Ecosystm, supported by their partner Zurich Insurance, conducted an invitation-only Executive ThinkTank at the Point Zero Forum in Zurich, earlier this year. A select group of regulators, investors, and senior executives from financial institutions from across the globe came together to share their insights and experiences on the critical role data is playing in a digital economy, and the concrete actions that governments and businesses can take to allow a free flow of data that will help create a global data economy.
Here are the key takeaways from the ThinkTank.
- Bilateral Agreements for Transparency. Trade agreements play an important role in developing standards that ensure transparency across objective criteria. This builds the foundation for cross-border privacy and data protection measures, in alignment with local legislations.
- Building Trust is Crucial. Privacy and private data are defined differently across countries. One of the first steps is to establish common standards for opening up the APIs. This starts with building trust in common data platforms and establishing some standards and interoperability arrangements.
- Consumers Can Influence Cross-Border Data Exchange. Organisations should continue to actively lobby to change regulator perspectives on data exchange. But, the real impact will be created when consumers come into the conversation – as they are the ones who will miss out on access to global and uniform services due to restrictions in cross-country data sharing.
Read below to find out more.
Click here to download “Opportunities Created by Cross Border Data Flows” as a PDF
Innovation and collaboration are the cornerstones of FinTech success stories. Successful FinTechs have identified market gaps and designed innovative solutions to address these gaps. They have also built an ecosystem of partners – such as other FinTechs, large corporates and financial services organisations – to deliver better customer experiences, create process efficiencies and make compliance easier.
As FinTechs have become mainstream over the years the innovations and the collaborations continue to make technology and business headlines.
Here are some recent trends:
- The Growth of Cross-border Finance. Globalisation and the rise of eCommerce have created a truly global marketplace – and financial agencies such as the MAS and those in the EU are responding to the need.
- Transparency through Smart Contracts. As businesses and platforms scale applications and capabilities through global partnerships, there is a need for trusted, transparent transactions. Symbiont‘s partnership with Swift and BNB Chain‘s tie-up with Google Cloud are some recent examples.
- Evolution of Digital Payments. Digital payments have come a long way from the early days of online banking services and is now set to move beyond digital wallets such as the Open Finance Association and EU initiatives to interlink domestic CBDCs.
- Banks Continue to Innovate. They are responding to market demands and focus on providing their customers with easy, secure, and enhanced experiences. NAB is working on digital identity to reduce fraud, while Standard Chartered Bank is collaborating with Bukalapak to introduce new digital services.
- The Emergence of Embedded Finance. In the future, we will see more instances of embedded financial services within consumer products and services that allows seamless financial transactions throughout customer journeys. LG Electronics‘ new NFT offering is a clear instance.
Read below to find out more.
Download The Future of Finance: FinTech Innovations & Collaborations as a PDF