Exclusive: Industry veteran launches new fintech platform for emerging markets
Richard Mifsud leads the launch of new platform aiming to offer frictionless technology to help “unbanked communities of the world”
Xprizo, which is led by industry veteran Richard Mifsud, has launched its proprietary fintech platform in Kenya as it looks to provide a banking solution for emerging igaming markets.
Xprizo will focus on Sub-Saharan Africa, Southeast Asia and Latin America to provide a fintech solution for those who Mifsud calls the “unbanked communities of the world”.
The technology will be made available to businesses that are compliant with local laws and regulations and can provide Xprizo with the necessary documentation required by regulators.
Speaking exclusively to EGR, Helio Gaming co-founder Mifsud explained the aims of his new firm and what he hopes to achieve with the venture.
Mifsud said: “One of the things I wanted to break was the stigma that the unbanked communities of the world are poor, for them being problematic areas and I think that banking was leaving these people without the basic opportunities of life and I want to break this.”
“So we built this solution to deliver an exceptional product, an easy-to-use product for the local communities and for the businesses as well.”
Mifsud, who has played a key role with several other well know igaming firms, proceeded to touch on money laundering and corruption in the markets he is targeting, before explaining the importance of due diligence.
He commented: “We do the usual due diligence of making sure the operator has a licence to operate in gaming in that particular market, but we also do our own checks into the company itself before they become a Xprizo client.”
Explaining how this due diligence manifests, Mifsud touched on the technology the group is using to power its new operation.
Mifsud explained: “We have procedures and processes both on the user side and business side. We have automatic transaction monitoring, terrorism funding monitoring, and a sanction list integrated into the product continuously.
“We have compliance officers that look into transactions that happen in our system, and there are some that are tracked by automated systems. We have KYC products integrated into the system, and we have the usual fintech protections in place for both users and the companies.”
Looking ahead, Mifsud divulged the group’s expansion plans for H2.
He said: “By the year’s end, we hope to be live in at least seven territories. Kenya is our first one, but next month, we will be live in the United Arab Emirates and the Philippines. We are hoping to be in seven different territories not only in Africa but also in Southeast Asia and the Gulf regions.”