The Magnifintech Seven
A fintech series brought to you by Interfima, launches for the first time on 17 January 2018.
The Magnifintech Seven is a fintech series that enjoys the strategic partnership of Fintech Hive at the DIFC and is powered by Stanton Chase. Seven of the worlds top twenty influencers will share their views and insights with the audience about the future of financial services. One of those experts, Matteo Rizzi of FintechStage, one of the first financial innovators speaks to Panos Manolopoulos from Stanton Chase about the current and future status of fintech.
What fintech means for you, especially when you are considered one of the first financial innovators around?
MR: Now, it is all about finding patterns of disruption, innovation and collaboration for more efficient, more inclusive and trusted, and above all fairer financial system.
Do you believe that banks and fintechs share the same perspective?
MR: I do, for two reasons: one, because there are more banks trying to understand fintech and the related start-up eco-system than banks still retrenched in ignoring it, and second because the six trillion opportunities (10 per cent of GDP in emerging economies) is a pie nobody can afford not to care for.
Currently, what are the major challenges the financial industry expects to encounter in 2018?
MR: For sure, a self-fed bubble made of unaware investors, some of the 2013 and earlier investment bodies coming to the end of the investing period, and an objective ‘me too’ culture.
Second, the lack of early-stage capital, particularly in second tier developed economies.
Third, the consolidation of the new ways of funding start-ups, company builders and new form of corporate innovation programmes, because accelerators clearly have proven themselves wrong under the return point of view.
Do you anticipate a collaborative scheme or a challenging one between fintechs and banks for the years to come?
MR: The answer to this question is already widely shared by the industry. A collaborative one.
At this point, which is your favourable location around the globe for Fintech pioneering and innovation?
MR: My favourite place is emerging markets, and Africa above all, as an opportunity to learn from other eco-systems mistakes and most importantly to drive regulation in an innovation-friendly way.
Fintechs—are they really reshaping the financial services industry or just offering an alternative means of delivery?
MR: Real infrastructure disruption is yet to come, but inevitable. Current interbank rails are soon to be 20 years old. So it is starting with the faster, cheaper, better delivery but it creates a new expectation and framework for the survival of the fittest, which will reshape the industry fundamentally.
As for Matteo Rizzi, what are your future plans for the years to come?
MR: Keep helping eco-system to become more connected inward, for their different stakeholders, and between themselves. Make impactful and fair return initiatives. Stay curious.
The Magnifintech Seven appreciate the support and contributions of our supporting organisations and parnters, including Blueground, Emirates, Stripe, Baton Global, all contributing Fintech ecosystem accelerators, incubators and idea generators that shape modern marketplace.