What to expect at the Cross-border Fintech Conference in London tomorrow
The conference takes place tomorrow, 6. June 20...
The Cross-border Fintech: Regulation and the Law 2019 conference is tomorrow. Here is what to expect:
The conference takes place tomorrow, 6. June 2019 at Sofitel London St James. The event will provide delegates with the opportunity to discuss current market trends and pressing legal issues pertaining to the future of fintech. There will be a host of professionals, ranging from general counsel, partners, compliance officers, technology officers through to founders, directors and CEO’s.
The day is split into several sections. The morning begins with financial innovations and the legal department, focussing on the implementation of strategies to drive innovation; payments across borders: which explores how to balance purpose with process while reviewing the legal challenges of cross border payments.
Section two focuses on Distributed Ledger Technology. In the late morning the main topic will focus on blockchain and the possible legal issues incurred in participation in blockchain. Talks into the understanding of the growth of crypto-assets, and the legal management of them will follow.
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Section three will look at the challenges that start-ups and financial institutions face with ‘Best practices for investment and acquisition: Valuation and investment for industry growth’ in the afternoon. Diversification in fintech industries will also be examined, advising on how to ensure inclusivity at all levels of a company.
Section four looks ahead to the future of fintech and the legal challenges faced by companies. The mid afternoon discusses Fraud prevention and automation, with e-discovery & AML compliance, due diligence & KYC. Delegates will participate in talks on innovation in finance, and how to distinguish how technological innovation navigates between business objectives and regulatory requirements, as well as how to analyse the latest trends digital regulatory reporting.
Major speakers include Alessandro Portolano, partner at Chiomenti; Kaushalya Somasundaram, Global Head of Fintech Partnerships and Strategy at HSBC; Robin Eyben, partner at Osborne Clarke; Lara Oyesanya, Legal Director of Klarna Bank; andJoy Van Cooten, Head of Legal at ACI Worldwide (EMEA) amongst many more.
Start-ups receive $60 billion investment, smash 2020 record
Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..
This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.
Prime examples in times of change
Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider Checkout.com snapped up $450 million at the start of the year.
The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.
The CEO of Checkout.com, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.
He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.
UK leading the charge
Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.
Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.
Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing.
This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.
As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.