Written by 15:03 Events, Financial Centre

3 Questions for Michael Migendt, Associate Director, Innovation and Digitalization, DZ BANK AG

The event “Future of FinTech – Frankfurt and Hong Kong” sheds light on the dynamic development of the FinTech scenes in both financial centers. We spoke to Michael Migendt, Associate Director, Innovation and Digitalization, at DZ BANK about the importance of FinTechs for the company and the attractiveness of Frankfurt as a financial centre.

FMF: What significance does the topic of fintech have for DZ BANK?

Michael Migendt: Fintechs have a multifaceted significance within DZ BANK. In the past, they have often been competitors who have held up a mirror to us with newly conceived business models and innovative ideas in our own business area and have ensured that we have continued to develop. This has enabled us to focus even more closely on the needs of our customers.

On the other hand, fintechs are also relevant additions to our process chains, which we integrate via cooperations as well as investments or, in some cases, acquisitions. This usually enables us to achieve success even faster and improve our learning curve.

Learning from each other is particularly important to us here and we also try to involve as many people in the bank as possible and enable them to look beyond the bank’s own horizons. In recent years, we have built up a strong basis for this through the Innovation LAB and strategic innovation management as a central point of contact for start-up and fintech impulses for the specialist departments.

How attractive is Frankfurt as a financial center for German and international fintech companies?

The high density of national and international banks, which have further increased their presence especially after Brexit, together with the most important supervisory authorities, represent a strong attraction for fintechs. Start-ups often form close to the competition or relevant sales markets. Even if companies want to gain a foothold in the German or European market, there is no way around the often most heavily regulated market and therefore Frankfurt. In general, the Frankfurt financial center has become much more permeable for fintechs over the years, which can also be seen in the one or other white sneaker and hoodie worn by banks. The willingness to participate in the funding of promising start-ups with venture capital is also increasing. Accordingly, it can be assumed that the attractiveness will continue to increase in the future and that the financial center Frankfurt will become even more international.

As a city, Frankfurt recognized the importance of fintechs early on and set the course accordingly. With the TechQuartier, the city, the state, the universities and other partners such as DZ BANK have created an ecosystem in which start-ups can develop and interact with investors and other stakeholders.

What prospects do foreign markets such as Hong Kong offer in this area?

Foreign markets such as Hong Kong offer extremely promising prospects in the fintech sector. Hong Kong is not only a global financial center, but also an important hub for innovation and technology in Asia. The location benefits from its strategic location and access to the region’s markets, especially China. This opens up unique growth opportunities for fintech companies and access to an enormous customer base.

A key advantage of Hong Kong is its robust regulatory environment, which encourages innovation while ensuring high standards of security and compliance. The government actively supports the fintech industry through various initiatives, support programs and the provision of innovation hubs and incubators.

Hong Kong also offers a highly developed infrastructure and an international network of financial institutions that can act as potential partners for fintech companies. The close cooperation between traditional banks and fintechs in Hong Kong leads to synergies that accelerate the development of new technologies and business models.

Overall, Hong Kong is an attractive market for fintech companies, offering numerous opportunities for expansion and growth due to its innovative strength, its strategic importance in Asia and its supportive environment.

About the event:

On July 1, 2024, the event “Future of FinTech – Frankfurt and Hong Kong” will take place in the Skylobby of DZ Bank in Frankfurt am Main. This event will highlight the dynamic development of the FinTech scenes in Frankfurt and Hong Kong, two global financial capitals characterized by a large number of FinTech start-ups, established banks and investors. Topics such as the differences and similarities in the regulatory framework, access to venture capital, successful cooperation models between FinTechs and traditional banks as well as innovative services and products will be discussed. The event is organized by the Delegation of German Industry and Commerce in Hong Kong and DZ BANK AG. Participation is free of charge, but registration is required.

“Future of FinTech – Frankfurt and Hong Kong” offers a platform that both respects tradition and promotes innovation. The conference promotes exchange across the boundaries of individual sectors, market participants and countries and supports pioneering dynamics in the development of collaborations. Take this opportunity to network with experts and decision-makers from the FinTech and financial industry and gain valuable insights into the future of financial technology.

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