12 Trends & Themes, and 12 StartUps to look out for @Money20/20
Barcelona – June 1st, 2018
Hundreds of startups will be attending this year’s edition of Money 20/20 Europe. It is, after all, Europe’s largest FinTech show of the year. For this edition, Money 20/20 and the FinTechers of Europe will flood the streets of Amsterdam to meet, greet, and p
arty. The 217 keynotes and panels taking place between June 4-6 will glide through 12 major trends and themes taking the industryby storm: AI, Banking, Data & Analytics, DLTs, Entrepreneurship, Identity & Authentication, Investing, Lending & Credit, Payments, Regulation, Retail & Commerce, and last but not least, Risk, Fraud & Security. Diligently, we have gone all out perusing Money20/20’s 2018 Academy Cohort, and selected one startup per each ‘trend & theme’ that we at FTS are really looking forward to talk to in the next few days.
- AI: Everyone claims to be doing AI, and sometimes it is really hard to separate the truth from the myths. From BoFA to Conversable. From fraud prevention, to algorithmic trading, to dynamic pricing. The applications of AI are unlimited. So, in this theme we have decided to go with the one that is addressing an important societal need. FEDO is the abbreviation of ‘FEel good, and DO better’ it aims to help people understand the problems of lifestyle diseases. In India alone, over 14.2 million people die of lifestyle diseases in the age group of 30-69 years. According to the WHO and the UN-Habitat, this may cost the Indian economy $6.2 trillion during the 2012-2030 period. FEDO helps you keep score of your health, based on a number of questions that you have to answer. The score is sensitive enough to understand minor changes in lifestyle and show the variation in the health risk due to those changes. A year ago, FEDO’s tool was predicting risks for 8 life diseases and has tested with over 500,000 data points at 80% accuracy levels.
- BANKING:“access Global Banking with 5 lines of code.” Railsbank simplifies the on-boarding of companies to their banking partners, and gives access (via the Railsbank AP)I to banking services such as creating digital ledgers, connecting digital ledgers to real bank accounts, issuing IBANs for ledgers, receiving money, sending money, converting money (FX), collecting money (direct debit), issuing cards, and managing credit. The newly created Mastercard Start Path has chosen them to be part of the 11 entities they will help grow. Looking forward to catching up with our friends in Amsterdam!
- DATA & ANALYTICS: Regulatory reports, such as those for the ECB, are expensive to produce and costly to maintain given the ever changing requirements. All the more reason to find the most efficient solution. DEX Data Explorers has developed the DEX Regulatory Suite, which can easily generate reports based on the regulatory standards. DEX Regulatory Suite offers solutions for banks (FINREP / COREP, AnaCredit, Social Economic Reports), for Insurers and Pension Funds (Solvency, FTK) and for Investment Institutions (MIFID ii, SFTR). The system calculates values based on the validation rules provided by the regulator.
- DLTs: Another difficult one. So many amazing applications for DLTs, it’s hard to know where to start. But given our interest and focus on Financial Inclusion, we want to talk about the one that addresses that issue best. Today, more than 2 billion people in the world are living without access to formal financial services and 2.4 billion are living without an identity. On top of that, according to UN High Commissioner for Refugees, in 2017, 65.6 million people were forcibly displaced worldwide because of persecution, conflict, violence, or human rights violations alone.AID:Tech’s mission is to bring social and financial inclusion to the world’s undocumented and under served populations using digital identity based on blockchain technology. AID:Tech digitize entitlements such as welfare, aid, remittances and donations and transparently distribute via Blockchain. AID:Tech were the first company in the world to deliver humanitarian aid using blockchain technology in Lebanon in 2015. Keep up the good work guys!
- ENTREPRENUERSHIP: Since most of the startups fall within this category we have decided to chat with the one coming from the place least people expect. ONE CLICK INDUSTRIES, is a Haitian Technology Company founded in September 2014. Their services include but are not limited to : Technological Project Management (Digitalization), Mobile / Web Application Development, and security thanks to its mastery of Biometric Technologies. The company makes 60% of its turnover in digitalization.
- IDENTITY & AUTHENTICATION: Chekk for Business, Chekk for Individuals, Chekk Consulting. Chekk-mate. With Chekk.me, individuals are empowered to own their Digital Identity and control what data they share, and businesses get a secure platform for seamless data request and on-going customer interactions. They also just won the overall startups contest at Money 20/20 Asia.
- INVESTING: Oval Money is not only helping people save seamlessly and investing for them, it is also addressing the root of the issue: Financial literacy. As Dan Ariely said on his ’08 TEDTalk “… We’re evolutionarily designed to use vision. And if we have these predictable repeatable mistakes in vision, which we’re so good at, what are the chances we won’t make even more mistakes in something we’re not as good at, for example, financial decision-making.” Oval is creating a platform designed to tackle the global issue of financial literacy. Their team is committed to driving education, fairness, and financial inclusion in the industry. Don’t forget to check both Oval and Ariely next week!
- LENDING & CREDIT: In the last 30 years, tuition fees have spiked in the US. Increasing by 213% at public four-year institutions, and 129% at the private level. This rising tuition cost has led Americans to struggle with a collective $1.4Trillion in student loan debt, now turning into a crisis. Quotanda mission is to democratize access to education by improving financing options. Their Lending as a Service (LaaS) platform enables Universities and lenders to set up student financing programs to make education more affordable.
- PAYMENTS: Majority of smart phone users already have one too many apps on their phones, keeping track of another one, probably not a great idea. PayKey simplifies that by enabling mobile users to access financial services from within any application. Facebook Messenger, Twitter, and WhatsApp, are three of the many supported social media applications by PayKey. These three together have a total of 3,136 million monthly active users.
- REGULATION: “Here’s another GDPR email!” Trunomi unlocks the power of customer data using consent and data rights management. Trunomi provides consent and data rights management technology which enables businesses to request, capture and immutably prove the legal basis for processing customer data – in compliance with GDPR. Trunomi is solving data privacy in a unique way – turning regulation from a burden into a competitive advantage.
- RETAIL & COMMERCE: Zeipt is connecting retail, by providing a platform for distribution of digital receipts & integrations towards ECR/POS-systems. They streamline processes between retailers and their third party providers and automate receipt distribution to consumers via their bank or accounting software. Their solution is simplified, efficient access layer across ECR/POS-system providers.
- RISK, FRAUD & SECURITY: ThreatMark is highly specialized research and development laboratory combining hacker-level security know-how with the latest machine learning technology to combat cyber threats and online fraud. ThreatMark’s research into malware detection, artificial intelligence and behavioral biometry is applied into production environment of global banks, lending and payment providers and other online businesses that trust ThreatMark during their everyday operation.
We are also looking forward to all the other awesome startups at Money20/20 EU. Unfortunately, it’s only three days, but we will go around non-stop chatting and interviewing as many as we can to better understand their impact in their financial world!