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The payments landscape in Portugal: An interview with Pedro Coelho
Strategically positioned between Europe, Africa and America, Portugal has an attractive and modern financial system. The Portuguese carry the least cash of all European citizens and use debit cards frequently. The Portuguese retail payments market is still dominated by the local payment system, Multibanco. Multibanco is a payment brand that belongs to SIBS, a large-scale payments specialist operating a payment infrastructure shared by all Portuguese banks. BNI Europa is a challenger bank providing niche products in several segments. In this interview, Pedro Coelho talks about the specifics of the Portuguese retail payments industry, the way BNI Europa entered the market as a branchless bank, and his expectations regarding further developments in the retail payments market.
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Diederik Bruggink is Managing Director of Bruggink Consultancy and is an independent international expert in cards, payments, and market infrastructures. During his career, he has led and worked on several international and high-visibility projects, mainly with a focus on cashless payments, across the whole payments value chain, from (e-commerce) merchant acquisition through to issuing banks and within card switching and card processing organisations. He was one of the key authors of the first three editions of the ‘World Payments Report’, and he makes regular appearances on conferences in the cards and payments industry. He is a member of the Editorial Board of the Journal of Payments Strategy & Systems.
Pedro Coelho is Executive Chairman and Chief Executive at BNI Europa, where he is responsible for introducing innovative products, establishing FinTech partnerships and focusing on high-margin client segments. He is an expert in driving digital banking transformations both in terms of creating ‘best in class’ digital customer experiences, and transforming key internal support functions to align fully with the overall digital transformation programmes of financial institutions. He is an innovative, agile and multiaward-winning banking leader with over 25 years’ financial services experience with leading blue-chip institutions across three continents, in investment banking, wealth management, general management, business development, strategy and latterly in FinTech.