Jean-Yves Sireau shares his insights on transformation in financial services. He highlights the impact of cryptocurrency on the finance sector focusing on the coming years.
1. Tell us about your role in Deriv?
I’m the founder and CEO of the company. I oversee various aspects of our business, including business development, recruitment, and product development.
2. Can you tell us about your journey into this market?
My journey into fintech began in 1991. During my studies in France, I started my first company that developed technical analysis software for the stock market. Shortly after that, I started a hedge fund company in Hong Kong. Between 1993 and 1997, I worked on the algorithms and systems that would become the foundation of our business today.
3. How do you think technology is developing the finance sector?
Within the last decade alone, we’ve seen a transformation in financial services, thanks to exponential advancements in technology.
Through AI-assisted data analysis, progressive companies are able to improve efficiency and speed of service and offer a more personalized experience for their customers. Fintech will continue to drive new business models using innovative technology that revolutionizes the finance sector.
4. How has the introduction of AI redefined the financial industry?
I don’t think AI has redefined the financial industry yet. It’s still a long way from what it can potentially be.
5. How has the introduction of cryptocurrency impacted the financial sector?
The old financial order has run its course. Archaic money-transfer systems like SWIFT and ACH are being replaced by new, more accessible solutions. The introduction of cryptocurrency has forced banks to re-evaluate their business models, and it has brought about changes that were previously regarded as impossible. New cryptocurrency technologies will, in due course, revolutionize payments.
6. How do you define your DMT5 platform?
DMT5 is our most popular CFD trading platform. It gives traders access to a wide variety of assets, including forex, stocks, stocks indices, cryptocurrencies, and synthetics. Over the last 5 years, DMT5 has grown to become the primary choice of CFD traders all over the world.
7. What features of Deriv trading differentiate it in the market?
We stay ahead of our competitors by offering excellent service, competitive spreads, and innovative products. Our proprietary suite of synthetic indices is a very good example of this.
8. What are your predictions about the future of a crypto-based fintech industry?
I believe that the crypto industry will continue to grow substantially over the next decade and will eventually rival traditional financial services.
9. What advice would you like to give to startups?
Dare to be different. Instead of operating in an existing market space and trying to beat the competition, create your own market space where you’ll be uncontested.
10. Which startup technology has grabbed your attention?
The Bitcoin lightning network. Its sheer speed and low cost, coupled with scalability and cross-chain transactions, have opened doors to a myriad of potential applications. As with all new tech, it’s not without teething problems, but I’m sure they’ll be ironed out soon enough.
11. How do you prepare for a technology-centric world?
What helps me most is reading many books, articles, and technical blog posts. As I come from a technical background, I enjoy keeping up with technological innovations; it’s something I’m quite passionate about. Deriv is a fintech company, so it’s very important for us to be on top of the ever-changing landscape of finance and technology.
12. What are the major developments you are planning, in recent times?
We want to invest significantly in blockchain technologies.
13. Which book are you reading?
I’m reading Ray Dalio’s Principles at the moment. Dalio is the founder of Bridgewater, arguably the most successful hedge fund ever. In Principles, Dalio shares methods that are based on unique ideas for making decisions, approaching challenges, and building strong teams.
14. We have heard that you have a very joyful work culture, we won’t mind having a look at some of the pictures?
15. Can you give us a glance at the applications you use on your phone?
The three apps I use most often on my phone will probably be Flipboard, Outlook, and Slack.
