Fintech

EXCLUSIVE: “The Conference that Listens”

Published

8 months ago

12 June, 2024

EXCLUSIVE: "The Conference That Listens" - Gina Clarke, Money20/20 in 'The Fintech Magazine'

Money20/20 Gina Clarke, Head of Content for Europe, tells Tim Goodfellow how the main event remains relevant by constantly updating the feedback loop

There are numerous industry conferences with slightly different focuses, but not many can claim to have royalty and whistleblowers on the same bill. It’s the kind of bold content we’ve come to expect from Money20/20 Europe, and this year it more than lives up to its reputation.

To maintain its status as a mecca for fintech and financial innovators, there is a lot of creativity behind the scenes, and former financial journalist, now Money20/20 Europe content director, Gina Clarke, has a big hand in this.

“It’s like putting together a story,” he says. “I am contacting all the key players and finding the background in a lot of research. But instead of writing the story, I see it acting on stage.”

The European iteration of the Money20/20 event, taking place in Amsterdam, has a broad regional focus and, as a result, satisfying various jurisdictions and stakeholders can be a challenge. What apparently isn’t, is the organizers’ propensity for surprises

Think flash-mob brass bands and an inland beach this year. This certainly shakes up the internet. The show invited Prince Constantine of the Netherlands, a vocal supporter of the local startup sector, to open the 2024 event and take part in the first discussion, while the keynote speaker, former French President François Hollande, reflected the growing position of France in the technology sector, especially AI.

Then we come to that whistleblower: a one-on-one meeting billed as “What the Wirecard Whistleblower Did Next: Pav Gill’s Confidence” with the man who uncovered one of the most significant financial scandals in European history and went on to found one own boot to avoid another. Confide makes it easier for employees to report corporate mistakes and for companies to take action before a story reaches the media.

Speaking of fraud, this year an advance signed copy of journalist Geoff White’s new book Rinsed (out June 13) about money laundering in the modern age was included with the price of admission – a healthy indication of the organizers’ desire to welcome all parts of the world. the ecosystem.

CONTENT FOR EVERYONE

If you’ve never been to Money20/20 Europe, the US or Asia, it’s difficult to put into words the scale of these events. The RAI convention center in Amsterdam is full of colorful stands, booths and stages. Plus there are many other mini-events going on around it. There is a bit of spectacle in all this, clearly, but the content itself is fundamental.

“Every year we get out our crystal ball and try to predict what trends are emerging,” Clarke says. “I think we did a great job this year.”

For Clarke and his team, feedback from previous year’s attendees plays an important role in the decisions they make in organizing the next event.

“We listened and what they said is that they want to reserve their time for the content. So we have chosen five major themes for 2024, scheduled one after the other.”

The clear structure allowed people to make the most of the amazing networking opportunity offered by Money20/20.

“We always think ‘how did we get through last year?’. For me it was about finding a place for everyone”

“We always think, how do we top last year? For me it was about finding a place for everyone,” says Clarke. “We know that networking is high on people’s priorities, so we thought we’d add it to the content, which we did with Singularity Stage.”

These “first-come, first-served” insights into particular topics offer networking opportunities around a single topic: “listen to fabulous content and meet
people who are interested in the same content as you,” as Clarke explains.

With any Money20/20 there is also content that is not listed on the programme, including closed-door events that aim to “attract retailers, insurers, wealthtech players”. All this in the service of finding “something for everyone”, which is a difficult task when you have 100 countries represented, 8,500 participants and 2,300 exhibitors. It’s something Clarke has been willing to accept, though.

“The difficulty of being such a major European event is that there are different regulatory practices to think about and different organizations with different needs,” he says.

“Obviously there is harmony in regulation in Europe, but from an implementation point of view, the UK is very different. And then add what’s happening in LATAM, Canada or Australia. We’re trying to tell the whole story as a kind of journey.”

Money20/20 Europe’s position helps, Clarke says. “Amsterdam is a truly vibrant city and banking hub in Europe, being within reach of many high-profile European banks.” And it’s not just the established players, many of whom have speaking rights at the conference, but also the challengers who, in her opinion, are no longer really challengers, but an established part of the ecosystem.

Regardless of the number of countries represented in total, it is notable that Clarke admits: “When we look at the breakdown of our audience, the majority are still from the UK.”

Of course, proximity helps, but their presence en masse is perhaps indicative of the UK sector’s desperate need to stay on the European circuit. This is especially true when you have the European equivalent of Open AI – Mistral AI – being developed in France and the upcoming, world-first EU AI Act is being introduced.

THE AI REVOLUTION

And this brings us to the overall theme at the heart of the 2024 conference, Human X Machine. Clarke says AI entered into the planning of every aspect of the show this year, but it was handled thoughtfully, attempting to bring clarity and provide attendees with some clarity on the technology.

Among the five subthemes, Signal vs. Noise is designed to help them “choose which path to follow” and provide useful case studies, Clarke explains. Meanwhile, after a year in which venture capital was anything but adventurous, The Business Of Money subtheme was designed to address “the whole conversation between profits and growth” and another, The Customer Universe Of One , placed emphasis on customer centricity. .

There’s obviously a deep awareness of the things that really matter, and Clarke also talks about the balance the show strikes between deep dives and something higher level. As she says: “It’s fine to hear CEOs on stage giving headlines and getting a sense of where the industry is going, but if you’re already involved in this, you really want tangible results.”

This is where insights come in, talking about the slightly less glamorous (but no less talked about) topics of digital identity, regulatory compliance and cybersecurity. What stands out is that the team really builds the show around their customers, practicing what should be an industry standard. So if you want a lecture that you listen to, this might be the one for you.

This article was published in The Fintech Magazine, issue 32, page 4-5

Source

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Fintech

US Agencies Request Information on Bank-Fintech Dealings

Published

6 months ago

30 July, 2024

FinCrypt Staff

Federal banking regulators have issued a statement reminding banks of the potential risks associated with third-party arrangements to provide bank deposit products and services.

The agencies support responsible innovation and banks that engage in these arrangements in a safe and fair manner and in compliance with applicable law. While these arrangements may offer benefits, supervisory experience has identified a number of safety and soundness, compliance, and consumer concerns with the management of these arrangements. The statement details potential risks and provides examples of effective risk management practices for these arrangements. Additionally, the statement reminds banks of existing legal requirements, guidance, and related resources and provides insights that the agencies have gained through their oversight. The statement does not establish new supervisory expectations.

Separately, the agencies requested additional information on a broad range of arrangements between banks and fintechs, including for deposit, payment, and lending products and services. The agencies are seeking input on the nature and implications of arrangements between banks and fintechs and effective risk management practices.

The agencies are considering whether to take additional steps to ensure that banks effectively manage the risks associated with these different types of arrangements.

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Fintech

What changes in financial regulation have impacted the development of financial technology?

Published

6 months ago

30 July, 2024

FinCrypt Staff

Exploring the complex landscape of global financial regulation, we gather insights from leading fintech leaders, including CEOs and finance experts. From the game-changing impact of PSD2 to the significant role of GDPR in data security, explore the four key regulatory changes that have reshaped fintech development, answering the question: “What changes in financial regulation have impacted fintech development?”

PSD2 revolutionizes access to financial technology
GDPR Improves Fintech Data Privacy
Regulatory Sandboxes Drive Fintech Innovation
GDPR Impacts Fintech Data Security

PSD2 revolutionizes access to financial technology

When it comes to regulatory impact on fintech development, nothing comes close to PSD2. This EU regulation has created a new level playing field for market players of all sizes, from fintech startups to established banks. It has had a ripple effect on other markets around the world, inspiring similar regulatory frameworks and driving global innovation in fintech.

The Payment Services Directive (PSD2), the EU law in force since 2018, has revolutionized the fintech industry by requiring banks to provide third-party payment providers (TPPs) with access to payment services and customer account information via open APIs. This has democratized access to financial data, fostering the development of personalized financial instruments and seamless payment solutions. Advanced security measures such as Strong Customer Authentication (SCA) have increased consumer trust, pushing both fintech companies and traditional banks to innovate and collaborate more effectively, resulting in a dynamic and consumer-friendly financial ecosystem.

The impact of PSD2 has extended beyond the EU, inspiring similar regulations around the world. Countries such as the UK, Australia and Canada have launched their own open banking initiatives, spurred by the benefits seen in the EU. PSD2 has highlighted the benefits of open banking, also prompting US financial institutions and fintech companies to explore similar initiatives voluntarily.

This has led to a global wave of fintech innovation, with financial institutions and fintech companies offering more integrated, personalized and secure services. The EU’s leadership in open banking through PSD2 has set a global standard, promoting regulatory harmonization and fostering an interconnected and innovative global financial ecosystem.

Looking ahead, the EU’s PSD3 proposals and Financial Data Access (FIDA) regulations promise to further advance open banking. PSD3 aims to refine and build on PSD2, with a focus on improving transaction security, fraud prevention, and integration between banks and TPPs. FIDA will expand data sharing beyond payment accounts to include areas such as insurance and investments, paving the way for more comprehensive financial products and services.

These developments are set to further enhance connectivity, efficiency and innovation in financial services, cementing open banking as a key component of the global financial infrastructure.

Sebastian Malczyk

General Manager, Technology and Product Consultant Fintech, Insurtech, Miquido

GDPR Improves Fintech Data Privacy

Privacy and data protection have been taken to another level by the General Data Protection Regulation (GDPR), forcing fintech companies to tighten their data management. In compliance with the GDPR, organizations must ensure that personal data is processed fairly, transparently, and securely.

This has led to increased innovation in fintech towards technologies such as encryption and anonymization for data protection. GDPR was described as a top priority in the data protection strategies of 92% of US-based companies surveyed by PwC.

Arid Islam

Financial Expert, Sterlinx Global

Regulatory Sandboxes Drive Fintech Innovation

Since the UK’s Financial Conduct Authority (FCA) pioneered sandbox regulatory frameworks in 2016 to enable fintech startups to explore new products and services, similar frameworks have been introduced in other countries.

This has reduced the “crippling effect on innovation” caused by a “one size fits all” regulatory approach, which would also require machines to be built to complete regulatory compliance before any testing. Successful applications within sandboxes give regulators the confidence to move forward and address gaps in laws, regulations, or supervisory approaches. This has led to widespread adoption of new technologies and business models and helped channel private sector dynamism, while keeping consumers protected and imposing appropriate regulatory requirements.

George Blandford

Co-founder, UK Linkology

GDPR Impacts Fintech Data Security

A big change in financial regulations that has had a real impact on fintech is the 2018 EU General Data Protection Regulation (GDPR). I have seen how GDPR has pushed us to focus more on user privacy and data security.

GDPR means we have to handle personal data much more carefully. At Leverage, we have had to step up our game to meet these new rules. We have improved our data encryption and started doing regular security audits. It was a little tricky at first, but it has made our systems much more secure.

For example, we’ve added features that give users more control over their data, like simple consent tools and clear privacy notices. These changes have helped us comply with GDPR and made our customers feel more confident in how we handle their information.

I believe that GDPR has made fintech companies, including us at Leverage, more transparent and secure. It has helped build trust with our users, showing them that we take data protection seriously.

Dr. Rhett Stubbendeck

CEO & Co-Founder, Leverage Planning

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Fintech

M2P Fintech About to Raise $80M

Published

6 months ago

30 July, 2024

FinCrypt Staff

Application Programming Interface (API) Infrastructure Platform M2P Financial Technology has reached the final round to raise $80 million, at a valuation of $900 million.

Specifically, M2P Fintech, formerly known as Yap, is closing a new funding round involving new and existing investors, according to entrackr.com. The India-based company, which last raised funding two and a half years ago, previously secured $56 million in a round led by Insight Partners, earning a post-money valuation of $650 million.

A source indicated that M2P Fintech is ready to raise $80 million in this new funding round, led by a new investor. Existing backers, including Insight Partners, are also expected to participate. The new funding is expected to go toward enhancing the company’s technology infrastructure and driving growth in domestic and international markets.

What does M2P Fintech do?

M2P Fintech’s API platform enables businesses to provide branded financial services through partnerships with fintech companies while maintaining regulatory compliance. In addition to its operations in India, the company is active in Nepal, UAE, Australia, New Zealand, Philippines, Bahrain, Egypt, and many other countries.

Another source revealed that M2P Fintech’s valuation in this funding round is expected to be between USD 880 million and USD 900 million (post-money). The company has reportedly received a term sheet and the deal is expected to be publicly announced soon. The Tiger Global-backed company has acquired six companies to date, including Goals101, Syntizen, and BSG ITSOFT, to enhance its service offerings.

According to TheKredible, Beenext is the company’s largest shareholder with over 13% ownership, while the co-founders collectively own 34% of the company. Although M2P Fintech has yet to release its FY24 financials, it has reported a significant increase in operating revenue. However, this growth has also been accompanied by a substantial increase in losses.

Source

Fintech

Scottish financial technology firm Aveni secures £11m to expand AI offering

Published

6 months ago

30 July, 2024

FinCrypt Staff

Aveni, Investment Management, AI, NLP, UK

By Gloria Methri

Today

To come
Aveni Assistance
Aveni Detection

Artificial intelligence Financial Technology Aveni has announced one of the largest Series A investments in a Scottish company this year, amounting to £11 million. The investment is led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group and Nationwide.

Aveni combines AI expertise with extensive financial services experience to create large language models (LLMs) and AI products designed specifically for the financial services industry. It is trusted by some of the UK’s leading financial services firms. It has seen significant business growth over the past two years through its conformity and productivity solutions, Aveni Detect and Aveni Assist.

This investment will enable Aveni to build on the success of its existing products, further consolidate its presence in the sector and introduce advanced technologies through FinLLM, a large-scale language model specifically for financial services.

FinLLM is being developed in partnership with new investors Lloyds Banking Group and Nationwide. It is a large, industry-aligned language model that aims to set the standard for transparent, responsible and ethical adoption of generative AI in UK financial services.

Following the investment, the team developing the FinLLM will be based at the Edinburgh Futures Institute, in a state-of-the-art facility.

Joseph Twigg, CEO of Aveniexplained, “The financial services industry doesn’t need AI models that can quote Shakespeare; it needs AI models that deliver transparency, trust, and most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, and reviewed by financial services experts for specific financial services use cases. Generative AI is the most significant technological evolution of our generation, and we are in the early stages of adoption. This represents a significant opportunity for Aveni and our partners. The goal with FinLLM is to set a new standard for the controlled, responsible, and ethical adoption of generative AI, outperforming all other generic models in our select financial services use cases.”