Key Takeaways on Money20/20, Europe’s Biggest FinTech Show

From 21st to 23rd September, Europe’s biggest fintech show Money 20/20 took place in Amsterdam, at the RAI Exhibition and Convention Centre. The event was joined by more than 4000 participants from 1500 companies, consisting of global leaders, new challengers, tech giants, Fintech & InsurTech startups, and 200+ speakers, sharing their visions and ideas with the audience.

Martijn Meijlink, Insurance Product Manager at bsurance, was one of the event participants, attending exciting presentations and panels of Fintech and Banking industry pioneers that fueled fintech´s biggest conversation in 2021. How did it go? Scroll down to find out more!

Money20/20, Amsterdam, 21-23 of September 2021

Our main takeaways

1. Embedded finance is here to stay

Embedded Finance, also known as embedded banking, was and still is a hot topic amongst the banking and fintech community. In simple words, the embedded finance solutions support businesses weaving and bundling financial services into ‘’traditionally’’ non-financial services.

However, although embedded finance has become one of the industry’s buzzwords in 2021, and the trend’s popularity is rising, it seems like there are regulatory challenges that enablers are struggling with. One of the convincing examples mentioned in the conference was the differences between EU Member states’ digital ID systems; the national electronic identification systems differ in all 14 member states.

Nevertheless, European countries have vast technological opportunities in the market, but to embrace it, first, the country’s public organs should encounter, deal with and fix the regulatory challenges mentioned.

2. Blockchain

Blockchain technology (ledger system for compiling and tracking data on sales and payments) implementation in payment flows will be a solution of interest for many businesses. But again, that’s the trend that needs to be regulated. So again, to unleash and embrace the potential of technology, the improvements of Regulatory Frameworks will be a must. Why? Because bitcoin won’t be suitable for future B2C payments since it’s not properly regulated by authorities and would hamper users (customers) from proceeding and using it.

3. Pay now, buy later, super apps & cashless world

The 21st century trend on “Pay now, buy later” is a service that grants the consumers the same advantages as using credit cards, only excluding the interest fee and consignment. This trend became visible and appealing in 2020 and will continue its rise during forthcoming years.

Whereas, the future of super apps (apps offering a wide range of services and products) is still unclear, as the implementation and trends journey won’t be easy due to the regulations available. Will the consumers be willing and motivated to pay for added value? That’s a great question that left two distinct points of view for the Money 20/20 audience.

Intriguingly, experts believe that the cashless world is a utopia; interpreting cash ”will be short of oil” to make those systems work. Albeit a cash-free society could make a bold step towards security and frictionless experiences, and convenience, it could also bring many cons like marginalized communities, etc.

4. Social responsibility

Environmental, Social and governance principles (ESG), becoming one of the critical aspects of today’s business environment and culture. One of the keynote speakers gave the attendees an example that the London Stock Exchange now includes and adopts ESGpractices into their own sets of values.

Consequently, besides profit margins, earnings potential, and companies lifecycle, ESG will also be appraised amongst potential shareholders.

Concluding remarks

Two days were filled with fruitful discussions, inspiring keynotes, gathering thousands of participants in the most prominent European fintech reunion.

As one of the lessons learned during the event, Martijn concludes,” As all involved parties look for smooth and frictionless customer experiences, Embedded Finance is here to stay. There are many opportunities out there in the market, but some challenges must be overcome to embrace the real potential. One of the primary and frequently-named challenges mentioned in the conference is regulatory framework issues within the European Union, with no unified ID system in place. That said, the government and public body support and action could help the industry close the gap, overcome regulatory obstacles, and fulfill its full potential.”