Meet Bisi Giwa, Managing Director at Banking FinTech: Altery

What’s the story behind Altery?

Altery was founded just over a year ago, and what an important year it has been for us. Originating from the UK, a nation celebrated for its diverse FinTech landscape and robust traditional banking sectors, we’ve managed to assemble a talented international team of over 50 professionals who share a unified vision: to help businesses and individuals navigate the complexities of global operations with ease.

At Altery, we envisage a world where payment challenges are eradicated, opportunities are limitless, and financial empowerment is within everyone’s reach. So, we build a product that operates as a hybrid: facilitating traditional payouts to local bank accounts while supporting various alternative payment methods.

What was the idea that gave it a unique edge in the market?

I remember that we were inspired by the shared experiences of our executive team, who hail from diverse sectors such as banking, finance, cryptocurrency, IT, and development. We frequently encountered a common obstacle: international transfers. Traditional banks often fail to meet the unique needs of digitally-driven enterprises operating globally, hindered by high costs and slow transfer speeds.

Yes, the concept of creating a global payment platform for international transfers isn’t new, I can’t argue with that. But our approach to this concept is what sets us apart.

As Managing Director, I ensure that our team remains focused on three principal pillars driving our market success:

1.  Industry expertise: we conduct deep analyses of our customer base and target industries to comprehend money flow dynamics and typical transaction patterns.
2. Diverse payment methods: our strategy emphasises local card schemes, mobile e-wallets, and local banking rails. We observe a clear trend: alternative payment methods are burgeoning in developing countries, often outpacing traditional banks grappling to adapt to digital economies.
3. Strategic partnerships: forming robust local networks is paramount to delivering the true value of international transfers to our clients.

In what way has Altery transformed and grown over the past year?

Well, in order to transform, you first need to form. We are still at a very early stage as a business, but right from the outset, Altery has targeted the B2B market. The rise of global business expansion has validated our service’s need and proven our concept’s merit.

This demand drives our ambition to introduce B2C features, ensuring individuals receive the same high-quality services as our business clients. I firmly believe everyone deserves a better financial future. Already, Altery allows customers to send money to MasterCard or Visa, which are widely issued globally. We’re expanding this by adding local card schemes like Uzcard and HUMO, which are popular in Uzbekistan, and building an alternative to traditional banking methods.

What innovations or developments can we look forward to from Altery in the near future?

Innovation is crucial to our success, and we are pursuing multiple avenues. I can highlight two key areas:

First, Embedded Finance. Altery is integrating payments into popular messaging apps and has already launched a Telegram digital payment bot. Through the Altery bot, customers can seamlessly open accounts and access various financial services.

Second, Alternative Payment Methods. Traditional banking may work for domestic transactions, but cross-border payments in emerging markets can be challenging. We are building a network for instant, low-cost international transfers.

With our passionate team’s commitment, we are just beginning our journey to transform international financial services.