Interview With GlobalNetInt - One Of The Best For Crypto Businesses

  • May. 24th 2020
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Interview With GlobalNetInt  - One Of The Best For Crypto Businesses

GlobalNetInt is one of the more popular banking choices for different companies on our platform. They serve high-risk clients, are very personal and are improving in time. We did a short interview with them and you can see all the replies below.

If you have any experience with GlobalNetInt, and you'd like to share it with us, find them from our marketplace and leave us a review!

What’s the background of GlobalNetInt? How long have you been operating and how many clients you’re serving today?

GlobalNetint has been founded by the payment professionals with the deep knowledge of the industry since the first initiatives to establish electronic money services within the EU. Despite all the doom and gloom at the time, we found this to be a very interesting opportunity to help businesses to get rid of banks' monopoly and provide an access the cost-saving payment services with the global reach.

GlobalNetInt  has quite a few different services. Can you give a quick overview of what features GlobalNetInt has today and what kind of clients do you mostly work with?

We are known on the market as a reliable and confided banking services provider who can cover the needs of any business that is looking to access the SEPA, SWIFT, foreign exchange, multi-currency pay-ins and pay-outs, currency conversion and many other services. In addition to SMB clients, our expertise and professional team can handle high-risk clients such as online casinos, affiliates, crypto exchange platforms, and many other business verticals globally. If you would ask what is unique about us I would highlight one solution that is very uncommon for the electronic money institutions - we are providing our partners with the EMI White Label solution as a turn-key solution to start an EMI business within a timeframe of few months and with a considerably smaller investment than otherwise required.

The e-money / online banking  scene is very competitive. In Lithuania alone, there are almost 60 different companies licensed. How do you differentiate yourself from the competitors and build a sustainable business?

The online banking business is very competitive and many fintech startups are making the mistake by thinking that once they get the EMI license, they will be hunted by the clients for the services. In reality, it is very hard work to establish all the partnerships and attract clients, gain their trust and serve the clients as best as you can, while following the regulatory requirements. We've put in considerable effort to  meet these challenges, and we've got results to show for that. During 2019, we became No. 5 EMI in Lithuania and this is a very good result to achieve during one year after we started our full operations.

How has the current crisis affected your business, and do you see any opportunities for fintech’s in the current environment?

We see this crisis as an opportunity to increase our footprint in a global payment industry. More and more business find that the online services are among the most resistant to any kind of crisis. It’s a very good time for us and for our WL Agents to focus on expanding our clientbase and streamlining processes and services.

How do you see this industry evolving in the next 5 years – do you think independent EMIs/online banks will keep taking the market share, or it’s the fintech arms of the big banks who are going to outpace the independent market participants due to better funding and distribution channels?

We see that small to medium sized companies niche service providers will always find clients and clients will always look for the ones who can satisfy their needs and really care about them on a personal level. For sure we see the tendency that big banks are establishing sister fintech companies and moving part of the business to them, but it just shows that nano to micro-market approach is the future of the financial industry and will create a competitive and balanced environment where the merchants and individual clients will benefit most.

GlobalNetInt enables other fintechs to operate on its own EMI license – how does this EMI agent system work, and why it’s beneficial for entrepreneurs looking to enter this market?

When you as an entrepreneur consider any new business opportunity, you are always considering the business model, investment required, and the time it takes to get to the market. The third one out of the three mentioned is the most crucial for any payment service provider. Real experience shows that to start the new EMI (Electronic Money Institution) takes approximately 2 years and a fortune to invest. In the meantime, our partners can start their own, client-centric EMI business operating on our license, IT infrastructure and fully enabled services in one package. In just few months they are live and operational, and can compete with players who have been in this market for years. It is a very good solution to consider for very different reasons and it attracts entrepreneurs who are looking for new business opportunities or the ones who are facing some issues related to Brexit. We see that our Agents are very dedicated and are successfully taking part of the global payment industry.

What kind of liability GlobalNetInt takes when you onboard a new EMI agent? I assume you’ll need to oversee the AML procedures of your agents?

You are absolutely right. GlobalNetint is solely responsible against the license issuer and has to make sure that the agents are fully backed up with all the routine procedures and policies which are very important to comply with. We are very strict about this as it’s our main interest in terms of working with entrepreneurs.

 

Check out GlobalNetInt here and leave us a review of their services!

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