A serial entrepreneur, BC Krishna estimates he’s filed for a patent six or seven times. By now he’s familiar with the procedure, which he characterizes as “complicated, slow and painful” to navigate. It’s not just his experience, either. The process — which typically includes lawyer, application and, if the patent is approved, maintenance fees — doesn’t come cheap. And results are far from guaranteed; the vast majority of patent applications are denied on their first approval.
After investing in more than 130 fintech startups in 15 countries and providing ecosystem development advisory in markets around the world, we’ve identified three core challenges that most ecosystems face with fintech.
All of a sudden, chief financial officers in North America are looking towards a bright future. The latest data from Deloitte suggests a sudden spike in optimism among CFOs, as found in its quarterly survey. Financial executives’ confidence in their businesses has significantly increased in Q2 compared to Q1, researchers said, according to an online post by Deloitte.
It can be tempting for CFOs to overly look to forecasts when pressed to make important financial decisions. After all, projects based on new information can change budgets substantially in real time. However, a CFO should not react to every short-term event or change to the numbers. Making snap decisions based on perceived pressure to hit forecasted numbers is almost never a good idea. In fact, reacting to forecast pressure can be a CFO’s Enemy #1.
Corporate payments innovation tends to stick with the obvious transactions: payments to suppliers, business partners, employees and the like. It’s all about money flowing outside of the corporation. But a new research report from Deloitte says there is another kind of transaction that’s tripping up the corporate books: inter-company payments. These are the transactions that companies make within themselves, between legal entities operating under the single corporate umbrella.
The Financial Accounting Standards Board released its long-awaited accounting standards update for not-for-profit financial reporting, albeit with scaled back ambitions to keep the standards for nonprofit organizations aligned with standards for businesses. The update aims to improve how a nonprofit organization classifies its net assets and provides information in its financial statements and notes about its financial performance, cash flow and liquidity.
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The SWIFT banking system had a number of high profile hacks earlier this year and execs are now admitting that they ignored security issues until it was too late. Current and former board directors and senior managers for SWIFT banking admitted security was not a priority for the financial messaging system and experts are not surprised to hear it.
Fintech is reaching a new level of maturity, and it is showing in the money backing it. The technology movement that promised to displace — or at least challenge — the norms of banking is moving beyond the garage stage and is being taken seriously, but investors are getting choosier, too.