Money 20/20 – Day 3 Round Up

Money 20/20 – Day 3 round up

As people slowly filter out to catch trains and planes, the final day at Money20/20 was a calmer affair. That said, there was still plenty of excitement and insights from across the fintech and payments ecosystem.

A few final reflections from the final day of this year’s conference…

Speaker of the day: Ali Niknam, Bunq CEO

Looking around the conference floor at Money 20/20, the challenge of standing out from the crowd is clear for all to see. However, that is exactly what was achieved by neobank Bunq’s CEO Ali Niknam during his fireside chat. “Everybody goes one way, we go the other” was the bold claim made but it was clear to see its authenticity when Ali dived into the details. Whether it’s the choice of revenue model, approach to regulation or the company’s ambitions in the US – everyone in the audience came away knowing that Bunq is a bank that does things differently. There was a nervous moment when Ali turned to the audience and asked Bunq users to raise their hands, but as they shot up it was clear that this is both a business and a CEO with confidence.

All grown up? Exploring crypto regulation

Crypto has definitely not been as prevalent at this year’s event compared to 2022. The stands are less in your face and the debate is less so at the very top of the agenda. That said, the conversations that have taken place have been arguably more interesting and definitely more important. This was no more true than during a fireside chat between The Banker’s Elizabeth Lumley and Gemini’s Head of Ireland & Europe, Gillian Lynch. The opening Oscars-style video from the Winklevoss twins was followed by an engaging conversation about the state of crypto regulation in Europe and the position of Gemini. The key takeaway is that the space is constantly evolving, as Gillian puts it, “regulators are learning, as we’re learning” which nods to a more collaborative approach which is encapsulated by the firm’s tagline “Ask for permission, not forgiveness.” It was clear from the chat that for players like Gemini, the dialogue about regulation and with regulators is both open and constructive. For us this is the key and is where your corporate affairs function can really make a difference not only to their company but the future of the entire sector.

Evolution or revolution?

AI, open banking and instant payments are just some of the buzz words floating around the conference and the sector. Fabian Khoshbakht (Global Head of Client Insight & Innovation at BNY Mellon), Livia Benisty (Chief Business Officer at Banking Circle) and Nico Strauss (Tribe Lead B2B Services at Rabobank) delved into the three pillars of disruption in payments during a compelling session. The panel acknowledged that the traditional banking sector has been forced into a change in mindset, moving towards a model that allows them to be more agile that encourages partnerships with fintech firms. This is something that came across during lots of sessions at the conference, fintech has moved on from its combative tone when it comes to the banks.

Strauss commented that it’s “more about evolution than revolution” where these so-called disruptors are concerned. AI, open banking, and instant payments are not new concepts but have been in development for many years, it’s only now that the pace of regulation and resource being put into speeding up their use in payments that they are receiving more attention.

Creating a generation of financially savvy kids

There’s a popular belief that kids don’t get taught how to handle finances from a young age, and financial education is a phrase heard often at Money 20/20. By the time we’re adults, it’s expected of us that we figure it out and demonstrate financial confidence and a deep understanding of how it all works. Louise Hill, Co-Founder of GoHenry, made waves in 2012 when she set up a company that had one critical mission – to create a new generation of financially savvy kids. Now entering into an exciting partnership with Acorns and Pixpay, it was clear during their panel appearance that kids will have a brighter, more financially sound future where they are taught what to do when and how from an early age. Louise and GoHenry have been successful in understanding a significant problem for a specific audience. This is the key nuance to consider for all fintech communications professionals when trying to clearly communicate their offering.?