Money20/20 Europe Day One highlights

Money20/20 Europe, hosted in Copenhagen, kicked off with Jack Dorsey, CEO and Founder of Square presenting his opening keynote speech to kick-start the three-day conference. Dorsey discussed the growth in innovation behind creating new seamless payment methods and spoke about why executing ideas is the only way to get started in the industry. He stated that “you don’t have to be first, you just have to be the best.”

Speaking about his payments start-up Square, Dorsey focused on how digital banking will continue to transform the way a consumer manages finances: “I can’t wait for a time when plastic doesn’t exist.”

He was followed on the main keynote stage by Carlos Torres Vila, CEO of Spanish bank BBVA. The key point of Vila’s discussion was focusing on the ways that Millennials prefer to bank, and why addressing their basic banking needs is crucial. He also commented on a recent study that stated that Millennials would rather go to the dentist than go to the bank.

“People don’t like banking. They don’t like to manage their finances. They don’t dedicate time to manage their finances; it’s usually around two minutes a day. When asked, more than 70% of middle class citizens stated they should have started saving earlier. More than a third of middle class citizens don’t have the most basic financial habit-to save for an emergency.

“That’s why the best base for a business is to address a job to be done.”

PaymentEye also spoke exclusively to Matthias Setzer, CCO of PayU, who discussed how cross border trade is a huge opportunity that more fintechs are focusing than ever before. He also spoke about how instead of seeing competitors go head to head at Money20/20, the event has been more about partnerships and collaboration. Our full interview with Matthias will be live soon.

In a track session on the pulse of fintech, Murray Raisbeck, partner at KPMG analysed the trends from KPMG’s Pulse of Fintech report. Raisbeck stated that VC investment in Europe had a record high Q1 2017, but the US still leads the VC investments for the year.

Analysing the data from the KPMG report, Raisbeck concluded that the three trends to look out for this year are:

  • PSD2
  • UK Challenger banks (since 2013, 26 UK challenger banks have been given banking licenses)
  • Ireland as a post-Brexit hub


 Jumio and Monzo announce KYC partnership

Jumio today announced a partnership with Monzo which will see the digital challenger bank use Netverify (Jumio’s identity service) to help verify new and existing customers.

Monzo will use Jumio to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the burden of time-consuming manual verifications from Monzo employees.

Follow PaymentEye on Twitter to keep updated with the latest from Money 20/20 Europe. 

Related reading