar 29, 2023 Decentralized autonomous organizations (DAO) are beginning to look like general partnerships in the eyes of U.S. courts. A U.S. court in California has ruled in favor of plaintiffs who alleged that the bZx protocol, and governance token-holding members of its decentralized autonomous organization (DAO), were negligent and liable for losses resulting from a hack that drained its treasury. The putative class action against bZx, its founders, software developers Leveragebox LLC and Hashed Labs LLC was initiated in July 2022. Drained wallets: The case stems from the $55 million hack of decentralized finance (DeFi) lender bZx in 2021, which resulted because a developer downloaded an email attachment containing malware. Not only did the attacker drain the wallet of the BZRX token, but other digital assets like ether. This is on top of other hacks the protocol suffered in 2020, one of which was for $8 million, while two others that occurred were for $630,000 and $350,000. See: Sushi DAO Head Chef Served With SEC Subpoena While the court dismissed some of the claims, such as claims that founders Tom Bean and Kyle Kistner are personally liable for breaching fiduciary duty, the fact that ...
Read More
Read More
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
Read More
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Read More
Read More
Team FFCON23 | March 27, 2023 Want to get insider access to some of the most innovative advances happening in #fintech. Grab an OPEN ACCESS ticket and enjoy a live virtual event at #FFCON23 with access to all on-demand content! On behalf of NCFA and our valued partners we look forward to seeing you there. More information can be found: https://fintechandfunding.com/ The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org ...
Read More
Read More
The Verge | Andrew Webster | March 23, 2023 Epic’s CEO, alongside executive VP Saxs Persson, talks about the future of virtual worlds and what needs to happen for the metaverse to really come to fruition. Epic’s outspoken CEO, Tim Sweeney, took some time to talk about one of his favorite topics, the metaverse, which is something the company is putting a lot of money into. Right after the event, I had the chance to sit down with Sweeney, as well as Epic’s executive VP Saxs Persson, to talk about just what the heck a metaverse is and how it might work in practice. See: What CEOs Should Know About the Metaverse Can you give me a clear definition of what the metaverse is? Tim Sweeney: It’s just an online social entertainment experience in a real-time 3D setting. You and your friends, going around having fun together, in a 3D world. What’s happening here is somewhat a phenomenon of scale. We now have enough people with access to powerful devices so that you can actually go out and do this with all of your friends. It’s no longer something for elite computer nerds. That makes you convinced that this is ...
Read More
Read More
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