Money 20/20 Europe puts the Spotlight on Innovation and Collaboration
Money 20/20 Europe: Spotlighting Innovation and Collaboration
Money 20/20 Europe, which recently took place in the beautiful city of Amsterdam, did not disappoint. There was no shortage of innovation, exhibitors and attendees. The conference showed the breadth and depth of financial technology and Web2 took its rightful place as the winner of the best-in-class events.
Sure, Web3 was also on display but this was Web2’s shining moment – and shine they did.
Smaller companies and innovative startups undoubtedly benefit from the attention of larger enterprises. The venue provided an ideal platform for them to be seen and heard. Money 20/20 Europe proved to be the perfect gathering point for such collaboration and exchange of ideas.
No shortage of energy
Zachary Fallon, the visionary founder and partner of renowned legal, fintech and Web3 consulting firm Ketsal, noted, “Money 20/20 Europe surpassed expectations. Overall, it was well-organized and highly attended. There was a lot of energy behind fintech generally and I saw a strong presence from the crypto sector, coming from non-U.S. companies.”
This is not surprising as the U.S. continues to play tug of war with passing regulations for digital assets. The EU also continues to take significant strides forward in managing regulations for artificial intelligence (AI), a sector ripe for capital raising. I even overheard a few folks expressing that, except for AI projects, money has all but dried up.
What nuclear winter?
While there were murmurs from some peripheral observers of the event about being in a “nuclear winter,” I couldn’t help but contemplate that statement. It led me to reflect on the last time we experienced a true “nuclear” situation, which I would argue was during the years of 2008 and 2009. While the current market may be frothy, it simply doesn’t carry the same bearish sentiment as those challenging times
If we were truly in such dire circumstances, would a conference of this caliber and size even be taking place? Zachary Fallon echoed this sentiment by highlighting the resilience and progress showcased at the conference, with no signs of a “nuclear winter” on the horizon.
I have to agree.
We face difficulties at the moment, with SaaS sales suffering a downward trend and tech layoffs still making headline news each day. However, this doesn’t automatically mean that the sky is falling. As these companies undergo a transitional phase, the importance of continued building and innovation remains evident at every turn.
The truth is that Web2 and Web3 are interdependent and mutually beneficial. While Web3 may be grabbing the spotlight, Web2 companies are the machinery fueling its adoption. They remain crucial players in this evolving landscape.
Compliance needs to be affordable (yes, you heard that right)
During a pre-event hosted by La French Tech, I had the opportunity to engage with Nicolas du Manoir, the Chief Revenue Officer at Wayfare and a seasoned finance expert. He shared a fascinating observation about how startups were not complaining about regulations but rather embracing their necessity.
According to du Manoir, these startups face a significant “disadvantage compared to large established financial institutions because of the complexity of the administrative process necessary to comply with regulations, as well as the costs associated with compliance.”
When I inquired about his key takeaway, du Manoir expressed a desire to witness regulators incorporating financing mechanisms that would enable smaller players to actively participate in the market while remaining compliant.
Assisting entrepreneurs in overcoming such hurdles is of utmost importance. It is encouraging to see that the costs for compliance are being addressed.
Openness is the way forward
Wise, a platform that helps manage worldwide currencies, was encouraged following Money 20/20.
“Perhaps our most encouraging takeaway from Money 20/20 [Europe] this year was the increasing openness of traditional players to embracing the potential of fintech partnerships,” as stated in Wise’s event wrap-up blog. “The mindset shift among established financial institutions was palpable in sessions and conversations throughout the course of the week. The value that fintechs like Wise bring to the table is becoming increasingly apparent, and this willingness to collaborate presents exciting opportunities for financial institutions of all sizes.”
Openness is the way forward. This fundamental principle has resonated with me consistently throughout the various Web3 events I had the privilege of attending this year.
What was truly inspiring at Money 20/20 Europe, however, was witnessing the widespread dissemination of this ethos beyond the confines of the Web3 community. It served as a testament to the power and relevance of openness in shaping our collective future.