Ben Richter Talks X-Factor in B2B Solutions, His New Startup

Fintech space has been historically a crowded and diversified marketplace, yet it remains interesting to find out how players in this industry are able to differentiate themselves or meet client demand. And more importantly, the relevant regulations dramatically changed and thus have set on a new path for retail trading sectors, with more protection for clients and more stringent rules for brokers.

We caught up with Israeli forex industry veteran Ben Richter, who recently launched his new startup, Ventures-X, to discover more about what it takes to secure a slice in the highly competitive industry.

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Ben Richter has left the FX industry nearly one year ago after he parted ways with Cypriot broker EuropeFX, barely less than a year after joining the company as head of Australia. He landed at ClickaCRM, a call center solutions provider, back in February 2019, then left his CEO role last month.

We asked him if he actually phased out forex business from his career, or it was just a normal switch to other industries that might be more interested for him.

Definitely not, said Ben Richter. He explained to Finance Magnates that the bulk of Ventures-X’s clients are from the Forex industry, though the newly-launched startup also caters to different segments.

All-in-one shop for business needs

Richter leverages his expertise in the B2B and C2B fields to offer technology tools, banking, marketing, corporate formations and operational solutions to firms looking to scale up in ‘high risk industries.’ The all-in-one shop for business needs serve financial services, gaming, dating providers, among many others.

For existing or aspiring brokers who would like to kick off their trading business, including those looking to get their brokerage off the ground, Ventures-X provides an all-in-one box. The offering consists of front-end solutions, as well as payment, platforms, white-label models and back-office support intending to provide access to financial markets.

The former executive at Leverate and FXCM Israel also believes that a company’s ability to succeed in closing the experience gap hinges on building customer trust. This makes sense at different levels.

To build customer trust and protect against the evolving risk of regulatory violations, Ventures-X is turning to work with tier 1 marketing technology providers using API, integrations and smart tracking systems.

It also enables their brokers to send and receive funds in various ways – credit cards, bank wires and cryptocurrencies. Naturally, each method will require its own solution. Enabling their customers to boost business capabilities and client reach has prompted Ventures-X to offer a multitude of relevant services, including Voip providers, payment cashiers, website CMS, SEO tools, Chatbots, integrations and more.

And since we entered a new era of tough consumer privacy and data protection laws, the startup allows companies to manage their clients’ data with the ability to choose the CRM that fits their own needs.

A game-changer regulatory scene

The global crackdown against online retail trading has ramped up even more, leaving us all mostly with many questions. It also shed light on little-studied activities that may act as accessories to online fraud, as well as misleading pitches for get-rich-quick schemes. Given Ventures-X’s diversified portfolio, Finance Magnates asked how these regulatory developments affect the business, and how they do help clients adapt to these changes.

Regulation is a key parameter for building your client trust as a respectable company they can work with, said Ben Richter. Practically speaking, his new company assists clients with obtaining reputable payment and banking solutions, though class A regulation has their costs.

Ben Richter also acknowledges that affiliate marketing has become a well-developed industry that boasts practitioners all over the world who are willing to aggressively market fraudulent products for high commissions. To ensure compliance, Ventures-X can manage locally their clients’ teams, handle the recruitment, legal, local rules, office rent and equipment, thus making the partnership compliant and cost-effective.

He added that HR outsourcing is an additional focus at Ventures X. The company can outsource most of the operational teams from sales, retention, to back office, compliance and even R&D, with such services a company can save more than 50% of their employees cost.

“We will manage the agents recruitment cycle, local legal management, office rental and equipment and local managers so the company can focus on the teams success, we can manage small teams of 5 agents up to more than 100 agents,” Ben Richter further explains.

Finally, you are speaking about the ‘X-Factor’ in Ventures-X’s offering. Could you please give us some details about a specific, unique product you are currently offering?

Financial tournaments, I truly believe this will be the “next” platform product to. Starving industry looking for the next thing for a long time, as it falls under the category of “Game of Skill”, which is white listed on Facebook and Google and can reduce marketing costs around 40%. And since no regulation requirements for “game of skill” category, it allows you as operator to obtain tier 1 PSP and banking Solutions. All the above are the strongest added value Financial tournaments provides while keeping the same sales structure so no need in making changes in the broker operational infrastructure, he concluded.

 

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