Welcome to the Verestro Fintech-as-a-Service Podcast! In the first episode, we're presenting Verestro as a global financial technology provider. Discover how we're using innovative solutions to empower businesses worldwide. Tune in to learn more!
SPEAKER 1: Navigating the world of FinTech, it sometimes feels like trying to solve a puzzle, but the pieces keep changing shape right in front of you. And today, we're going to take a deep dive into a company that's not just trying to put the puzzle together. They're actually trying to reshape the entire puzzle board. We're talking about Verestro, a company that's making waves and maybe a few enemies in the global FinTech scene.
So, you know, I'm really interested in this company and we've got some excerpts from one of their documents. And I've been looking over them and I have to say, I'm pretty impressed. But before we get too deep, can you give us a quick overview of Verestro? What are they all about?
SPEAKER 2: Sure. So what's really interesting about Verestro is their core mission. They're all about making FinTech accessible, right? They want to democratize it. They're talking about everything from banking solutions to payment platforms, making these cutting edge technologies affordable. Essentially, they want to be the one stop shop for all things FinTech, which is ambitious. To say the least.
SPEAKER 1: Okay. So they want to be the go-to for everyone, everywhere. But the world of FinTech, especially globally, is a bit of a regulatory jungle, right? How does Verestro plan to navigate all those different rules and regulations in each region?
SPEAKER 2: Yeah, no, you're absolutely right. It's not as easy as just setting up shop and saying, come one, come all. And that's where Verestro's approach gets, well, pretty interesting. They've got this sort of g/local strategy, if you will. Global vision, but local execution. They adapt to each region's specific needs and regulations.
SPEAKER 1: Okay. So they're playing chess, not checkers. I like it. So give us an example. Where's a region where they're really hitting the ground running?
SPEAKER 2: Well, let's start with the European Union, because they've gone all in there offering their full range of products and services.
SPEAKER 1: So, the EU is what, their testing ground? Their financial playground? In a way.
SPEAKER 2: Yeah, you could say that. The EU has a pretty well-developed FinTech market and the regulations, while strict, are well established. Verestro is really tackling some major trends there, like card issuing, you know, those digital banks, virtual cards…
SPEAKER 1: Right, right, because everyone and their grandma wants to be a FinTech company these days.
SPEAKER 2: Exactly. And of course, with the whole e-commerce boom, they're also pushing hard on online payment solutions. But, and this is where it gets really interesting, they're also heavily invested in, well, have you ever heard of tokenization?
SPEAKER 1: Tokenization. Yeah, I've heard the term, but to be honest, I'm not 100% sure I could explain it.
SPEAKER 2: So, basically, imagine your credit card information, right? All those sensitive details. Tokenization replaces that data with a unique, randomly generated token. So if anyone tries to steal it, they get a useless string of directors.
SPEAKER 1: So it's like a decoy for your actual information.
SPEAKER 2: Exactly. And that's what makes it so secure, especially with NFC payments, you know, tapping your phone to pay.
SPEAKER 1: Right, right. So they're all about security and convenience. Got it.
But let's be real. Not every region is as FinTech friendly as the EU. What happens when Verestro encounters a region that's a little more, shall we say, resistant to change?
SPEAKER 2: Well, that's the million dollar question, isn't it? Let's take North and South America, for instance - huge potential market, but also a lot more fragmentation and regulatory hurdles.
SPEAKER 1: Yeah, they've got different rules and systems for practically every country down there.
SPEAKER 2: Exactly. And a big one for Verestro is they don't actually have a payment license in the Americas, at least not yet.
SPEAKER 1: So how do they operate without a license? That seems like a pretty big roadblock.
SPEAKER 2: Well, they've had to get a bit creative, let's say. Instead of trying to go it alone, they're partnering up with local players, companies like Paymentology and Girasol, who already have a strong foothold.
SPEAKER 1: So they're like teaming up with the local guides to navigate the jungle.
SPEAKER 2: Yeah, exactly. And it seems to be working for them. They're focusing on things like white label apps, which means they provide the underlying technology and their partners rebrand it and sell it as their own.
SPEAKER 1: Ah, so they're like the… the Intel of FinTech, providing the chips, but not the whole computer.
SPEAKER 2: Exactly. And just like in the EU, they're really pushing tokenization in the Americas, especially as NFC payments become more and more popular.
Oh, and they're also dabbling in some pretty interesting areas like business control tools and even smart city applications.
SPEAKER 1: Smart city apps? Now that sounds intriguing.
SPEAKER 2: Right. It seems like they're always trying to stay ahead of the curve, which is probably why they're doing so well, even with all the challenges.
SPEAKER 1: So we've covered Europe, the Americas. What about other regions? Like what about East Asia? That's a whole other beast, right?
SPEAKER 2: Oh, absolutely. East Asia, including India, is like a whole different ball game. It's incredibly mobile first. And the regulatory landscape is, let's just say it's constantly evolving.
SPEAKER 1: Yeah, lots of red tape over there, if I remember correctly.
SPEAKER 2: You could say that again. But Verestro is focusing on what they're good at, things like tokenization and money transfers, which are in high demand. High demand in that region.
SPEAKER 1: So adapting to the local market is key. Are there any unique challenges or opportunities they've encountered in East Asia?
SPEAKER 2: Here's where it gets really interesting. They actually can't offer all their services directly in some East Asian countries, especially when it comes to things like issuing cards and accounts.
SPEAKER 1: So what do they do? Just give up?
SPEAKER 2: Not quite. Remember how I mentioned they can operate in the EU? Well, they found a way to use that to their advantage. They can actually provide European payment accounts and cards to businesses in East Asia and even the Middle East and Africa, as long as those businesses have a registered office in Europe.
SPEAKER 1: Wow, that's some next level maneuvering there.
SPEAKER 2: Right. It's like they found a loophole and turned it into a strategic advantage. And it highlights something really important about Verestro. They're incredibly adaptable and strategic in their approach.
SPEAKER 1: That's super interesting. So it seems like Verestro has really taken this whole think global, act local thing to heart.
SPEAKER 2: Yeah, I'd say so. And they've really identified their strengths, like this whole tokenization thing. And they're using those strengths strategically to navigate different markets, even with all their hurdles.
SPEAKER 1: It makes you wonder, how will Verestro's approach shape the future of FinTech globally? Will their model of adapting and innovating pave the way for a more interconnected financial world? It's definitely something to think about. And on that note, that wraps up another deep dive. Thanks for joining us and we'll catch you next time.
