Former Managing Director of Small World Financial Services, Kevin von Neuschatz, has been appointed as CEO of the new RegTech payments solutions provider, Elemental Financial, providing risk-managed correspondent banking services to emerging markets worldwide.
The new company, based in Mayfair, London, aims to rebuild bridges between developing economies and major banks in the UK, US and Europe following the ‘banking cull’ which saw many banks in Africa, South America and other territories cut off after the 2008 global financial crisis. Central to Elemental Financial’s mission is the facilitation of risk-managed cross-border payments that satisfy rigorous regulatory compliance, enabling companies in developing parts of the world to do business efficiently.
The company’s target customers are predominantly financial institutions regulated by their respective central banks that need access to global payment rails, transaction banking and international currencies. With many customers already signed-up to Elemental Financial’s offering, the company is championing the capabilities of RegTech to service thriving markets and create substantial business growth for big banks.
Kevin von Neuschatz, CEO, Elemental Financial comments:
“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.
“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.”