Exploring the Future of FinTech: Insights from the Economics of Financial Technology Conference 2024

From June 19 to 21, 2024, the Edinburgh Centre for Financial Innovations and the Joint Research Centre of the European Commission, supported by the University of Edinburgh Business School and the Edinburgh Futures Institute, hosted the third Economics of Financial Technology Conference. A dynamic platform for academics, policymakers, and finance professionals to share insights and discuss the economic challenges and opportunities brought by financial innovation and the digital economy.

For the first time, the Conference featured a dedicated Industry Day, showcasing presentations, fireside chats, and panels on the practical application of technology in regulated business contexts. Modulr, NatWest Group, Morgan Stanley, abrdn, Aegon UK, QBE Ventures, Pinsent Masons, FinTech Scotland, and Scottish Financial Enterprise were among the prominent organisations represented.

Gabriel Garcia Malkin , a Business Engagement Intern at the Edinburgh Futures Institute, attended the Industry Day and shared his reflections.

The Industry Day highlighted industry leaders providing deep insights into the future of financial services and the significant disruptions AI is expected to bring. Speakers offered valuable perspectives on topics such as synthetic data enhancing insurance coverage in underserved markets, the tokenization of financial assets, the evolution of financial crime with AI, and a historical perspective on financial services' future from investment strategist Russell Napier .

As a student passionate about financial history, I found Napier’s presentation particularly enlightening, demonstrating how historical lessons can be applied even to modern technology.

The diversity of speakers expertise allowed for dynamic discussion, linking perspectives. For example, a session on cybersecurity threats and financial crime was effectively complemented by Luke Scanlon 's presentation on the regulatory challenges posed by AI, which touched on moral and philosophical issues.

Several key themes emerged throughout the conference: fintech as a force for good, opportunities and threats AI presents to the industry, in Scotland and globally, and the crucial role of education in shaping the industry's future.

Education, particularly higher education, was a focal point. The link between industry and academia was explored in-depth, emphasizing the future of secondary and tertiary education in Scotland. One of the panels highlighted the need for a robust educational framework to support the fintech industry's growth, stressing the importance of equipping students with the skills and knowledge required to thrive in a technology-driven financial landscape.

Another panel focused on human-centric finance, emphasizing the need for creativity and imagination to make AI “human-centric”. Overall, the Conference was fostered a well-rounded outlook on the fintech and financial services industry in Scotland, the UK, and the world.

One of the most impressive aspects of the Conference was the high level of audience engagement and robust networking. Attendees posed challenging questions, fostering nuanced discussions enriched by the wide range of experiences present. From enthusiastic students to CEOs, different perspectives contributed to a comprehensive analysis of the industry.

Dynamic breaks allowed participants to continue conversations, explore potential partnerships, and seek further insights from the speakers.

As a final-year history and economics student at 英国爱丁堡大学 , I found this conference to be an invaluable opportunity to witness first-hand the dynamic interplay between technology and finance, and to engage with leaders who are shaping the future of this rapidly evolving industry. The emphasis on education and the role of higher education institutions in driving innovation and preparing the next generation of financial professionals was particularly inspiring.

Gabo Garcia Malkin

EFI Business Engagement Intern

Edinburgh Futures Institute