TrustTalk EP1: Bring Financial Access to Developing Nations

The financial ecosystem is undergoing an upheaval. As fintechs continue to emerge, the previously fragmented network of financial institutions—banks, lending companies, regulatory bodies, credit bureaus, and end users—is being woven into a cohesive and synchronized web. This evolving landscape is connecting disparate entities into a unified and dynamic network.

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However, every network has its vulnerabilities, and fraudsters around the world are quick to exploit them, using the interconnected financial system to their advantage.

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The real question is: how can third-party risk management companies strengthen this network and contribute to financial and digital inclusion in a meaningful way?

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In the first episode of TrustTalk, hosted by our Regional Marketing Manager Elaine, had an insightful conversation with Jackal Ma, Chairman of TrustDecision. We explored the pivotal role of third-party risk management in the financial ecosystem, how traditional finance can collaborate with fintech, how our technologies are extending financial access to the vast unbanked and underbanked populations, and the progress we've made toward these goals.

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“In the last few years, we have done a lot to help people in emerging markets better evaluate those without established credit histories. We’re pretty proud of that,” said Jackal. “Up to today, we’ve also seen many governments taking serious action to combat online and telecom fraud, which are significant issues in Asia. Our technology has played a big part in addressing these problems. We now operate in 10 countries, serving end customers in over 150 countries, helping them gain both digital and financial inclusion."

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As a risk management service provider, a significant part of our mission fall upon helping companies across industries to prevent fraud. Fraud is becoming increasingly pervasive worldwide, particularly with the rise of generative AI. In the podcast, both shared personal experiences with fraud, but the big question remains: will fraud ever truly end? Jackal shared his thoughts: “It’s an ongoing battle. Fraudsters will always find new methods, and you need to stay ahead with new ways to stop them. I believe things will improve over time as technology increases the cost of committing fraud. So, while we may never fully eliminate fraud, I’m optimistic we can reduce it significantly.”

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When discussing whether specific patterns of fraud vary across countries, Jackal emphasized his strategy for identifying fraud that rather than focusing on the fraud itself, it’s better to focus on the fraudsters and their networks. Fraudsters tend to move around, and while the mechanisms they use are universal, the details are often localized.

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As a seasoned entrepreneur, TrustDecision marks Jackal’s fifth venture. In the podcast, he shared valuable insights from his entrepreneurial journey, from his early days as an artistic film director to becoming a tech-driven innovator. Reflecting on his passion, Jackal said, “I’m persistent about anything I believe is right. I want to do something that truly helps people and leaves a legacy.”

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Reflecting on his entrepreneurial journey, Jackal emphasized the importance of thinking outside the box and collaborating more broadly. He acknowledged that working with others, including competitors, can bring unexpected benefits and strengthen the overall ecosystem. Looking back, he noted that if given the chance to start again, this would be one of his key focuses—leveraging partnerships and cooperation to drive innovation and success.

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As the conversation drew to a close, Jackal shared some personal insights, including his hobbies, hidden talents, and the book that changed his life. Now available on YouTube and Spotify.

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