Locally, FinTech start-up Fyorin has made it its modus operandi to disrupt the status quo and build a Business Banking Network Scheme (BBNS) that connects financial and non-financial providers into a single global network. Members on the network can leverage the capabilities of other parties to enhance their core offering to their corporate clients, enabling them to bring to market better and faster business banking capabilities without any risk exposure.
The platform was born out of the frustration its founders experienced whilst working on scaling international businesses globally across various industries. They constantly met with unnecessary hurdles that slowed the process down to a crawl. This is largely because the banking and payments market is very fragmented. Worse yet, it’s becoming increasingly difficult for any business to navigate its ongoing complexities.
“Opening an account with local banks takes a minimum of three months, which of course is slowing things down for businesses – making business banking expensive. On top of that, there is a lack of financial tools that support the digital needs of businesses today, for instance having flexible virtual corporate cards or being able to seamlessly send and receive payments in different currencies like a local,” explains James Camilleri, Co-Founder and CEO at Fyorin, in the latest edition of Digital Island.
With all this in mind, Fyorin was launched to simplify banking for businesses, particularly for SMEs. Through its global network, Fyorin can support SMEs with all their business banking needs. From swiftly opening a business account in 40-plus different currencies to online payments acceptance and the easy issuing of virtual cards to cover corporate expenses, Fyorin enables all this and more through one easy-to-use platform.
By creating in-roads between various financial institutions across the world, Fyorin’s BBNS is also serving small banks within Europe looking to offer a better and more holistic solution to their corporate clients. Having successfully launched Fyorin in the local market, the FinTech start-up is now looking to roll out its product across Europe.
FinTech, AI, and blockchain can all feel like lofty, worthwhile start-up pursuits at the frontiers of innovation. But sometimes the most ingenious solutions arise from the simplest of needs.
This forms part of a wider feature carried in the latest edition of Digital Island.
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