Celebrating a True European Fintech Gathering in Amsterdam
The final stop of our 2018 B-Hive Roadshow is Amsterdam - check the report here -, just in time for Money 20/20 where the B-Hive community gathered for what seems to be Europe’s largest FinTech event.
Knowledge Sharing during our roundtables on Digital Identity and Blockchain
One of the key highlights of our Amsterdam roadshow is a series of roundtables organized by Dave Remue, Head of Blockchain at B-Hive, held at the B-Hive Meeting Lounge at Money 20/20.
The discussions were filled with interesting perspectives on GDPR, identity management and data governance structure – thanks to the participation of Signicat, Juru, Cambridge Blockchain, Norbloc, Meeco, Timelex, IntellectEU, Isabel Group and Banca Mediolanum.
There was a whole debate on who should be managing the identity platform. Should it be the government or should we allow private organizations to do this? In the case of private companies, how do you manage the legal liability and what if it breaks down? How will the consequences be dealt with? Reality is - government today already know no longer has the monopoly of identity data management. There is clearly a need for a legal framework to make the bridge between the different possible infrastructures, because you can end up with multiple identity platforms. There is also a rising need for common standards.
The ideal solution that was brought in the table is to empower a self-sovereign identity that allows you to manage all your identity data and work with zero knowledge proofs, so you will only have Y/N responses from authentic sources. However, with self-sovereign identity, you need to be able to connect to your legacy systems. How do you manage the integration and educate people on how they should manage their own identities? If you look at current practices, people often consent to give their data without full awareness of how their data is used in the backend. Even with a self-sovereign identity, there remains the question: who do you call when you lose your key or who do you trust for recourse? In the end, it remains a question of trust. The sessions concluded with a bold suggestion from the participants: To work with a core identity that is linked with different personas depending on the context where identity data is used. The key is making sure that a data governance structure is in place that is built on a design principle stemming from customer empowerment rather than just mere technical compliance.
Matchmaking between Banks and Fintechs
Another key highlight of our roadshows is the matchmaking session.
In the spirit of open banking and collaboration, B-Hive joined forces with Ibanity (Isabel Group) and Fintech Belgium to organize this particular matchmaking session at Money 20/20.
A total of 15 participating fintechs had the opportunity to connect with some of the biggest banks in Belgium – such as Belfius, KBC and BNP Paribas Fortis – on a 1-on-1 basis to explore business opportunities and even proof-of-concepts together. Overall, a total of 30 meetings took place. Truly a good starting point for building stronger relationships among banks and fintechs!
Money 20/20: inspiring speakers
Many inspiring speakers including the following from our community:
· Benoît Legrand, Chief Innovation Officer of ING, who tackled digital transformation and its impact to culture, collaboration and culture
· Christina Soviany, CEO of Features Analytics, who talked about AI-powered surveillance for financial markets and transactions
· Stephen Lindsay, Head of Standards at SWIFT, who discussed about transactional finance API’s and how to make sure that banks are kept at the heart of lending
· Kris de Ryck, CEO of Belgian Mobile ID itsme, as part of a panel sharing about commercialization through technology in the Identity & Authentication space
· Tara Nathan, EVP of Mastercard’s Public Private Partnerships, discussed the business of doing good in today’s changing economy
· Katryna Dow, CEO & Founder of Meeco, who shared about the company’s philosophy on giving data back at the hands of individuals at the panel on data ownership
Connecting the Dots in Fintech
On June 4, B-Hive joined the European Banking Federation for its fintech cocktail reception. CEO Wim Mijs kicked off the networking evening with a strong message that fintechs and banks need to work together to address one common challenge: the regulatory environment. EBF is B-Hive's partner for the Digital Finance Europe conference aimed at bringing together European financial services and financial technology players to discuss digital transformation, technology and innovation within the industry, making Europe an even stronger region through collaboration.
On June 5, we organized a Fin And Tonic together with the LHoFT. This first EU fintech gathering turned out to be a huge success with over 200+ companies in attendance coming from all over Europe. Thanks to our partner hubs – Czech Fintech Association, Holland Fintech, Fintech District, Stockholm Fintech Hub and Fintech Portugal – for bringing the European fintech community together in StrandZuid for one buzzing gathering! Check the video fo our Fin And Tonic below
Digital Finance Europe 2018 is your next opportunity to reconnect with the European banking and fintech ecosystem. Don’t miss out: