Muhammad Salman Ali

FinOps Function

● Developing and implementing financial policies and procedures to ensure compliance with regulations and best practices according to IFRS.

● Spotting errors and suggesting ways to improve the efficiency of overall FinOps function involving client reconciliations.

● Training and leading a team of FinOps and Reconciliation Accountants.

● Reviewing all client-side reconciliations and proposing corrective measures for crypto trade transactions undertaken by customers and reflected in liquidity partners, digital currency custodian, and payment processors database for all entities of the group.

● Keeping a track of all OTC trades carried out by OTC and treasury team and proposing solutions in order to avoid comingling of funds.

● Analysing the variances between Rain’s Send Revenue and Send (Network) Fee in the form of crypto.

● Coordinating with the finance teams in other entities for the automation of customer FIAT and crypto deposits and withdrawals reconciliations with Rain database.

● Leading the Oracle implementation of ARCS tool for the automation of all types of client side reconciliations.

● Automation of various financial accounting processes/reports subsequent to Oracle implementation

● Coordinating with the operations team in Bahrain for the development of an internal tool used to match customer deposits arriving in bank with Rain’s database.

● Coordinating with engineering and BI team for the automation of data capturing through APIs.

● Performing Risk and Control Assessment exercise for major finance processes which include Treasury, Accounts Receivables, Payables, Management Accounting.

● Keeping an eye and proposing corrective measures for the discrepancies arising due to due to timing differences between Rain and its liquidity partners, system down errors, skipped transactions and duplicated and erroneous transactions.

Accounts Payable and Receivable

● Managing full cycle of accounts payable coordination including analysis, account reconciliations and managing supplier expectations on group level.

● Keeping track of crypto purchased and consumed by Rain for network fee, marketing & growth campaigns, and vendor payments for all entities.

● Reporting the receivables and ageing analysis from payment processors for group entities on weekly basis.

Financial Planning and Analysis

● Assisting in the annual budgeting and forecasting processes; performed periodic variance analysis, reporting the same to the top management and recommending corrective actions.

● Developing and driving the cost allocation across business lines

● Assisting in preparing financial decks on business performance for the BoD/Leadership on a periodical basis.

Accounting

● Managing and reviewing the bookkeeping of inter-company expenses and payments and ensuring the booking of forex associated with the transactions.

● Reviewing the calculation and bookkeeping of all Costs of Sales and Opex for all group entities

● Supporting month-end and year-end closing process on both entity and group level.

● Analysing the ledgers and accounts to allow the reconciliation of financial data according to stated schedules so that the company remains aware of its financial position on an ongoing basis and statutory reports can be produced within legislative time limits.

Audit

● Assisting external auditor in its annual financial audits and coordinating with various process owners as requested by senior management.

● Leading and driving audit recommendations/remediation action plans to address all audit findings noted in external auditor’s annual financial audits.

Treasury Reporting

● Preparing daily solvency reports of crypto assets and liabilities in accordance with the requirements of the Central Bank of Bahrain.

● Preparing weekly and monthly solvency reports of FIAT assets and liabilities in accordance with the requirements of the Central Bank of Bahrain.

● Preparing cash-burn report and cashflow summary on monthly basis for higher management on group level.

● Developing liquidity analysis report containing all cash and cash equivalent on group level and proposing cash requirement for operational use.

● Responsible for intercompany funds management and funds requirements from parent company.

● Calculating and analysing forex spread on clients’ crypto buy and sell transactions.

● Calculating and analysing forex gain or loss on exchange settlements, international payments, interbank transfers, and payment processor settlements.

Regulatory Requirements and Reporting

● Carrying out the revenue segregation exercise which is a compulsory regulatory requirement by Central Bank of Bahrain

● Submitting the crypto solvency report to Central Bank of Bahrain on monthly basis

Submitting the FIAT asset report to Central Bank of Bahrain on monthly basis

● Handling the routine bookkeeping of clients as per the requirements and specific nature of business

● Working closely with clients to support their accounting and reporting needs and providing financial information for business decisions.

● Assisting in the creation or expansion of accounting policies and procedures

● Managing cash and payments to client approved A/P invoices

● Weekly and monthly reporting on outstanding accounting receivable metrics

● Performing overview of financial statements for inconsistencies and opportunities of increased revenue generation or cost savings

● Periodically preparing and reviewing account reconciliations

● Preparing reports including fixed asset schedule, depreciation schedule, aged analysis of Assets

● Processing the flow of transactions and ultimate capture in general ledgers and ultimately financial statements

● Completed daily cash functions like account tracking, payroll and wage allocations, budgeting, donating, and cash, and banking reconciliations.

● Partnered with auditors to track errors and add contributions to maintain accuracy.

● Conducting financial analysis for analysing the quarterly and yearly performances and providing suggestions on the basis of outcomes of analysis

● Conducting feasibility studies and preparing business plans for local and overseas clients with country specific requirements

● Implementing relevant processes and procedures to achieve correct and appropriate VAT reporting.

● Preparation and submission of VAT returns in compliance with FTA requirements in UAE

● Analysing statement of cash flows, by comparing forecasted, expected, and actual results

● Project financing and evaluating effective investment alternatives (Worked on opening a new branch for web development program and successfully brought financing from a well-known bank)

● Collected data and developed detailed spreadsheets to identify trends and create revenue, profitability, and expense forecasts.

● Reviewed financial reports and streamlined operations to increase productivity and company profits.

● Financial reporting in accordance with IFRS guidelines

● Providing initiatives to the higher management in setting prices

● Solely responsible for VAT (GST) filing to FBR.

● Cost controlling and analysis of variances.

● Development and revision of financial and accounting policies and procedures

● Analysing and interpreting a portfolio of investments using various statistical software and tools

● Performing bank reconciliation and maintaining cash book

● Performing inventory valuation and maintaining fixed assets register

● Maintaining ledgers, trial balance, profit and loss statement, balance sheets

● Preparing payroll and managing petty cash

● Issuing tax invoices to parties and clients and maintaining timely SOA

● Setting credit terms with the clients and vendors while performing ageing analysis

● Performing receivables and payables management and ensuring timely payments

● Extracting relevant data from databases like Bloomberg, Investing, Thomson Reuters etc.

● Preparing daily reports related to international commodity price fluctuations

● Providing conceptual insights to client engagement teams

● Checking Vouchers and Referencing

● Managing specialized information, reports, forms dealing with fees, billing, tracking of projects

● Entering information into the financial accounting system of the company