Key note presentation for Hong Kong Fintech Week: how to use data, analytics and AI in fintech, with cases about data oriented SME lending and consumer finance data management.
2. FinTech, Data &
Finance Services
Digital
Infrastructure
Exited
Grow VC Group – company examples
Worldwide pioneer and leader holding company
in enabling technology and data in FinTech
Hong Kong - London - New York - San Francisco
3. Grow VC Group
Global leader in enabling technology and data for FinTech
■ Started its operations in 2009 being the pioneer to start digital finance service
■ Grow VC Group was the first in the world to launch an online startup equity investing service in the world
■ The group includes over 10 businesses
■ Grow VC Group companies have more than 100 customers with millions of end users globally having launched
new digital finance services
■ The main hubs are in London, New York, San Francisco and Hong Kong
■ Several its companies are leaders in their own areas, e.g. Crowd Valley, Prifina, RE Bearing, and Startup Commons
People
■ Grow VC Group’s management and founders have been listed as top influencers in the world in digital finance,
Fintech, crowdfunding and digital business
■ Our key people are serial entrepreneurs who have experience to launch several new companies and products
around the world to consumer and business market
■ Our people have been in executive roles to launch international corporates’ products to new markets and build data
analytical approach for go-to-market and sale
5. We go to distributed data oriented empowering finance
1. Development from big black boxes (like banks or their IT) to
distributed services and solutions
■ More targeted services, including finance services integrated to other
services like lending to e-commerce
■ Distributed ledger, open APIs, back office as a service, and new data
models
2. Data must be enabler, not only optimizer
■ End-users must get concrete immediate value from data, not only that
companies use them to optimize their own business
■ For example, it is not only a bank optimizes an interest rate based on
customer’s risk, but the customer can get an optimal solution for its
finance needs
3. Distributed power
■ Banks and finance institutions used to dominate the finance business,
but new solutions distribute the power to many service providers and
to customers, as we have seen in media and retail digital disruption
■ It is about business models and culture, but also about IT, new
technology enables new models, main frames are dead
6. Reality versus cheap talk
1. AI is more data analytics and supporting tools than human looking
robots
■ People often think intelligence is like being a human, although the reality is
more complex
■ Now AI is especially advanced data analytics, machine learning and tools to
make decisions from data
2. Blockchain as a concept is more important as a database
■ Blockchain is a concept and model to store data and transactions, but it is
not yet a full software stack to replace databases for larger amount of data
■ Actual solutions need additional software layers and there are also smart
ways to combine databases and blockchain layers
3. PSD2 opens regulated components and data, but banking IT services
are not so relevant
■ Bank’s IT is old fashion and also business risk for new companies to be
dependable on banks
■ Access to regulated components and data open competition
7. CASE 1: Crowd Valley back office for services and data