Introduction to the article

In a new paper on Building Open Finance: From Policy to Infrastructure, leading academic experts Douglas Arner, Ross P. Buckley, Christine Menglu Wang, and Dirk A. Zetzsche explore the global landscape of Open Finance, analysing how different jurisdictions are implementing Open Finance systems around the world. The paper highlights key international approaches such as those in the European Union, United Kingdom, Australia, Brazil, UAE, China, India, Singapore, Hong Kong, and the United States. The paper argues that globally there is a trend towards increasingly mandatory approaches, with best results when combined with supporting standards and infrastructure to enable data sharing. The authors argue that going forward, maximizing the value of data requires a new level of digital public infrastructure.

The objective of this paper is to provide insights that can be shared internationally, contributing to the global development of Open Finance systems increasing competition, innovation, and consumer empowerment in financial services​.

About the Key Contributors: 

Douglas Arner, Kerry Holdings Professor in Law at the University of Hong Kong

Douglas Arner is the Kerry Holdings Professor in Law and RGC Senior Research Fellow in Digital Finance and Sustainable Development at the University of Hong Kong, where he is also a Senior Fellow of the Asia Global Institute, Associate Director of the HKU-Standard Chartered Foundation FinTech Academy, a Member of the Management Committee of the Techno-Entrepreneurship Core, and Faculty Director of the Law, Innovation, Technology and Entrepreneurship Programme (LITE). He is a non-executive director of NASDAQ-listed early-stage biotechnology development firm Aptorum Group, a Research Affiliate of the Cambridge Centre for Alternative Finance, a Senior Fellow of the Program on International Financial Systems and of the University of Melbourne School of Law, a PRIME Finance Expert, and an Advisory Board Member of the European Banking Institute, SuperCharger Ventures, Global Impact FinTech Forum (GIFT), Policy 4.0, Alliance for Innovative Regulation, Digital Education Council, and Centre for Finance, Technology and Entrepreneurship (CFTE). 

Douglas has worked with governments, central banks, financial regulators and international organisations around the world on strategies to support financial sector development. He has served as an advisor with the World Bank, Asian Development Bank, UN, APEC, Alliance for Financial Inclusion, and European Bank for Reconstruction and Development. Douglas leads the largest FinTech online course on edX: Introduction to FinTech, with over 130,000 participants drawn from (almost) every country in the world. He has published twenty books and more than 200 articles, chapters and reports on finance, technology, regulation and development, including most recently FinTech: Finance, Technology, Regulation (Cambridge University Press 2024, with Ross Buckley and Dirk Zetzsche). 

Ross P. Buckley, Scientia Professor at UNSW

Ross P. Buckley is an Australian Research Council Laureate Fellow at UNSW Sydney, where he leads a $3.7 million, seven-year research project focused on regulating the data revolution. He serves as a member of the Payments System Board of the Reserve Bank of Australia, chairs the Digital Finance Advisory Panel, and is on the Consultative Panel of the Australian Securities and Investments Commission. Over his career, he has consulted with government departments in 14 nations, including the United States, and ranks among the top ten most frequently downloaded legal scholars of all time on the Social Science Research Network. Twice a Fulbright Scholar, he has held positions at Yale and Duke.

Christine Menglu Wang, Post-doctoral Fellow in the Department of Law, the University of Hong Kong

Menglu Wang is a Post-doctoral Fellow in Digital Finance and Sustainable Development at the University of Hong Kong. Her current research explores the digital transformation of finance and its regulation across various jurisdictions, with a focus on the potential of financial technology (FinTech) and regulatory technology (RegTech) to drive sustainable development.

Dirk A. Zetzsche, Professor in Financial Law ADA Chair in Financial Law (inclusive finance) at University of Luxembourg

Prof. Dr. Zetzsche, LL.M., is Professor of Financial Law at the University of Luxembourg where he holds the ADA Chair in Financial Law (inclusive finance) since March 2016 and leads the Faculty of Law, Economics and Finance’s House of Sustainable Governance & Markets. Professor Zetzsche also functions as one of the Directors of the Center for Business & Corporate Law at Heinrich Heine University Düsseldorf and is Visiting Professorial Fellow at UNSW Sydney (appointed 2021-2024). His current research focuses on inclusive and sustainable finance as well as financial and corporate law, in particular on payment and banking systems, collective investment schemes, institutional investments and FinTech/RegTech/CorpTech.

The history and development of Open Finance 

Open Finance has evolved from Open Banking and is characterised by the sharing of customer-permissioned data across a broader range of financial services providers, not just banks. This shift allows new entrants, like FinTechs and BigTechs, to develop innovative financial services. 

Open Finance promotes competition by breaking data silos and empowering consumers to share their financial data with third parties. When we look at different jurisdictions to implement open finance systems around the globe they are at various stages, different approaches and governance frameworks.

Different approaches and governance frameworks

• Mandatory approach: EU, UK, Australia, Brazil, and UAE have adopted a mandatory framework where financial institutions are required to share customer data via APIs. This approach aims to enhance competition and innovation by facilitating secure data sharing between financial institutions and third-party service providers​
• Collaborative approach: Singapore and Hong Kong are examples of jurisdictions using a collaborative approach, where financial institutions and regulators work together to establish standards and promote data sharing without legal mandates. The focus is on encouraging industry participation and developing API standards
• Other approaches: China and India have broader data ecosystems being developed. These jurisdictions focus on the aggregation and sharing of data across different sectors, beyond just financial services, to promote innovation and competitiveness​

Open Finance governance faces significant challenges, including regulatory fragmentation, where multiple regulators involved in financial regulation, data protection, and competition policies may cause conflicts. Data localisation laws in certain jurisdictions restrict cross-border data transfers, potentially hindering the global efficiency of Open Finance systems. 

This paper aims to unlock the full economic potential of data and emphasises the importance of transitioning to Open Data with requirements to achieve such as harmonised regulations, data interoperability, and tackling challenges such as data sovereignty and localisation with the important highlights on digital identity and consent management systems as key infrastructure.

About CFTE

Founded in 2017 in London, the Centre for Finance, Technology and Entrepreneurship (CFTE) is a global platform for education in FinTech and the future of financial services. More than 100,000 professionals from 100+ countries have participated in CFTE programmes to accelerate their careers in finance. CFTE’s objective is to equip professionals and students with the skills to thrive in the new world of digital finance. 

Contact

Contact: learning@cfte.education

Europe: 30 Churchill Pl, London E14 5RE, United Kingdom

Middle East: Cloud Spaces, AI Sarab Tower, Al Maryah Island, Abu Dhabi

Asia: 80 Robinson Road, Singapore

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As the global financial landscape evolves, Japan finds itself at a critical crossroads, poised to reinvent its financial sector and potentially emerge as a leading FinTech hub. Historically, Japan has been a major player in global finance, but recent years have seen its growth stifled by various challenges. Yet, Japan’s core strengths, including leadership in digital innovation, a low-interest-rate environment, and a collaborative ecosystem—create immense potential for revitalising its financial system. This blog explores the history of Japan’s position in the global financial hub and the pivotal moment to leverage in the future landscape.

The background story of Japan’s position as a global financial centre

A decade ago, Tokyo was a force to be reckoned with, consistently ranking among the top five global financial centres. Its financial strength and strategic importance positioned it as a key player in the global economy. However, in recent years, Tokyo’s prominence has faded. As of 2024, it ranks 20th in the Global Financial Centres Index. When it comes to FinTech, Tokyo’s standing is even more concerning, placing between 30th and 35th among global cities.

This decline invites us to examine the path forward. Can Tokyo reclaim its position as a leading financial and FinTech hub? What changes are needed to foster innovation and rejuvenate Japan’s financial ecosystem? Let’s explore how Tokyo can rebuild its financial influence.

Tokyo’s Declining Position

Tokyo’s fall in the global financial rankings started about four years ago, coinciding with the onset of the pandemic. Some analysts view this as rock bottom, with nowhere to go but up. Others argue that this decline may continue unless Tokyo makes significant adjustments.

One of Tokyo’s biggest challenges is its lack of FinTech startups compared to other financial centres. The low density of FinTech startups in the city highlights an innovation gap that has hindered its competitiveness. But despite this, there is a sense of cautious optimism. Recent discussions have focused on how the Japanese government’s commitment to financial growth, the strong performance of domestic banks, and the rise of unicorn startups are key factors that could spark Tokyo’s revival.

Leveraging Innovation to Rebuild Japan’s Financial Sector

Despite Japan’s renowned efficiency in industrial sectors—home to global giants like Toyota, Panasonic, and Nintendo—the financial industry lags in modernisation. Basic tasks like opening a bank account can still be time-consuming and manual. However, the rapid development of artificial intelligence (AI) is offering a way forward. Since the introduction of AI tools like ChatGPT, AI has begun transforming how Japan’s workforce operates, providing solutions to tackle issues like an ageing population and creating higher-value jobs.

Japan is also embracing other areas of innovation, particularly in cryptocurrency and blockchain technology. Unlike many countries, which are slow to regulate these emerging fields, Japan has implemented strong regulations and is positioning itself as a leader in blockchain adoption. This shift is being led by a new generation of younger, more open-minded leaders who are prioritising innovation over traditional formality. This new leadership is not only welcoming internationalisation but is also focused on turning Japan into a FinTech hub that can compete globally.

Future outlook

Tokyo’s journey in the global financial arena has seen highs and lows, but today the city stands at a pivotal moment. With the right strategic initiatives—focused on fostering FinTech innovation, embracing AI, and nurturing entrepreneurship—Tokyo can regain its status as a major financial centre. The foundations are there, but action is needed to unlock Japan’s potential in the rapidly changing world of finance.

By leveraging its strengths in technology, regulation, and international collaboration, Japan has a unique opportunity to position itself as a leader in the global financial and FinTech landscape. Now is the time for Tokyo to rise again.

To read full details of the report, Unlocking Japan’s Potential: Building a Thriving Financial and Fintech Ecosystem here: https://tinyurl.com/36uwdb2b

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As the global financial landscape evolves, Japan finds itself at a critical crossroads, poised to reinvent its financial sector and potentially emerge as a leading FinTech hub. Historically, Japan has been a major player in global finance, but recent years have seen its growth stifled by various challenges. Yet, Japan’s core strengths, including leadership in digital innovation, a low-interest-rate environment, and a collaborative ecosystem—create immense potential for revitalising its financial system. This blog explores the history of Japan’s position in the global financial hub and the pivotal moment to leverage in the future landscape.

The background story of Japan’s position as a global financial centre

A decade ago, Tokyo was a force to be reckoned with, consistently ranking among the top five global financial centres. Its financial strength and strategic importance positioned it as a key player in the global economy. However, in recent years, Tokyo’s prominence has faded. As of 2024, it ranks 20th in the Global Financial Centres Index. When it comes to FinTech, Tokyo’s standing is even more concerning, placing between 30th and 35th among global cities.

This decline invites us to examine the path forward. Can Tokyo reclaim its position as a leading financial and FinTech hub? What changes are needed to foster innovation and rejuvenate Japan’s financial ecosystem? Let’s explore how Tokyo can rebuild its financial influence.

Tokyo’s Declining Position

Tokyo’s fall in the global financial rankings started about four years ago, coinciding with the onset of the pandemic. Some analysts view this as rock bottom, with nowhere to go but up. Others argue that this decline may continue unless Tokyo makes significant adjustments.

One of Tokyo’s biggest challenges is its lack of FinTech startups compared to other financial centres. The low density of FinTech startups in the city highlights an innovation gap that has hindered its competitiveness. But despite this, there is a sense of cautious optimism. Recent discussions have focused on how the Japanese government’s commitment to financial growth, the strong performance of domestic banks, and the rise of unicorn startups are key factors that could spark Tokyo’s revival.

A Pivotal Moment for Tokyo

While Tokyo faces challenges, now is the time to act. Other cities, such as Singapore, have risen by capitalising on regional infrastructure breakthroughs, especially in mobile technology. But for Japan, with its mature economy, the approach must differ. Rather than focusing on basic infrastructure, Japan must redefine its role in the global financial market.

In the 2000s, Japan experienced a setback as businesses moved their financial operations to Hong Kong and Singapore, with the Lehman crisis and the 2011 earthquake accelerating this trend. These relocations demonstrate how difficult it can be to attract financial institutions back to Japan. Yet today, there are reasons for optimism. Japan’s stock market has reached all-time highs, and undervalued companies on the Japan Exchange indicate that the country’s economic potential is underappreciated.

Future outlook

Tokyo’s journey in the global financial arena has seen highs and lows, but today the city stands at a pivotal moment. With the right strategic initiatives—focused on fostering FinTech innovation, embracing AI, and nurturing entrepreneurship—Tokyo can regain its status as a major financial centre. The foundations are there, but action is needed to unlock Japan’s potential in the rapidly changing world of finance.

By leveraging its strengths in technology, regulation, and international collaboration, Japan has a unique opportunity to position itself as a leader in the global financial and FinTech landscape. Now is the time for Tokyo to rise again.

To read full details of the report, Unlocking Japan’s Potential: Building a Thriving Financial and Fintech Ecosystem here: https://tinyurl.com/36uwdb2b

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In today’s digital landscape, the likelihood of cyber threats poses significant risks to organisations and individuals alike. From sophisticated ransomware attacks and phishing schemes to emerging threats like crypto-jacking and deepfakes, the breadth and complexity of cyber threats require a proactive approach to cybersecurity.

Types of Cyber Attacks

Cybersecurity threats encompass a range of malicious activities designed to compromise systems and data. Malware, including viruses, worms and ransomware, aims to damage or disrupt systems and steal sensitive information. Phishing attacks deceive individuals into revealing personal information or credentials by pretending to be trusted entities. Additionally, Denial-of-Service (DoS) attacks flood networks or services with excessive traffic, causing disruptions and making them unavailable to legitimate users.

5 Key Initiatives in the Industry

1. Zero Trust Architecture

Google’s BeyondCorp: BeyondCorp represents Google’s approach to the Zero Trust security model, which focuses on verifying every access request regardless of location. This eliminates the traditional perimeter-based security model, providing enhanced protection against insider threats and compromised credentials.

2. AI and Machine Learning in Cybersecurity

Darktrace: Darktrace leverages AI and machine learning to autonomously identify and respond to a wide range of cyber threats, from phishing to malware. Its ability to detect anomalies in real time allows organisations to respond to sophisticated attacks more quickly than manual methods.

3. Extended Detection and Response (XDR)

Microsoft Sentinel: Microsoft Sentinel is a cloud-native SIEM and XDR solution that provides advanced security analytics and insights. By aggregating data across an organisation’s digital infrastructure, Sentinel enables faster threat detection and response, helping teams identify and mitigate complex cyberattacks.

4. Cloud Security

AWS Security Hub: AWS Security Hub aggregates and prioritises security alerts from multiple AWS services, providing a unified view of critical security issues. Its integration with various AWS tools makes it particularly effective in securing cloud environments.

5. Ransomware Defence

CrowdStrike Falcon: CrowdStrike Falcon is an endpoint protection platform designed to defend against ransomware attacks. By using threat intelligence and AI-powered analytics, it provides proactive threat detection and response, protecting organisations from the growing ransomware epidemic.

Future Outlook

The current trends in cybersecurity, such as Zero Trust Architecture and AI-driven threat detection, are reshaping how we defend against and respond to cyber threats. Embracing these advancements and understanding their implications is crucial for staying ahead of evolving threats and ensuring robust protection in the future.

Join us as we delve into cybersecurity in financial services and learn directly from our industry leaders! Generative AI for Cybersecurity in Financial Services Online Course – CFTE

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Europe, Asia, Middle East [October 22, 2024] – CFTE is proud to announce its partnership as a community partner for Blockchain Life 2024, one of the world’s leading forums on blockchain, cryptocurrency, and fintech innovations. This partnership reinforces CFTE’s dedication to education aiming to empower finance professionals and drive innovation in the financial services sector.

Blockchain Life 2024 will take place in Dubai on October 22-23, 2024, bringing together over 10,000 participants from more than 120 countries. This year’s forum promises to be a landmark event ahead of the anticipated Bull Run in 2025, offering insider perspectives and networking opportunities with top industry figures. 

As part of the partnership, CFTE’s community members will enjoy a special 10% discount on event registration with the exclusive promo code – cfte10

Driving Innovation and Upskilling in Finance

With over 85% of the global financial services workforce trained by CFTE, this partnership highlights CFTE’s commitment to upskilling professionals in a rapidly evolving financial landscape. With blockchain and AI being the center of the future of finance, CFTE is dedicated to equipping professionals with cutting-edge tools and knowledge to remain competitive.

Stellar Lineup of Speakers

Blockchain Life 2024 will feature key thought leaders from the blockchain and cryptocurrency sectors, offering insights on market trends and the future of decentralised technologies. Some of the confirmed speakers include:

• Paolo Ardoino, CEO of Tether
• Yat Siu, Co-Founder of Animoca Brands
• Pascal Gauthier, CEO of Ledger
• Frederik Gregaard, CEO of the Cardano Foundation
• Dr. Marwan Alzarouni, CEO of the Dubai Blockchain Center
• Arthur Breitman, Co-Founder of Tezos
• Charles d’Haussy, CEO of dYdX Foundation

These leaders, along with many others, will provide expert market analysis, laying the groundwork for the anticipated Bull Run in 2025 and beyond.

Networking Opportunities

Beyond the impressive lineup of speakers, Blockchain Life 2024 offers unparalleled networking opportunities. Attendees will have access to premium-level discussions with influential figures in the blockchain and cryptocurrency sectors, creating valuable connections that could shape the future of the industry. The event serves as a hub for industry leaders, investors, entrepreneurs, and developers looking to exchange knowledge and form strategic partnerships.

CFTE’s Continued Commitment to Innovation

CFTE’s participation in Blockchain Life 2024 exemplifies its dedication to staying at the forefront of technological advancements in finance. By participating in such events, CFTE ensures our learners gain access to the latest industry insights, keeping them well-positioned in a fast-changing financial landscape.

Join us to connect and explore the latest innovations in the blockchain industry. Don’t forget to claim your pass with our promo code: cfte10

To register for the event: https://blockchain-life.com/

About Blockchain Life 2024

Blockchain Life 2024 is one of the largest global forums on blockchain, cryptocurrencies, and decentralized finance. With a high-caliber audience and an agenda featuring leading market insiders, it provides a platform for the exchange of knowledge and insights critical to the future of blockchain and cryptocurrency sectors.

For more information and to register for Blockchain Life 2024, visit blockchain-life.com and use promo code cfte10 for a 10% discount.

About CFTE

Founded in 2017 in London, the Centre for Finance, Technology and Entrepreneurship (CFTE) is a global platform for education in FinTech and the future of financial services. More than 100,000 professionals from 100+ countries have participated in CFTE programmes to accelerate their careers in finance. CFTE’s objective is to equip professionals and students with the skills to thrive in the new world of digital finance. 

Contact

Press: press@cfte.education

Europe: 30 Churchill Pl, London E14 5RE, United Kingdom

Middle East: Cloud Spaces, AI Sarab Tower, Al Maryah Island, Abu Dhabi

Asia: 80 Robinson Road, Singapore

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Europe, Asia, Middle East [11th October 2024] – CFTE is proud to announce that we will be attending Fintech Surge 2024 as a Knowledge Partner, bringing together leading voices from the world of finance and technology. 

Fintech Surge is a Global Fintech Hub for Innovation, held at Dubai Harbour from 13-16 October, and is a key event showcasing the latest innovations across Digital Finance, Blockchain and AI. The event provides a platform for innovators, investors, and regulators to collaborate and discuss the future of finance.

Duration: 13th – 16th October 

Location: Fintech Surge, Dubai Harbour

As part of this partnership, CFTE Co-founder, Huy Nguyen Trieu will be speaking about addressing the transformative impact of AI on the job market. He will also moderate a panel discussion “From AI to Web3 – Navigating the New Jobs of Finance”, featuring industry leaders from across the financial technology sector. CFTE as a knowledge partner, our community will also be getting 25% off to register with this promo code: FINBLENS25

With CFTE’s vision to empower finance professionals where we have trained 85% of the global workforce in financial services, this partnership with Fintech Surge emphasises CFTE’s mission to drive innovation and help professionals upskill in a rapidly evolving sector and equip them with the latest AI tools.

Huy Nguyen Trieu speaking on The Impact of AI on Jobs and Preparing for the Future

Huy Nguyen Trieu will be offering insights into how artificial intelligence is transforming the job market in financial services, highlighting both the opportunities and challenges it presents. He will also discuss strategies for professionals and organisations of financial institutions to stay ahead in this rapidly changing landscape.

Panel Discussion: “From AI to Web3 – Navigating the New Jobs of Finance”

Moderated by Huy Nguyen Trieu, this panel discussion will delve into the latest developments in AI, blockchain, and Web3 technologies and their impact on jobs within the financial sector. This discussion also explores the critical skills required to succeed in this digital age, the role of AI and blockchain in reshaping job roles, and how organisations can adapt to meet the needs of a technology-driven workforce.

The esteemed panellists include:

• Amith Rajan, Executive Vice President, Head of Wholesale Digital Banking & NeoVentures, Mashreq Corporate & Investment Banking Group
• Hartnell Ndungi, Chief Data Officer, ABSA Financial Services Africa Holdings
• Tariq Mattar, Director, Bahrain FinTech Bay

Date: 14th October (Monday)

Time: 15:40 – 16:00

Location: Fintech Surge, Dubai Harbour

Connect with us at Fintech Surge and register for the event and claim your 25% off with this promo code: FINBLENS25

https://visit.gitex.com/Event/GITEXGLOBAL/Visitor/Package/Compare

About Fintech Surge 2024

Fintech Surge is a leading event focused on the convergence of finance and technology, bringing together top-tier innovators, investors, and industry leaders to explore the future of fintech. The event covers a wide array of themes, from digital payments to regulatory technology, attracting a global audience interested in the future of finance.

About CFTE

Founded in 2017 in London, the Centre for Finance, Technology and Entrepreneurship (CFTE) is a global platform for education in FinTech and the future of financial services. More than 100,000 professionals from 100+ countries have participated in CFTE programmes to accelerate their careers in finance. CFTE’s objective is to equip professionals and students with the skills to thrive in the new world of digital finance. 

Contact

Press: press@cfte.education

Europe: 30 Churchill Pl, London E14 5RE, United Kingdom

Middle East: Cloud Spaces, AI Sarab Tower, Al Maryah Island, Abu Dhabi

Asia: 80 Robinson Road, Singapore

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Traditional approaches To Wealth Management

The traditional wealth management process was challenging due to extensive data collection, manual analysis and the risk of missing key information. As well as this, ensuring regulatory compliance was also a difficult task as it required advisors to gather and analyse client portfolio data from multiple sources. This was time-consuming and could take up to 14 days.

AI-driven Approaches In Wealth Management

AI-driven approaches in wealth management utilise the capabilities of AI to quicken and improve many aspects of wealth management: from automating routine tasks to providing advanced data analysis, AI is transforming how wealth managers operate. These technologies help enhance decision-making, personalise client portfolios, optimise risk management, and streamline operations. With AI, wealth managers can offer faster, more accurate insights, ensuring a more efficient, data-backed approach that delivers better outcomes for both clients and firms.

Top 3 examples of AI in Wealth Management

• Information for asset location recommendations

Using AI to analyse proprietary information allows advisors to provide clients with tailored asset location recommendations which enhances the quality of advice and recommendations offered.

• Using tools for verbal requests

AI-powered execution tools allow advisors to verbally communicate requests, streamlining processes such as investment transactions or foreign exchange operations which reduces manual errors in executing client instructions.

• Enhancing advisor knowledge and client trust

AI-driven insights and recommendations enhance advisors’ expertise by providing them with access to a wealth of information and analysis, thereby instilling confidence in clients and fostering trust-based relationships.

Conclusion

The integration of AI has significantly benefited wealth managers across various departments, from enhancing client relations to minimising errors. AI also streamlines the process of accessing and integrating data into investment strategies, making it easier for managers to develop and execute more informed investment plans.

For more information, check out: Generative AI for Wealth Management in Financial Services – CFTE.

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As the global financial landscape evolves, Japan finds itself at a critical crossroads, poised to reinvent its financial sector and potentially emerge as a leading FinTech hub. Historically, Japan has been a major player in global finance, but recent years have seen its growth stifled by various challenges. Yet, Japan’s core strengths, including leadership in digital innovation, a low-interest-rate environment, and a collaborative ecosystem, create immense potential for revitalising its financial system. This blog explores how changes in global financial centres are reshaping the industry and the opportunities created for Japan.

A Shift in Global Financial Centres

For decades, the ranking of global financial centres has been a reliable indicator of a city’s competitiveness and influence in the world of finance. Cities like New York, London, Hong Kong, and Singapore have traditionally dominated these rankings due to their strong financial infrastructure, dynamic markets, and global reach.

However, recent trends show that the landscape is shifting. The criteria for what defines a global financial centre are evolving, bringing new players into the spotlight. Cities such as San Francisco and Los Angeles have emerged as influential financial hubs, reflecting the growing role of digital finance and FinTech in defining financial powerhouses. The convergence of technology and finance is becoming a critical factor, with tech hubs like Silicon Valley increasingly influencing the future of the financial sector.

This shift signifies a broader evolution towards integrating FinTech and digital finance as core components of modern financial centres. The traditional markers of financial strength—such as large stock exchanges and legacy banking institutions—are now joined by innovation in digital payments, blockchain, and artificial intelligence.

Japan’s Potential as a FinTech Hub

While Japan’s position in global finance has faced hurdles, its strengths offer a foundation for rejuvenation. The nation’s leadership in digital innovation is well-documented, particularly in areas such as robotics, AI, and telecommunications. In addition, Japan’s low interest rates create a favourable environment for financial experimentation and investment in emerging technologies.

Future outlook:

As the global financial centres evolve, Japan faces both challenges and opportunities. Japan’s collaborative ecosystem, which includes both government support and private sector initiatives, together through strategic partnerships and investments in innovation, Japan could very well position itself as a key player in the next generation of financial centres.

To read the full report here! Unlocking Japan’s Potential: Building a Thriving Financial and Fintech Ecosystem​ Roundtable Report

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With Experts Teaching Fintech and CFTE’s Co-Founder Tram Anh Nguyen

What are the unexpected challenges of being a woman in the Fintech world? How can we support women to get into finance and FinTech? We asked leading women in Fintech for the answer!

While the current Fintech landscape has come a long way from its lopsided gender balance, we still have a long way to go. Women today are turbocharged to break through the glass ceiling and reach the pinnacle of their capabilities. All we need to do now is give them a chance! We need to normalise inclusion and diversity across the Fintech landscape so it’s no longer just an anomaly. 

Celebrating Female Trailblazers in Fintech and Finance

We are passionate about playing our part in the global agenda for diversity and inclusion. In this capacity, we give women leaders in FinTech, a platform to be heard. We spent a lot of time looking for exceptional women experts in Fintech who love to teach. CFTE’s team and I would like to celebrate these trailblazers who are transforming the industry in Financial Services, as well as those who are changing the face of Fintech.

To celebrate these Inspirational female Entrepreneurs, CEOs, Executives and Leaders, that are carving out a new path for the next wave of female pioneers in Fintech, we applaud these women that are the epitome of true change makers.

Together with the whole industry in finance and in Fintech, we’d like to celebrate them and their achievements:

• Alice Newton-Rex, Director of Product at WhatsApp
• Amrita Banerjee, Senior Director of Product, Financing at Secfi
• Andrea Dunlop, Managing Director at Access Paysuite
• Aniko Szombati, Chief Digital Officer (CDO) at Magyar Nemzeti Bank
• Anna Maj, Senior Advisor at Truffle Capital
• Anne Boden, CEO at Starling Bank
• Ayesha Khanna, Co-Founder and CEO at ADDO AI
• Cao Yang, Research Director at Sensetime
• Caroline Stockmann, Board Member of EACT – European Association of Corporate Treasurers
• Catherine Havasi, Chief Product Officer at Basis Technology
• Christina Nesheva, Founder and CEO at Officinae Bio
• Claire Calmejane, Chief Innovation Officer at Societe Generale
• Clare Joy, Director, Strategy & Expansion at Onfido
• Diane Nolan, Managing Director and Partner at Accenture Financial Services, Accenture
• Ebi Atawodi, Director of Product, Payments EMEA at Netflix
• Frankie Tam, Of Counsel (Tech, Media & Telecom) and Head of Asia D&I Commitee at Eversheds Sutherland
• Gabriela Guibourg, Head of Applied Research Division at Sveriges Riksbank
• Georgie Smallwood, Chief Product Officer at TIER Mobility
• Grace Chong, Lead – Financial Services Regulatory SG at Gibson, Dunn & Crutcher LLP
• Grete Ovrebo, Head of Financial Services (FS) at boost.ai
• Irena Hu, Tech Recruiter/SG University Relations Lead at PayPal
• Kata PÁL, Head of International Business Development & Innovation at Budapest Institute of Banking (BIB)
• Kim Ford, SVP, Government Relations at Fiserv
• Laura Lenca, Legal Director at Electrocomponents plc
• Linda Shomo, Founder & CEO at EasyPay Albania
• Liz Oakes, Executive Vice President at Mastercard
• Magdalena Thurin, Manager at Conseil électro-mobilité
• Magdalene Loh, Senior Vice President, Head of Innovation at Prudential Assurance Company Singapore
• Marie-Charlotte Johnstone-rouzier, Co-Founder at LiFT
• Meaghan Johnson, Founder of Digital Magss
• Melissa Guzy, Managing Partner and Founder at Arbor Ventures
• Sandra Alzetta, Vice President, Global Head of Payments at Spotify
• Scarlett Sieber, Chief Strategy & Growth Officer at Money20/20
• Secil Watson, Member Board Of Directors at Everi Holdings Inc.
• Serey Chea, Director General at National Bank of Cambodia
• Shonali Krishnaswamy, Chief Technology Officer at AIDA Technologies Pte Ltd
• Sophie Guibaud, Co-founder and Chief Commercial & Growth Officer at Fiat Republic
• Tanya Andreasyan, MD & Editor-in-Chief at Fintech Futures
• Thu Nguyen, Brand & Content Marketing at Amazon
• Winnie Cheng, Chief Data Scientist, AI & Next-Gen Audit at PwC
• Ching Ching Tan, Director, The Sandbox at Ngee Ann Polytechnic

We’re very proud of the diversity we foster at CFTE, with our team and our community. In a world that needs to be re-built, it’s essential that we leverage diverse experiences, points of views and perspectives, wherever they come from. Thanks to all of these incredible women that are trailblazers in #education, preparing those who want to join the future of finance.

Our female leaders have embarked on a journey to use the power of education to train a new generation of finance professionals to adapt to a world of technology-driven finance, and to equip them with skills to thrive in this period of steep change, and we aren’t slowing down any time soon.

Thank you to all the wonderful women experts teaching Fintech!

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There’s a new crypto that’s the talk of the town – it’s the non-fungible token aka NFT. The recent mayhem around this thrilling new digital asset ensued after steeply rising Bitcoin prices and other cryptocurrencies began filling the pockets of crypto investors. Though NFTs have been around for a decade, the new-found hysteria seems to be growing, showing no sign of slowing down.

These digital assets could be picking-up speed that is fuelled by individuals looking for alternative investments or maybe just a way to brag about their new purchases. 

If you are intrigued to wrap your head around this bewildering new way to invest, then read on!

What are non-fungible tokens?

Technically a non-fungible token is a cryptographic asset on blockchain that has its own unique identification code that differentiates it from the rest of the NFTs out there. What primarily differentiates them from how other cryptocurrencies like bitcoin work, is that it is ‘non-fungible’, meaning it cannot be replaced or exchanged at equivalency. If this concept still seems to be going over your heads, let me break it down for you. A non-fungible token can be thought of as a ‘one-of-a-kind’ trading card. If you traded this card for another you’d get something completely different!

NFTs are redefining the value of distinctive items we own. These tokens that can be used to represent any item that is unique or ‘one-of-a-kind’, ranging from things like art, collectables and even real estate, and could even help you earn millions through the value they accrue over time.

How do non-fungible tokens work?

So how can you really make that piece of digital art you created months ago worth millions in a matter of days? 

To help you grapple with the functioning of this eccentric concept let’s get down to the basics. If an artist wishes to sell his art, they would need to ‘create’ or rather ‘mint’ a NFT that will certify ownership for the piece created. These NFTs are stored on an open blockchain ledger, allowing ownership, number of copies, prior sales prices, to be tracked. With blockchain technology safeguarding the identity of original assets, selling fakes is next to impossible, unlike the tragedy of forgeries we see in the real world. 

Currently, most NFTs are a part of the Ethereum blockchain (erc721), but there are various other blockchains that can also implement their own versions of NFTs. Some have already begun incorporating them, like TRON. 

What baffling items can you expect to see at a NFT Auction? Here are some non-fungible token examples:

• Virtual Real Estate: Yes you heard that right, digital lands are selling for millions as a NFT. Decentraland – an ethereum-based blockchain platform that allows users to partake in a world built on virtual reality – recently sold for a million bucks!

• Digital Art: From psychedelic digital illustrations to gifs of nyan cat – they are all in for minting the big bucks too. 

Here’s a pretty little picture of CryptoKitty and it just sold for $170K.

Image: CryptoKitties.co

If this didn’t set your mind off into an explosion, let me tell you about another JPG file made by an artist known as Beeple that was sold on an online auction by Christie’s for $69.3 million! 

There are several other digital art pieces that are shaking things up in the NFT world, you can check some out here.

Image: The New York Times

• Limited Edition Fashion: A unique, limited-edition sneaker  was put up for auction joining in the realm of new-age NFT fashion. These hypercrafted sneakers could be used physically in real life and could also be held in a digital format as an avatar, in a virtual world.

Image: MetaGrail

• Digital Trading Cards: Just like the old days, when having a physical pokemon trading card gave you a superior sense of ownership, today, digital trading cards are making it to the long list of NFTs that people are flocking to get a piece of. Sorare is a fantasy football trading game where NFTs in the form of cards of real players can be traded to make money.

These are just some examples scrapped off the surface of possible non-fungible token use cases. After Jack Dorsey, the CEO of Twitter, decided to sell his first-ever tweet as a NFT, it only reinstated the endless possibilities that this modern digital token opens up. Scads of people are swarming to buy Jack’s precious digital asset, with the highest bidder offering $2.5 million. 

So are NFTs on track to become the future of finance?

The exclusive arena of NFTs are currently seeing a new breed of  investors who are looking to buy these digital assets to profit from the value they accrue over time, as their worth fluctuates with demand. People are buying, selling and trading these NFTs like they would do for stocks on the stock market. But can NFTs tread outside of the investment ecosystem? Possibly, yes. But just as anything that lives on the internet, not everything sticks around. The bubble could pop. Any blockchain could go down and take a slew of NFTs down with it. Being hacked is just another threat that’s on the radar as well. But this is all just speculation. With cryptos recently climbing up the charts, maybe NFTs could be the modern token that’s here to stay.

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