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Going Global: Expanding Payments Products Outside the U.S.

Going Global: Expanding Payments Products Outside the U.S. Chaired by: Robert Courtneidge , Chairman, Prepaid International Forum & Global Head of Cards and Payments, Locke Lord Panelists: David Cebollero , VP & Senior Counsel, Western Union

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Going Global: Expanding Payments Products Outside the U.S.

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  1. Going Global:Expanding Payments Products Outside the U.S. Chaired by: Robert Courtneidge, Chairman, Prepaid International Forum & Global Head of Cards and Payments, Locke Lord Panelists: David Cebollero, VP & Senior Counsel, Western Union Tom Pareigat, General Counsel, The Bancorp David Hunter, CEO, Ukash

  2. A Senior Counsel’s Opinion(new product same markets) David Cebollero, VP & Senior Counsel, Western Union

  3. A Senior Counsel’s Opinion(newproduct samemarkets)Going Global: Market EntryConsiderations • customer demand • regulatory environment; relationship with regulators; general approach in countries where regulatory scheme does not include service offering • speed to market • distribution—own versus potential partners • Systems development (cost, IP, etc.) • what is core business and how does this impact / compliment? • local leadership experience (own and potential partners) • resources available • access to experienced local counsel

  4. A Senior Counsel’s Opinion(new product same markets)Going Global: So what do the people in the business think are the key drivers for Market Entry? • Market Size • Market readiness • Legal/regulatory environment (I guess we've done something right for them to include this in their list) • Local Partner suitability/interest • Local Business team suitability/interest

  5. A CEO’s Opinion(same product new markets) David Hunter, Chief Executive Officer, Ukash

  6. A CEO’s Opinion(sameproduct newmarkets) Going Global: Market EntryConsiderations Ukashhas grown from 1 to 57 countries in the past 7 years, but it’s getting harder, and harder to keep up this rate, as the low hanging fruit is now picked and on board…. Here’s how we choose candidate countries for expansion (roughly in order of qualification) • Freely tradable currency – no exchange controls that hamper non-domestic settlement • Sensible regulatory environment – clear, consistent, open and risk-based approach

  7. A CEO’s Opinion(same product new markets)Going Global: Market EntryConsiderations • Geopolitical stability • Good internet/mobile penetration • Retailer distribution – networks exist, rather than 121 relationships • Competitor analysis • Payment culture and behaviours • Banking and settlement • Technical integration • Local management • Marketing channels and brand visibility

  8. A General Counsel’s Opinion(same product new markets) Tom Pareigat, General Counsel, The Bancorp

  9. A General Counsel’s Opinion(same product new markets)Going Global: Market EntryConsiderations • Frame overall vision and strategic goals • Assess U.S.-based corporate structure and expansionary powers • Evaluate foreign target markets • Viability, accessibility and portability of planned products/services • Legal, tax, regulatory, supervisory and licensing considerations • Evaluate entrance strategy • Asset acquisition, stock acquisition, de novo formation • Foreign entity formation options • Engage local / regional counsel • Identify practical corporate issues • Location, leases, staff, HR, insurance, bank accounts, etc.

  10. A General Counsel’s Opinion(same product new markets)Going Global: LaunchConsiderations • Perform and document Risk Assessment • Enterprise-wide analysis • Evaluate and measure domestic/foreign regulatory response • Re-engage regulatory (supervisory) authorities • Develop acquisition and implementation plan • Ensure comprehensive legal-technical compliance in foreign jurisdiction • Set realistic expectations both domestically and globally

  11. A General Counsel’s Opinion(same product new markets)Going Global: OngoingBusiness Considerations • Watching brief on changes to law and regulation in each country • Monitor sales and look for trends • Constantly watch market for competitors and new products • If a new product works in one country evaluate which other countries it may work in • Never lose site of the P&L – know when to exit

  12. T H A N K Y O U F O R L I S T E N I N G ! ! Robert Courtneidge, Chairman, Prepaid International Forum & Global Head of Cards and Payments, Locke Lord

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