Event: FINTECH Circles Autumn Drinks 2023
Date: 9 November 2023
Author: Fintech Circle
It’s always great to hold LIVE events in order to connect, meet in person and really bring our FINTECH Circle members & wider Investor circle together. Our Autumn drinks 2023 was no exception. We had a blast! The FINTECH Circle Autumn Drinks brought together the finest of the London Fintech community (and some special VIP guests that even flew in especially).
After some free drinks and Networking, we all enjoyed a fantastic evening of informative Panel Discussions & talks.
Firstly, a big thank you to Matt Clarke, Hamish Thomas and the whole Team at Deloitte and Deloitte Legal for hosting us at their headquarters in London. We enjoyed Canapes, free drinks & heard a very insightful Panel discussion on ” The Future of Money” chaired by our very own FINTECH Circle CEO Susanne Chishti
Many thanks again to our Expert Panelists:
- Hamish Thomas, Payments and Future Money Leader & Partner, Deloitte
- Matthew Clarke, Tax Partner, Deloitte
- Samuel Flynn, CEO, Hands In
- Moderated by Susanne Chishti, Founder & CEO of FINTECH Circle
The talks were kicked off by Matt Clarke – Tax Partner at Deloitte how talked about all the recent changes and various Tax implications and educated us on all the challenges and the need for a good Tax strategy.
Next up to speak to the 60-70 guests in attendance was Hamish Thomas – Deloitte’s Payment & Future Money Leader who spoke about how Payments are quickly transforming due to many forces – from market competition, customer expectations, to technology innovation & a changing regulatory landscape.
This dynamic environment is creating opportunity but also generating risks.
He explained how balancing fast-moving immediate priorities while planning for tomorrow has never been more challenging. Money is in a state of fast flux, driven by the ongoing impact of mass digitalisation, the ubiquity of the internet & social media platforms, the rapid disruptions of big tech, fintech and opensource innovators, and the mass proliferation of smartphones and other connected devices.
Hamish spoke about the fact the future future was depending on how well Fiat currencies & cryptos blur and merge – or not. He also discussed embedded finance and how loans at point of sale will have a big impact and what are that are the big uncertainties.
An interesting take away:
By 2035, it’s likely that Central Bank Digital Currencies, and probable that some other digital currencies will represent established stores of value, credible units of account and dependable mechanisms of exchange. The next phase of evolution is fraught with a degree of risk. As he outlined, the outcomes that prevail will depend on the degree of trust that users have in different types of coin, as summarised below, and in the degree to which regulatory authorities manage and impose controls on the eco-system.
Hamish explained that the next phase of evolution is fraught with a degree of risk. As he outlined, the outcomes that prevail will depend on the degree of trust that users have in different types of coin, as summarised below, and in the degree to which regulatory authorities manage and impose controls on the eco-system. He mentioned
GOVERNMENT COINS – currency issued by government authorities, typically as Central Bank Digital Currency (CBDC). These are similar to the fiat currencies traditionally issued by central banks.
STABLECOINS – currency issued by private entities that attempt to link their value to reference assets, for example the US dollar. Stablecoins may gain traction before CBDCs. If stablecoins are perceived as proxy fiat currencies, this could have a material impact on how digital money evolves more broadly.
CRYPTOCURRENCIES – the tokens of decentralised finance (DeFi), owned and controlled largely beyond the reach of central authorities. They are generally unregulated and lack the imprimatur of government oversight.
REWARD/PRODUCT/SERVICE/APPLICATION TOKENS – tokens akin to loyalty cards or reward points that are now widely used in the retail, hospitality and gaming industries. These are usually discrete, self-contained systems operated with the specific permission of participants.
He said It is also highly likely that business practices, consumer behaviours, investment assets, legal contracts, data, payments, regulation and macroeconomics – basically everything we associate with money, including who, or what can use it – will change too.
And, even in the event that digital money struggles to be accepted – credibility issues are frequently exposed – its influence over the strategies, practices and policies relating to money will only intensify.
All this and a whole lot more. Wow! You should have been there.
Insights from a Successful Start Up!
This was followed by a panel discussion with Samuel Flynn CEO Hands In on how he is building his successful paytech startup and Hamish on future payment trends. HandsIn is on a mission to empower merchants with seamless and simple plug-and-play payment solutions that reduce payment failures and deliver incremental revenue.
He shared how resilience, the importance of a good support network, tenacity and focus are some of the most important success factors for any entrepreneur long-term.
After the talks it was back to Networking, free drinks and food–courtesy of our Partners Deloitte.
Make sure you check out the Gallery below:
Thank you once again for bringing your positive energy, laughter, and fellowship to the Autumn Drinks event. Your enthusiasm and genuine connections truly made the occasion a success.
Looking forward to more gatherings and shared moments in the future. Until then, cheers to the wonderful memories we created together!