- Kevin von Neuschatz, who used to work for Small World Financial Services, will head up Elemental Financial
- The firm aims to bring major western financial institutions back to emerging markets after they quit several years ago
- “We’ve invested heavily in Elemental to ensure all transactions are conducted to the highest regulatory standards, enabling real financial inclusivity between key institutions in some of the fastest-growing economies in the world”, von Neuschatz said
A London-based firm which specialises in helping banks reach out to consumers in developing economies has made a significant hire.
Elemental Financial, which is located in London’s Mayfair area, has hired Kevin von Neuschatz to become CEO – with a mission of enhancing “financial inclusivity”.
Von Neuschatz formerly worked for Small World Financial Services, which is a global money transfer operation based in the UK.
Elemental’s aim is to encourage corporate banks in markets such as Europe and North America to start thinking about operating in emerging markets again.
This was formerly the case, but there was a large exodus of established financial services firms from regions such as Sub-Saharan Africa and South America after the 2008 financial crisis.
Elemental has a risk-managed correspondent banking offer, which von Neuschatz will now be ultimately responsible for. It helps to ensure that all rules and regulations are complied with adequately.
It does this by offering RegTech payment products. RegTech stands for regulatory technology and offers businesses the chance to make the most of computing power to ensure they’re meeting their compliance goals.
Its services cover a range for financial firms and include transaction banking, international currency exchange and more.
Cross-border payments are a key part of the organisation’s work, especially in difficult regulatory environments.
According to von Neuschatz, the move is essential in the wake of a crisis that left many developing countries without effective banking infrastructures.
“The 2008 crash saw the big banks initiate a cull of financial services providers in emerging markets, with devastating consequences. This knee-jerk reaction has left many of the major players without the infrastructure, connections or capabilities to oversee efficient payment processes in de-risked areas where economies are now booming”, von Neuschatz said.
He also argued that Elemental Financial as a firm would be well-placed to identify regulatory risks and ensure that any financial services organisation that wanted to get involved could do so in a compliant manner.
“Our new offering will change all that, providing local knowledge, insights and expertise to reconnect these exciting countries with the big banks in the market. We’ve invested heavily in Elemental to ensure all transactions are conducted to the highest regulatory standards, enabling real financial inclusivity between key institutions in some of the fastest-growing economies in the world”, he added.
Elemental Financial is just one of many key institutions which are choosing to be a part of the online money transfer scene and innovating in it. Stay informed by checking out our news area for the latest updates on what moves companies like Elemental Financial are making.
