A few things that caught my eye on the third and last day of Money 20/20 Asia:
Views from the CIO of Ping An
In a crowded environment, fintech companies must define their offering: either target financial institutions or a portion of the market that is under-served.
The "data lake" will become more important than product distribution, brand and capital.
ICOs are the training wheels for the token economy. The tokenisation of assets, not ICOs or blockchain, is the game changer.
On AirAsia launching financial services
An e-wallet will offer cross-border remittances and loans.
The focus will be on Southeast Asia as opposed to China or India.
The company will attempt to monetise the data it has collected on millions of passengers over 16 years.
Despite a crowded field, the airline’s founder Tony Fernandes believes Big Pay can coexist with competitors.
On challenger banks
Plummeting costs, consumer behaviour and welcoming regulation have reduced the barriers to entry.
Operations and regulations should be the main area of focus at launch.
Budget roughly 60 million dollars to start a virtual bank.
On the crypto speech given by the head of the Monetary Authority of Singapore
Cryptocurrencies are not money: they lack widespread acceptance, trust and stability.
Blockchains are well suited for applications where a central authority is missing or is too expensive with supply chains, trade finance and cross border payments being prime candidates.
Not everything belongs on the blockchain.
On the downside, cryptocurrencies facilitate illicit transactions and ransomware.
Regulation cannot address all issues related to cryptocurrencies; intermediaries must also do their part.