A Transformative Experience in Amsterdam at Money 2020
The recent three-day engagement at #Money2020EU in Amsterdam was a remarkable experience, yielding significant insights and valuable connections.
Representatives from our business, including Terry Warren and Lalit Nathwani alongside myself, were privileged to attend as guests of several Australian government departments, led by Austrade Europe, UK, and Israel (Australian Trade and Investment Commission). The support provided by these entities was invaluable, facilitating numerous opportunities and connections.
The event’s tagline, "achieve more in 3 days than you normally do in 3 months," proved accurate. Collectively, the team managed to have 62 meetings with 171 people, underscoring the event's intense and productive nature.
Key Observations
1. Participation costs does yield results
Participating in Money 2020 EU entails a substantial investment. However, this cost is justified by the respect and understanding it fosters among participants. The focus is on making meaningful connections and learning from one another which was achieved by the team. Over 80% of the pre-arranged meetings through the excellent M20/20 networking app occurred, with most attendees arriving punctually and insights derived.
2. Sustainability
There was a noticeable shift towards environmentally conscious organisations. Companies are becoming more considerate about the items they distribute and how they are managed throughout the supply chain.
As anticipated, AI was a dominant theme throughout the event, frequently paired with sustainability as well. The naming of one of the main stages as ‘The NA.I.ture Stage’ was an example of how this trend was brought to life. The fusion of AI and green initiatives was a recurring theme, reflecting the industry's forward-looking perspective.
4. Focus on Cybersecurity
A staggering 84% of cybercrime targets payment data. A24 is dedicated to protecting this data while reducing compliance burdens for customers. It was exciting to witness numerous young, energetic businesses introducing innovative payment solutions, with a commendable focus on data protection even before regulations mandate it.
5. Making an Impression
Standing out at a large event like this is challenging but having the best coffee at the show certainly helped. LOT61 Coffee Roasters provided us all exceptional coffee and supported us attracting many visitors.
6. Compliance
In the UK, the financial services industry is undergoing significant regulatory changes aimed at enhancing customer protection and fostering innovation. One major shift is the increasing focus on proactive measures against scams. Financial institutions are now implementing advanced verification systems, such as "confirmation of payee," to ensure that account names match account numbers for transactions, thereby reducing the risk of fraudulent transfers.
Additionally, the collaboration between banks and telecommunication providers to introduce "scam indicator" features demonstrates the industry's commitment to customer protection. These proactive steps are crucial, as they not only aid in complying with current regulations but also set a benchmark for future regulatory frameworks.
A24's goal is to stay ahead of these changes by continuously innovating and adapting processes. This approach aims to provide a safer financial environment for customers and set an example for the industry. The key is to balance security with customer convenience, ensuring that compliance measures do not hinder the user experience.
Conclusion
Money 2020 EU was an eye-opening and productive experience for our team. The high costs, though significant, are justified by the depth of engagement and opportunities for meaningful connections. The shift towards sustainability, the buzz around AI, and the heightened focus on cybersecurity were prominent themes that promise to shape the future of the fintech industry. Additionally, the growing emphasis on compliance highlights the industry's commitment to customer protection and innovation. Anticipation is already building for the next event and the new connections and innovations it will bring.
