IBS Journal November 2015


On the subject of de-risking,


Yiangou repeats his phrase that they’re ‘not on the same page’. High targets are being set, but in his opinion the message from the CEO to ‘where the instructions are being carried out’ means the message becomes ‘vague and ambiguous’. He thinks banks could do a better job. There might be some improve-


ments on the horizon, Jared says regu- lators in the last year have taken more interest than ever before and he has ‘high expectations’. Robbani provides something more


concrete and thinks Swift as the basis for all standards is the best option. But if everyone is having the same


conversations again on compliance at next year’s Sibos, then questions about the industry will need to be asked – with considerably more force.


Give me shelter Near the end of the day, statistics took a back seat and a more personal touch appeared. The Canada-based Digital Finance Institute (DFI) presents its goal to create more fintech opportunities for refugees. At the Innotribe session on ‘Lever-


aging modern payment platforms for accelerating social impact’, Sam Maule, emerging payments practice lead at Carlisle & Gallagher Consulting Group, begins the talk with his very person- al story and how ‘he walked on by’ and didn’t initially help during a chance encounter with a young homeless girl in Istanbul. This ‘life-changing’ event in Turkey


made him wake up to the disparity between the rich and poor, the effects on migrants, and how that can all be changed. Now he doesn’t walk on by and


works with the Canadian start-up DFI to provide fintech opportunities for migrants, refugees and the home- less. As of June 2015, the UN estimates there are 60 million refugees around


the world – and the DFI wants to do something for them. Maule and Christine Duhaime,


founder of the DFI, explain how their organisation can help resolve this cri- sis; and how the audience and financial institutes around the world can also do their bit for the greater good.


Patience for prosperity The DFI targets ‘financial inclusion’ and believe that migrants provide an ‘uptick for GDP’ – their ‘impact is positive’. Maule cites research by the Wall Street Journal and the American thinktank the Brookings Institution to back these claims up. Maule gives Lebanon as an exam-


ple, where 25% of the population are migrants. Initially the migrants will have no money, he says, but if an organisation, such as the United Nations High Commissioner for Refu- gees (UNHCR) gives them some help, the economy will rise in the long term. This cash infusion does provide an eco- nomic boost, but patience is required. Other arguments about the effect of migrants on health systems, public


© Sibos


services, potential tax rises, social cohe- sion and anything else circulating in national newspapers were not discussed at the event. It could be argued there was no time. The DFI is on a positive mission and doesn’t want to get bogged down in any negative issues. The DFI’s focus is on cash disburse-


ments and how to get these to the individuals. Duhaime says there are ‘multiple obstacles’ – such as no iden- tification, lost or stolen cash, or an expired passport. Identification is a major problem –


she recognises that people need to be verified if financial transactions are to take place and to avoid any AML activi- ties. But some NGOs (non- government organisations) waive requirements for identification, as they believe the humanitarian need outweighs any con- cerns over security. Duhaime says ‘carrying cash


around for NGOs is dangerous – as people know they’re coming’ and the risk of being robbed is real. Therefore, NGOs and charities are looking at effec- tive ways to get the money in, and to those who need it.


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sibos 2015


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