With a strong start-up culture, a globally-leading Fintech cluster, proximity to established banks and thus access to potential clients and funding, the Financial Centre Frankfurt has a thriving FinTech ecosystem. Therefore, Frankfurt Main Finance’s Managing Director, Hubertus Väth, was invited to share the views and perspectives of the Financial Centre Frankfurt in a panel discussion on Fintech and the Future of Money at the Toronto Global Forum.
The Toronto Global Forum is an international conference fostering dialogue on pressing economic issues with the most recent conference being titled “Navigating a World in Disruption” and held under the auspices of the International Economic Forum of the Americas (IEFA). Heads of states, central bank governors, ministers and global economic decision-makers as well as industry experts partake at the conference. With 3.000 participants and 170 speakers, it’s a good opportunity for all stakeholders involved to leverage business synergies and engage in discussions with actors of the global economy.
The conferences first forum Fintech and the Future of Money addressed the impact of rapidly developing technology on financial services and traditional banking. The forum moderated by Alexandra Posadzki, Financial Services Reporter at The Globe and Mail featured the speaker Hubertus Väth, Managing Director, Frankfurt Main Finance, Al Goldstein, Chairman and Chief Executive Officer at Avant, Shuman Ghosemajumder, Chief Technology Officer at Shape Security and Rafael Funes, Executive Chairman of LOVIS.
The panellists discussed how the financial sector will look like in a few years, what impact new technologies are having on financial services and in what ways regulation can support innovation and promote confidence between consumers and financial institutions. During the debate, Hubertus Väth highlighted that while Technology has changed or even fundamentally replaced some forms of traditional financial services, established financial institutions are at times losing sight of, or under-investing in potentially industry-changing trends such as Artificial Intelligence, Big data, Blockchain, cloud storage – all of which are technologies that may have a disruptive character for the financial industry and may revolutionize future pricing, trading, clearing, settlements.
Strengthening Relations with the City of Toronto
During the latest visit to Toronto, Frankfurt Main Finance met with Thomas Schultze, Consul General of the Federal Republic of Germany to Toronto and Michael Thompson, Deputy Mayor of Toronto to further the collaboration between the two financial centres, adding Artificial Intelligence to areas of cooperation.