Fintech Comes of Age
In today's programme Ed Butler visits the Innovate Finance Conference in the heart of the City in Central London, where we're marking the coming of age of a new industry.
Fintech as it's known has expanded from things like simple mobile payment systems to big financial players; around 8000 firms worldwide with $85billion in funding. Lawrence Wintermeyer, CEO of Innovate Finance, the group that runs the annual conference, says there's a new confidence in the sector.
So what about the fintech companies themselves? Blockchain creates a digital record that is inherently resistant to outside tampering. Basically, aficionadoes say, it's virtually hack-proof. Peter Randall, CEO of start-up Setl, is hoping to cash in.
Cities are competing for these new start-ups' attention and although London remains perhaps the world's leading fintech hub, a close rival is Singapore; we hear from Sopnendu Mohanty, a fintech regulator with the City of Singapore and Maria Gotsch, President and CEO at the Partnership Fund for New York City.
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