TL;DR – Getting fintech industry development into the grind – what does it takes for entrepreneurs to be successful?
Fintech, or in its full term financial technology, is an industry that applies the development of cutting-edge technology into the financial world. Paypal, for example, enabled financial transactions to be done all around the globe via the Internet. Square, a fintech startup, eased payments by creating a device that allows for making credit card payments using smartphones. Fintech, despite its young age, is revolutionising how individuals and corporations deal with finance, and it’s astounding to see how the young industry is changing the world as we see it.
In a forum hosted by University of Malaya, speakers talked about how Fintech is going to change how we handle logistics. Dr. Ram Gopal Raj of Department of Artificial Intelligence, UM, notably presented a case study whereby he was approached by EPF to create an AI chatbot to act as the frontend of withdrawal services. “The difficulty is mixed languages, right,” Dr. Raj said. “If we can develop AI to understand how we use contextual mixed language, like how Malaysians do with ‘Manglish’, this chatbot can replace the existing customer service line and provide financial services more efficiently and at cheaper prices.”
Titled “How ICOs will Eventually Replace IPOs for Start-Up Funding”, it was no wonder that this lab in particular attracted entrepreneurs, academics and working professionals alike. Lilyana Abdul Latiff, CEO of New Entrepreneurs Foundation Malaysia, talked about how Initial Coin Offerings, the cryptocurrency equivalent of IPOs, will be a more attractive option for startups to finance their projects. The attraction lies in that ICOs do not necessarily have to go through the bureaucracy of listing in stock exchange and that a blockchain-centric investing system enables a wider outreach to a global audience.
Joe Seunghyun Choo, CEO of LATTICE80, held a session at one of the GEC Labs. Joe discussed LATTICE80 as a Global Fintech Hub, in which he plans to commit the firm into research and development of fintech initiatives. Previously a company that assists fintech startups to find partners all across the world, LATTICE80 have grown into a center for fintech education. Moving forward, Joe announced that LATTICE80 will be launching its Initial Coin Offering, with the hopes of channeling the funds into blockchain development as well as its existing programmes.
The world of financial technology is full of new innovations that can change how we see and use money. With creations on an almost daily basis and groundbreaking ones coming in almost as frequently, fintech is at the frontier of projecting consumers and industries alike into a new age of finance. If currently the biggest talk in town is crpytocurrency and how it is disrupting the money market, maybe the next big thing in Fintech will be about how machine learning and AI can assist us with our everyday purchases. Who knows? The future is yet to be seen, but it’s one that we’re excited about.