ISX AGM Notes 28 Nov 2017
CEO speech & Q&A responses
It has been a very busy year.
European banking licence is a huge achievement
EU regulators kept moving goal posts
EU regulations came in with a whimper not a bang
Global card scheme membership is a huge achievement
Update on the platform has been “slower than wanted”
“Personally disappointed” with the uptake
ISX taking very measured steps to get the platform up and running, great care required for:
Company is watching the money (transactions)
Company needs to know where the client’s funds are in the system
Profitable in…..”due course”.
“A number” of companies in the pipeline to on board
30% QoQ transactions increasing to 40-50% QoQ ( to be announced today)
Paydentity margins are higher than competitors.
Paydentity is a proven process. The regulators know it works.
Paydentity is the “hook” that gets customers on board and then they expand to the other services.
XM are a large operation and taking it slow “dipping their toes” (risk aversion)
XM have integrated to other parts of the services
XM are ramping up gradually
ISX is in the backroom of these companies and they are highly risk averse. These customers will ramp up when they are ready and comfortable. (Slowly, slowly is the point – be patient)
Crypto currency (“coinspace”) is exploding currently.
Customer onboarding time line 3 months compared to 9-11 months by others is seen as impressive by UK financial analyst.
Asia (Singapore and HK) has modern legislation but old school tough regulatory practices.
ISX not going spend money in Asia
OneKey is expandable but not a big opportunity in the current environment
ISX market share is hard to determine because ISX is in it’s own market. A new, largely undefined market.
Amazon, PayPal, ISX are 3 of the only 4 companies that use the Cloud for payment transactions. The system works.
Challenge going forward is people and culture.
ISX needs to handle the growth that is coming
ISX have anticipated growth management problems – still needs to be managed
ISX need to “work of the business”
No timelines were given for anything.
Cypress is a low cost, high skill centre. Strategic to have an office open during EU business hours.
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