Subscribe to our social channels to get the latest news about Hungary!
Unchain Fintech Festival: The celebration of financial innovation
Change language:
Oradea, 5 July 2023
More than 450 high-profile finance professionals gathered in a two-day business marathon, packed with fintech panels, business networking, startup pitches, parties and much more.
Delegates from 30 countries, 15 regulators & central bankers, 180+ commercial bankers & financial institutions representatives, 180+ fintechs and technology providers, 90+ ecosystem players, academia & media met last week in Oradea, Romania, in the heart of Central Eastern Europe, to celebrate a fintech summer of innovation.
Happening shortly after the European Commission introduced four regulatory packages (Open Finance Initiative, the PSD3 proposal, the green finance proposal, and the digital Euro), Unchain Fintech Festival was the perfect place to engage quality content with the latest updates that will guide the financial landscape in the future.
“We are happy to be part of the Unchain Fintech Festival once more. An excellent space to connect with industry leaders, share insights, and explore the latest trends and advancements that are shaping the future of payments. Visa is a longstanding champion of the fintech sector, playing an instrumental role in shaping the fintech environment that we know today. We work with fintech of all shapes and sizes to understand the challenges and opportunities they face, and provide the bespoke guidance and tools they need to scale and develop the next generation of seamless payment experiences that can benefit thousands of businesses and billions of consumers. Our “open” approach, means Visa partners can take advantage of our technology and security to constantly innovate and access best-in-class innovation” stated Catalin Cretu, General Manager, Romania, Bulgaria, Croatia and Slovenia, Visa.
THE BIG IDEAS OF UNCHAIN
The event agenda was packed with talks which set out to address the industry` most dire challenges: fintech regulation, banking disruption, the transformation of payments, the B2B & B2C FinTech and much more.
1. BANKING INTO THE DIGITAL AGE
A prevalent viewpoint centered around digitalization, with certain banks expressing their ability to enhance digitalization. Some concerns were raised about potentially alienating individuals who have yet to fully embrace digital banking. Consequently, these banks are somehow slowing down the pace of digitalization to cater to all audiences, including those who have not fully transitioned to digital platforms. Similar sentiments were shared regarding CBDCs, with questions raised about the timeline for their implementation. Some central banks acknowledged the need for education and widespread adoption to achieve the desired outcomes.
Nevertheless, banks have undergone a significant transformation, shifting their focus towards prioritizing user experience and leveraging technology. This shift has propelled them to adopt a more akin approach to technology companies, continuously developing advanced solutions to enhance client satisfaction. In this process, banks have faced the challenge of effectively managing the delicate balance between compliance requirements and ensuring a seamless digital customer journey.
2. CEE PAYMENTS LANDSCAPE
The collaboration between incumbent companies and the new players in the ecosystem paves the way for how the future of payments will look like. It is clear that a new trend emerged indicating the rapid acceleration of mobile banking. Although people still rely on traditional payment methods such as plastic cards, there is an increasing shift towards mobile devices and wearable technology. Contactless payments have already become the norm, and the transition from cards to mobile devices is expected to occur swiftly. Additionally, the desire for instant gratification among consumers is driving the demand for instant payments and refunds.
Regarding blockchain technology, there is now a broader range of applications being explored. Although blockchain has often been associated with cryptocurrencies, its potential extends beyond that. One notable use case is cross-border payments between companies, particularly in the context of the booming e-commerce industry. The convergence of face-to-face and online commerce has already been observed, but there are still numerous untapped use cases yet to emerge.