MIRFAISALTALPUR CEO & Founder

Cinch Technologies

TECHNOLOGY IS CHANGING EVERYTHINGFROM HOW WE SPEAK TO FELLOW HUMANS

TO HOW WE COMMUNICATE WITHAN ARTIFICIALLY INTELLIGENT PERSONAL ASSISTANT

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Our readers would like to know about your family background, education and professional

interests. Would you care sharing these briefly?

Any specific products in the pipeline?

Technology is determining the way we live in the post-modern world. Please tell us about your technology

business. It is becoming a bit too

philosophical and too technological for me. Can you please tell how your

technological innovations can help Islamic banking and finance?

You’restartingwithawrongquestion[smiling].Askinganex-royalabouthisfamilybackgroundisattimespainful.HavingsaidthatItakepleasureinsharingwithyouandyourreadersthatIbelongtotheRoyalTalpurfamilyofSindhintheIndianSub-continent.TalpursruledSindh,nowaprovinceofPakistan,justbeforetheadventoftheBritish.Iamthe5thdirectdescendentofthelastruler,HisHighnessMirSherMuhammadTalpur,alsoknownastheLionofSindh.TalpurswereconsideredtobethemostbenevolentleadersinthehistoryofSindh,atraditionstillcontinuedbymanyTalpurs,includingmyfather,MirKhalidHussainTalpur,whoisresponsiblefortheupkeepofover10,000peopleinMirpurKhas,Sindh.

Likemanyofmycousinsandothermembersoftheextendedfamily,IreceivedmyearlyeducationfromBVSParsiHighSchoolinKarachi.MyfascinationwithtechnologystartedwhenIwas8.Mymother,TasleemTalpur,playedaverypivotalroleinmypersonalandcreativedevelopmentandencouragedmetoseekfurthereducationintheUK.Attheageof19,IcametoLondontoseekfurthereducationandcompletedmyBSc.inComputerSciencefromQueenMaryUniversityofLondon.Myentrepreneurialandinnovativenatureledmetochooseapathawayfromfamilybusiness.

Iexperimentedwithvariousinnovativeproducts,beforeinventingE-Thermalshoesattheageof17forwhichIalsoholdapatent.MyaccoladesalsoincluderunningPakistan’sfirstEnglish-languagescientificmagazinecalled‘KnowledgeSpectra’.Iwasthefounderandeditorofthismagazine.

MirFaisalTalpurfollowshisdreamswithabusinessman’smindset.Asasuccessfulserialentrepreneur,helikestoputideasintoactiontohelphisclientsturntheirdreamsintoreality.Hewearsvarioushatsasaskilledconsultant,businessturnaroundspecialist,technologyenthusiast,marketingexpertandpropertyinvestmentsadvisor.MrTalpuriscurrentlyservingasCEOofCinchGroupofCompanies,aLondon-basedgroup,withinterestsandexperiencesintechnology,investmentandfinancialadvisory,brandmedia&marketing,high-endconsulting,callcentredevelopment&management,businessautomation,ande-commerce.

Entrepreneuratheart,MirFaisalTalpurhasbeeninvolvedwithhelpingandsettingupbusinessesforalmostadecade.Whilerunningasuccessfulpropertyinvestmentcompany,healsoventuredintocreativetechnology.

Duringhisventuresherealisedtheinadequateuseoftechnologyamongorganisations.HedecidedtodosomethingaboutitandfoundedCinchTechnologies,alongwithhiswife,ShakeraAlam,whocomesfromacorporateCitybackground.

In2017,Faisalisexcitedtolaunchhisnewventure‘BusinessPronto’,whichcanbeclassifiedasworld’sfirstofitskind“businessentrepreneurshipplatform”.Theplatformaimstoenhancethetruespiritofentrepreneurshipandhelpbusinessesachievesuccess.

MirFaisalTalpurexhibitstheentrepreneurialspiritofLondon.ProfessorHumayonDarinterviewedhimforthebenefitofmanyestablishedandpotentialentrepreneursinIslamicbankingandfinance.

WeexpecttodothisbyintroducingconceptslikeShari’a-compliantloanmanagementsystems;self-learning,intelligentandinteractiveportals;practicaleducationande-learningportals;smartpaymentsystems;andcommunitycurrencies.

I’msorryforgettingcarriedaway.Thisshouldshowmypassionfortechnology.

[Afterapause]WeareworkingonconceptsthatwillchangethewayShari’a-compliantbusinessestrade,howtheygetfunded,howtheymarketthemselves,andhowindividualsconducttheirpersonalfinances.

ModernIslamicbankingisjust40yearsoldwithlast10yearsbeingthemostcreativedecade.Thereisalottobedone,andoneofthemajorchallengesthatthisindustryfacesisthefearofacceptanceamongthenewadopters.InanefforttoboostthetransitionfromconventionalsystemtoIslamicfinancewewillbestreamliningcommunicationchannels,easingtheresistancethroughliteracyandeducationandmaketheinteractionsmoresocialandfriendly.

OurIslamicfinanceprojectsincludefinancialliteracy,crowdfunding,peertopeerlending,onlineShari’abanking,investments,e-payment,m-paymentands-paymentsystems.OneoftheproblemswearetryingtoaddressistoprovidealucrativefinancealternativetotheUKcompaniesbyprovidingapeertopeerShari’a-compliantcrowdfundingplatform.

FinancialinstitutionslikebanksareembarkingonplanstoencouragesignificantinvestmentintheFinTechsector.TechnologyischangingeverythingfromhowwespeaktofellowhumanstohowwecommunicatewithanartificiallyintelligentpersonalassistantlikeAmazonAlexa.

CinchTechnologiespridesinprovidingsolutionsthathaverealuseinthemarket.Inourbusinessapproach,everyinnovationorrevolutionaryideamustgothroughaprocesstoleadtoaproductthatmusteventuallybeacceptedinthemarketforultimateconsumptionanduse.

Thereisasteppedprocessforanewconceptortechnologytobeacceptedinthesocialsystem.Wedividethisprocessintolayers.Wefocusonthelayerthatnooneisfocusingon.

Thislayeriswheretheconceptmeetshumanunderstanding.Itiswhereideastartstonowfindarealuseinpeople’slives,aharmonicconvergenceofradicalthoughtswithconventionallogic.Thisisthelayerwhichhasthepotentialtodisruptthemarketandwecallitastrans-integrationallayer.Alotofactivitytakesplacehere.Itiswherehumanactionsandunderlyingbusinessmethodscanbeconvertedintotheirtechnicalequivalent,wheredifferentsystemscancoherentlyworktosolvecomplexproblems.Byfocusingonthislayerwecandissectcomplexfunctionsintosingletasks.

Trans-integrationallayerdealswiththetransformationofpeople’smindset,theiradaptabilitytonewtechnology,theiracceptabilityofchangeandtheirconsciouscompetenceofmakingtherightdecisions.Italsodealswiththeacceptanceoftechnologyintheindustryandinternalintegrationofsystemstoprovideasustainableandhomogenousenvironment.Itisthislayerwhichwefeelisthemostusedbyhumansbutoverlookedbymajorityoftechnologycompanies.

There is a lot to be done, and one of the major challenges that this industry

faces is the fear of acceptance among the new adopters.

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This is absolutely awesome. How can our readers and other people invest in this project, if this project is

open to external investors at all?

You have lived in London for long. Do you think Islamic banking and finance has any meaningful

future in the UK?

Theideaoftheprojectistobringlike-mindedpeopletogether.Wearealwaysopenfordiscussionsbeitanindividualoraninstitutionalinvestor.Ifthereisasynergyandcommonground,weareveryopentoformamutualbeneficialrelationship,whichwillhelptheendproduct.Ialwaysbelievethatthemorelike-mindedpeopleonboardthequickeryoumoveforwardandthat’swherethecorestrengthliesin‘Togetherness’.

Yes,undoubtedly.Iamafirmbelieverofgoodpositivechange.Thereshouldalwaysbeanotherway.Weliveintheworldofchoices.Fromthechoiceofshampootothechoiceofcars.Thenwhyshouldn’twebeabletochoosethefinancialsystemwewanttobeassociatedwith?

DavidCameron(formerUKPrimeMinister)madeanannouncementin2013puttingLondononthemapofglobalcapitalsofIslamicfinance.We,theBritishMuslimshopethatthesuccessiveUKgovernmentswillcontinuetoprovidealevel-playingfieldtoIslamicbankingandfinance.

What challenges do you perceive for financial services in the wake of growing role and

influence of FinTech? Ifeelit’satrust,expectationandtimingissue.Iffinancialservicesindustryandallthemoreimportantconsumersintheirheartofheartsaccepttechnology,thentheFinTechrevolutionwillprevailinacomprehensiveway.ForFinTechtobecomemainstreamFinTechcompaniesneedtoapproachthemarketwheretheirproductsareunderstoodandrelieduponbythepeople.Change,adaptabilityandacceptancearethe3challengesanyrevolutionfaces,andbringingFinTechintoourdailyliveswon’tbedifferent.Therearespeedyinnovationshappeninginotherareas,butinFinTechthatisnotthecase.Surely,weneedtospeedupthatprocess.This,however,hastogohandinhandwithcreatingmarketawareness,adaptabilitytochangeandacceptance.

My daily aim for my team is simple: Move forward with clarity of purpose, make

sure to be creative in what you do and improve upon yourself daily.

We have heard that you’re about to launch a global investment platform.

Would you like to share details of this innovative exchange with our readership?Yes.Weare,InShaaAllah,launchingwhatissupposedtobetheworld’sfirstShari’a-compliantglobalinvestormarketplace.Webelievethiswillbethefuturefaceofhowglobalinvestmentswillwork.Thisisacloudbasedplatformthatwillallowuserstotradeopenly.Bytrade,wemeantraditionaltrade.Theplatformwillalsobehaveasanintermediaryonmanyoccasionswhenrequired.Anexampleofthiscanbetradefinance,wheretheplatformcanbuytheassetandthensellittotheendbuyerwiththemarginbeingtheprofit.Otherfeatureswillincludeinvestmentcomparison,personalfinancemanagement,fundraising,invoicediscounting,assetorinventoryfinance,andotherproductstohelpbusinesseswiththeirworkingcapital.

Itwillbeatrulyglobalonlineinvestmentplatformwhereinvestorswillcongregatetobenefitfromassortedandpre-qualifiedofferings.Iamveryexcitedtoseethisbeingdevelopedasatechnologicallyadvanced,featurerich,innovativeonlinemarketplaceandcommunicationnetworkwhere,forthefirsttime,productproviderswillbegiventheopportunitytohaveaonetoonedirectcontactwithinvestors,whileinvestorswillbeabletocommunicatewithotherfellowinvestorsenablingaglobalexchangeoffriendlyinvestmentnetwork.

SuchofferingsontheplatformwillattractUKandglobalbusinessesandprovidethemwithpowerfulalternativetofallbackon.Astheofferingwillbebasedoncloudtechnologythiswillgivethepowerbacktotheusersandallowthemtousetheservicefromanywhere.

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Please share with the readers a typical day of Mir Faisal Talpur. How it starts and what are must on the to-do

list on a daily basis?

Now a few words about your future business plans. How does your vision of business and

entrepreneurship treat Islamic banking and finance?Ialwaysliketochallengethestatusquo,especiallywhenthingsdon’tlookrightandweallknowthefinancialenvironmenthashadmorethanitsfairshareofproblems.Wewouldliketocontributeandhelpputthingsinorder,ifpossible.ModernIslamicfinancialsystemisstillnascentandisgoingthroughamajorawarenessstage.LackofeducationonhowIslamicproductsworkisoneofthemainchallenges;whichiswherewearepositioningtoapproachthemarketwithapracticaleducationsolution.

Wewouldliketobeflyingthecreativeflaginthenextdecadestocome,andalwayslookingforpartnerswhosharesourflair.

DaystartswithmyFajrprayers.AlthoughIwakeupat4.30am,Icometoworkataround10:30am.Lateformostoftheworld!Timebetween5amtillIgettoworkismyself-developmenttime,asIpray,meditate,focusandplanmylifeandbusiness.Iutilisethistimeforcreativeandinnovativeideasandplanhowtoexecutethem.Ireflectonmycurrentprojectsandmakefuturestrategies.

IamprobablythemostrelaxedCEO.Ibelievethingshappenwhentheyaremeanttohappenandpushingandstressingdoesnothelp.Ihardlyhaveadailystrictto-dolist.Iamafirmbelieverinfocusingontheendgoalwearetryingtoachieve,thedestinationweneedtogetto,andmyaimdailyistomakesurethatIandmyteamacross3countriesaremovingtowardsthatgoal.Weaimtosynchroniseourworkasmuchaspossiblewhereincludingmyselfotherpeopleinthecompanyhaveclarityonwhattheyaredoingandworkefficiently.WhenI’matoffice,80%ofmytimegoestowardsworkingonthebusinesswhiletheremaining20%Iworkinthebusiness.Ihavereducedkey-mandependency,introducedsmartdelegationandautomatedourbusiness.Mydailyaimformyteamissimple:Moveforwardwithclarityofpurpose,makesuretobecreativeinwhatyoudoandimproveuponyourselfdaily.MostdaysIleaveworkby6.30pm.AlthoughmywifeandIworktogetherwemakesurethedayendswithspendingqualitytimewitheachother,occasionallywithfriendsandfamily.

You must have travelled to a number of countries. Which Muslim-majority country has really

impressed you and why?[laughing]:Onemustremainingoodbooksofone’swife.ButwhenInameBangladeshitisnotjustpleasingmywifewhocomesfromBangladesh.Ihavebeenextremelyimpressedbythecountry,asithasgonethroughacompleteoverhaulanddeepfinancialtechnologyrevolution.Theirmobileinternetsubscribersareover60million,andover100millionmobileusersmakeBangladeshaperfectincubatorandgrowthhubforFinTechstart-ups.Theworld’ssecondlargestmobilemoneyprovidercompanyisfromBangladesh.ThereisahugeopportunityandpotentialtodevelopotherFinTechsectorsinBangladesh.ThecurrentgovernmentisalsoencouragingthedigitalrevolutioninthecountryandtheirpoliciesandbudgetareICTfriendly.WhenBangladeshovercomesthelackofconsumertrustissueintechnologywewillseemorekeyplayersinFinTechsectoremergingfromBangladesh.

What would be your message to the global Islamic financial services community,

particularly the youth?TheyouthwhohavechosenIslamicfinancialservicesastheircareerpathorarewillingtoventureintothissectorasentrepreneursshouldkeepapositive,yetkeeneyeonthemarket.Interestingly,inmyopinion,despiteasluggishstartthissectorwillseeconsiderablegrowthinthenextdecadeandenjoyaprolongedsuccessafterthat.Infavourableglobaleconomicconditions,itmayevenexperienceaperiodofhyperexponentialgrowth.

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