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Fintech Friday: Wallet Factory – cutting-edge mobile financial services

Publish date: 04 June 2021
Efma's Boris Plantier spoke with Mikhail Miroshnichenko, CEO and Co-founder of Wallet Factory, about his company’s origins and what is on the horizon.
What led to the creation of Wallet Factory?

Six years ago, most of us were C-level bankers, each responsible for innovative products and digital transformation efforts. We realized the changing landscape and unlocked opportunities for telecom operators in developing markets compared to the progress made by the banks. That was the main reason. Starting our history back in 2016, Wallet Factory succeeded in launching 30 projects in 12 countries across four continents. With practical experience gained in 2016–2018, we established our presence in the underbanked regions - South-East Asia, Middle Asia, MENA, Africa, South America.

Could you present Wallet Factory's offer?

There are many use case categories when fintech technology partners are engaged. One for what Wallet Factory does could be called "for big businesses", as we provide mobile financial services (MFS) infrastructure for companies that possess large customer databases: telecoms, retailers, financial institutions, and others.

Companies set up our product with connected local and global payment tools, billers, service providers, provide branded interfaces by Wallet Factory for end-users and merchants. The result helps companies turn customer-merchant relations into new revenue streams. Featuring full-fledged e-wallet capabilities, Wallet Factory’s platform helps route payment orders from different systems, manage fees and limits, and provides for KYC, AML, and 3rd party service capabilities. A prepaid card can be linked to a user's e-wallet account or mobile money account to further drive financial inclusion in developing markets.

We deploy solutions both from scratch and by providing tuned-up missing parts for companies that have already adopted fintech capabilities, like interfaces, CRM, etc. Our recent job for the Lebanese market is one of the examples of how the MFS ecosystem can be created.

What's coming next for Wallet Factory?

We plan to accelerate MFS enablement for companies by launching a PaaS cloud-based payments orchestration platform, allowing for any interoperable combinations of global and local payment tools, loyalty points, etc. It will be an even faster way to grow for companies preferring platform solutions rather than long-term in-house development. At the same time, we have to raise the bar to an enterprise-grade level, evolve our product, team, and support.