IFGS 2023 – Day 2 Wrap Up Blog

It was an early start for the Innovate Finance team again! CEO Janine Hirt featured on BBC News championing the UK’s strong position as the European FinTech leader despite a challenging environment. Then it was straight to the London Stock Exchange Opening Ceremony to celebrate the sector - and that’s all before we kicked off Day 2 at IFGS!

After a jam-packed Day 1 hearing from FinTech CEOs achieving scale and success in their respective fields, and from politicians and policy-makers facilitating this growth and adoption, Day 2 catapulted attendees further into the future with debate and demonstrations on the technologies set to define the next decade.

Former UK Chancellor George Osbourne conducted an in-depth interview with Coinbase CEO Brian Armstrong, challenging him on regulation, relocation and his vision for the future. Brian shared Coinbase’s goal to increase economic freedom in the world, envisioning a payment being as easy to send as a Whatsapp message. Emphasising the need for clarity of regulation in the UK and US, Brian heralded a golden age of innovation, and encouraged the audience to make their passion a reality “the future is built by people crazy enough to think it’s actually possible”.

The call for clear, proportionate regulation became a key motif of the day’s proceedings. Klarna UK Head, Alex Marsh, reflected on the evolution of the Buy Now, Pay Later framework, advocating for an outcome-focused approach allowing rules to adapt to innovations, and prompting regulators to try out new products to see first hand the benefits they can bring.

Payment Systems Regulator Chair, Aidene Walsh, outlined the regulator’s ambitions to deliver new options for retail payments, competition for cards, and greater control for consumers and business. Minister for Tech and the Digital Economy Paul Scully MP championed the latest progress towards a Digital ID Trust Framework, and Director General of Financial Services, Gwyneth Nurse, declared that crypto assets and the underlying technology are here to stay, with HM Treasury in the process of introducing effective regulation. Shadow City Minister, Tulip Saddiq MP, delivered strong support for the sector in her speech on Labour’s aim for the UK to be the best place in the world to start and grow a FinTech.

Further industry sessions went from future proofing to future gazing, venturing beyond crypto, blockchain and DeFI into the opportunities and risks from AI, and the potential for a quantum computing revolution. Wider verticals tipped for imminent growth also featured with animated discussions on RegTech, InsurTech and Embedded Finance, and cross-cutting challenges such as skills were highlighted as ongoing demand for talent continues to outstrip supply in many areas.

As the discourse and dialogue came to a reluctant close, Innovate Finance Chair, Louise Smith, once again thanked all our incredible Innovate Finance members, partners and sponsors for their input, efforts and support for another fantastic IFGS, including our Gold Sponsors Barclays Rise, Invest Hong Kong and The Department for Business and Trade, as well as our media partners including our Lead Media Partner CNBC, CityAM, Finextra, FinTech Times, Fintech Magazine, BBC Storyworks, FinTech Future and Digital Innovation.

From the ideas, energy, dynamism and passion we’ve witnessed across the last 48 hours, it comes as no surprise that UK FinTech continues to go from strength to strength. We look forward to continuing in our privileged role supporting the sector as it enters the next year of its journey. That’s a wrap on IFGS for now, tomorrow we’ll get started on next year: See you on the morning of the 15th April 2024!