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Don’t just build for today; focus on tomorrow
Dubai - M2P Solutions, Asia’s largest API infrastructure company, enables businesses to embed financial products.
When investing in financial technology, it is important to remember that the technology will have to evolve to keep pace with the needs of both consumers and businesses, said Vaanathi Mohanakrishnan, business head at M2P Solutions.
Speaking at the Digibank 2021 forum on Tuesday, she said: “Technology is the most important decision that you have to make. You can no longer afford to see technology and finance as two different things anymore; they don’t exist without each other.”
She also highlighted how M2P Fintech, registered in the UAE as M2P Solutions, is Asia’s largest API infrastructure company, which enables businesses of any scale to embed financial products in their customer journeys. The platform allows businesses to quickly create and deploy FinTech products by simplifying the partnerships with banks and other regulated entities.
“The focus should not just be on the technology that you are using today but also, since it evolves so rapidly, how scalable it is. Ask yourselves if it is going to give you what you need today, but also, what it is going to give to your consumers tomorrow. That is the question that you need to be asking yourself – we can’t be building for today, we need to look out for tomorrow,” she explained.
Because there are so many external stakeholders in the sector today, businesses need to build proper governance as well as follow the regulatory framework that is being pushed by the authorities, she said. “It is up to us to adopt and move quickly. There are lots of themes that we are seeing in the UAE today. The first revolves around SMEs and financial inclusion; these continue to be underserved. There is also a lot of interest in open finance; digital lending such as ‘buy now and pay later’; cross border payments; and personal financial management. All of these are trying to drive efficiency, experience, and transparency for the customer.”
— rohma@khaleejtimes.com
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