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Main predictions and conclusions from the first edition of Money Motion. How bad do we expect inflation to hit us and is crypto here to stay?

Main predictions and conclusions from the first edition of Money Motion. How bad do we expect inflation to hit us and is crypto here to stay?

by
Conference
November 28, 2023

Revolution in Banking: Sandra Švaljek, Deputy Governor of the Croatian National Bank, acknowledges the ongoing revolution in banking but emphasises the importance of not compromising user safety.

Revolut’s Presence in Croatia: Andrius Bičeika from Revolut reveals publicly that Revolut has over 300,000 users in Croatia, ranking it among the top 20 markets globally for the company.

Banking and Economic Outlook in Croatia: Representatives from major banks (RBA, OTP, PBZ, Addiko) agree that the chances of a recession in Europe are low, and Croatia is in a good position. Interest rates in Croatia are expected to rise, but more slowly than in other EU countries due to regulatory constraints.

Competition Between Traditional Banks and Startups: Panellists agree that competition between traditional banks and FinTech startups will drive development, pushing each other to enhance customer experience, apply artificial intelligence, maintain security and privacy, and optimise offerings using data.

Role of Technology in Banking: Discussions highlight the role of technology, including “big data.” Ivan Šimičević from OTP predicts the management of 50 trillion devices globally by 2023 and sees technological progress in banks as adaptation to unavoidable environmental conditions.

Embedded Payments and Smart Technology: Examples of smart technology in the banking sector, such as embedded payments, are discussed. The potential for embedded payments within existing applications is emphasised for enhancing user convenience.

Risks in FinTech and Crypto: Challenges and risks in crypto and FinTech companies are discussed. Panellists emphasise the need for specific regulatory frameworks for these industries.

Regulation and Innovation: Representatives from different market players discuss the challenges of regulating new technologies and companies in the financial industry, highlighting the privileged position of innovators in Croatia due to the smaller number of players in the national market.

Educating the Next Generation of FinTech Experts: The final panel focuses on the role of educational institutions in creating new FinTech professionals. The emphasis is on providing interdisciplinary and project-based education with top-notch experts.

Mastercard’s Perspective on Cryptocurrencies and NFTs: Christian Rau from Mastercard opens the second day of the conference with a clear message that users are already interested in owning cryptocurrencies and NFTs. Mastercard, as a global leader, is actively involved in the crypto ecosystem, offering channels and products and collaborating with various partners.

Panel Discussion on Payment Models and BNPL: A panel discussion explores different payment models, with a focus on Buy Now, Pay Later (BNPL), which currently participates in 25% of digital transactions. Ivan Rebrović from Monri discusses the acceptance of digital wallets among citizens, noting that the acceptance rate among Croatians is low due to distrust in new payment methods and concerns about granting access to information, especially card numbers.

Challenges of Soft POS and Education for Adoption: Soft POS, a payment method, is discussed as a concept that needs to gain public acceptance through education. Without public trust, especially for small businesses and organizations, this accessible payment method may not be widely accepted. Although its end or failure is not predicted, it is seen as far from becoming mainstream.

Digital, Modern, and Smart Banks: Piotr Jelenski, Director of ASEE and Payten, and Maurice Lisi, Head of Digital Channels at BPER Bank, discuss digitised, modern, and smart banks. Consumer demands in digital banking often focus on lower costs or fully digital services. Despite digitization, the human role remains crucial, transitioning from physical presence to online availability.

Prioritising Users and Profit in Digitalization: Piotr Jelenski emphasises that while digitalization is important, users come first, followed by profits. Maurice Lisi suggests that simple everyday banking services are unprofitable due to higher costs than revenue, and he sees the solution in offering new and more complex services, such as asset management or sophisticated lending.

In her keynote, Anna will delve into the forefront of payment technologies. She will guide you through emerging technologies, including recent developments in AI and explain how they can be effectively integrated into payment solutions and platforms.

She will share her insights into the ways payment transactions can be redefined and reengineered. She will provide examples of how payment processes and flows can be streamlined through open banking, a2a payments as well as payment orchestration. Learn how these technology advancements are not only reshaping payment transactions but also enhancing the overall customer experience. In her session, Anna will also explore the evolving role of embedded payments and their transformative effect on the merchant payment value chain.

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The discussion will focus on the impending digital and cashless transformation of the payments industry, driven by market participants including merchants, customers, banks/financial institutions, and payment networks. Key areas of exploration will include advancements in instant payments, the influence of the European Payment Initiative, and the future landscape of payment facilitation and acceptance.

Additionally, in this panel we will explore the impact of emerging technological trends such as SoftPOS adoption, regulatory frameworks like PSD3 and the Digital Euro, evolving business models like BNPL services, the diminishing use of cash, and discussions on cross-border payments and cryptocurrency integration, all of which are shaping the evolving nature of payment systems within Europe.

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At Mastercard, we strive to connect and power an inclusive digital economy that benefits everyone, everywhere. For almost 60 years, leveraging our global innovations capability, we work to digitize payment services across all channels and devices. Delivering payment value where speed, security and convenience matter most, and digital solutions solving consumers’, small and large businesses’ needs. Building trust in a digital world and embedding our social impact initiatives and ESG commitments into our core. Connecting everyone to priceless possibilities.

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What changes has open banking brought so far? What difference has it made and how? Who are the main drivers and players? Can open banking replace cards and what will it take? We will explore some of the open banking models around the world, use cases, lessons learned and what will the transition to open finance entail.

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The panel will cover the financial landscape's evolution from open banking to open finance. It addresses the development, challenges, and forward trajectory of alternative business models. The session will dive into impactful use cases while examining the implications of the latest EU regulations, lessons learned from existing regulations and anticipates changes with PSD3.

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In an increasingly digitised world, an elevated level of sophistication and personalization is expected from the banks when approaching the customers. To meet such expectations, not only a thorough knowledge and understanding of the customers' needs, but also an attentive customer-centric relation is needed. The banks should be able to know when, how and what to offer to their customer, taking into account their financial profile, as well as contemplating a well-thought engagement and communication strategy.

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In this panel, we will discuss the importance of data in today’s AI world.  First, we will cover what ChatGPT brings to banking and AI, demystifying whether it is a myth or a reality and how that fits enterprise users. Current generative AI offerings mainly focus on general models, but what about specialists’ models and their future?

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The panel will delve into the intricacies of the Digital Operational Resilience Act (DORA), the pioneering European framework that came into effect on January 16, 2023. By 17 January 2025, over 22,000 financial entities and ICT Service providers across the EU are expected to achieve compliance with this regulation. This, among other important activities, implies that millions of contracts within the EU will require renegotiation, placing a critical emphasis on fulfilling value chain requirements.

The panelists will try to unravel the essence of DORA by addressing key questions: What are the key requirements of DORA? How can financial institutions navigate their most pressing challenges, and why must organizations of varying sizes adopt distinct strategies? Is the talent pool of IT Risk managers adequate, and how will cyber teams be impacted? And most importantly, can we make it on time or are we already behind schedule in our preparations?

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Experience the Battle of the Decade firsthand! 

Hrvoje Cosic, the CEO of Aircash, is set to go head-to-head with the heavyweight champion Andrius Biceika, a distinguished board member at Revolut. This epic showdown will delve into numerous sensitive and even a few embarrassing topics :) such as the role of neobanks in Croatia and the broader region. Join us as we explore their respective exit strategies, identify fintech champions and contenders, and uncover their perspectives on various subjects like gambling, digital euro, and Apple Pay.

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The panel discussion explores Central Bank Digital Currency (CBDC), covering its definition, motives, and future implications such as its coexistence with current and future versions of digital money (deposit money, stablecoins etc). It addresses implementation challenges, competitive ecosystem building, CBDC as a public good, anonymity concerns, public authorities' roles, and the European Commission's digital euro proposal.

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Why would anybody use stablecoins? Except for trading of cryptocurrencies, ofcourse. What problems do we have with the current financial system that stablecoins solve? And, are they really so dangerous that central bank digital currencies were created just to stop stablecoins from taking over the world? Nadiem and Nikola deeply believe that stablecoins will have a pivotal role in shaping the future of money, come hear them chat about that.

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(coming soon)

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We will discuss the evolving landscape of financial technology, highlighting both challenges and opportunities for the next decade. Sigal, with his extensive background in FinTech and venture capital, will share insights on recent trends such as the impact of rising interest rates on funding, the stabilization of FinTech exits, and the promising outlook for FinTech IPOs. The presentation will also look into emerging disruptive technologies and the importance of understanding investor motivations for startups navigating the FinTech space.

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The panel will explore critical issues such as regulatory hurdles, market fragmentation, and funding challenges. It will look into the need for collaborative efforts between startups, investors, and other ecosystem stakeholders to foster a conducive environment as well as supportive policies to nurture the FinTech ecosystem.

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The talk will delve into the hurdles startups face, the support provided by European public sector institutions, and effective strategies for securing public sector grants. It will outline the availability of grants and other forms of support from the European Innovation Council (EIC) for startups and scaleups. Additionally, the talk will highlight success stories of Croatian startups that have leveraged grants to develop and scale their innovative products and services, offering valuable insights and guidance for emerging fintech enterprises in Europe.

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(coming soon)

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