Using the metaphor surrounding the joys and frights of sailing unchartered waters, Jovi Overo, Managing Director of Banking-as-A-Service, Unlimit, shares tips for international businesses looking to expand their offerings.
The concept of international business development is appealing. One afternoon a few months ago, I was drinking my favourite sugar-free energy drink and reading the latest issue of the Financial Times. The elegant dance of numbers and indicators on the paper suggested something profound. It's an unprecedented opportunity that fintech and banking-as-a-service (BaaS) offer.
For someone like me who gets excited just hearing about Fintech and BaaS, this wasn't just a financial trend, it was a vision of the future.
Imagine yourself standing on the sandy beach of Madinat Jumeriah. Looking out to the horizon, the vast and boundless ocean in front of you reveals the immense potential of the international market. But experienced sailors will tell you that navigating this vast ocean is difficult at best and dangerous at worst. There are unpredictable storms, hidden coral reefs, and elusive trade winds. For modern businesses looking to explore these uncharted territories, fintech solutions can serve as both a vessel and a compass. However, just having a compass doesn't help. You need one that’s accurate and reliable.
Anyone who has travelled knows the unpredictability of currency exchanges. When expanding your business, you’re not just dealing with one foreign currency but multiple. As soon as you believe you’ve grasped the nuances of the Euro, the dynamics of the Yen or Rupee might throw you off balance. This is where a robust fintech partner makes a difference. It doesn't only help you navigate these turbulent waters but also makes the journey efficient and economical. By offering real-time conversion rates and shielding against the volatile whirlwinds of currency devaluations, it ensures businesses can sail smoothly.
Venturing into a new territory is always fraught with unseen challenges. Much like the hidden reefs that can ground ships, every new market presents its regulatory challenges. These can range from transactional limitations to data protection norms. But with the right fintech guide, these potential threats become mere stepping stones, helping businesses flourish without compromising their reputations.
Let's paint a picture: You've docked at a new port, and as you step out, you realise the local language is like nothing you've ever heard. In the world of international business, financial behaviours and preferences are this language. While credit card transactions might dominate one region, another might show an overwhelming preference for mobile wallets and another may simply favour the tried and tested case. A comprehensive fintech solution bridges this gap. It not only facilitates seamless transactions but also fosters trust among local clientele, laying the groundwork for lasting business relations.
Exploration and acquisition are just one part of the adventure. Protecting these newfound treasures is another ballgame. The digital realm is fraught with pirates, not with swords but with codes and malware, ready to breach any vulnerable system. A trustworthy fintech ally is akin to a fortified vault. Equipped with cutting-edge security measures, it ensures that both financial assets and client trust remain uncompromised.
Any entrepreneur can attest that global expansion is not a one-off endeavour. It's a continuous journey of scaling and evolution. Beginning with perhaps a single product or service, businesses can soon find themselves managing a diverse range of offerings. Here, a flexible fintech solution becomes invaluable, adapting and growing with the business, always directing it towards its true north.
The world of international business is vast and complex, but it is not insurmountable. With the right tools and partners, an area of possibility is waiting to be tapped. Mentors provide guidance, partnerships provide collaboration, and a deep understanding of local culture ensures resonance. But it is the fintech compass that steers the ship in both calm and stormy waters.
To conclude, international business travel is exciting, and full of challenges and rewards. When setting sail for new shores, it is important to remember that the strength of our ship is only as strong as the compass that guides it. In the complexities of international expansion, the right fintech solution is the partner you want on your side. Safe travels.
About Jovi Overo
Jovi Overo has over 20 years of experience across Fintech, Payments, Banking and Lending-as-a-Service space. Currently, Overo is responsible for creating solutions from scratch and building them from the ground up for the new BaaS division at Unlimit.
About Unlimit
Founded in 2009, Unlimit is a global fintech company that offers a large portfolio of financial services, including payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi.
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