By Dumitru Gushan, Client Partner and a Core Member of the FinTech Practice Group at Pedersen & Partners. 

The Fintech industry is rapidly evolving, requiring CFOs who can navigate complexity, drive growth, and manage risk in a dynamic environment. I have just completed a global CFO search mandate for a Fintech and mobility market leader in Africa. I have interviewed more than 50 CFOs, below are some must-haves and reflections for CFOs who aspire to be successful in the Fintech in emerging markets like Africa:

💰 Fundraising - While for the past couple of years the name of the game was cost-cutting, the focus is shifting to a new growth cycle. Even though 2020-2022 witnessed extraordinary fundraising for unicorns like Jumia Group, Flutterwave, Interswitch Group, MNT-Halan, and Wave Mobile Money, the capital markets have become more challenging. Attracting PE, VC, and institutional investors now demands a clear path to profitability and a forward-looking fundraising strategy.

Although the continent hasn't birthed new unicorns in the past two years, promising startups across Fintech and mobility space like Watu Credit, FairMoney, M-KOPA, TymeBank, Kuda, Cellulant, Gozem - Africa's Super App, Mukuru, Paystack, Moove, Apollo Agriculture and quite a few others have the potential to fill this gap and continue to drive Financial inclusion in Africa.

🔔 Operational and Technological Expertise - Beyond traditional finance, CFOs must be hands-on in operations and technology. Leveraging data analytics and automation is essential for driving efficiency and informed decision-making.

⚠ Risk Management and Compliance - The Fintech landscape is highly regulated, requiring CFOs to navigate complex risk environments. A strong understanding of regulatory requirements is essential to protect the business and maintain investor confidence. Dealing with never-ending challenges is very important, as well as managing FX risks together with strong cashflow management skills are paramount.

🌍 People and Culture - Cross-cultural experience is highly valued and applicable. To scale up a Fintech company in a large emerging market, be it Nigeria, Kenya, Philippines or Brazil, you must understand the local mentality and culture. Given the global nature of Fintechs, strong cross-cultural leadership and emotional intelligence are crucial for managing remote teams.

💡 Strategic Thinking - Successful Fintech CFOs are strategic partners who can contribute to overall business growth. This includes driving M&A initiatives, optimizing capital structure, and developing innovative financing solutions. Fintech companies require meticulous financial planning, revenue forecasting and modelling.

In conclusion, the Fintech CFO role is rapidly evolving, demanding a unique blend of financial expertise, technological acumen, strategic thinking, and leadership skills. Those who can master these competencies will be instrumental in driving the growth and success of Fintech companies, especially in dynamic markets like Africa.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice at Pedersen & Partners.

During the last month, I've been working on a high-profile search for one of the most promising pan-European BaaS companies. Here’s what I found after talking to more than 30 executives:

🌍 BaaS is still an uncharted territory. Some companies will come out as winners, and some as losers. A strategy with a clear focus (like clearing and settlement or working capital solutions for merchants) tends to be more successful than trying to offer everything to everyone. 

📈 The industry is evolving with major changes, such as Clear.Bank acquiring a European banking license in the Netherlands and Unicredit looking to acquire Vodeno and Aion. 

🔗 Clients (usually merchants and Fintechs) prefer providers with two main features: full API connectivity and a banking license. 

💸 The main area to explore for revenue is embedded lending. Payments were expected to be the big thing, but they got commoditized in Europe pretty fast. 

📉 On the liabilities side, AI-driven investments and deposits have taken off well, but this could change if interest rates go down. 

🛡️Relationships with regulators and strong, business-oriented compliance/AML teams are crucial. Several players, including market leader Solarisbank, have faced AML and fraud issues, hampering both business development and access to funding. 

🏦 To offer full BaaS services, including lending, working capital solutions, and BNPL, a significant balance sheet is required, especially if the goal is to onboard larger marketplaces, retailers, franchises, and corporates as clients. 

🤔 BaaS providers working directly with merchants sometimes underestimate the challenge of clients' lack of digital savviness, which can impede scaling despite having impeccable technology. 

⚙️ While tailor-made technology solutions might seem best to attract clients, standardized tech solutions are a better choice for high growth and scalability. 

💼 Financial investors are still cautious, holding back due to the US elections and high demands from regulators. 

🚀 Some consumer neobanks have decided to enter the BaaS sector by offering their technology to other fintechs (acquirers, processors, A2A providers). Examples include XYB (Monese), Vodeno (Aion), and Lunar. 

👀Leading players to watch: Clear.Bank, Banking Circle, Solarisbank, Vodeno, LHV, Magnetiq.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice at Pedersen & Partners:

I have been impressed by dynamic and proactive work that Marine Krasovska, Head of the Financial Technology Supervision Department at Latvijas Banka, has been doing with the FinTech community in recent years. Therefore, I am very thrilled to have the opportunity to interview her about recent developments in the regulatory landscape in the European Union (EU) and Latvia in particular. 

Evita: How attractive is the Latvian regulatory environment for FinTech firms? What type of companies would you recommend choosing Latvia as a licencing hub? 

Marine: Latvia can be proud of its strong compliance culture and predictable legal framework, which foster innovations and customer protection. A licence issued by Latvijas Banka authorises a financial market participant to work and provide services in every EU Member State. 🏦Supportive regulatory regime provides guidance, helping firms navigate regulatory requirements efficiently. To enhance FinTech development, FinTech supervision departments were established in 2020, staffed with dedicated experts specialising in financial innovation. 📈 

🛠️ In order to facilitate the development of the FinTech market, the Ministry of Finance implements a FinTech strategy, aimed at encouraging the development and adoption of new financial technologies and services to enhance the competitiveness of the financial sector. Latvijas Banka introduced special tools: the Innovation Hub and Regulatory Sandbox, and later added pre-licensing assessment. It is an opportunity for potential market participants to receive valuable guidance and recommendations already during the document preparation stage, thereby strengthening their quality and reducing the time for subsequent licencing. 

💰Latvia offers competitive corporate tax rates and other tax incentives for start-ups and tech companies, making the country financially attractive for FinTech companies. Latvia also has one of the best regulation for start-ups: start-ups in Latvia may receive state aid. The aid programmes and their granting criteria are defined by the Law on Aid for the Activities of Start-up Companies. One of the types of support allows start-ups to reduce their labour costs. There are two support mechanisms available: the option to pay a fixed social tax per employee and exemption from personal income tax, or obtaining 45% co-financing for the remuneration of highly qualified workers. 📈 In addition to this, there are company capital share purchase rights available for employees. Granting the right to purchase capital shares is a bonus system designed by companies to attract and motivate employees. This is a valuable tool for young and ambitious FinTechs. The right to purchase capital shares, or share options, enables employees to acquire shares of the company at nominal price or free of charge after a specified period of time, irrespective of the current fair market value of the shares. The employee has the opportunity to realise shares and capitalise on any increase in the company's value. Another tool is the start-up visa, which enables non-EU founders of start-ups to travel visa-free throughout the Schengen area and obtain a certified e-signature.

💼Latvia boasts a highly educated workforce renowned for its strong skills in IT, compliance, and finance. The availability of skilled professionals is a significant advantage for FinTech firms seeking to develop and expand their operations. 

Evita: As a member of Holland FinTech I have heard a lot about current and upcoming regulatory changes in the EU. How do you see the FinTech ecosystem to evolve in light of the new European regulatory environment: Instant Payments Directive, MICA, AI Act, PSD3, DORA, etc. Please share the impact on business from each of them. 

Marine: Certainly, MiCA, DORA, PSD3, and FiDA, alongside emerging technologies like blockchain, AI, are creating new opportunities. 

🔒Until now, the EU lacked a unified legal framework for the crypto-assets industry. The new regulation establishes common conditions for companies across the EU, addressing gaps in national regulations that cause market fragmentation. This will create an environment conducive to developing a larger EU crypto-assets market and fully utilising the EU's internal advantages. MiCA aims to foster the growth of the crypto-asset sector in Latvia. It applies to those involved in issuing, offering, trading, or providing services related to crypto-assets. Financial market participants will need a licence from Latvijas Banka, valid throughout the EU. 

🛡️ In addition to opportunities, MiCA also presents significant challenges for companies to comply with regulation and navigate the comprehensive and complex requirements. This may led to industry consolidation at EU level, providing better quality of business models and corporate governance. The market has to ensure robust cybersecurity measures, data protection practices, customer protection, and financial stability to meet standards. Starting from January 2025, Latvijas Banka will be able to issue licences for operations under MiCA. Now is the right time for companies to adapt their business models and operations to align with the new regulatory framework, which may involve substantial changes in organisational structures, management, business processes, and investments, especially in compliance related to the field of ML/TF. Companies have to demonstrate strong organisational capabilities, adequate knowledge, skills and expertise to perform functions to ensure sustainability. 

🌐 DORA is another regulation that will apply to financial institutions starting from 17 January 2025. It aims to harmonise and consolidate regulatory ICT requirements across the EU, enhancing financial institutions' ability to manage ICT risks, mitigate cyber threats, and improve their cybersecurity capabilities. The main focus of the DORA regulation is centred on four areas: ICT risk management framework, ICT incident reporting, digital resilience testing, and ICT third-party service provider risk management. Key challenges in implementing DORA include ensuring compliance with rigorous cybersecurity and operational resilience requirements. Market participants have to allocate adequate resources, investments in technology and skilled personnel to address cyber threats. Readiness for DORA is affected by the lack of IT industry professionals on the market and variations in the maturity of management process capabilities among market participants. 

⚠️ In the financial industry, cybersecurity is crucial, as it safeguards business data and assets. Currently, financial institutions in Latvia are prime targets for cyberattacks, which can result in significant financial losses, reputational damage, and legal liabilities. AI-powered cyberattacks are an emerging threat in the global cybersecurity landscape. Weak cybersecurity can result not only in data breaches, business disruption, and loss of authorisation, but also affect the stability of the entire financial system. 

📊 The cloud infrastructure and outsourcing services are widely used in the financial sector. As the banking sector is being digitised, its reliance on third party providers still grows. Within the existing regulatory framework, certain IT outsourcing risks are not managed effectively enough. The DORA introduces stricter standards, and the European Supervisory Authorities will supervise the external critical service providers for the EU under the DORA. 

🤖 The European Commission has approved the AI act to address the risks and opportunities that AI can bring. The aim of the regulation is to improve the application of AI in the internal EU market and to ensure legal clarity and a solid foundation for the use of human-centered and trustworthy AI. The regulation should also ensure that the fundamental rights are protected and technology is used in a highly secure manner. It not only harmonises the rules for the deployment and use of AI systems in the EU but also defines prohibited applications of AI and lays down specific requirements for high-risk AI systems as well as obligations for the operators of such systems. 

💳 The PSD3 sets out more extensive SCA regulations and stricter rules on access to payment systems and account information. The aim of the regulation is to protect the consumer rights and personal information while improving competition in the payments industry. To enhance the regulatory framework for payment services, the provisions of the PSD2 and the E-Money Directive will be merged into the PSD3. Under these provisions, e-money institutions will formally cease to exist and will be referred to as payment institutions. Among a range of other services, they will still be able to issue e-money. 

🔓 To support innovation in the financial services sector and to improve the control of the EU customer data, the FiDa/OpenFinance proposal was drafted. It aims to develop open finance by stipulating requirements and creating incentives for data holders to share data in an efficient and standardised way. At the same time, customers would retain control over their data, and their data privacy and safety would be preserved. This should simplify the process of opening financial accounts and promote more personalised financial services, based on the shared data, and so access to and availability of the financial services would improve overall. 

Evita: As we are working with global executive search projects on a daily basis, I could characterize our Fintech talent pool as exceptionally strong – we have young C level executives, who have achieved a lot in their late 20ies/ early 30ies already and a dynamic career in a global scale up with a global hub out of Riga is a more desired growth path for most talented candidates as opposed to a classic corporate career. Would you agree with the argument that the small size of our country has pushed us to be very entrepreneurial and ambitious, develop global business models and advanced technology? 

Marine: The entrepreneurial spirit and ambition of our financial industry professionals has been affected by the small size of Latvia. So far, fintech entrepreneurs have mostly focused on innovations and looked beyond national borders to achieve growth. 🌍 Such practices can be observed on investment services platforms as well as in lending and consumer financing. These segments are characterised by large international market participants and fierce competition both on the European and global scales. 

💼 Historically, financial and IT experts emerged in the early phases of the financial industry's growth cycle. As a result, young experts had the opportunity to take on greater responsibilities and were exposed to more challenges to overcome and learn from. Every such challenge served as an accelerator and prepared talents for leadership roles faster than it would have been possible in larger countries where experts have followed the same path for many years and even decades. These experts were born into C-level executive roles. Any Latvian FinTech company should have a global mindset and outlook taking into account the dynamics of emerging technologies, development of innovations, changes in the generational and customer preferences. 

🏫 In this sense, Latvia is a fantastic place where a FinTech company can grow, test business models, hire top-tier talents and scale the business across the EU and beyond. Over last three years, the educational system has provided a solid foundation for the development of advanced technologies, launching new practical programs oriented on entrepreneurial FinTech business (RTU and RBS). Due to the rapid digitalisation of public and private sectors, FinTech companies encounters challenges with covering the gap in the talent pool as well as attracting young professionals and retaining them within the organisation. In contrast to the classical education that provides solid foundation for employees, the companies are increasingly seeking specific skills and value them higher than the formal education. Latvia offers excellent environment for acquiring these skills with strong emphasis on practical and hands-on learning to support continuous professional development. Even with limited talent resources, young entrepreneurs are compelled to think creatively and develop internationally competitive cutting-edge financial solutions. In this way, the challenge of limited resources becomes a catalyst for achievements and entrepreneurial success in the FinTech industry. Companies are focused not only on attracting young talents and surviving but also on retaining, mentoring and developing their leaders which allows them to build competitive and sustainable business models. 

🚀 Concluding remark from Evita: 

We all know Latvia is a small market, but our FinTech entrepreneurs have managed to turn this objective drawback into an advantage and have developed some of the most impressive and fast growing Fintech companies in the world. 🌍 Mintos, 4finance, Sun finance, Eleving, AvaFin are just a few examples. Latvian Regulator, as demonstrated by an example of Marine has been very open, accessible, proactive and welcoming for new business models and creation of a Fintech startup friendly ecosystem. In light of new and changing regulatory landscape and yet tightening cooperation among EU states in light of global geopolitical developments, choosing a strong and supporting EU hub in Latvia is advantageous and often an overlooked opportunity.

 🌟 Concluding remark from Marine: 

📈 Latvia has taken significant steps towards establishing a supportive regulatory environment for the FinTech industry. Our strong compliance culture, competitive tax incentives, and highly educated workforce make Latvia a compelling choice for FinTech companies looking to operate within the EU. The recent regulatory changes in the EU, including the MiCA, DORA, PSD3, and the AI Act, are set to transform the FinTech landscape, creating new opportunities while also posing compliance challenges. 

🛡️ The introduction of a proactive approach, such as pre-licensing assessments and support mechanisms for start-ups, has fostered a thriving entrepreneurial spirit. This environment is still new but ambitious, with professionals who are prepared to take on leadership roles in a dynamic and innovative market. Latvia continues to invest energy and resources in digitalisation and technology to preserve an attractive hub for the FinTech companies aiming to scale their operations across Europe and beyond. The combination of regulatory foresight, talent development, and a robust support system positions Latvia as a leading player in the global FinTech ecosystem. 🌍

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners

May 20, 2024 - Helsinki

Nordic FinTech Summit is on my agenda every year due to an opportunity to see my Nordic clients and candidates all in one place and learn what’s cooking. Thank you, Ola Sundell and Janne Salminen for making this happen!

The most successful Finnish Fintech Multitude was announcing superb quarterly results today, so it was very challenging to juggle between the two events. My humble suggestion would be to bring someone from Multitude or CapitalBox to the stage to hear real achievements from the best. Jokela Jorma, Mantvydas Štareika, Antti Kumpulainen, and Kristjan Kajakas actually developed a profitable, well-funded, well-governed group of challenger companies.

Some promising ventures to watch in Finland: Coinmotion led by Antti-Jussi Suominen educates crypto enthusiasts to work with crypto for long-term wealth creation. Luckily, with MICA regulation in the upcoming years, the platform will be available for European investors from outside Finland. While one may think that more is better, Coinmotion scrapped the cards and payments business to focus on the core.

It was good to see Latvian FinTech entrepreneurs like Armands Liseks taking the stage and kicking off new ventures. The success of Latvian online lenders and associated businesses is underrated, probably due to their focus on other markets than Nordics. There is a lot inGain can offer to non-finance industries looking to innovate their offering with financial products.

Georg Hauer reconfirmed the future of banking being customer-centric, with consumer retail brands in front and BaaS solutions in the back and that emerging markets have jumped over the branch banking stage: from unbanked directly to mobile banking. The banks, which choose to ignore the trend will most likely end up like Nokia phones versus Apple. Juha Keski-Nisula from XMLdation discussed how to view CBDCs from a Fintech Perspective and finally taught us all what FinTech really means: Finnish Technology 😊.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners

June 6, 2024 - Amsterdam

AI and Generative AI are high on the agenda both with incumbent banks and FinTechs. AI is used for daily functions in client onboarding, CRM, collections, and customer proposition development, while generative AI makes the internal processes easier and more tools become available, as highlighted by Marnix van Stiphout, ING and Joanne Hannaford, Deutsche Bank.

In the era of personalization when all different service providers know so much about everyone, there is a risk of overpersonalisation, or the phenomenon that we never like about our mothers – they tend to wand to know too much. Mastercard hosted a stage about that.

Baltic regulators are particularly favorable for FinTech ecosystem development including crypto exchanges, EMI-licenced companies and neobanks. Jēkabs Groskaufmanis (Invest in Latvia) as well as neighbors from Finance Estonia and Invest in Lithuania were there to convey the message.

Bunq announced on the stage a partnership with Mastercard open banking. Now all Bunq customers will be able to add all their banking Apps on Bunq and manage their expenses and budgets with the support of AI assistant Fin.

Incumbent banks are pretty happy about their achievement in digital transformation and do not seem to be disrupted by FinTechs. From several stages I heard the same message: FinTechs never really disrupted us and never will. They are nice support to the system, ecosystem players, suppliers, and nothing more.

*On the photo: Evita with Emin Can YILMAZ, Founder and CEO, Param; and Amit Malik, Associate Director at EBRD, Member of the Supervisory Boards at Aion and Vodeno.

Evita Lune, Partner and Global Head of the FinTech Practice Group at Pedersen & Partners, will be speaking at the FinTech Board Members Academy workshop: Empowering Excellence, on January 25-26, organized by the Baltic Institute of Corporate Governance and Fintech Latvia Association.

The inaugural edition of the "Fintech Board Members Academy: Empowering Excellence" will be held on January 25-26. This meticulously crafted, two-day, in-person event is tailored for industry leaders, bringing together over 10 local and international speakers to provide comprehensive insights into critical topics shaping the future of the fintech industry in Latvia.

The Academy is organised by the Fintech Latvia Association in cooperation with the Baltic Institute of Corporate Governance and will help you understand the expectations of the Regulator and get insights from industry professionals as well as established market participants on how to fulfill those expectations in a compliant manner, including topics like establishing a compliance and internal control system, creating an effective governance structure, risk management, etc.

For more information about the Academy and to register: fintechacademy.lv. Admissions open until 22 January.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners

The past couple of weeks in Vietnam have been incredibly intense, marked by a rich cultural experience and eye-opening business encounters. I've been collaborating with my FinTech client here while also connecting with our team.

On one hand, Vietnam stands out as a rapidly expanding economy with a youthful population of 97 million, drawing significant interest from American, Japanese, and Chinese investors. Moreover, there's a substantial number of underbanked customers, widespread smartphone usage, high internet and social media penetration, all against a backdrop of a notably low GDP per capita at $3,757.

On the other hand, it's important to acknowledge that recognizing an opportunity doesn't necessarily guarantee success, as seen in the case of a few neobanks; in fact, quite the opposite.

The National Bank of Vietnam refrains from issuing licenses to neobanks. Consequently, most FinTech scale-ups must function under the license of a universal bank. This intricate regulatory framework hinders the establishment of true neobanks, mainly due to the sluggish processes involved and reliance on third-party procedures and approvals. There's an oversaturation of wallet and app-based offerings, primarily focused on brokering discounts. Therefore, the development of neobank wallets seldom presents a promising business case.

The lending sector, on the other hand, holds substantial potential. However, obtaining the necessary license comes at a steep cost, approximately $40 million, rendering it unaffordable for many. Those who venture into lending without the proper license have faced severe consequences, including imprisonment.

Both wallets and traditional banks have delivered suboptimal user experiences, marred by bugs in service delivery, limited operating hours (lacking 24/7 availability), and a significant bank run incident in 2022 due to severe liquidity issues. These events have eroded the trust of potential clients.

For foreign investors, the recommendation here aligns with that for other emerging markets: it's essential not to be reliant on the legal system. In the event of a dispute with a local company, winning a court case is highly unlikely. For most of local businesses, the shareholding structure might be: someone from the tax office, someone from the police, someone with the money and someone who knows how to run this business.

Despite these challenges, I am undeniably planning to return, not only for the market opportunities but primarily for the people. Despite a relatively recent tumultuous history, the majority of the Vietnamese people are exceptionally kind, optimistic, and forward-thinking. The expat community, too, has been welcoming and eager to collaborate, fostering a special bond that can be truly appreciated when you're so far from home.

Evita Lune, our Global Head of the FinTech Practice Group, attended the FinTech Forum in Amsterdam and gained valuable insights into Europe’s payments ecosystem. Key topics included the upcoming regulation for instant payments, the open finance framework, and the SEPA Payment Account Access scheme. The event also covered the state of FinTech funding in Europe, the impact of the ECB interest rate hike on banking and neobanking business models, and the consolidation in the BNPL sector.

Amsterdam is always a good idea! Last week, I had the pleasure of attending the FinTech Forum in Amsterdam. It was a great opportunity to network with FinTech professionals and experts who are passionate about expanding their business out of the heart of Europe. Here are some of the key takeaways:

🌍 Instant Payments Regulation: The EU Commission is working on a regulation that will ensure that instant payments are available across the EU by 2024. This will create a level playing field for payment service providers and enhance consumer protection and convenience.

🚀 Open Finance Framework: The EU Commission is also working on a framework that will go beyond open banking for payments and enable data sharing for other financial services, such as WealthTech, InsurTech, credit scoring, etc. This will create new opportunities for innovation and competition in the financial sector and empower consumers to access better and cheaper services.

💡 SEPA Payment Account Access Scheme: The European Payments Council is implementing the first rulebook for the SEPA Payment Account Access scheme, which will enable payment service providers to access payment accounts held by other providers. This will facilitate crossborder payments, increase interoperability and efficiency in the payments market.

💼 Dutch Payment Association: I was impressed by the role of the Dutch Payment Association, which represents the interests of payment service providers in the Netherlands and works for an optimally effective, safe, reliable, accessible and socially efficient payment system. The association also plays an active role in shaping the European payments landscape and promoting innovation and collaboration.

💰 FinTech Funding: One of the topics discussed at the event was the state of FinTech funding in Europe. It has reached an all-time low since the pre-Covid period. Luckily for me, I have been working mainly with profitable FinTechs who have been able to grow organically and sustainably.

🌐 ECB Interest Rate Hike: Another topic that sparked a lot of debate was the impact of the ECB interest rate hike on banking and neobanking business models. Some argued that higher interest rates will benefit traditional banks that rely on net interest income, while others claimed that neobanks will be able to adapt and offer more value-added services to their customers.

📈 BNPL Consolidation: The event also covered the consolidation trend in the BNPL (buy now pay later) segment, with Klarna being one of the leading players. A study showed that Sweden, Romania, Poland, and Italy are leading the way in terms of number of customers who have been using BNPL services. However, some challenges remain, such as regulatory uncertainty and consumer debt issues.

Evita Lune, Partner and Global Head of our FinTech Practice Group, shared her insights with the Nordic Fintech Magazine during the Nordic FinTech Summit in Helsinki. Watch the video to learn more about the challenges of attracting and retaining top FinTech talent, discover what brought Pedersen & Partners to this prestigious event and find out how Evita describes the Nordic Fintech ecosystem in just three words.

In this edition of the FinTech Innovator Chats, Partner Evita Lune is joined by Kimmo Rytkönen, serial entrepreneur, co-founder and CEO of Income marketplace. Evita and Kimmo discuss the potential of peer-to-peer lending, what "skin in the game" means for marketplaces, how Decentralised Finance (DeFi) will affect the industry, and why Kimmo’s expansion strategy has been global from Day 1.