The main goal and use of open banking is allowing customers to link their bank accounts to third party applications. This leads to better services, more automation, deeper insights and quicker processes.
Michael Wiegand, Director of Financial Services for the Poor at Bill & Melinda Gates Foundation, delivered a keynote speech on the subject of “Democratising Knowledge: The Great Equaliser in a Digital Future.”
The BNPL remains largely unregulated. There are many critics of such schemes, who suggest that consumers are persuaded into making purchases that they would not otherwise make and cannot necessarily afford.
Today, we celebrate four years of open banking in the UK. Over these last few years the innovative practice has brought us more control over financial information, a plethora of apps and services that would fall flat without open data sharing, and an endless supply of opportunities to take finance further.
There is huge untapped potential value that could be created by increased use of financial data. Not only will economies that adopt open data ecosystems see GDP growth of up to 5 percent by 2030, but all participants of such an ecosystem would reap the benefits.
The sixth (6th) edition of the Singapore FinTech Festival (SFF) kicks off from 8 to 12 November. As the world’s largest FinTech event, this platform provides a unique opportunity for the global FinTech, innovation and business communities to connect, collaborate and network.
Ran’s company, First, works with two leading platforms – Diem and Celo. Diem needs little introduction. Previously you may have come across it as Facebook’s Libra.
Over three days, the Festival will bring together global knowledge sharing from leading academics, practitioners and thought leaders across 45 reimagined sessions covering designing, building and ensuring sustainable financial services for Web 3.0.
The appointment of the board members is seen as key to fulfilling Elevandi’s mission of fostering a dialogue between the public and private sectors to allow for the growth and positive impact of FinTech in the new digital economy.
“There’s a very strong regulatory framework, one that is attracting businesses from around the world to do listings or secondary listings on the Hong Kong Stock Exchange.” Andrew shares.
Non-banking FinTech companies are on a similar quest – correcting the inefficient elements of traditional financial services have, for many, been a recipe for success. What gives an edge to these firms and startups is that they make the customer experience the focus of their services, as they try to change the narrative around finance and restore the trust that has been lost between customers and service providers.
Having successfully run so many Fintech events in Poland, it’s always hard to build on the successes of the past. So what have the organizers planned for this year?
Fintech 2.0 and more.
“Europe is one example where AppGallery has grown considerably since its global launch three years ago. Huawei’s AppGallery is now the world’s third largest app marketplace with 540 million monthly active users (MAUs), growing in Europe by 61.5% year-on-year to more than 42 million users.” Michael shared.
Many would argue that some disruption in this space especially is long overdue. Factoring is expensive, rigid and potentially stifles access to the capital that SMEs need in order to grow. Reforming or replacing this service could redress the balance between SMEs and large corporations.
