And here we'd like to share some keynotes with you: 1. The largest banks initiated a P27
P27 is a company owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. P27s vision is to break down barriers for trade and financial interaction between the Nordic countries. P27s mission is to make payments more efficient in the Nordic currencies and the Euro with a payment infrastructure for domestic and cross-border payments. An open-access and common infrastructure will bring further harmonization to the European payments landscape.
The platform will deliver a state-of-the-art payment experience to customers across the Nordics, as well as provide a foundation for future developments.
Preliminary, the P27 should start its work by the year 2021. VCs are ready to invest in startups and small companies
As we're at the age of great technological changes and innovations, investors are ready to support projects and give them investments. But there are few things among others that are important to VCs.
2. Regtech companies are growin
- The team with wide expertise and a deep understanding of the industry.
- The ability of monetization.
- Projects that might be interesting and useful for customers or partners.
The topic of RegTech is becoming more popular every day. Many companies are trying to analyze the market and its specifics. Blockchain technology is deeply integrating into the RegTech community. Insurtech companies are trying to use smart contracts in their workflow. AI and Data Science are also in great interest. The main issue is with Data privacy, security and compliance as not every type of information can be used with the technologies mentioned above.
3. Lithuania keeps up with the latest fintech trends.
According to reports, Lithuania is ranked in Europe's top 10 fast growth capitals. It is also leading country in Europe that creates the attractive conditions from the regulatory perspective for the leading Fintech startups and companies. Sustainable Finance is growing in the EU and government authorities in Lithuania are strongly supporting this area. Listen to speech of Ministry of Finance of Republic of Lithuania at Sthlm Fintech Week on LinkedIn.
4. E-Krona project by The Riksbank.
The Riksbank decided to promote a safe and efficient payment system, as cash is no longer used as a means of payment by the majority of households and companies. The Riksbank, therefore, needs to consider which role it should adopt in an evermore digital world. As part of this, we started a project in spring 2017 to examine the scope for the Riksbank to issue a central bank digital currency (CBDC), a so-called e-krona.
An e-krona would give the general public access to a digital complement to cash, where the state would guarantee the value of the money. At present, the Riksbank only offers banks and other RIX participants digital money. The other digital money in society is private bank money issued by commercial banks.
There are still a lot of consequences that may lower the speed of development: regulatory problem, licensing is too expensive, lack of well-qualified resources, high taxes. But we believe that everything will be solved.
5. Lack of Blockchain MBA programs.
Although many companies are interested in blockchain development and this technology is in high demand, there is still a lack of information. A lot of product owners and analysts are looking for more information regarding blockchain, but there is no source to get it.
As we can see, technologies and innovations are developing and growing, there are still a lot of blind spots and controversial issues. But such events are definitely helping a lot of companies in different industries. This event also inspired us to found the FinTech Innovation Network, where we publish the researches on using the innovative technologies, problems in FinTech industry with the great contributors and experts. Here is how the map of the FinTech Ecosystem look like. ( the interatoive map avaliable on Graph Commons
) Discover more about the FinTech Innovation Community and public researches on WIKI.