Rooting Out the Bad Weeds is the Industry’s Biggest Challenge

The CEO of Fibonatix shares his views on the FX industry before speaking at the Finance Magnates London Summit.

There are only a couple days remaining until the Finance Magnates London Summit and several panel participants and speakers at the event have given interviews to offer a preview of one of the year’s biggest events. We sat down with Fibonatix CEO Tal Miller to learn more about what currently keeps him occupied, and what delegates can expect to hear from him at the event.

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1. What is your position and what does your role entail?

Within the Fibonatix Group, I am CEO of Fibonatix (Israel). Fibonatix (Israel) is the sales arm of the Fibonatix Group in the EMEA region and as such most of our focus is on online rrading products such as FX, binary options, CFDs, algo trading, etc.

2. What was the single most important event or development that the market saw in 2016?

With regard to the payments sphere, the most important event in my opinion has been the acquisition of Visa Europe by Visa Inc. and the consolidation of these two titans into one company. This event has sent many ripples and shockwaves throughout the online payments sphere, which have already and will continue to create challenges for the online rrading community to deal with.

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The most important event in my opinion has been the acquisition of Visa Europe by Visa Inc

3. What are the biggest challenges that the FX trading community is facing?

In my opinion the biggest challenge that the online trading community is facing is one of reputation. Many consumers as well as regulators, financial institutions and the media have a negative opinion of this industry. Some of it is justified while most of it is not. The main challenge would be in rooting out the ‘bad weeds’ that are creating a negative stereotype for the whole industry while strengthening the positive perceptions and the legitimacy of the industry.

How do they affect your field? – It is becoming increasingly more difficult to find stable and quality payment solutions for merchants in this industry. Many acquirers and payment institutes are reluctant to take on merchants and even well established partners are barring new applications.

4. What is the main message you’d like to convey to London Summit delegates?

We often see that payments are treated as an afterthought, as something that is last to be considered (if at all). This is a very big mistake in my opinion, one that often leads to lower conversion, lost revenues, and bad customer experience.

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