Peter MacKay, CEO, Euro Asia Pay
Peter is a senior business leader with international experience in both private and public companies. His expertise spans 20 years with a track record of building and growing successful technology businesses, as well as two successful exits and two public listings. He founded Expert Agent in 2003, the leading real estate SaaS solution in the United Kingdom, connecting more than 14,000 realtors and almost 9 million home buyers.
Prior to joining EAP, Peter acted as the President, Chief Executive Officer and Chief Operating Officer of Venzee Technologies Inc, the Managing Director at Web sky Ltd. (Expert Agent), and the Chief Operating Officer at PDT Technologies Inc., a global, full-service product design and development firm which is now called Kabuni Ltd. and is traded on the Australian Stock Exchange.
Peter holds an MBA degree from the Beedie School of Business at Simon Fraser University, a diploma in Business Management from Salisbury College, and a BTEC in Computer Science from Boston College (UK).
What was the inspiration behind the launch of the SideKick Card powered by Mastercard? How is it helping parents and students?
Euro Asia Pay’s flagship SideKick Card was conceived with convenience in mind. We recurrently saw hurdles international students in Canada and their parents/guardians in the countries of origin faced with traditional ways of transferring money and financial transactions.
Parents/guardians/funders can rest assured with SideKick, they are bypassing unfavorable exchange rates, the need to open traditional bank accounts in Canada, and are monitoring and managing how much and on what their kids are spending money. It is the new age of banking and SideKick addresses all the pain points faced by this audience. Students can access their funds instantly once they are deposited onto the Sidekick card while taking advantage of budgeting tools and curated content to promote financial literacy.
Why does the Canadian education market remain highly lucrative and ranks among the first globally despite challenges brought on by the pandemic?
Canada’s international student population has grown six-fold over the past 20 years. It remains among the world’s leading destinations for international students, with a staggering 642,000 foreign students (3rd globally). Canada’s colleges and universities consistently rank among the best in the world, and that fact has been relatively unfazed by the pandemic. Additionally, Canadian cities often top the Quality of Life index by being highly multicultural and offering a safe and welcoming environment for international students. The Canadian education market is highly lucrative with many international students who benefit from services aimed directly at them.
In terms of the domestic market, Canadians place great value on tech and financial literacy, economic independence, and saving for their future. We are confident that our product will be able to support these core values through our feature-rich technology. Backing this is our commitment to financial education and empowering Canadian youth to learn critical fundamentals to ensure their financial future is promising.
How is Euro Asia Pay leading the way in parental control, transparency, and enhanced security functions?
Parents can rest assured that with SideKick, they have increased security and control of how their kids spend their budget while also having access in real-time. For example, SideKick allows the creation of shopping blocklists so that parents can prevent spending at merchants related to certain products or services, such as using their cards at liquor stores, dispensaries, or gambling establishments.
With our recent announcement of plans to launch SideKick in Canada, these valuable features will soon be accessible to parents here as well.
How students, parents, and the global education sector are increasingly using fintech for budgeting and daily financial transactions.
Innovative fintech solutions have enabled both parents and students to bypass limitations associated with traditional banking. We kept the unaddressed needs of the global education market in mind when developing SideKick, and we keep expanding our total addressable market to support more countries. We recently integrated another transfer partner to our platform, now we can support students coming to Canada from 241 countries. While formerly associated with millennials and the younger generation, more mature users worldwide such as parents are increasingly relying on fintech solutions for their child’s day-to-day financial management needs. Professionals in the global education market are increasingly recommending SideKick as a one-stop-shop solution for their clients.
What is unique to Euro Asia Pay is its robust proprietary technology which is highly adaptive. For instance, the ‘digital wallet’ can be customized to suit the user; employee-employer, company-customer, loaner-borrower user model.
We see the need for budgeting and daily financial transactions on a neo banking platform increasing day by day, and our technology addresses much wider audience needs and demands. Therefore, our plan is to extend the market to cover local parents in Canada in the next few months.
How new, bespoke, and tailored fintech solutions catering to specific groups and customer needs are poised to grow?
We are seeing more and more innovative companies leading the way towards next-generation neo banking to thrive in the competitive financial services marketplace. Changing customer expectations and demographics, as well as regulatory shifts supporting greater interoperability, have fuelled the growth of neo banks. Neo banks have quickly captured market share globally with expected market size of USD $450 billion by 2027. EAP’s proprietary technology is revolutionizing the basic concept of neo banking and forging partnerships to make the experience of the end-user extremely convenient, safe, and affordable. We evolve with our customers by being intuitive and listening closely to their needs in order to deliver value and products that are relevant to them.