IBS Journal April 2016


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Boy, could Ziggy play guitar but alas he couldn’t save UK mobile commerce venture Powa Technologies from meeting a sticky end. The company, once a darling of the tech startup scene, went into administration earlier this year after its largest investor, Wellington Management, called in loans. Its technology captured the interest of some big name brands and retailers and


won plaudits from the media, as it managed to raise around £150 million. But with only £175,000 in the bank at the start of February and debts totalling £11.5 million, the whole thing came crashing down faster than you can say ‘don’t believe the hype’. Deloitte has been appointed to oversee a move into administration. The insolvency has disposed of parts of the business but the majority of the staff have lost their jobs. The collapse has sparked a mass of employee accusations of unrealistic expansion,


uncontrolled spending and bad management. A good example of the latter was Powa’s boss, the self-proclaimed serial entrepreneur Dan Wagner, sending staff a bizarre email during January with the subject line, Long live the legacy of David Bowie. Said email featured a photo of Wagner dressed as Ziggy Stardust with the caption: “I don’t do tributes in half measures!” We implore you to Google ‘Dan Wagner Ziggy Stardust’. Then remind yourself that this man persuaded people to pump millions into his company, which one day would be bigger than Facebook.


Why has JPMorgan Chase brought onboard Seth Wheeler as a Managing Director in the FinTech and innovation strategy space? He has, after all, spent the bulk of his career in politics rather than banking and tech (although his CV does include a stint at Morgan Stanley). Perhaps it’s because Wheeler, a former economic advisor to President Obama, will be a useful person to have on side as JPMorgan steps up its interest in FinTech, an area that is now being circled by regulators concerned about whether new entrants pose any risks to the financial system. Wheeler was most recently a guest scholar at the Brookings Institute, focusing on


the intersection of financial innovation, technology and policy. According to his bio, his passion is building a more resilient, dynamic and inclusive financial system through thoughtful and effective policy. He’ll certainly have plenty to ponder at JPMorgan, which is rebranding itself as a digital innovator and plans to spend $3 billion on technology investments this year, including a cool new website and a mobile personal- isation initiative.


Temenos could be about to wave goodbye to Hungary’s MKB Bank (Magyar Kuresk- edelmi Banka), one of its most important clients in the CEE region. As IBS Journal has previously reported, Temenos’ relationship with MKB has often been an uneasy one. The Globus/T24 system took six years to implement, and following go-live in 2006, 24x7 on-site support from Temenos has been required in order to overcome frequent system crashes. Word on the street is that the bank is floating the idea of replacing Temenos T24


with Flexcube fromz Oracle OFSS. IBS Journal contacted MKB Bank for confirmation but they did not respond by press time.


diary May


4-5: Dot Finance Africa 2016, Nairobi www.dotfinancelive.com


17-19: Temenos Community Forum, Barcelona www.temenos.com


31 May-1 June: Cards & Payments Middle East 2016, Dubai www.terrapinn.com/exhibition/cards-and-pay- ments-middle-east/


June


7-8: EBAday 2016, Milan www.ebaday.com


7-8: PayExpo 2016, London www.payexpo.com


September


8-9: FinovateFall, New York http://fall2016.finovate.com


26-29 Sibos 2016, Geneva www.sibos.com


October


5-7: BAI Retail Delivery, Chicago 5-7: BAI Retail Delivery, Chicago


23-26: Money20/20, Las Vegas money2020.com


In the next issue The big interview, startup of the month, plus all the latest news and analysis.


For further information and a comprehensive listing of industry events, visit our website: www.ibsintelligence.com


46 © IBS Intelligence 2016 www.ibsintelligence.com


IBS Intelligence is a prominent media partner of many fintech industry events worldwide. If you are interested in a media partnership with us and marketing opportunities, please contact: Abhijit Chakravarty, marketing manager: Email: abhijitc@ibsintelligence.com


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