AI, RegTech, the tech backbone for FX brokers – Radius FinTech’s Chris Papageorgiou explains
“Should you require the help from a FinTech company, invest in one that is experienced and that you can trust”, Chris Papageorgiou advises startup FX companies.
Cyprus has been undergoing an astonishing business profile transformation lately – it is now gearing towards becoming a center welcoming technology start-ups that service the financial services sector. As Cyprus is already a home to many FX firms, it seems as no surprise that a number of technology companies are seeking to offer proper services to the online trading sector.
Radius FinTech, a Limassol-based company, is throwing its weight behind this new trend in Cyprus’ business evolution.
Chris Papageorgiou, Director and IT Business Consultant for FX Brokers at Radius FinTech Ltd, has kindly agreed to tell FinanceFeeds’ readers more about the latest FinTech developments and about what it takes to stand out in this business segment.
What is the focus of Radius FinTech’s current activities and offering?
Our team is currently focusing on the technical backbone of FX brokers, their trading platforms and software solutions/services. We offer start-up brokers to take over the complex procedure of setting up and configuring their trading platforms, as well as helping them with their entire IT business plan and implementation. Our services also include administration for trading platforms, custom software solutions and reports.
As Cyprus is now increasingly recognized as a FinTech center, there are more and more Cypriot companies that provide fintech services. Is there a part of Radius FinTech’s offering or a particular business strategy that makes the company stand out?
I would have to say our team is what makes us stand out. Each one is well accomplished at their area and the constantly evolving challenges of the FX industry give us the opportunity to provide brokers with solid services using practices and latest technologies that we know from extensive experience it will allow them to safely grow and simplify what is already a highly complex industry.
Would you give a piece of advice to start-up brokers? What should they pay attention to with regards to FinTech?
Before anything else, preparation is the key to success! Invest the necessary time for a sustainable IT business plan and implementation. The Forex industry keeps rapidly evolving and can be very exciting which makes it easy to keep focus on the big picture and fail to build your company on solid technologies and services that will in turn undoubtedly lead you to extremely costly stalemates and unnecessary risks.
“Pay attention to even the small details while laying out your business plan (services, regulations etc) and should you require the help from a FinTech company, invest in one that is experienced and that you can trust”, Chris Papageorgiou, Director, Radius FinTech Ltd.
Given the growing demand for RegTech services, would you agree with the statement that RegTech is the new FinTech?
I prefer “RegTech is the necessary extent of FinTech”. We are in an industry that most are trying to catch up. At first, it was realized the importance for companies that would offer new technologies to improve operational and customer engagement capabilities, so FinTech companies were the evolutionary logical step. The outcome of this was, of course, that brokers would evolve a lot faster and take their services to new levels. What was the next missing piece of the puzzle? Regulations to evolve as fast the industry and the only way that would be feasible was by bringing regulations together with the necessary technology.
Financial services companies are adopting AI solutions and concerns are high that AI systems will replace human workforce. What is your view on the matter? Will robots replace human staff?
I wouldn’t worry so much about that. At least not to that extent. Financial services are a high paced and complex industry that needs to be always available. AI solutions are unavoidable in some areas that we as humans are incapable of truly being in control of. A few years ago, I read a study that the financial sector can become overwhelming within 5 years due to stress and work load. So with proper use, AI can protect us humans and give us the opportunity to focus on more productive areas.