3 Key Takeaways from the UK FinTech Mission to Western Europe
TAINA joins UK FinTech Mission to Western Europe 2022
TAINA Technology was delighted to be invited for the second year in a row, to join 37 UK FinTechs and 150 participants at the UK FinTech Mission to Western Europe in 2022! After recently growing our presence in Switzerland and hiring our first Swiss-based employee Martin Glatz in 2021, we welcomed the opportunity to connect with the European ecosystem and prove the value the TAINA Platform can bring to European financial institutions in helping them revolutionize how they manage FATCA and CRS compliance whilst saving costs, reducing risk and improving their customer and investor experience.
A particular highlight of the Mission was the panel discussion with innovative thought leaders Manuela Andaloro, CEO of SmartBiz Hub; Susanne Chishti, CEO & Founder of FINTECH Circle; Sabrina del Prete, Founder & CEO of Kore Labs and Member of Board of Governors at the London Institute of Banking and Finance; Azzurra Rinaldi, Director of the School of Gender Economics at the Unitelma Sapienza University of Rome; Sabine Van der Linden, Co-Founder and CEO the Alchemy Crew ; Kyriakos Voutsas, Financial Services and Data & AI Transformation Executive, Accenture Switzerland which covered a range of important topics.
Let's explore TAINA Key Takeaways from the UK FinTech Mission to Western Europe 2022:
Swiss Government and Regulators Approach to FinTech
Growth Potential of FinTech Market
Bias in Artificial Intelligence (AI)
Switzerland’s Approach to Financial Technology
The Swiss Government and Swiss regulators alike are both taking financial technology very seriously, and continue to support Fintech and the digitalization of the Swiss finance sector. This could be said to be a natural evolution for the European financial centre, who has recently published the "Areas of Action 2022+” report and committed to the strategy for a Digital Switzerland in 2020. Switzerland has taken a very proactive and welcoming approach by discovering the best UK Fintech industry has to offer. This collaborative approach between the two financial centers will allow for the new ecosystems to be built, creating innovation hubs and sharing ideas around open finance, data sharing, data protection, Artificial intelligence, GreenTech, cybersecurity and regulatory technology.
Growth Potential of the FinTech Market
FinTech is one of the UK’s largest exports, raising almost $700 billion in funding over the last 10 years. FinTech investment has also seen substantial growth in recent years, due to the challenges caused by the pandemic remote working circumstances. Sabine shared that in 2021 alone investment in technology ventures was $21 billion, which is three times more than what it was in 2020. In conjunction with the growing and booming FinTech market, the panellists discussed the idea of “Leveling up”, and how FinTech has a pivotal role to play. “It can help to raise the sort of capital and target capital in a way that can actually help our democratic societies to succeed.” stated her Majesty’s Ambassador Jane Owen.
Bias in Artificial Intelligence (AI)
The subject of bias was a hot topic among the panellists. Although one might think that technology can be the solution to everything, in reality, it cannot be the panacea.“When we talk about technology and artificial intelligence, we have to think about the fact that technology is a reflection of the way we think and the way we operate” shared Sabrina del Prete, Kore Labs CEO. There is often the fear of human exclusion when introducing FinTech solutions however for many financial processes there is a very good reason to take a hybrid approach. Technology and human judgment working in unison. This is especially true with regards to tax compliance and regulatory technology, where many of the regulations are very complex and still require human expertise. The medium here is feeding the right information and language to the technology, which in turn produces more accurate and efficient results and more streamlined processes which save time, save costs and reduce risk. The TAINA Platform is a great example of how an automated validation platform workflow can help tax operations teams streamline their FATCA and CRS compliance processes by saving 75% of time validating tax forms whilst achieving 84% cost savings per form.
TAINA thanks the UK FinTech Mission for inviting us to join this year and is very much looking forward to joining the UK FinTech Mission to Western Europe next year. If you are a financial institution based in Europe we would love to talk to you more about your current documentation validation and intermediary processes and show you how our award-winning FATCA and CRS Validation platform may add value to your organization.