Greg Palmer wraps up another year of Finovate
2019 is officially behind us, but before we move on to talking about 2020, it’s worth pausing for a moment to reflect on the lessons learned from Finovate’s last two shows of the year, FinovateAsia, and FinovateMiddleEast.
It’s no secret that every region has its own fintech “flavor” – different regulatory systems, customer expectations, and financial challenges will naturally change the focus of the innovators who operate in a given area. That said, there are universal lessons that we can pull out of our shows in Dubai and Singapore that are relevant anywhere fintech innovation takes place.
First it’s worth remembering that a fundamental challenge in Asia and the MENA region is one that’s ancillary at our shows in North America or Europe. While improving customer experience and expanding product offerings are important, many of the attendees at FinovateAsia and FinovateMiddleEast are working on simply giving more people access to basic banking services.
Financial inclusion is always a popular topic, but it dominates the landscape in regions where massive segments of the population are currently on the outside looking in. More than a socioeconomic problem, there’s a strong feeling that whoever is able to bring these underbanked customers into the fold will reap huge rewards for doing so.
Another frequent topic of conversation centers around the role that fintech hubs play in the developmental ecosystem, and how certain cities become hubs. Obviously Singapore is a massive fintech hub with a booming ecosystem, and there are many major cities in the region that would like to emulate their success. Dubai, likewise, is attempting to elevate itself into a fintech innovation hub and the local government is looking to support innovation and growth. Areas that have the most to win from embracing new technology also have the most to lose from continuing the status quo.
It will be fascinating to see where fintech hubs pop up over the coming years, but the amount of governments who are trying to encourage fintech innovation can only be a good thing. A more diverse fintech ecosystem that pays attention to the unique challenges of different geographies will lead to a greater likelihood that useful technology finds its way to people who can really use it. Finishing the year with our Asian and Middle Eastern shows has brought a simple truth to the front and center: fintech is better when more people have a voice in it.
I hope you enjoy this issue of the Finovate eMagazine, and I wish you a satisfying end to 2019 and an exciting beginning to 2020. And as always, keep innovating!
Greg