FinTech for Breakfast (43)

Held on Tuesday, July 16


Speakers

  • Jemima Kelly (FT Alphaville)

  • Deborah O’Neill (Oliver Wyman)

  • Michael Coletta (London Stock Exchange)


Agenda

 

Last month’s meeting was dominated by initial reactions to the proposed launch of Facebook’s Libra coin. I assume that this meeting, too, will have to discuss the implications – including the implications for regulators of a potentially anonymous payment system for the sovereign state of Facebook. But Libra isn’t the only game in town. Even a cursory glance through recent news recent news releases shows:

  • Monzo raising £113 million to fund a (quixotic?) push into US retail markets;

  • an FCA crackdown on P2P lenders; and

  • concerns that, when PSD2 hits the road in September, the world of on-line payments will be shaken to the core.

I also note that yet another FinTech lobby group, the FinTech Alliance, has emerged “to support FinTech growth and empower UK business with comprehensive information, services and intelligence”, Oh, well…

Outside the UK, I see that VCs have apparently closed a record 310 FinTech deals so far this year in the US, for a total of more than US$5.6 billion, the latest being Blend, a consumer launching platform that raised another US$130 million. Beat that Silicon Roundabout…

And yet, on top of all this, there is also undoubtedly the beginning of a modest FinTech backlash, with sceptics focusing on the disappearance of Investec’s Click & Invest and the demise of Loot.

So, are we still riding the rest of a wave? Or is a bubble about to burst? Our usual guide will, I am sure, offer her own views. Jemima Kelly covers FinTech for FT Alphaville, and is seldom without a view on the key tech issues of the day. Backing her up this month are two other shrewd observers:

  • Deborah O’Neill is a partner and head of digital at Oliver Wyman in London, which she joined in 2008 from Imperial College. She has written extensively about freeing banks from legacy systems, about digital collaboration and about data analytics, and was one of the founding members of the Oliver Wyman Labs team delivering new technology solutions to their clients.

  • Michael Coletta is the lead blockchain architect and designer at the LSEG, which he joined at the end of 2017 from CME Group. He has more than 12 years experience in derivatives and risk management.

So, which way are we headed? Whether or not you have a view, you are more than welcome to come along and share your thoughts – just let us know by emailing alex@csfi.org or by calling the Centre on 0207 621 1056. As usual, thanks to the extraordinary generosity of our friends at Dentons, there will be plenty of tea, coffee and buns to get your heads in gear.

Many thanks,

Andrew Hilton

Director

CSFI