On November 5th, MyBucks was named "FinTech Solution of the Year" - a prize supported by Telindus - at the Luxembourg Finance Innovation Summit. We met with Sergey Gorchakov, Group Financial Controller, to discuss the startup's innovative solution and the future of the financial world.

Can you tell us more about the creation of MyBucks and the specific needs it answers to?

We started MyBucks in 2011 as a Fintech to provide a simpler and faster solution for those seeking finance and banking offerings, also to bridge the gap between those who have access to finance and those who don’t - this intention has been vindicated with our very fast growth across three continents. A lack of access to capital is widely cited as the main reason small or micro businesses do not succeed and it is one of the major reasons communities are stuck in a poverty cycle. MyBucks is able to tap into these markets and unlock economic value in providing services to those who struggle to get services from traditional banks, as well as anyone else. MyBucks has developed cutting-edge technology that unleashes the power of Fintech to provide services in both developed markets and so-called frontier markets. Our solutions remove all the obstacles traditional banks face, and our artificial intelligence and machine learning allows us to offer microfinance, banking and insurance solutions in a fast, efficient and paperless manner. The accuracy of our credit-scoring model, that does not need traditional data points and uses social media behavioral algorithms, gives us a very strong competitive advantage.

 

What's the MyBucks vision when it comes to the financial world of the future?

We believe that the financial world of the future will be far more inclusive. The monopolies of traditional brick-and-mortar banks will no longer exist. Fintech will allow for the democratisation of access to capital and financial services. Our vision is a world where traditional banks and FinTechs work side-by-side and in partnerships to provide fast, efficient, always-on financial services, that does not exclude anyone, irrelevant of their histories and infrastructure shortfalls in their communities. We at MyBucks see ourselves as enablers, not disruptors, meaning while we acknowledge that our technology has made old-school banking obsolete, we see ourselves building strong, sustainable partnerships with traditional banks and all stakeholders.

 

Why is Luxembourg a place of choice for FinTechs? How would you describe its FinTech ecosystem?

The objective of most FinTech companies like MyBucks is to provide their customers with access to financial services and products quickly, remotely, safely, and affordably.

FinTech companies, therefore, need in the first place, a stable, attractive and secure investment environment. Trust is key in the financial services sector, but even more so in the FinTech space, as physical contact with the end customer is most of the time rare or non-existent.

Furthermore, FinTech companies also need available resources to operate. Funding is the oxygen of any financial institution. And FinTech companies, which typically grow at double-digit rates, need additional liquidity to accommodate their growth.

For those reasons, Luxembourg is an obvious prime location for any FinTech business. Luxembourg is the second largest investment fund centre in the world after the United States. And the country’s financial environment is characterised by a strong culture of investor protection and rigorous anti-money-laundering policies.

As a FinTech company, MyBucks values the excellent infrastructure in place in Luxembourg to both attract capital and to keep our corporate governance transparent and up to the highest standards.

 

Being an international company, what does this award mean to MyBucks?

This award validates our efforts and belief in what is possible using the power of technology in the world of finance. This award is designed to recognise excellence, and by winning this award, MyBucks is celebrated as a world-leading innovator. It is with great happiness that we accept this award and thank the panel who decided on the winners for looking into our solutions and recognising our business model and technology stack. When we approach partners globally, this award is a feather in our cap, a vindication that our vision is backed with recognition.


Publié le 18 décembre 2018