What do Fintech and climate change have in common?

More than you might think, according to Mark Whitcroft, Founding Partner of Illuminate Financial, speaking at TradeTech FX in Barcelona.

As we know, there’s nothing new about fintech. At TradeTech FX, Mark highlighted three key trends in FX trading related to new financial technologies:

1. The growing shift to the cloud, especially in the payments sector

2. Trading platforms being rewritten in HTML5

3. Distributed Ledger Technology (DLT), also known as blockchain

It was clear that both the fintech companies and the more established FX trading community need to focus on technologies which enable rather than disrupt the industry in order to truly succeed.

Cloud is a massive driver – and is here to stay

Just like climate change, the rate of growth of fintech over the past few years has skyrocketed, with more than $40 billion in funding between 2011-2015.

However, as there is arguably a gap of acknowledgement between some politicians and the onset of climate change, there is also a gap between the promises of the future and the technology available today.

Mark ended with a powerful image of the shrinking polar ice caps and the polar bear, one of nature’s most powerful predators.

As with climate change, ignoring new financial technologies could have serious consequences for the industry.

Mark concluded, “There will be winners and losers in this space. Ignoring is not an option.”

Staying on top of new industry and technology developments is core to our strategy at BSO and ensures our customers are never lagging behind.

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