the 2nd day fintech week londonThe 2023 flagship conference saw tech and fintech leaders share insights on insurtech, the metaverse, and more for more enlightening discussions. Tottenham Hotspur Stadium.
The first thing I heard was Congressman Andrew Griffiths The Treasurer and City Minister described the UK’s approach to cryptocurrency regulation as a “Goldilocks approach” – finding the right balance between innovation and protection. His comments underscored the potential for the UK to grow as a global technology hub and develop a competent regulatory framework to attract talent and revolutionize the industry.
He said: “As Secretary of the Economy, I will focus on how fintech companies across the country are driving growth and contributing to solving some of the most pressing problems facing society, such as increasing productivity in the economy and helping consumers run their businesses. I’ve seen first-hand how they make their money better or promote a more competitive, more dynamic economy.
“The UK is on the right track to establish itself as the global center of cryptocurrency regulation. This is what I described as the Goldilocks approach: neither too hot nor too cold, innovation and protection. It strikes the right balance between.” With the right regulatory framework in place, our country will continue to thrive as a global tech hub, attracting the brightest minds and revolutionizing entire industries. will wake you up “
After that, on the current state of Fintech funding in the UK, sky parlormanaging director of Kimberly Waldron. She joined Amy Whitele CEO and co-founder Collective, Laura Pomfret, co-founder of Financiel, Craig Fox, Managing Director and Head of Fintech HSBC Innovation Banking, and Will MasonCEO and Founder Infact Systems They dug their way to funding, scale, and profitability.
They highlighted the challenges and frustrations they face when raising capital, as investors increasingly prioritize companies with exceptional growth trajectories and quick routes to profitability.
Fox acknowledged that fundraising has slowed significantly, especially for companies seeking late-stage investment rounds, but reassured that there is still plenty of funding available for blue-chip companies, while Whitel said it expects to close next year. He expressed concern over the funding prospects and stressed the need for improvement. Streamlining the fundraising process.
Mason echoed founders’ trepidation about fundraising and expressed uncertainty over the investment landscape in 2024. Pomfret said investors now tend to favor companies with exceptional growth trajectories and quick routes to profitability, but that is often not possible, citing funding frustration. emphasized. be achieved at the same time.
Louise O’Sheathe chair of InsurTech UK Advisory Board and fintech walesspotlights insurtech. Sam WhiteFounder and Global CEO of Stellar Insurance. Their great keynote ended in a storm.
Mr White said: “At the beginning of this presentation, I asked anyone who thinks the insurance industry is a female-friendly environment to raise their hands. Do you have balls or boobs that help change I know, I know my dad had and I definitely know Bobby Sethi yes, so how about you? “
Afterwards, Mr. White participated in an entertaining panel discussion. Sabine Vanderlinden co-founder and managing partner of alchemy crew, Rosie Denny the head of Lloyds Institute, Charlotte Halkett, Chief Underwriter of many pets, It explains what a good partnership looks like and reminds you to understand your customers and build targeted products and services for everyone.
“I’ve seen all kinds of flavors,” Halkett said. “So I think the team is really, really important, from the bootstrap company to the early rounds to the latest series. It’s always very important that the team you talk to is consistent and intelligent.”
Denney added, “I work with a lot of startups, and a lot of them are in funding rounds right now, and obviously it’s very difficult. The pressure can be immense, but it’s important to make sure you choose an investment partner that matches your values.It’s almost like a dating site. Just keep swiping until you find the right match.”
O’Shea then chatted with: Louise BilliteriCEO and Founder of Pickle, Fraser Edmund, CEO of Broker Insights and Armin Kiaco-founder and CEO of operationally, He talked about innovation beyond the M25.
“London is the country’s largest water intake or coastal technology ecosystem,” said Kia. “But having access to ecosystems in other regions is also important. That’s why I’ve seen startups set up in remote areas and struggle to find talent. Think about access to other businesses operating in your field near you.”
After that we enjoyed the address from George BeattyHead of Innovation Freon, discussed the future of the insurance and insurtech sectors. Before emphasizing the need for insurers to respond to these evolving threats, he emphasized how nascent technologies are redefining responsibility in commercial and personal activities.
“I want you to get excited about the notion that there are insurance companies and there are insurance people who think differently about the future and are actually risking their capital to try and stop the industry from becoming less relevant. is.”
data, risk and fraud
The morning session ended with a panel discussion by the following panels. Fintech Times Mark Walker,Sideways Andrew Burnett director of Deloitte, Emma Lindley, Managing Director of International Development Cafe, and ChorteDirector of Financial Crime Compliance Moody’s Analytics.
“So I think the payment rail needs to be a so-called fat one, so it requires more information to be shared between senders and recipients, or vice versa,” Barnett said. Stated. “This needs to be done in real time so that both recipients and senders can do the necessary work in line with payment schemes. It will undoubtedly improve fraud detection and also It also means that genuine customers sending genuine payments are less likely to receive such unsolicited messages.”
enter the metaverse
The afternoon session began with a glimpse into the vision of the future. julia streetfounder and CEO of street consultingjoined forces with Dr. Catriona Wallace, Founder of Responsible Metaverse Alliance, Have a virtual discussion about the transformative potential of the metaverse as you reshape your business environment.
Conversations revolving around the Metaverse continued all afternoon, delving into its meaning and possibilities with a guide to the streets.A comedian who injects humor and lightness Daman Bhamra and Avigoria Shamaun I participated in a well-received panel discussion titled “Fintech Talk Up, Shut Down”.
“Open banking is when the banks are open, but it’s never too late and I always miss it in a rush. That’s why I will only rely on online banking, thanks to fintech,” Shamaun said. said Mr.
Bamra, on the other hand, quipped: “Embedded finance is essentially having your parents and predecessors and their ancestors all bank with Barclays. If you do, you will be excommunicated by your family, even if you are offered financial incentives, you cannot do it if you love them.”
Expectations of the Metaverse
In the panel discussion, Street, Sophia Battanides of City, Laura Henchost EYand Shane Leonard of Outlier Ventures.
They touched on various topics such as investment opportunities within the metaverse and the importance of digital ethics. Mr Henchoz said: “If you want to figure out how to make a lot of money in a really great field, become a digital ethicist. It’s a really niche field.”
Battanides added: “The Metaverse gives us the opportunity to do something good. Education, for one, is good. But the key question is, are we going to learn? Is it society, or is it all of us, builders and users, who learn from the mistakes made in
In a separate panel discussion titled “The Reality of Fintech,” Streets said: Karen Elliott of University of Birmingham Ildefonso Olmedo of Santander, Jeremy Sossabowski of algo dynamicsand James Watson of glimpse of the marketwhere they explored the intersection of fintech and the metaverse.
Is the metaverse important? “By the time our children graduate from middle school, the Metaverse will become the mainstream of how we live, work, study and play.”
The afternoon ended with an exciting and impactful focus on the eternal fintech concept.
Hannah Duncan had a stimulating conversation with Betsy Samuel CMO of thread About living and living with HIV. Samuel’s words, which emphasized the importance of kindness and empathy in dealing with others, struck a chord with me.
Samuel said: “Kindness doesn’t cost money. You never know what the person in front of you is going through. Our actions can have a huge impact on someone’s life. It’s so important to be able to be yourself and work.We don’t know what people are going through, so it’s important to come in and try to help.”
Theo Lau In her keynote, she raised thought-provoking questions about the integration of AI into our lives and emphasized the importance of trust in human society. she said: “AI is embedded in our professional and personal lives, but at what cost? We live in a human society and need trust to survive. ”
Lau called for a different future, called for action, and highlighted the potential impact of our current choices.
“What we do today, let’s create a different future because we can do it. You don’t have to be a big company to make a difference. There has never been a better time to make a difference and build the future we all want to see.”
Panel discussion on “Fintech for Good: The Future of Banking is Human” was featured Jas Shah of Bitsuru, Dharmesh Mistry of AskHomey, Kam Chana of RCA, Alessandra Gion of fintech belgiumand Rie Sold-Decoq of Skadi.
Mistry stresses the importance of balancing purpose and profitability. But there are plenty of VCs out there that will fund good purpose projects with strong business models. “
The event concluded with a keynote speech. Emmanuel Daniel Founder of asian banker, We emphasized the importance of personalization in finance. “Finance is something we can control, and there is no need for intermediaries to be involved in the process.