Ambar Vitelli-Khosla
Strategic Partnerships
Taking place between 11th July 2022 to 15th July 2022, Fintech Week London 2022 is an event that brings together the best of finance and tech in London. The event explored a range of topics including Open Banking, Big Tech and Big Banks, and Fintech for Good.
What are the top 5 highlights from the Fintech Week London 2022?
Responsible innovation
Tuang Lee Lim, Assistant Managing Director (Capital Markets), Monetary Authority of Singapore presented the keynote for the International Organization of Securities Commissions (IOSCO) Roadmap for Crypto-Regulation. He concluded that the financial services industry has traversed the mile from being a middleman of the traditional finance sector to being at the centre of the P2P culture of the crypto asset ecosystem. While the opportunities in crypto are immense, it seems to have reached an inflexion point. The apparent volatility, manipulation and thickness in the market are making it unsafe for average customers to participate in a decentralised economy. Hence, crypto regulation is the need of the hour.
Inclusive capital
During the panel discussion Maya Ghosn Bichara, COO, Mindstruck suggests that the purpose of inclusive capitalism is to ensure that economic benefits are broadly and fairly experienced by all stakeholders including companies, investors, and the environment. Maya identifies three key trends in the market: there is increasing self-consciousness, emphasis on ESG and market integration. Businesses and investors are beginning to feel responsible for their immediate and long-term impact and are acting to achieve outcomes favourable to all sectors and communities.
Babar Khan, Partnerships and M&A, New Payment Platforms, Mastercard believes that disruptions and tech innovations that were expected by 2027 have accelerated by 5 years and are already here. While tech solutions are available, the challenge is to resolve the mismatches.
Big Tech & Big Banks: Coopetition
Trending in Payments
Customers are always looking for simple and robust payment services. Payment systems that are more connected, foster open ecosystems and ensure frictionless businesses are in a win-win position. Pietro Candela, Head of Europe Business Development, Alipay explores how banks and fintechs can cooperate to deliver more sophisticated experiences to customers and facilitate customer feasibility, across diverse regions. He observes that being younger, Asian customers are more prone to sharing data, while the European demography is more mature and richer while also being more privacy-oriented. However, Europe has the most advanced banking and payment regulations.
Bank Fintech Partnership for the Future of Finance
Partnerships between tech companies and financial institutions are going to be critical over the next three to five years.
Karan Jain, Chief Executive Officer, NayaOne
While customer expectations and markets are changing rapidly, the time taken for partners to get on board is still huge and has an associated opportunity cost. Stakeholders need to partner swiftly, experiment rapidly and look at more than one partner for business capabilities. This is mutually beneficial for companies, banks, tech providers and the end customers.
