CashNews.co
Las Vegas, NV (October 28, 2024) – Money20/20, the world’s largest fintech event, returned to Las Vegas last week, bringing together industry leaders, innovators, and investors to explore the future of financial services. With over 11,000 attendees and over 3,000+ companies, Money 20/20 was the platform for collaboration and innovation. The event fosters connections between different stakeholders in the fintech ecosystem, leading to new partnerships, investments, and product launches.
This year some of the key themes and highlights were AI and machine learning, opening banking ,cryptocurrency, and payments innovation. A major focus was on the integration of AI and machine learning into financial services as discussed by Nvidia’s Kevin Levitt, who leads global business development for the financial services industry. Topics such as fraud prevention, personalized financial advice, and automated underwriting were discussed. More importantly, the readiness of AI and the speed of its development was the core focus. Companies will have to “embrace this new industrial revolution and generate new information from generative AI”, as Mr. Levitt discussed. With globalization moving quicker than ever, the discussion of open banking as right on top. The rise of open banking and its impact on consumer choice, data security, and innovation was a key theme, with panels and workshops exploring the latest trends and best practices.
Despite recent market volatility, cryptocurrency and digital assets remained a hot topic, with discussions on regulatory frameworks, blockchain technology, and the potential for decentralized finance (De Fi) to disrupt traditional financial systems, such as with payments innovation. But there seemed to be more notable references to fraud happening within the crypto world and figuring out new strategies in preventing this.
The real concern is whether crypto can replace standardize banking and be given a reputable outlook. As more and more banks go digital and into the fintech space, the justification of being a bank or not and ensuring the safety of assets within, becomes a real question. As Erica Khalili of Lead Bank said, there needs to be proper infrastructure in place to go over the (international) regulatory frameworks to ensure fraud prevention.
New payment technologies, including mobile payments, contactless payments, and biometrics, were showcased along with the latest trends in cross-border payments and remittance. How to create minimum paperwork, keeping a cross-border open-ness between banks around the world, so there could be an ease in a variety of transactions. With the help of governments there seems to be a possibility in having an ease in cross border digital payments. India represented heavily within Money 20/20 with many notable companies present at Money 20/20from TCS, Infosys, PhonePe , Paytm, Razorpay, others often participated in this major global fintech event.
Many Indian financial institutions were also present at the event from Axis, HDFC, and ICICI Bank. Money20/20 provided a unique platform for collaboration and networking among fintech leaders, investors, and regulators. The event featured keynote speeches from industry luminaries, panel discussions, workshops, and networking opportunities. As the fintech industry continues to evolve at a rapid pace, Money20/20 remains a crucial event for staying ahead of the curve and shaping the future of digital finance.
