Fintech Impact


Nuco & Aion with Kesem Frank (Co-Founder) | EP31

Ep. 31

In this 31st episode of Fintech Impact, Jason Pereira interviews Kesem Frank, Co-Founder, and COO of Nuco, a company that helps implement blockchain technology for financial service companies—in banking and securities. Kesem will speak about his career in Nuco, the effects of the blockchain, and cryptocurrencies, of which he has his own.

●     01:00: – Kesem started Nuco with two partners: Matthew Spoke and Jin Tu.

●     02:30: – Nuco was faced with the question of serving or building?

●     03:24: – He was working in technology, but went to school for law and business.

●     08:12: – Blockchain adds a new way to validate data.

●     12:09: – Cuts currently take 16-19 days to reconcile where the problem occurred.

●     14:19: – Blockchain is like a universal ledger to help stakeholders know the truth of what is happening in the value chain.

●     18:30: – The future of blockchain: private stake owners that have skin in the game that are going to run their own blockchain.

●     20:50: – Does the fact that I want to do business with you mean I have to blindly trust you?

●     23:09: – We have to make sure that capital markets are played fair.

●     26:09: – The Canadian Exchange likes what Nuco is doing with natural gas, and wants them to apply that to other areas and wants the inter-blockchain communication issues to be addressed.

●     29:09: – The conversation in the blockchain industry is evolving from what is the best blockchain to how do we take these excellent innovations and create one cohesive fabric that works as an ecosystem.

●     32:09: – A relay is an intermediary that steps in between two blockchains and mitigates between them—but isn’t a good solution.

●     36:40: – Bitcoin has had slow adoption in North American countries.

●     39:09: – Aion is a non-for-profit blockchain organization while Nuco has become its own business.

●     42:50: – The difference between the current age of platforms is not as fair as decentralization.


3 Key Points:

1. The trust engine was most crucial to Kesem Frank with blockchain.

2. How do you go to market where you don’t already do business?

3. A blockchain should be what goes in between any two blockchains.


Tweetable Quotes:

           -   “How do you actually bring it (blockchain) to a business and create a return that you

                could quantify?” – Kesem Frank.

           -   “When a cut happens it takes the exchange 16-19 days to figure and reconcile who

                 dropped the ball.” – Kesem Frank.

           -   “(Blockchain) Universal ledger that is helping all of these fragmented multitude of

                stakeholders kind of know what is true and what’s not.” – Kesem Frank.


Resources Mentioned:

Facebook – Jason Pereira’s Facebook

LinkedIn – Jason Pereira’s LinkedIn – Website for Finally Technology

Kesem Frank – LinkedIn for Kesem Frank

Twitter – Kesem Frank’s Twitter 

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Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161

Ep. 161
In this 161st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host is joined by Ben Harrison (Portag3 Ventures), Andrew Moor (EQ Bank), & Daniel Eberhard (KOHO) for part 3 of his series on Open Banking. This one is all about Canada!Episode Highlights:0:57 – Andrew Moor introduces himself and EQ Bank.2:25 – Ben Harrison gives insight into his role at Portag3.3:58 – Daniel Eberhard introduces himself and CoHo’s mission.6:15 – What is the current state of Open Banking in Canada?9:00 – How does this round of conversations surrounding Open Banking differ from conversations in the past?12:49 – Jason discusses the unprecedented urgency around regulatory reforms in Canada right now.14:19 – What kind of consideration is Canada’s advisory committee taking from markets that have already implemented Open Banking?18:12 – Everyone discusses the lack of data rights for consumers in Canada.23:28 – What does Open Banking mean to the future of KOHO, EQ Bank, and Portag3?30:39 – Who will be making the decisions for consumers’ financial lives with Open Banking?32:39 – Is there a concern about focusing on solely quantitative data and ignoring qualitative data surrounding consumer lives?38:30 – Jason explains how quality goes down every time a company adds a new product.40:48 – What is the one thing that everyone needs to know about why we need Open Banking?3 Key PointsCurrently, Canada’s 5 largest banks have the largest revenue to population ratio in the world, largely due to a sheer lack of competition.Unlike past conversations around Open Banking with the Canadian Minister of Finance, this time around there is an actual proposal.The fundamental push for Open Banking has been fueled by a lack of engagement by consumers. The hope is that Open Banking makes financial transactions and banking transparent and simple.Tweetable Quotes:“This is a way to unplug the power of some very large institutions and deliver more value to the entrepreneurial community...everyone should be aligned on this kind of thing.” – Andrew Moor“The message that I take from the advisory committee’s work is they strongly believe that government absolutely needs to play an important role in designing the framework from a legislative standpoint.” – Ben Harrison“The real gating factor is actually the approval and I think that’s always been the biggest risk to this process. And now we have a framework through which to shape the discussion.” – Daniel Eberhard“The general how we’re going to do this hasn’t necessarily been fully addressed yet. It’s more so we need to do this.” – Jason Pereira“It is really hard to be good at tons of things.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s – Website for Fintech – Sign up for Jason Pereira’s – Website for Woodgate FinancialPortag3 Ventures – Website for Portag3 VenturesEQ Bank – Website for EQ BankKOHO – Website for KOHO Financial

Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

Ep. 160
In this 160th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Frederik Mennes (OneSpan), John Pitts (Plaid), & Yoseph West (Relay) to discuss the state of Open Banking in the United States!Episode Highlights:● 0:50 – John Pitts introduces himself and Plaid.● 1:32 – Yoseph West introduces himself and Relay.● 2:08 – Frederik Mennes introduces himself and OneSpan.● 3:22 – What is the state of affairs in the US for Open Banking right now?● 5:52 – Frederik addresses the fundamental differences between the US and Europe in their approaches to Open Banking.● 7:00 – How has the state of regulations in the US impacted Relay’s growth?● 8:30 – What are the incentives and motivations for Plaid’s clients on the bank side?● 11:34 – Frederick shares about OneSpan’s client education around security in Open Banking.● 13:30 – John explains why he thinks that regulations are not as vital as some might think.● 16:47 – What is going right and what needs to be fixed in the US situation?● 24:49 – How do US companies regulate the risk of moving to APIs?● 27:46 – Is it reasonable to draw a compliance line for customers with a certain value of assets?● 29:48 – Jason and Frederick weigh the risk vs. reward of Open Banking for smaller banks.● 31:39 – How much pushback does John see from Plaid’s screen scraping guidelines?● 36:08 – Where does Yoseph feel constrained in the current system?● 41:00 – Everyone shares the one key thing that they believe the US Open Banking system should focus on moving forward.3 Key Points1. While the US finds itself years ahead of Europe on the practice of Open Banking, it finds itself an equal amount behind Europe on regulations.2. Open Banking companies in the US face the challenge of switching over to Application Programming Interfaces (APIs) without risking data and client rights.3. Screen scraping, or consumer data extraction for automation of previously-manual actions, is still allowed under PSD2. It has actually been updated in its security measures.Tweetable Quotes:● “It’s no secret that Europe has been pretty much at the forefront of the Open Banking initiatives around the world through initiatives such as PSD1 and PSD2.” – Jason Pereira● “To actually deliver true open banking, the dream that we all think of...I think that’s a dream that will only exist as a result of Challenger or Neobanks.” – Yoseph West● “At this point, regulation is actually very helpful to create a level playing field for security. Regulation can help to make sure that all the players in the ecosystem...implement the right security technology.” – Frederik Mennes● “The key thing that makes the US market special is that it is being driven by consumer demand.” – John PittsResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● – Sign up for Jason Pereira’s newsletter● – Website for Woodgate Financial● Plaid – Website for Plaid● OneSpan – Website for OneSpan● Relay – Website for Relay

Open Banking 1: Europe with Hesus Inoma & Daniel Döderlein | E159

Ep. 159
In this 159th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Hesus Inoma and Daniel Döderlein. As 2 pioneers of Open Banking in Europe, Daniel and Hesus are here to discuss the current movements and innovations of world leaders in European Banking!Episode Highlights:0:18 – Jason explains why he is hosting a 5–part series on Open Banking.1:41 – Daniel Döderlein introduces himself and what he does.2:29 – Hesus Inoma introduces himself and his professional experience.3:32 – Daniel defines Open Banking for the layperson.9:16 – What is PSD2 and what was its impact?12:20 – Jason and Hesus break down how banks will win or lose with Open Banking.15:36 – Daniel explains how banks have been rotten and spoiled for so long.19:39 – What will happen to big banks in the future with Open Banking?26:46 – Jason, Hesus, and Daniel discuss the shift in innovation that is happening in banking right now.32:52 – What does the customer really want and where does the business lie?37:00 – Jason breaks down the varying bank concentrations in different parts of the world.39:45 – Hesus and Daniel share their thoughts on the Visa–Plaid deal and the recent antitrust lawsuit surrounding it.47:22 – What is not working and what needs to change?53:28 – Daniel lays out a concerning future dilemma and question.55:00 – Hesus shares his final thoughts on the future of Open Banking.3 Key PointsAccepting card payments comes at a cost, either handled by the business or a service provider, presenting a problem for businesses that operate outside of Open Banking.PSD2, a regulation for electronic payment services in Europe, is putting the banking system in its place while also assisting banks in adapting to new Open Banking technologies.Over 50% of countries have 3 banks controlling more than 66% of the entire country’s banking deposits.Tweetable Quotes:“For us, Open Banking is a journey that will lead from Open Banking to Open Finance to open the economy.” – Hesus Inoma“When you really think about it, banking is a highly–commoditized business.” – Jason Pereira“The smaller players have always been reliant on the large players in terms of infrastructure, access, and service rendering.” – Daniel Döderlein“Everyone hates at least one of the banks that we deal with in this country, loves to buy the stocks to get the dividends, but also thinks we need them because they’re safe.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s – Website for Fintech – Sign up for Jason Pereira’s – Website for Woodgate – Website for BBVAVisa–Plaid Deal – Article Discussing the Visa–Plaid – Daniel Döderlein’s WebsiteLinkedIn – Hesus Inoma’s LinkedIn