Hiveterminal’s team is happy to report that our new home base in Zug gives us plenty of opportunities to explore the DACH market. We are converting these opportunities into long-standing partnerships.
Hiveterminal and FINMA Compliance
Our legal team has performed an in-depth review of the Hiveterminal platform — making modifications and annotations to its existing state — and specified what Hiveterminal needs to change to comply with FINMA, the authority regulating Swiss financial markets.
In Switzerland’s regulatory landscape, traditional financial institutions — i.e., banks — report directly to FINMA. However, entities interested in participating in the Swiss market — especially fintech companies — must report to one of FINMA’s subsidiaries, called Self-Regulation Organizations (SROs). To enter the Swiss market, Hiveterminal will become a member of an SRO and be subject to supervision by FINMA through this proxy organization.
DACH Pilot Groups
We have been doing extensive legal groundwork, but that has not negatively impacted our sales efforts. Our primary focus now is getting the initial group of pre-registered businesses together. This ensemble of small and medium-sized enterprises (SMEs) is our DACH pilot group and we have already gathered initial feedback from them. In addition, we presented the pilot group with the current state of the platform, which has performed well on our test market of Slovenia.
We walked them through a sample flow taken by an invoice seller company and gave them space to share their questions and concerns. This feedback was then taken into account by our business and development team to form the final version of the Hiveterminal platform for onboarding DACH customers.
At the same time, we have also been talking to interested enterprises in our network about our Early Payment Gateway. The feedback we have received so far has been promising and we are working continually with these companies, cultivating them into clients.
On the technology side, we have been researching and talking to technology providers, who could — by integrating their APIs into Hiveterminal — allow us to have a better tracking system of stakeholder payments without the need for user input. This is one of many building blocks we believe will improve our clients’ customer journeys as they buy and sell invoices on the Hiveterminal platform.
Hiveterminal’s Team Is Growing
Many of you have enquired about a LinkedIn job posting for a B2B Account Manager for Swiss and German markets. Our selection process quickly resulted in an initial group of candidates. This is why we felt confident enough to conclude our search for new candidates and settled on a couple of individuals we believe will form a strong sales team and help propel Hiveterminal forward in our DACH entry.
We will soon have a formal announcement and presentation of these individuals.