Where to listen

         

Whistleblowers and scandals. What really went on behind the scenes at Wirecard? This episode of The Money Pot, live from the Money 2020 conference in Amsterdam, features an exclusive interview with Pav Gill, the whistleblower who exposed the Wirecard fraud, and journalist Jason Mikula. Listen as we uncover the early warning signs that Pav Gill noticed, including suspicious financial practices and shady backgrounds of key personnel. The conversation takes on a surreal tone, with comparisons to infamous cases like Enron, and even elements straight out of a spy novel. Jason Mikula sheds light on the banking-as-a-service industry and the spectrum of ethical behavior within rapidly growing sectors.

We tackle the intricate dynamics of governance, fraud, and risk-taking within fintech startups. The line between aggressive business tactics and intentional fraud is often blurred, and we explore how the drive for innovation and profitability can lead to ethical compromises. We examine how venture capitalists influence board governance, the pressures on pre-profit companies to meet their KPIs, and the impact of national pride on oversight failures. The Wirecard scandal serves as a poignant example of how these factors can lead to significant fraud cases, creating a cautionary tale for the industry.

Regulatory gaps in the fintech industry present another set of challenges, particularly for companies operating outside traditional banking regulations. This environment fosters innovation but often lacks the necessary supervision to ensure consumer trust and protection. We discuss how different regulatory frameworks in Europe, such as e-money institution licenses, offer alternative oversight models. Potential solutions like creating a self-regulatory organization, similar to FINRA, are also considered. This episode offers valuable insights into the ongoing developments in fintech and highlights the importance of robust governance and regulation. Join us for this compelling discussion with Jason and Pav Gill, and stay tuned for more updates on the evolving fintech landscape.