01 Oct Bancore Newsletter October 2018
A good way of getting you in the mood for all the news that follows is to remind you of Bancore’s global achievements, which you will also find on the dashboards of the various regions at http://dashboard.bancore.com. For instance, the transaction volume for the Bancore Payments business has reached USD 70M in 2018, and as you will see a bit later in this Newsletter, we expect increased growth in the years ahead.
The dashboards will be available 24/7 for investors and management. They provide live data for a better insight into our achievements to-date, and a glance of our expected future development.
As indicated in our June Newsletter, Bancore will – without abandoning what we have already built – be pursuing a some-
what different strategy, by expanding our focus from mainly third world payment processing (and the simultaneous financial inclusion of unbanked consumers) to a more European-based service offering, with monny.me being the first such service to be introduced, starting November 1 (see below).
Bancore’s future organizational structure will reflect this transformation, as we have decided that the company will have 4 op- erating units that will perform quite different tasks, but will all be based on the same award-winning technology platform that continues to be well ahead of our competition in terms of sophistication and versatility.
The 4 Business Units will all come under the “Bancore Group”, and for each unit described below we have indicated the execu- tives who will be running it, since the success of each business unit will largely depend on having dedicated and quite autono- mous management. You will find mini-biographies of all executives in the Attachment.
1. BANCORE TECHNOLOGIES: this business unit – possibly London-based, subject to a tax opinion that is being sought – owns and administers all of Bancore’s intellectual property rights, i.e. patents, trademarks, Internet domains and trading names. Technol- ogy development will continue to be Ukraine-based, but developers will be part of Bancore Technologies.
EXECUTIVES: Brian Larsen, Bancore President, will be supported by Tina Bloend-Larsen, VP Business Development, and Olga Sapunova, VP Technology.
2. BANCORE PLATFORMS: the business unit that licenses Bancore’s IP to external clients, such as blockchain-based operators or marketing companies/service providers in need of fast and reliable processing of vast amounts of customer-related data. We expect to close the first two “white label” platform deals in the next few weeks.
EXECUTIVES: Henrik Brogaard, Managing Director, and Hussain Khan, Area Director.
3. BANCORE PAYMENTS: this business unit includes all those activities that have already been tested and launched in Nigeria, especially P2P transfers, bill payment, mobile payment of salaries, pensions and other benefits, as well as remittances from outside the home country, for instance made through SmallWorld or other similar remittance companies. The formal, amicable separation from the Chams company still needs to be finalised, but we are close to an agreement, and will then start pursuing our plan to introduce a pan-African Payment Gateway that will act as an instant clearing house for a large number of indepen- dent banks in more than 15 countries. This obviously requires qualified senior management, and we hope that we will be able to start late in Q4, but the timing of such a major and intricate project will not always be determined by us alone.
EXECUTIVES: Segun Adanigbo, Managing Director.
4. monny.me: this is Bancore’s consumer services business, probably also London-based, at least from a legal/fiscal point-of- view. You will recall that the introduction of monny.me will be based on the continued cooperation with Nets (a Danish major payment switch/clearing house, now US-owned). Nets has offered monny.me a license to the Nets-developed “chatbot” which makes online marketing, especially on social media, so much easier. In the near future we will also become more actively in- volved with major database aggregators such as Out There Media (OTM), and monny.me will be the division that supplies mobile payment cards to the demographics we intend to focus on. The monny.me launch activities will start on November 1 and we will send out a summarised marketing plan as soon as it is available.
EXECUTIVES: Jan “Jac” Christiansen, Managing Director, with further appointments to be made in the next few weeks.
as you will see from the above, our main priorities are:
1. structure our 4 business units appropriately and staff them with highly skilled executives,
2. complete and perfect the development of all products and services, both in terms of tech usability and, where applicable, consumer appeal,
3. prepare and execute launch plans with the attention to detail and timing that they all deserve.
Bancore’s new organizational structure has two purposes:
A. assign clearly defined responsibility for Bancore’s products and services to specialists who will focus on their own Business Unit,
B. make Bancore easier to understand for potential investors, and allow these to invest only in that part of the company that is of interest to them.
We will report back on our initial successes in the next Newsletter which will appear in early November.
brief biographies of all executives mentioned above
Brian Larsen, President, is a creative entrepreneur focused on mobile market opportunities and digital services. Since 2006 he has been the CEO of Bancore AS, a global payments platform that, in combination with VISA and MasterCard, offers a bank-like experience for everyone.
Tina Sommer-Bloend, VP Business Development, has more than 20 years of management experience. Having worked for mul- tiple startups, she knows how to take companies from inception to maturity. Tina is skillful at daily management, strategy and budgeting, development and implementation of new business areas, marketing, and coaching and handling employees. She has good communication and analytical skills, is motivated and efficient, and has an international mindset.
Olga Sapunova, VP Technology, with more than 12 years of management experience leading Fintech projects for European, Asian and African affiliated companies, Olga specializes in project management, technical engineering, and successful imple- mentation. Value-driven and client-oriented, Olga helps businesses find the best technological approach to modern, secure and highly performing solutions, under tight time schedules and adhering to high quality standards.
Henrik Brogaard, Managing Director, is a sales and commercial executive with an outstanding record of driving significant increases in revenue and profitability. He has held executive leadership positions in ICT companies such as Ericsson and Nokia, including full P&L responsibility, strategy development, change & transformation projects, major account management, B2B marketing and cross-cultural and cross-functional staff leadership. He has been based in Denmark, Indonesia, Singapore, Sweden and UK.
Hussain Khan, Area Director, has more than 23 years of experience in the prepaid telecom sector. Hussain has helped compa- nies like; Global One , MCI Worldcom , Interoute Europe and Primus as an external consultant. Furthermore he has built sales- and distribution-networks througout Scandinavia, Italy, Spain and Greece. Hussain has a successful track record in developing and executing sales strategies.
Segun Adanigbo, Managing Director, is an African champion of selling a business case for implementing new IT solutions to relevant stakeholders after obtaining the necessary top management approvals. He successfully manages the day-to-day activities of Bancore Africa’s local operation and communicates new product developments and business opportunities to prospective clients.
Jan (JAC) Christiansen, Managing Director. Jan has 20 years of experience inside digital marketing, strategy and sales and comes with a proven track record. He has successfully developed and implemented several digital strategies for Nordic compa- nies with good ROI delivery. Jan has started up 5 digital departments in various organizations including recruitment, defining strategy and delivering positive ROI. Jan is regularly used as an expert author and presenter of numerous articles and lectures within marketing and strategy.