The iFX Expo Asia 2023, held in Bangkok, Thailand, from June 20th to 22nd, brought together industry leaders, executives, and marketers from across the globe. With a strong lineup of booths from industry leaders and startups alike, 2 stages of panels and discussions about industry trends and innovative products, plus a sparkling welcome party that kicked things off, the iFX Bangkok has turned out to be an event to remember. Praxis was represented by its team of experts, so we have asked them to share their take on one of the industry’s top events. Spoiler – the focus on technology and payment orchestration has been stronger than ever before. Read more from the team, in their own words, below.
Praxis CTO Guy Karsenti moderated a panel discussion “Orchestrating a Payments Symphony”. What are his takeaways from the event?
What have been the key technology and payment trends discussed during the expo?
Guy Karsenti, Praxis CTO: In today’s fintech climate, it’s impossible not to talk about blockchain technology for secure and transparent transactions, the integration of AI for personalized payment experiences, and the rise of digital currencies. Along with Open Banking, these have been the most buzz-worthy topics at the expo.
What is your biggest takeaway from the panel discussion of payment orchestration?
Guy Karsenti, Praxis CTO: First and foremost, we see that the concept of payment orchestration has become more familiar to merchants. The discussion has shifted from what payment orchestration is, to its potential, challenges, and opportunities.
Right now, when people come to our booth, they want to talk specifically about payment orchestration and how Praxis erse payment methods. At this expo, it became clear that not only do merchants look for PSPs but they are just as interested in technology and the ways it can help them boost their bottom line. Topics such as smart routing, the intricacies of cascading, and other avenues of decline recovery are now front and center. It’s exciting as this year we are heavily focusing on reducing decline rates for the merchants through different features, including features like retry with Open Banking, as well as mapping out the development of AI-driven solutions. So, the tone and the discussions of the event have been a perfect fit, and our booth was super busy for a reason.
We have asked other members of the Praxis team about their takeaways from the expo.
In your opinion, what were the main fintech trends at this iFX? Any new topics/industries/technologies gaining prominence?
Natalie Agopian, Chief Sales Officer
Among the key topics, not surprisingly, was Artificial Intelligence, as well as the growing importance of Open Banking. As part of this conversation, we are happy to showcase the Praxis features aimed at transaction decline recovery, such as retry with Open Banking.
Given the location of the expo, we talked a lot about the payment options available to Asian countries, especially India and Vietnam. With a variety of partnerships and payment solutions Praxis has to offer, we can cater to most of those needs.
David Walker, Business Development Manager
There was a stronger sense towards payment orchestration and the need for such a technology. Many brokers are now expanding to new regions and need guidance on how to navigate the payment challenges associated with the regions.
Have you noticed any new requests/expectations from merchants/partners?
David Walker, Business Development Manager
Many brokers are requesting more detailed reporting to be able to analyze the traders’ payment behavior. Data such as advanced decline reporting and statistical information can really help refine payment flow. System resilience and security have also become a frequently asked question and brokers are taking further steps to ensure their traders can deposit and withdraw safely.
Rana Zaki, Business Development Manager
It’s not exactly a new request but I have noticed merchants asking more frequently about improving their approval ratios.
What was the most frequently asked question at the Praxis booth?
Ilinca Cartoflea, Business Development Manager
iFX Expo Asia was heavily focused on payments. We have seen that besides looking for credit card and wallet solutions for their specific geos, merchants are also interested in the technology.
David Walker, Business Development Manager
How to boost approvals, many merchants have been having issues in specific regions (mainly Southeast Asia) and their approvals have been suffering either due to the wrong payment solution being used or lacking the technology to properly manage these regions.
Rana Zaki, Business Development Manager
I think the most frequently asked questions at the expo were about PSPs for specific locations. In my case, it was mostly about Asian countries. We have had fruitful discussions and look forward to assisting clients in their needs when it comes to Asian markets.
What was your main highlight of the event?
Natalie Agopian, Chief Sales Officer
That was a very busy few days – I have had my schedule packed with meetings, especially on the first day, meeting new clients and polishing things with earlier connections. But my main highlight was seeing my team thrive and present Praxis to potential clients in the best way possible. They have all been working hard and I am truly proud of them.
Electra Kyriacou, Deputy Head of Payments
I feel like this has been a very strong expo, with excellent meetings and potential partnerships. Most of my discussions and meetings were with PSPs, and it looks like we will have grown our (already impressive) portfolio quite a bit after this event.
Ilinca Cartoflea, Business Development Manager
My highlights were meetings with potential clients, some being very big names in the region. I cannot tell you more at this stage but am very excited to see how things progress!
David Walker, Business Development Manager
Even though it was a forex expo, there were some of the largest crypto exchanges in Asia present and I took the opportunity to gain further knowledge on their operational and payment needs. It was also a chance to introduce the concept of payment orchestration software and the value and benefit we can offer to the crypto industry as well.
Didn’t get a chance to meet the Praxis team? Feel free to drop a line at hello@praxis.tech and we’ll be in touch. Also make sure to follow us on LinkedIn, Twitter, Facebook and Instagram to be the first to know about our new features and events that our team plans to attend.
