Industry leaders defend the future of fintech at Parliamentary summit #
Fintech is here to stay, according to industry leaders who recently spoke at the Parliamentary fintech summit. Despite recent challenges, including the collapses of Silicon Valley Bank and Credit Suisse, a panel of experts defended the sector and outlined their vision for its future.
Regulation was a key topic of discussion, with MP Dean Russell noting that regulating too soon could stifle innovation, while regulating too late or incorrectly could create loopholes. Jay Patel of Encompass Corporation emphasised the role of banks in interpreting regulations to ensure compliance for their customers.
Other issues raised included the need for greater support for SMEs looking to expand internationally, a skills crisis in the industry, and the lack of diversity among fintech owners. Khalid Talukder of DKK Partners highlighted the importance of the human aspect in an industry that often focuses on automation.
Innovation and regulation were also discussed, with Samni Akinmusire of ImaliPay noting that fintech entrepreneurs are usually creative problem solvers, but regulators can struggle to keep up with rapid innovation. Xavier De Pauw of kennek highlighted the different regulatory landscapes for B2C and B2B business models.
Overall, the panel defended the fintech industry as a crucial part of the UK economy, and emphasized the need for careful consideration of regulation to ensure innovation can continue to flourish.