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The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries



The FinTech Book is the leading guide to the financial technology revolution—including the disruption, innovation and lucrative opportunities. Created by two prominent thought leaders in FinTech and the associated investment space, this groundbreaking guide showcases the leading industry influencers in FinTech in a single, informative volume.

Entrepreneurs and investors will find this an invaluable resource to uncovering new opportunities and maximizing their ROI in this growing market. This inspiring book covers every major industry development in depth, complete with firsthand insights and lessons learned by practitioners at the cutting edge. This first comprehensive volume on the global state of FinTech gives you a distinct competitive advantage by:

  • Illustrating the ins and outs of the industry with the leading figures at the centre of the action
  • Detailing the unique market dynamics of the FinTech revolution
  • Illuminating the diverse potential of the sector and the various ways it can impact related industries
  • Showing you firsthand how other investors and entrepreneurs have risen to the top of this dynamic environment
  • Explaining key themes such as API economy, behavioural biometrics, blockchain, digital currencies, financial inclusion, fintech hubs, mobile payments, predictive algorithms, and robo-advisors.

Whether you are responding to disruption or wanting to profit from innovation The FinTech Book is for you.

SUSANNE CHISHTI is CEO of FINTECH Circle, Europe's first Angel Network focused on FinTech opportunities and London's FINTECH Tours. She is also the Chairman of FINTECH Circle Innovate and recognized in the European Digital Financial Services 'Power 50' 2015, an independent ranking of the most influential people in digital financial services in Europe. Selected among top 15 FinTech UK twitter influencers.

JANOS BARBERIS is a Millennial in FinTech, recognised as a top-35 global FinTech leader. He founded FinTech HK, a thought leadership platform, and the SuperCharger - a FinTech Accelerator that strategically leverages on Hong Kong as a gateway to Asia. In parallel, he sits on the advisory board of the World Economic Forum's FinTech Committee and is a PhD Candidate at Hong Kong University Law School.

Preface viii

About the Editors x

Acknowledgements xii

1. Introduction

Banking and the E-Book Moment 6

Why We’re so Excited About FinTech 10

Current Trends in Financial Technology 13

2. FinTech Themes

Banks Need to Think Collaboration Rather Than Competition 20

Global Compliance is Key 22

Lending (Capital) in the 21st Century 25

The Next Big Innovation in FinTech - Identity 28

Tech Giants Becoming Non-Bank Banks 31

Design is No Longer an Option - User Experience (UX) in FinTech 34

3. FinTech Hubs

Nurturing New FinTech Communities 42

La (French) FinTech Connection 45

The Journey Towards an Integrated FinTech Ecosystem - The Netherlands 48

Luxembourg, a Future FinTech Hub? 51

Vienna as the No. 1 FinTech Hub in Mobile Payments? 53

India’s FinTech Ecosystem 56

Singapore, the FinTech Hub for Southeast Asia 58

4. Emerging Markets and Social Impact

FinTech - The Not So Little Engine That Can 66

Why Am I Not Gonna Be Able to Enter a Bank? 69

The Rise of the Rest in FinTech 72

Smartphones, FinTech, and Education - Helping the Unbanked Reach Financial Inclusion 75

The Social Impact of FinTech in Nigeria 78

India and the Pyramid of Opportunity 81

5. FinTech Solutions

Rewiring the Deal - The Path Forward for B2B Supply Chains 88

Payments and Point of Sales (POS) Innovation 92

Predictive Algorithms - Building Innovative Online Banking Solutions 95

Big Data is the Cornerstone of Regulatory Compliance Systems 100

FinTech Solutions in Complex Contracts Optimization 106

Behavioural Biometrics - A New Era of Security 109

Ultra-Fast Text Analytics in Trading Strategies 112

Regulated Crowdfunding Ecosystems 117

Remittances - International FX Payments at Low Cost 120

FinTech Solutions for Small Businesses 123

Payment Solutions Including Apple Pay 125

FinTech Solutions Benefiting other Sectors 128

FinTech Innovation for Wearables 131

6. Capital and Investment

Investment and Capital - Back to Basics 138

Angel Investing - Access to “Smart Money” to Fund the Best FinTech Companies 141

Crowdfunding and Marketplace (P2P) Lending - Online Capital Marketplaces as New Asset Classes to Access Funding 144

The Digital Investment Space - Spanning from Social Trading to Digital Private Banking - A FinTech Sector Made for Disruption? 147

Leading the Way with an Investor-led Approach to Crowdfunding 149

My Robo Advisor was an iPod - Applying the Lessons from Other Sectors to FinTech Disruption 152

Crowdsourced Alpha 155

To Crowdsource a Hedge Fund 160

Providing Capital and Beyond 162

7. Enterprise Innovation

Can Banks Innovate? 170

So, You Think the Innovation Lab is the Answer? 173

FinTechs and Banks - Collaboration is Key 179

Partnerships Are the Key to Addressing Financial and Digital Exclusion 183

Corporate Venture Capital - The New Power Broker in the FinTech Innovation Ecosystem 186

The Insurance Opportunity 190

8. More Success Stories

eToro - Building the World’s Largest Social Investment Network 196

Avoka - An Overnight Success, 13 Years in the Making 198

Bankable - Banking as a Service 201

The Next Chapter in Citi’s Story of Innovation 203

FinTech Trends from the Frontline - Building Collaborative Opportunities for Start-ups, Market Infrastructures, and Wholesale Banks 206

9. Crypto-currencies and Blockchains

FinTech + Digital Currency - Convergence or Collision? 212

Blockchain and Crypto-currencies 217

10. The Future of FinTech

How Emerging Technologies Will Change Financial Services 226

The Future of Financial Services 229

Banking on Innovation Through Data 232

Why FinTech Banks Will Rule the World 235

The FinTech Supermarket - The Bank is Dead, Long Live the Bank! 238

Banks Partnering with FinTech Start-ups to Create an Integrated Customer Experience 241

The Rise of BankTech - The Beauty of a Hybrid Model for Banks 245

FinTech Impact on Retail Banking - From a Universal Banking Model to Banking Verticalization 248

Embracing the Connected API Economy 253

Banking Like Water 258

Eliminating Friction in Customers’ Financial Lives 261

FinTech is the Future Itself 264

A Future Without Money 267

Ethics in FinTech? 270

List of Contributors 273

Index 291