China Is The World’s Largest Fintech Market: Money20/20
Money20/20, owned Ascential Events, is the world’s premier market-leading payments and financial services innovation congress. This year Singapore hosted the inaugural Money20/20 Asia, which connected companies and individuals that build, disrupt and challenge how consumers and businesses manage, spend and borrow money. On the sidelines of the event, Tracey Davies, President Money20/20, told BW Businessworld that China has become the largest fintech market in the world.
It is a known fact that Money20/20 is a global conclave where fintech and financial services firms congregate and create the future of money. Please can you tell me its genesis and what it is all about?
Yes, of course. You may not know that we were founded by people from the payments industry (in the US). Ascential PLC, who now owns Money20/20, bought it in 2014. We were founded by three people who came out from the payments industry and created software that went on to become Google Wallet. So events were founded by payments people (and) not by events people (who are) deeply ingrained in the payments industry. Money20/20 in America is about six years old. 2012 is when we started. We had launched in Europe in 2016 and now we are in Singapore, which is our Pan Asia Show. We are launching it in China in November this year. What we are really about is how money has changed, ‘digitisation of money’, ‘Less cash’ as the term is used in India or ‘Cashless’ as is used everywhere else and the move (to) mobile or internet revolution leading to ‘the digitisation of money’. So what we are about is the future of money. The genesis was the understanding that money was going digitally fast and the event (like Money20/20) exists to talk about that and bring everyone together. Digital money requires everyone such as banks, start-ups, bigtechs, platforms, etc., to work together. The whole industry has to work together for the money to go digital. The genesis is that we knew the money was going digital (and) very fast and we knew for the money to digitise, everyone has to work together. Our events, whether they are in China, Singapore, Last Vegas or Europe, are about bringing everyone together. You will see that the banks, start-ups, regulators, bigtechs, etc. are all here. You have got from everyone like DSP, Google, etc. here. That’s what we are all about.
As Money20/20 debuted in Singapore this year, what are the key highlights of this show and what would be its theme?
We have more than 50 countries represented here. So we have delegates travelling in from 50 countries, 355 speakers on 8 stages, and more than 175 sponsors involved in the show. So it is a significant scale of operations and about 30% C-suite. There are many big themes but the overarching theme is always ‘The Future of Money’ and how money is changing. I think the key things for this programme are really the blurring of the lines of what we would call a consumer’s social life, their retail life and their financial life. We see that with, if you think about WeChat, Alipay, Google, etc. and the big platforms and how that is changing everything. So the blurring of the lines of a consumer’s life is a really big theme you are really seeing through this show. AI, Blockchain, Cryptocurrency, Regulation, Faster Payments, and Open Banking are some of the key elements that our programme will cover very comprehensively. I would say the big talking points here are the blurring of lines for the consumer, the changing nature of banks, Tech Disruption etc. There are new players like Grab (which) are making an announcement about moving into financial services.
When can we have such a prestigious event in India? Will it be in Mumbai?
We have no current plans to go to India. But we wouldn’t rule anything out. We are very focussed on our two launches i.e. Pan Asia Show here (in Singapore) and the one (coming up) in China. So we are always interested in new areas we would go to. For us, we don’t have specific plans to go to India. We are interested in markets that are progressive. That was one of the attractions with China, which is now the world’s biggest fintech market. I was listening to Madhivanan Balakrishnan, who is the Chief Technology & Digital Officer of ICICI Bank, who was just speaking on our keynote stage. It was fascinating to hear from him on why India is a dynamic and exciting market. But we don’t have any plans for a launch in India. But I would appreciate you would like us to (come to India). We have done roadshows in India by having great engagements in Mumbai, Bangalore . We also have Indian customers and delegates and speakers here in Singapore.
How different will the upcoming event in China vis-à-vis the current one in Singapore and the ones in the past?
We will have four shows now i.e. Las Vegas in America, the original (event). We have moved from Copenhagen to Amsterdam this because we outgrew Copenhagen and Amsterdam is our new home. Singapore (would be) our Pan Asian show and (we are coming in) China. Look, the things that unite the shows are they are about the future of money. They bring together the ecosystem to talk about the future of money. That is the same whether we are in Las Vegas or whether we are in China. The shows themselves feel and look quite different in terms of the experience (as) they are not all the same. Our shows are very much about the location we are in because money is very global but is also very local (in terms of) regulation, etc. So our North American show in Las Vegas is 80% attended by North Americans and the rest of the people who want to do business. (That is) the same in Europe. The mix is pretty much the same here (in Singapore) as 2/3rd of them are Asians and the rest of the world for balance. And China is the biggest fintech market in the world. So the shows are united by what we do. We have a very clear agenda with 8 stages, 80 hours, 100s of speakers, great exhibition, great focus on innovation, etc. But the show’s look and feel is different from the one you see in Las Vegas or Copenhagen. The underpinning is the same (as) people come to learn about the future of money. And they come to connect and do business. That’s what our show is always about. Hundreds of meetings will be taking place here. People are connecting, working out, partnering, etc. So we bring everyone together so that they can do business.
So is Money20/20 only about disruption or are they also debating on the sensitive issue of displacement of jobs? Moreover, are you also dwelling on creation of jobs in the fintech sector?
Well, everything I hear in Singapore at this Pan Asia show is that people cannot get enough talent to drive how fast fintech is growing. So I don’t see the specific job issue that you refer to. It doesn’t resonate what I have been hearing. I have got startups and big businesses trying to get more and more talent in. And we know that across Asia, there are many markets where there are so much talents to come into this fintech businesses both (for) existing businesses like banks and fintech startups. So it is not that something I hear about that much actually. We, sort of ,see the flip of it with lots of businesses wanting to employ and attract great talent to drive the businesses because fintech, the changes in the financial sector, and the future of money are growing at a dazzling rate and that needs to be driven by great talent. So actually I hear much more about trying to find great talent and talent shortage than I do about job removal.
Is data security also one of the key topics of discussion as cyber threat is becoming a global concern?
We usually at most of our events, certainly here as well, have whole sessions on cyber security, fraud, and also it is one of the big used applications of Artificial Intelligence. So you know, it is one of the big areas it is deployed. You can’t do a show about the ‘future of money’ and not cover security and money. It is one of the biggest issues facing the industry. Every Chief Exec of a bank will be worried about it because data breaching (is prevalent) in not just in banking but also other sorts of businesses. It is a very big topic and we have lots of businesses talking about it. (We have) a lot of exhibitors on the show floor. Particularly, AI is seen as a very important in staying ahead of the less good people who would like to steal money. So protecting money is a very important theme in all of our shows.
What is your vision for Money20/20?
It is a really good question. We’ve, on purpose, what Money20/20 exists to do is to bring the industry together. We have talked about that on bringing the ecosystem. So that is what we are very much focussed on. Our vision is to keep doing that, to do it really well. We have great feedback here and at other shows. And we help people come together, to meet, to do business and that is what we do and we are very focussed on doing this. My vision is we keep doing that and we do it more and more, bigger and better. That simply bringing everyone together and create the future of money. Digital Money, cashless, less cash is really an exciting space and is very dynamic. So we keep doing what we do and keeping our customers happy.
