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January 9, 2018[1]  &nbsp &nbspBy : Subhagini Chaudhary

The advent of FinTech has led to many FinTech-oriented conversations focused on aspects other than technology – regulatory, sales, business, ecosystems, etc. The role of “Tech” has been somewhat dimmed as a part of FinTech. The event held at the end of 2017 by SeedPlus, AWS, TransferWise, and Let’s Talk Payments (LTP), represented an attempt to bring technology back into the center of the conversation. Here, we will share some of the key highlights.[2][3]

Presentation by Myles Hosford, AWS APAC Security Solutions Architect

Putting the Tech Back in FinTech – SeedPlus Session

Myles Hosford took a very matter-of-fact approach to explaining the benefits of FinTech startups partnering with AWS from a security and compliance standpoint. Most startups have a hard time understanding and meeting regulatory security guidelines. AWS has for the benefit of these smaller companies, created templates of security compliance requirements localized for Singapore, India amongst other major APAC countries. AWS provides world-class security services for FinTechs either free or low cost in a pay-as-you-go model. Some of the key benefits for the FinTech community are:[4]

  • FinTechs can leverage AWS’ extensive compliance frameworks such as ISO27001, SOC1/2, and PCI-DSS to demonstrate security controls to their customers and achieve compliance themselves faster and at a reduced cost.[5]
  • AWS Artifact allows FinTechs to ‘self-service’ compliance reports such as the Monetary Authority of Singapore Technology Risk Management (TRM) guidelines. This workbook maps AWS’ controls to the MAS TRM and allows FinTechs to overlay their own controls to be used in pre-sales or security conversations.[6]
  • AWS Config Rules allows FinTechs to automate their security controls and compliance requirements in near-real time. This allows them to operate with transparency to their customers that they are implementing appropriate security controls.

Presentation by Vadym Vasyliev, Senior Software Engineering Lead at TransferWise

Putting the Tech Back in FinTech – SeedPlus Session

Vadym Vasyliev gave a load down on how to build a FinTech product at scale. His presentation was more about organization structure and culture, and workflows/interactions within engineering and product teams to build an amazing product at scale. [7]

Vadym spoke of different methodologies including:

  • A horizontal scaling approach where TransferWise runs autonomous, independent teams (startups within a startup), where each team has clear KPIs.
  • A culture of weak code ownership where each engineering teams has the freedom to change any other team’s code base to achieve their goals (KPIs) and a clear communicational loop to discuss and review their changes with teams whose code was changed. It allows every team to move faster and not wait behind the others.
  • A blameless post-mortem that focuses on the assessment of “what went wrong” without appropriating blame on an individual or person. The aim of it is to convert a negative situation into a discussion, learning and action points that would prevent similar issues from happening in future.

Read more from our friends at Let's Talk Payments: