The digital revolution remodeling the financial services industry - Workshop

Thursday, 4th October 2018

09:00

Welcome Note and Introduction by David Gyori, CEO, Banking Reports

09:30

Fintech start-ups contributing to a larger financial inclusion
The number of unbanked people in the Philippines today remains far from the average amongst ASEAN countries, and the Bangko Sentral ng Pilipinas (BSP) sees banking fintech innovations as a way to bridge this gap. These innovations not only serves as an instrument towards financial inclusion, but also to bring more efficiency in delivering and supporting financial transactions. In this session, you will get to know how the fintech companies are starting to revolutionise the financial services industry and contribute to a more financially inclusive society, and how your institution can benefit from partnerships and also learn the steps to become a digital bank.

• Competition and cooperation: Is cooperation between banks and fintech start-ups necessary?
• Regulatory arbitrage: Is the regulatory framework favourable enough to increase interoperability and interconnectivity between transaction channels?
• New channels in banking: Many people do not have bank accounts but have mobile phones – the need for e-money platforms is evident. Are the unbanked ready to adopt thesenew services?
• Telcos in finance, digital convergence: How to get customers to digital payments?
• Mobile wallets: GCash, PayMaya Philippines and the introduction of QR payments – How far are these platforms to become the Filipino WeChat Pay?
• Digital inclusion: Disrupting poverty through technology

11:00

A dream or a reality? - Challenges in the “Regulated Excellence” of anti-money laundering and know your customer arena
Banks have started to look for more efficient conducts and approaches to meet the global anti-money laundering rules, while also focusing on fulfilling the need to develop Know Your Customer (KYC) and considering how managed services are solving onboarding issues. All these are results of regulators pushing banks to meet the global standards for KYC and AML

• KYC, AML, CFT, CDD: Regulation and Businessà Private Identity, Corporate Identity, Machine Identity
• ZKP: Zero knowledge proof and the holy grail of identity management
• Identity on chain: Helps in Identity Management: New Banking from Denmark, KYC Chain and Block Pass from Hong Kong, Pikcio from Switzerland
• AI in identity management: ID Now from Germany, GDPR in EU
• Definitions: RegTech, Compliance Tech, RiskTechà Differentiation of Concepts
• Case studies: Onboarding by Challenger Banks in the United Kingdom, Incumbents versus Digital Only Neobanks in terms of Onboarding

12:30

Lunch

13:30

Building financial institutions on blockchain: The essentials
Blockchain has the potential to disrupt banking as we know it today by transforming traditional interbank and peer-to-peer payments, opening up opportunities to replace existing tools for the exchange of financial information, and change how customer data is stored and processed.

• Mirage or inflexion point: What are the challenges and how close are we?
• Business case: What are the potential benefits and positive impacts?
• The ‘transparency trap’: Blockchain provides distributive permanent ledger and transparency
• Becoming a blockchain leader: Regulatory status vs. cultural adoption: How are the Philippines reacting?
• ICO vs. safe tokenisation: The concept of tokenisation – the power behind blockchain
• Internet of Value: Blockchain empowers the Internet of Value – The new reality
• 30 usecases of DLT in banking: Utilisingblockchain technology towardsauthentication, lending value, funding, investing, insurance and managing risk
• Project i2i: Filipino rural banks’ adoption of blockchain

15:00

Networking

15:30

The future of financial institutions–Innovate or die
The digital revolution that is already taking place in the financial industry is forcing traditional institutions to quickly innovate with some of them already late. In this session we will get to know some predictions for the new era of financial services

• Incumbents vs. new players in banking: Who will be the winners and the losers of the digital revolution?
• Third parties in banking: a value aggregator, advice provider and access facilitator
• Platformification, ecosystems: Future banking as a key to customer’s financial and non-financial digital ecosystem
• Digital ‘finity’: How challenger banks, neo-banks, digital-only banks, smartphone-only-banks can reach economy of scale
• The three key risks related to fintech: Information-security, new solutions in risk-management
• Financial inclusion vs digital inclusion: Is a full financial inclusion possible by 2025?

17:00

Review and Closing Summary