Malta, often known as the island of Innovations for its highly industrialized and service based economy, which has even been recognized by the International Monetary Fund as an advanced economy recently hosted the AI and Block chain- AIBC- summit at its Intercontinental Hotel in St. Julian’s on 7th and 8th November.
With more than 6000 attendees from all across the European Nations, it won’t be an overestimation to say that this has by far been the largest and most successful event that Europe has seen on block chain events so far.
Future of Fintech – a key discussion
One of the headline topics that were discussed in this Malta AIBC summit has been the future of Fintech. Fintech which is a contraction of “Financial Technology” may be seen as the marriage of the already existing financial systems with the ever growing world of technology. While Fintech had already been existing in its simpler forms since decades, it may be said to have entered a new era since 2008 both in the developed as well as the developing countries. Today the financial technologies are not merely defined by the financial products and services delivered but also by who delivers them along with newer applications of the rapidly developing technologies at both the retail as well as the wholesale levels.
Key speaker and panelists
To discuss this issue of future of Fintech and how the world is etching closer to a cashless society, Richard Ells, the talented and resourceful CEO of ELECTRONEUM, headed the forum. To compliment him, other equally competent panelists’ present in the forum were Megan Li from BitDesk pvt ltd, Paul Bao from Bit Cherry Foundation Limited, Tony Evans, Jay Liang and Bob Quin who are all at the heart of this ever growing potential of financial technologies.
Key points of discussion
The key points that were discussed by the penal is very well encapsulated in the very title of the discussion: “One step closer to cashless society: Machine to machine payments and stable coins”
Throughout this enriching discussion one point that was raised by and by was whether digital payments are better than cash for the emergent economy of tomorrow. Richard Ells was definitely a good selection made by the organizers of the AIBC summit for this discussion on Fintech technology. The very idea of the ELECTRONEUM, the company that he heads is to store, receive and send digital funds via one’s smart phone, without having to depend upon any of the traditional financial systems such as bank accounts.
Along with Ells all the other panelists’ also brought into light varying facets of financial technology that one needs to understand and take note of before being able to answer such pertinent questions.
Following the discussion in the forum, various attendees also expressed their own opinion such as the stress that should be laid on the groundwork for these emerging ideas to germinate properly.
Definitely this discussion further enriched the already existent discourse on the future of financial technologies throughout the globe.