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Future of Wealth - The Role of Open Finance | SFF 2020

Anand Sambasivan
Co-founder & CEO at PrimaryBid
+ 2 speakers
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SFF 2020
December 10, 2020, Online, USA
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Future of Wealth - The Role of Open Finance | SFF 2020
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About the talk

Topic: FinTech

Speakers:

• Anand Sambasivan, Chief Executive Officer, PrimaryBid

• Gaurav Rastogi, Chief Executive Officer and Founder, kuvera.in

• Moderator: Alokik Advani, Managing Partner, Fidelity International Strategic

Ventures

#SGFinTechFest

About speakers

Anand Sambasivan
Co-founder & CEO at PrimaryBid
Gaurav Rastogi
Founder & CEO at Kuvera
Alokik Advani
Managing Partner at Fidelity International Strategic Ventures

Focused on financial technology investments that have strategic relevance for Fidelity International. Passionate about start-ups and angel investing.

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Next week to look at what the future will look like and the role of open finance and what it will be indeterminate moderating the panel off a lot. Vani managing director of managing partner. Adjoining a low kick is a non Subaru seal on the co-founder and chief executive officer of primary bid as well as the founder and chief executive officer at juvera high. I will kick over to you and your panel. Thanks very much. I'm thrilled to be here. Thanks for having me

of the Singapore, fintech Festival. I'm also really pleased to have with me and Goro. Who bring back a different perspective on this topic, on the future of wealth management and I will ask both of them to introduce themselves. Would maybe just a frame, the topic itself. I thought it's helpful to be able to talk through. Let me think about it. Kind of just the expenses about management and what's happened across the open banking space. We've been able to aggregate up some of our bank accounts for players within the fintech ecosystem, the next Easter that his payments, and how

that's going to play with the rest of your financial services infrastructure as well. But thinking a bit further and this this Theory, open finance basically is predicated on the thesis that You will be able to aggregate out, many different facets of your Bustleton, actual picture to be able to give him your a Consolidated view. If you do your own spending, saving investing insurance and capabilities are looking to talk about the future of wealth management. I'd love to turn it over to to honor the first and then gaurav just to spend one or two minutes, just

introducing themselves on the platform of the companies that they found it and then we'll jump into some questions on the topic and it's going to tell me what you first. Hi everyone. I'm on and I'm the CEO and co-founder of primary. Did I grew up in Singapore? So I was really hoping I could be there in person. It's a shame, but I looks like my my chicken rice and buckwheat a have to come another day, but I'm here to talk about primary bid and the permit is a, is a company that is his reimagining. How retail investors are individual investors participate

in the capital markets. Also, we work very closely with the ecosystem, on the supply side. That's the banks and and on the demand side. It's with the distribution platforms. Similar to what with Dora. This is Hilton in India. And are we allowed for the first time. Individual investors to participate at the same time and same price as institutions in capital formation activities like IPOs and follow-on sand in. Now as a company, we are very successful here in the UK with expanding very quickly. We are done over a hundred deals on the London Stock. Exchange ftse. 100 ftse. 250

and so on. And we will soon be active in France, and looking forward to opening up our platform across various other job, refuse? Fantastic. And thanks very much gaurav antonowicz you to just introduce yourself and and kubera pit. A time to locate a very happy to be here. I'm actually in Singapore right now and then trust me, if this is not the time you would. But speaking about myself. I'm the founder and CEO of Quivira. In your building is adjusted the Personal Finance Management platform for the fast-growing Mass affluent segment in India.

This is the role of open Bank in Final Answer regarding like this to be that one stuff for our users and then she'll consolidation execution and advisory needs right? And it's going to be across Investments across Insurance across the century. How do we use data to help a user? Make better financial decisions and it's going to be Across the Life events, right? To when we are talking about it with me at the old school relationship Bank in Willits. On Martin Reyes built on Martin data

and how can you bridge the bridge that Gap. Pike and plenty. We have about 18,000 users and be managed north of two billion dollars plus me to find stocks and go to them. I'm all in India. Adesa Garvin on and thanks very much for that intro. And I know that it's a pleasure to have both of your other panel. I spend a lot of time working with you both as its portfolio companies in our in our strategic Ventures portfolio. So that stone over some of the questions and then jump right into the topics near. As we've seen the

proliferation of open Banking and I'm so to get significant traction, either driven by some of the regulations in UK and Europe, but also driven by some of the coolest shot out of the regulation. That's that's coming up and in process rather than Singapore to Canada to Australia. It's kind of interesting to see people that started with the access to current account. When you think about some of the folder, maybe I'll turn this first question to an end. If that's all right. You think about the other facets to finance? That's what I've come beyond that. Which areas

do you think are best suited next in terms of opening up those channels first? That's the one I'd really like to. See you mean this Global Resurgence of the public in public markets, is here to stay. I don't think it's, I think it's just going to increase the tickle us better information and better access by the platforms and look, it's it's it's been facilitated by all of these new Incredible. The companies that are coming in now at Tommy bed. We want to help retail trading platforms complete that offering set. So, to make that

happen, we need to be able to provide well, distributed wholesale amounts of capital in short periods of time. So think of it if you're an Institutional Investor are you can turn to be investment by Prime brokerage Services, you can buy and sell shares of the bank will also offer that same investor. List of the wholesale Market when companies raise Capital. Discounted price, you know, it's a full-service Suite of opportunities while for the retail investor. They're only getting that first bit. Now to do that. I can do that. Effectively. We need to have that's

open broken constructware. You know, it's really well, vote woven into the fabric. The API channels are open quickly, but we can actually, you know, access individuals across various platforms very quickly show them the Prada. Let them participate and then and then come back. So really what's happening in open? Open banking. I think it's a very nice of Jason seated to look at that him in the broken SEC. It is happening. As you know, it'll kick in the US. It's very prevalent. Are you going to drive Wells and so on? I think that's been a huge

success and I'd love to see that in another countries as well. IndyGo route to give his perspective as well. As you know, when we look at the Indian market today and then some of the things our mission does far but you've got these neobanks coming up that are trying to provide you some sort of aggregated. Do you know who the platform three are on track for me? What, you're offering a full range of capabilities and services? Much Beyond traditional that management. You want to just give up the amount of how you see

that in a market, but it's not quite regular three specific driven today, but maybe in the future to help people, that would have been more commotion than that view. Right. I think the demand for consolidation is the right in and that's been there for a very long time. I think I'm going to start at the bottom more than ten years ago. When you had the original mint launch in the US, right? And that was driven mostly by uses giving access to that data was not driven by regulation. It was driven by a Kourtney buy people said, you know what? I have. So many relationships has

Phillip hard for me to figure out what's going on in my Prudential life. And how do I make sure that whatever decision I'm taking is based on all the available data rather than just a fraction of it that I see you on my broken side effect in after that. I see with One bank or with one of my financial relationship, right? So, I think in India, right now, that's the stage branli open banking is at that stage right now. We're supposed to be going by the user's, there are. There's a lot of work that is being driven. Us being driven either to reggae. Send email to David

Sandberg electric push in creating decentralized rules of data. We're effectively the, the the, the battle is this right. Do the end users on their own data banks on all of the day are banks and financial institutions are not just the banks are open today on the data or everything that happens on their platform or is it that uses data? And it's the uses choice to panalpina, these data warehouses and then give the power to the end-user. Could say, that. You know, I'm okay to share my entire financial data with this down the party and then that financial institution can use all of the data

to bring about better product for the end User. It's, it's a, I think the benefits that can be achieved through this or phenomenal. I know that's that super helpful. And I think it's fair and look at the different countries and how they're approaching this some of it gets worse. They driven some get a regular picture of it, but I think everyone keep the similar angle and sometimes starting at a different points in the Spectrum. So maybe moving forward a little bit and asking a pretty broad based question. Maybe go to wish I had with you first and that's when I

reach and investors have definitely made their presence. Felt in the NBA title of the trading, brokerage experience of the world experienced over the last 24 months. Most notably your the hood Robin Hood, the factory since he and other worlds. Part of the train platform in your opinion. What do the mass affluent? Arab next generation of investors whether you're going from. So do you know Jen's at to the Millennials? What do they want and investing savings. Are they what are they looking for? Eddy Gordo kill you faster, that's okay. I think

there's a lot of people who are also getting into investing at the much younger age or have gotten into investing or treating for different reasons, right? It is because it's been a bit hard to pinpoint. What's actually driving. This is this, because they're more time on their hands. Is this? Because this is kind of become an equivalent to some kind of an online game of digital gaming experience, which, which kind of attracts people to, some of the apps are built like that to kind of get you in

in and kind of trade, just like you do something else with the with the with the point system with the scoring system, in this case, using real money, right? So but we do see that ours is not a, a trading platform. Ours is not a broken flat, but we've seen very strong. Tell Vince to the Corvette kind of. And you see a lot of people come in with genuine interest about hanging about will I have enough money for my life goes? Will I have enough money for my retirement and they are building these portfolios in the building.

While they're also kind of, you know, I have some part of money which you might call it the speculative part of the capital, which they using to trade in the market. So, it's either way. I mean, what would also happens is right. And especially what's happened in the past, 6 months, and then, especially post. Is it the market have gone up in a straight line? And, and that is created this infection. That making money in the market is, this is not the first time it's happening. Right? What would we always think about is that every generation kind of has their own woman

with a very thing? The devil eyes? Trading and making money for the first time, but this is been going on for a long time. So the things that they do want a list of fictional Essex experience, right? And under the reason why a lot of these new-age apply call Select painting patterns of winning, is because they're taking away, all those strict instructions about execution is also fiction about learning about the market has access to products. And as those fiction points go down one by one. Just the volume increases, just panicking to people who are willing to do this. If if you can open

up your own border than 5 minutes and you can start investing in 10 minutes. You're more likely to kind of start investing, rather than if it takes you to do a paper work. Send that paperwork somewhere if it's approved and the transfer money into that account and then 3 days down the line, you can place your first aid. Right. Change is very, very good. I know you are busy interact with retail investors directly to the primary bid and you also offer a favor of people's access directly into other brokerage accounts via

Navy. I might as well. How do you think about that, that end-user experience on what they want? And how do you manage that? Because you can control one part of it. You can actually control the other part. Look, I am. Okay. Let's say on the, on the top of it anyone who is investing is ultimately she can you financially, right. So but now as we've noticed, and as we said earlier, individuals are increasingly and rapidly taking matters into their own hands, are there owning their own destiny. They're opening up there cuz their accounts and so on a LG to a largely down to how

frictionless it is to to tax us. The market know what's really resonating here is disability to invest on a Level Playing Field by a primary deals. For example, with some of the discount only available to wholesale buyers. I mean, let's look at let's look at doordash and Airbnb just now, right? So someone tell me, you know, why did only institutional investors get to buy this and double their money in a few hours? And you know, there was literally over a hundred billion dollars of value created in the first Live trading with these two deals alone and I

would venture to guess, you know, what the the the institutional investors got got the Lion's Share of it. I mean just returning it to you for one second. I could ask United Fidelity perspective how much of the institutional clients got access to these bills versus your retail clients and and I'm pretty sure I think I know the answer and the same thing happens every day in the on the following space. So this is an old fashioned worldview. The public very much agree. We wrote an open letter as you know, a lil thick on this topic with. A lot of mainstream support captains of industry,

including course and Richards Fidelity. And importantly, Many many thousands of retail investors were still signing it today. So they want this Level Playing Field of access to. That is a major motivation. The other major motivation that we see are individuals who are seeking to be personally invested in a company that's really important to them. Now. These are stakeholders who are connected to the company either, as employees as customers, or did I use a steamer that kind of thing in the end and want to be part of that success that we've been incredibly lucky to have in a

large companies like Taylor wimpey, Aston Martin, the number of the ftse 100 to use us. Not only to enfranchise retail shareholders, but also for their employees. And soon we're going to be launching a customer off right now. And we can see that these communities want to attach themselves to these companies and vice versa and it's mazes me that that even today, that that access isn't there. So, I think those are the main two motivations I see happening to me. Whatever you think that that you, that you still in, EBT access to the institutional crowd is very much being,

so they opened up and under some of the voice is, like, you mentioned our. See you at Fidelity International has been very vocal about ensuring that we can broaden that out because with the Quantum of capital that needs to be raised to help support some of these businesses, help them grow out them Thrive and succeed. It can only be the capital coming out of the institutional both from an access growth and return it on the surround open finance was. Okay.

That's great aggregation. That's create a better picture of yourself your whole Buster Financial picture. This holistic perspective, on on the individual. And one of the things that I think is is driving some of that motivation. Is better data access to hopefully drive better advice and maybe it'll go to coming back to yourself. You know that your call you're helping people could have saved for that goal is safe for their planning for the future for their retirement for their home. Buying. Another thing is it truly possible to create that I do Geisha to

provide better advice. And how do you, how do you think it a young companies like yourself can go about doing that? Well, I think that's what this is kind of, you know, the the key question and this is where all the contracts, play. The end users won't consolidation. Right? And I would say that, let's just start with the first order for the consolidation. Let's forget about what advice can be built on top of the stones of really amazing advice, think that that can be built. If you have the right data, if you have all the data about your and you're

Anyone Facebook image about simplifying their financial lives. It's about, you know, because it's too many stories that float around about the elders in the in the family where that multiple bank accounts, multiple brokerage accounts and everything is so strong for most users that that becomes a very strong value proposition for them. And of course once we get to see a lot of that data runs, a lot of that data is shared with us than we can build. A lot of very interesting

services on top of that. Right. The country that comes is The end user wants to share that the end-user actually believes in a aggregation, but it's some of these financial institutions that are already there. But I mentioned earlier, right? It's a tree that they realize they don't, they don't want that data to be freely accessible to everyone. And that's what I think regulation place. In fact, I think it's probably one of the only ways where you can actually enable a proper account application of Pembroke, and I'll

be taking the lead on this. We are definitely following a fairly closely and and I don't see this reversing, and I don't see this reversing from the, the end-users a perspective at. All, right? It's just that the financials you should have to become better at seeing that. You know what? We can just be making money on taxes, right? I mean... Fred over time always goes down, right? I mean you can start by saying that I can you using my products and that's what they make money on. Consider. This is a closed ecosystem. Now,

you can go out of it and that change has to happen. It happened slowly. I don't think that this is going to be built. These rays are going to rebuild overnight, but I guess you're moving in that direction. Very eventually. They will get built. You know, I think that's a really interesting point. Right? And that, that construct of any of you brought up this, this point twice, and it didn't take me to that sort of consent construct, right back with the concept of consent, which started with a u.s. German model who was almost just given, cuz I clicked the tease them tease, you have my day

that you can do it through with it. In the weather is its dominance in of the cigars Etc in that in that big check was in financial services. That entire concept of consent is much more applicable. It's much more regulated and Anna and constructed in the appropriate Manner and I think it do it. It makes sense that so with the right levels of consent video able to provide that I progression and hens forms of nudges guide and advise no matter what you call it at different stages of Regulation is hugely powerful advice in in in my opinion is something which is a

major the operation Rite boat from it. That the form, the substance, the price in the structures attached are all out for that. If he just wants for you to think about how to change has driven, your kind of the bleeding of of retail and institutional words of if investing and trading, just how far is the,, how close is it become Tools in a pricing that people can get in, see an Overseer in the middle of some of that being able to mount democratized a piece. But but how do you say manifest in that Vision? I think it's, it's, it's an inevitable

sort of Journey right there. If you look at the various markets around the world, the UK now is close to 20% of equity markets. Exactly. How buy retail the Us close to 40%. And, you know, active fund managers are holding less and less piece of the institutional pie. Is more money in ETFs and passive funds in. There are an inactive on know what that means for, you know, should have a capital raising contract means you can't really at least not yet raise raise any meaningful, some of the money from an ETF that you need active

participation from a human beings. And yes, I want to buy into this into the universe of those investors are shrinking because they're more in, in passive funds. Where is that going to come from? Right? It's got a good come from somewhere. And it's it's it's it's ballooning. It's exploding in the in the retail side. And these are individuals who who actually care about companies that while loyal end and a long-term long-term investor. So I think it's half is going to happen at any rate. There is no other way to turn to it now. I think the biggest problem we have is

fighting this sort of old-fashioned view that wholesale Capital markets is a, is a only belongs to the institutional investors. I did. And I think breaking through that and saying he actually, you know what, the individuals can play a part, the technology exists to facilitate it and it can, if it happened to conduct here with the investment-banking process. And in fact, it can improve the outcomes of the entire ecosystem, being the issue where the bank near the brokerage's. And of course, the investors themselves is a is a win and

that's a message that the people are finally starting to hear a loud and clear. I, I think it's that the bleeding of these. Two Master types is happening rapidly. I'm very glad that were on the floor front of it. And I met, if I may allocate, just take a step to your previous question, you know, it's an unpopular of you, but I have For some reason, I do have some sympathy for the bags here, you know, like I were talking about open banking, you know, God knows how many tens of billions of dollars. They spent acquiring customers only to

know before to share that data with potential competitors. You know, I can see the benefits that can consumer Centric approach and and all of it, which is great. But in a world where data is King, I always wonder why is it only the banks that are being forced to share their data Lakes? Whilst everyone else? Like, why doesn't Facebook have to do it and so on? And it took, it's just a question. I always wonder about, I love your opinion on it now. I think it's a really good question. I don't, I think it came back to a few. If you're going to be packed conversations with the, the group that

sort of setting, the guidelines of the rolls for the open bank across the UK, and come back to this question a lot. And that's why it may have slower take up that it could have because it doesn't have a commercial incentive for one side of the house. For any Market needs to have a commercial incentive on both sides of the house this week. Ozzy driven by saying please come and take for me. Don't need to give me a valuable customer information. I'm going to monetize it some other way and I think maybe there is a evolution of a commercial model that becomes more interesting. It

could be in a tiny amount of it, but it could be some kind of a commercial incentives that are driven to allow people to open up this information that comes back to the question thing. It's not really. Is it the bank's information is to be individuals information, just this trip and you know the other thing that happens and it's not like we're not, you know, it's a very important distinction to make it. But I think the other thing that happens, especially if you talk about

big dick, right? Like Facebook and Google, write some of that data is not replicable. It doesn't matter how hard I try. I can't recreate that day to write in banking. I think banks was eventually understand that and I got an example of all the girl that we have seen, is without having a card that you should, because people come in and say, you know, what, take my PDFs, take my this take my dad to see, I'm going to give you all the information myself. You just aggregated for me right now and I think with the tarantula service-learning Bank to seeing this that even if we kind of

start even if we become you start putting on your guards, people will go around that regardless because a lot of that data is replicable and can be easily consumed by us. Even without their authorization in that sense. I bet with the explicit authorization of the end-user for sure and I think what Facebook and Google really count on is Universe. Ok, I'm not going to give you my data, give you your data, what can you do? And and and in fact the regulatory requirement that is even higher because it's Just like a protectionist and regulation that is needed to

Marshall Commercial and sent it. So when I go to gaurav, when we launched in India, when I say, hey Gordo, I don't want to go to him and say, I want all your data. I want, all your customers data, give it to me. And I want the regulation to come. I don't think that's fair or right. I mean, there's a reason we're plugged into every single or virtually every single, major retail Network in London. And in France, is because we've got a win-win proposition for

them. You know, we say, hey, look, we're going to come and offer you product that that that you're not in the business of offering your clients and investment-banking style deals. We don't, we don't do stockbroking. So we also allow you to acquire new customers and guess what is it is a revenue opportunity here as well. And it's it's a win-win. We're best friends. So, you know, regulation is nice, but but I always think it's the role of the entrepreneur to come in and find a commercially viable. Way of getting it done.

Wrong with open finance of the other big topic that we've been thinking to his sort of advantage plans. And I think this comes exactly back to the point. You would just mentioning some of the ways that you guys have to have partnered with companies off of capabilities, you know, that's a corporate position that any major or, you know, so successful fintech offer. And then there's a bunch of other things that they may wish to do to provide. This can open finance, ecosystem or aggregated capabilities.

Can you give us any examples of thoughts of where that may have worked? Well, in terms of offering that embedded Finance capability to your vast array of clients, right? I mean, you guys have hundreds of thousands of clients until you know, where is that world? Where is that resonated? Norwood Wyatt, if you meant Pumps for us. I think Ben when we think about and I like that's a very good point Drive in Fairview fintech. There's a coupon for value proposition. And for us to call value proposition is less about April book. It's more about

creating that entire a picture of a user's Financial Universe Thailand. And also they're helping make the make more sense of that picture. I took, we have actually done quite a few unsuccessful integration strategy Department with startups in India, international investing. And we have also partnered with you cuz your names like like like a council Vice provide limited options like a better than mittens option to our user base in India. And as long as you do it, like like Alan said, as long as they've been propositioned, it doesn't have to be like, you know,

how you know, what has my I use a basin and antenna, you know, this is all the data like as long as you as long as you're very cognizant about how do you use you're actually in Jackson department. And more importantly, if you're very cognizant about identifying the right user who would have a need for this pretend? That's where I think the second separate account application for the congregation. If you do it the right way, you can build the right set of models to say that. For example will run tomorrow and tell you what is a very good sign for an international listing of power.

While I lock, it might be very good time for a digital gold. Scraper. That level of microsegmentation that it is very difficult for a single financial institution. Unless they become like really, really big and pervasive to be able to do that. A lot of Big Texan do because they're likely clean to everything, right? I'm in your browsing and and Google knows where you been frightened and you're doing something in Europe and Facebook knows what kind of logical

step to be able to predict that end customers needs are. And to be able to predict. If I see one of the, one of the things that happened in India, I'm not so sure how it looks in UK. Like, and all the feedback that a lot of things as give us as their bombarded by Financial products all the time. Because most of the larger financial institutions, they just say that, you know what? This offer to everyone and this product email to everyone. I did there's no people talk about, you know, microsegmentation people talk about you know, who's the right customer for the right product, but when

push comes to shove the do-not-call list, that's how they start. The Do Not Call List started because people would just call you till you would be like, dude. I really don't need to so we don't have to build all the parts are cells. You just have to be really smart and identifying the end users needs an Ending full feeling. I think that's when you start over this controversial API access in a principles of good data, security, and preserving. The client confidentiality would have been

interested. You may have, I think over all that becomes a good proposition anime, be Switching, gears, a little bit. You know, when you think about companies and their stakeholders become much more important for investors, right? I think about that, that overall stakeholder ecosystem to me. I think that you know, whether it's the employees rather, it's the government's Brothers. The other, yes, key factors except that is a bunch of bigger Freeport. There is this activates when you think about people engaging with some of these companies are the primary

basis and if so how incredibly a true word of it. Now, you know, we started we started with retail shareholders right people already on the stock and we're just denied access and we were asked by a big company. Directions to 1500 building here and they said they would you help us get our employees involved as well and she was incredible and then is a real thing unaccelerated. It's absolutely unheard of right now. Then I start thinking of just happened in the US are go back to doordash and Airbnb cuz they're so topical. Now doordash is a company which

has a number of stakeholders rights. It's the gig economy work or is it Scott employees of consumers? It's got its restaurant Partners. What an incredible business building moment. That's IPO, could be for them, right? This ability to enfranchise their stakeholders on a deal and it doesn't need to be just that it can actually be a massive customer acquisition tool. Be a huge loyalty, building moment for your supply chain and and all of it, and let your community's share with your success. And, and of

course, we're seeing a trend every company now is very strong. He gets the agenda, a governance agenda, but, you know, in franchising, their communities is really, really big. And I can imagine that if, if our product was in the US, I can't see any of these. Do you know, mega-cap IPOs going public without doing a customer off. Right now? It's important that the customer offer is is getting done in a campy, crowbarred in the Airbnb, customer or the doordash, customer needs to have the Airbnb Capital markets experienced

needs to eat. They need to feel the same way that they do is as renting out a house as a new buying buying that IPO share, and that's the difficult, but that's what we've done and then it really seamlessly. So, We're really excited about it, you know, the upcoming IPO windows, and a capital raising Windows because, you know, from a governance perspective and how companies are thinking about stakeholders. It's very much on on theme. Got it coming up to the close to the time, but I wanted to get a little bit more macro questions with you guys as well. So if you look back over the last

year, I like to do this early and wrap up. The festival always comes at the tail end of the year for gaurav. You know, what has surprised you most over the last 12 months. All right. Yeah, that's I think I would not have expected. The rise of online trading to be as dramatic as it has been. I mean, I wouldn't call it innovation in that sense because it's not a new product, has been around for a very long time. But in a bad Market, the speed of adoption new software online training is not something that you've seen at any time. Before it

bad markets. Usually push people away from from the sphere around like March April. I'm just in this thing Trace. That people had just how quickly that adoption glue was a bit surprising for us. It's a combination of a lot of time with an excess cash and the fact that you're at home and you have more flexibility and do different things as well. And then affiliate. Has been in that same question to you. And you thought quickly and efficiently. The regulator is moved in various countries to enable the digitization and to fix it in efficiency. So

I'll give that in the UK are home Market is how the regulator hear the FDA, and the preemption group first said, hey look like sunblock Capital raising and let companies to raise Capital, that ended quickly saw that that in doing this, which is in itself, a big move and a courageous and bold move that the smaller investors are getting disenfranchised. Not very quickly. They the amended the guidance to include best. Practice means, small. Investors need to need to have their fair share in a pardon the pun. Do I look in other countries in the garden? Will

know this better than me, but I think my understanding of what's happened in India is you know pre covid. If I have to open a d-mat account brokerage account. It was a deformed like this thick and I have to sign a hundred different places and and it needed a witness and then all sorts of things whilst what happened since during the pandemic is Dave allowed completely digital onboarding, end-to-end and correct me if I'm wrong, but I was my understanding. And if that's the case, you know, that's that's led to this is our big take out and in retail

investors in in these platforms and his is really smooth. And personally, I'm really hard and buy my regulatory response. Think you're right, right? If you think about some of the things that have facilitated bad, that if you just focus on India for a second identity cards, In a unified payments infrastructure that going to level the playing field for people to show to pay each other regardless of the banks in pieces behind it with a Commercial Bank at another place that's done by sort of government help and support, right? And then

sometimes, when those two pieces come together to get very, very powerful out cuz I'm being fast or a pop. So I'm going to put a dive into that supposedly. I think it in the view that you guys are Bloodshed very much appreciated. I think it's been almost have to have you both come and share these years because it gives a different perspective. One coming with the retail investor access into a public market construct. The following is a primary reason that I think the contrasting effect with longer-term Goal base savings and investing but also trying to round out your first letter

answers picture with Uber ride in it. It's been really great to get your views. Thank you both for joining. It's an absolute pleasure to work alongside. You guys are with you guys as part of our portfolio is RaeLynn. And it's a, it's been great about Singapore. So, thanks very much. Appreciate it. Thanks. And thank you. I look gaurav. And on on for that look at the future of open finans and how it rate relates to the future of wealth.

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