On the 4-5th August 2020, over 3,000 financial services executives from 90 countries around the world gathered at the Virtual FinTech Fair 2020, Asia’s first fully virtual conference, to discuss how the industry can come together to overcome the biggest challenge it has faced since the 2008 financial crisis – COVID-19.
Over the course of the two-day event, delegates heard from leading experts on the latest trends that are shaping the financial services ecosystem, including the rise of virtual banks, how InsurTechs are reshaping the customer experience, the emergence of Open Banking and the application of AI within financial services. The panellists also shared their experiences on how delegates can apply the latest technologies within their own organisations, which will be essential if financial institutions are to thrive in the post-COVID-19-world. Out of all of the themes discussed, panellists agreed that there are four core key themes that will shape the future of the financial services industry:
1. COVID-19 has accelerated the digitisation of the financial industry and has forced banks to rethink how they service and engage with their customers
2. Big tech companies are rapidly disrupting and redefining finance, leading to established financial institution needing to fast track their digital journeys in-order to compete at the same level
3. AI and Big Data are moving from the fringe to the mainstream, with more and more financial institutions using the technologies to deal with the challenges created by COVID-19
4. Digital assets are quickly gaining regulatory acceptance and becoming an essential part of institutional finance, especially as central banks start to explore the possibility of issuing their own digital currencies
At a time when many countries are experiencing second or third waves of COVID-19 and going back into lockdown, the Virtual FinTech Fair has also created an event blueprint that other industries can use to bring their communities together virtually to discuss the respective challenges they face. This is especially important during a period where no one can travel, and large group events are banned. Throughout the event, delegates had the opportunity to network with some of the biggest names in finance and meet potential business partners in virtually the same way as if they were at a physical event. Over the course of the next year, FinStep Asia and Novsphere Media will also host virtual conferences on Women in FinTech, WealthTech and RegTech & Cybersecurity.
Musheer Ahmed, Managing Director of FinStep Asia, said: “In a rapidly changing world, where the future looks increasingly uncertain, it is essential that executives have the opportunity to meet and hear from the brightest minds in finance to understand the forces that are changing the financial services ecosystem. The Virtual FinTech Fair facilitated this, and we hope delegates are now equipped with the knowledge, tools and contacts to accelerate their own digital journeys.”
Sherry Shi, Founder of Novsphere Media, said: “The financial industry as we know it will be fundamentally different once the COVID-19 pandemic subsides. If established financial institutions are to adapt and thrive in this new ecosystem, their executives must have the know-how to be able to navigate the landscape. We have helped executives to achieve this through the Virtual FinTech Fair, and over the next year we will be hosting a number of exciting virtual events to enable financial executives to take their organisations to the next level and be at the forefront of the digital revolution in finance.”
King Leung, Head of FinTech at Invest Hong Kong, said: “InvestHK is delighted to have supported the global FinTech community through the Virtual FinTech Fair and share insights with participants during a period of great change. Many industries will have to adapt to the new normal, and FinTech will be key to the future of the financial industry. Hong Kong is well positioned as a resilient FinTech hub to be the ideal launchpad for FinTechs looking to expand across Asia. InvestHK will continue to support the worldwide FinTech community and fast-track the success of FinTechs throughout the region.”
The thought leadership webinars are now available on demand at www.virtualfintechfair.com.