Financial technology (fintech) is the talk of town; this time, quite literally. From July 31 to August 2, New York City will be hosting the prestigious Fintech Week for the second time.
For three whole days, top representatives of the revolutionary industry will descend upon the iconic Times Square to discuss the future of fintech.
A Little Bit of History
Contrary to popular belief, financial technology is not a new phenomenon. In the broad sense, it encompasses all technologies that enable financial transactions.
In that sense, fintech was born in 1865, when Giovanni Caselli invented the pantelegraph, a machine aimed at verifying bank signatures between two branches in different locations. The first pantelegraphs were installed in Paris and Lyon (France).
However, the rapid technological developments of the late 20th and the early 21st century elevated financial technology to a new level. The term itself, along with its popular abbreviation, was coined in 1993.
The worldwide propagation of internet banking coincided with the 2008 global financial crisis, when trust in traditional banking institutions rapidly deteriorated. This presented a unique opportunity for revolutionary thinkers to step up and create financial services the world has never seen before.
Thus, 21st century fintech was truly born.
What is Fintech Week
Fintech Week was first organized in 2014 by Fintech Worldwide Ltd in London, UK. The company “is a global innovation network with a focus on technology and transformation in finance and blockchain”.
Fintech Worldwide organizes smaller meetups for financial technology professionals, blockchain conferences, as well as large scale global events like the Fintech Week series. Currently, this latter event has four branches in major locations like New York, London,Tel Aviv, and Silicon Valley.
The New York Fintech Week
The three-day event mashes up the boundaries between conference, exhibition, workshop and networking. The main idea behind Fintech Week is to get the right people into a room and encourage innovation.
Investors, startups, academics, industry professionals and many others will meet in New York to discuss the future of fintech, make deals, and discover new directions for the future of financial technology.
Each day of the event has a different theme. Fintech Week New York starts out with FinPitch; a half-day of fun where innovators have the chance to pitch their fintech ideas to the industry. It’s a major opportunity for startups to launch their products or services, and find partners or potential investors.
The second day is dedicated to blockchain and its possibilities for the industry, while the third day focuses on current fintech trends and the broad future of financial technology.
Speakers feature prominent fintech professionals like CEOs, product managers and blockchain engineers from major companies, including IBM, Ernst & Young, Constellation Labs, and Consensys.
We at Veem are firm believers in fintech, especially because of the opportunities it offers to small businesses. We’ll be following the conference with great interest, knowing that fintech has all the potential to disrupt the age-old and unjust banking industry and level out the playing field in the world of finance.
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