Which topics are discussed on the first day of the event Money 20/20
Finally, the Money 20/20 event was opened in Las Vegas in anticipation of fintech enthusiasts. A series of famous figures in the world were present in the city of these casinos to share knowledge related to money but in a different aspect related to financial technology or fintech for short.
So, which topics were mentioned on a vibrant Sunday evening in America's most entertaining city? Let's find out with FinFan in the following article.
First topic - Embedded Finance
What is Embedded Finance?
Embedded finance is the integrated financial services by fintech startups to improve the customer experience journey on non-financial services, typically adding new convenient payment methods for buyers on e-commerce platforms (in Vietnam are COD or e-wallets).
Which stories about Embedded Finance were discussed on the first day of the event Money 20/20?
Many stories revolve around the embedded fintech topic, however, the story about applying AI in fintech between Sarah Guo (who invests in startups and Ali Ghodsi CEO and Co-Founder of Databricks - a business specializing in Lakehouse Platform combines the best qualities of data warehouses and data lakes to provide a single solution for all your data, analytics, and AI workloads. It helps organizations accelerate innovation by unifying data teams with an open, scalable platform for critical data-driven use cases – from streaming analytics to BI, data science, and AI.
Throughout the conversation, the most mentioned part was whether AI fits with the company culture, operating procedures, and data exploitation of the business.
Through the conversation between them, we can see that AI can sometimes replace humans in a short part of the journey to bring the best experience to customers but cannot completely replace humans.
Second topic – BaaS
What is BaaS?
BaaS is the abbreviation for Banking as a Service, which means a process of integrating banking-related products and services into a non-banking product or service. It is also known as embedded banking and is a specific subtype of embedded finance.
The example for BaaS in Vietnam is that banks and some delivery apps have combined to bring the best deals to users and thereby accumulate points on these delivery apps to receive additional incentives when making other transactions.
Stories of BaaS topic were discussed on the first day of the event Money 20/20
Coming to the sharing session on the topic of BaaS with the presence of Ben Horowitz - co-founder of the venture capital firm Andreessen Horowitz - the company behind the success of the BaaS application on the issue of remittance transfer - Wise previously known as Transfer Wise.
About Ben Horowitz
*Ben Horowitz is a cofounder and general partner at the venture capital firm Andreessen Horowitz. He is the author of the New York Times bestsellers, The Hard Thing About Hard Things and What You Do Is Who You Are. He also created the a16z Cultural Leadership Fund to connect the greatest cultural leaders to the best new technology companies and enable more young African Americans to enter the technology industry.
Prior to a16z, Ben was cofounder and CEO of Opsware (formerly Loudcloud), which was acquired by Hewlett-Packard for $1.6 billion in 2007, and was appointed vice president and general manager of Business Technology Optimization for Software at HP. Earlier, he was vice president and general manager of America Online’s E-commerce Platform division, where he oversaw the development of the company’s flagship Shop@AOL service. Previously, Ben ran several product divisions at Netscape Communications. He also served as vice president of Netscape’s widely acclaimed Directory and Security product line. Before joining Netscape in July 1995, he held various senior product marketing positions at Lotus Development Corporation.
Ben has an MS and a BA in computer science from UCLA and Columbia University, respectively.*
Lesson to learn when listening to this BaaS topic.
Through the conversation, we will better understand how world banks can connect with each other through just one app, whether there is any cooperation between other technology companies, and the role of partners. What is this third effect in transferring remittances from one country to another such as the US to Vietnam?
Since then, the FinFan team has drawn a lot of valuable experience in combining with other fintech companies to optimize the process of transferring remittances to Vietnam more quickly and effectively.
Furthermore, we will also have to make efforts to upgrade our technology system to be able to adapt to the extremely rapid development of the world.
At the same time, taking advantage of the strengths that FinFan has, which is the close association with large banks in Vietnam and being the first fintech company in Vietnam to create an e-wallet aggregator to be able to bring more modern and faster experience for customers transferring and receiving remittances.