Technology has radically changed finance over the last decade. From posing challenges such as how to digitize the incredibly huge amounts of data, to opportunities beyond what we could imagine possible, the financial services industry of 2020 is long distanced from how we knew finance back in 2010.

But, how has this decade of technological changes affected the world’s top 10 financial institutions? We have asked their market capitalisation for answers. Here is what they’ve told us:

Only 4 of the Top 10 financial institutions in 2010 remain at the top

A decade in finance has not gone without change. Back in 2010, the top 10 financial institutions making the list were all traditional banks. But looking into the business model of the top 10 as of today, we see quite a significant change.

5 of the 6 new entrants in the chart have moved away from traditional banking to be heavily involved in payments and leverage a platform business model – a sign of how clients have also changed their needs and requirements for financial institutions in the last decade.

And not only that, but in many instances, they have overcome the remaining 4, making them move down in the chart from their 2010 position.

Half of the Top 10 are now platforms which leverage network externalities of digital

Visa, MasterCard, Paypal, Ant Group and Tencent Fintech have all overthrown major banks from 2010 in market capitalization and now climbed to be included in the top 10 for 2020. Above their enormous increase in valuation since 2010 (Mastercard leads with almost 1000% increase!), they have one more important common denominator: they all have platform business models.

Digital platforms are rising in finance – and they will be key in the near future

Today, platform business models are allowing financial institutions to leverage network effects, leading to increased efficiency in their operations and the possibility of tapping into new markets, among other advantages. For this reason, the correlations we found between increased market capitalization over the last decade and having a platform business model comes at no surprise to us.

Platforms business models are rising in finance today. According to a McKinsey research report, more than 30% of the global economic activity – some $60 trillion — could be mediated by digital platforms in six years’ time. Yet, experts estimate only 3% of established companies have adopted an effective platform strategy.

But, why so? The answer is simple: many business leaders do not fully understand platforms and how they fit in their industry structure.

And you? Are you ready to deploy platforms in your organization?

For more information on our sources and analysis click here.

Read this article in french on our French Media partner’s website Finance Mag: https://finance-mag.com/5-des-10-premieres-institutions-financieres-sont-desormais-des-plateformes/

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#1

Collaboration and knowledge sharing is at the forefront of the fast-growing global Fintech ecosystem, and this was evident at Singapore Fintech Festival. The announcement of the formation of the ASEAN Fintech Network, a platform to connect Fintech hubs across the ASEAN region echoed CFTE’s mission to act as a gateway to connect Fintech communities and people from across the world. 

#2

In his keynote speech, Ravi Menon, MD of the Monetary Authority of Singapore, outlined a number of forward-thinking strategies and initiatives that demonstrated Singapore’s position as a leader in the Fintech sector.
For us, his points on nurturing the right talent to help drive innovation in Fintech plus the opportunity for Fintech to deepen financial inclusion are two subject areas where we strongly align.
#3

CFTE’s first event in Singapore was our highest highlight where we welcomed 200+ invitees and students to come and share. 
The event was centred on two evening sessions that dived deep into the growing influence of Fintech on the financial services sector.
The main session focused on helping professionals build the skills to help them transition from traditional to digital finance. A line-up of distinguished guest speakers helped to guide discussions and debate on how finance is transforming traditional career paths and included:
:: Tram Anh Nguyen, co-founder of CFTE
:: Huy Nguyen Trieu, CEO of The Disruptive Group & co-founder of CFTE
:: Gina Heng, co-founder of LATTICE80
:: Janos Barberis, Founder of SuperCharger
:: Veiverne Yuen, co-founder & CIO of tryb
:: Choy Siew Kai, Head of Data and Analytics at GIC
There were two-panel discussions on the night. 
In the first, Tram Anh moderated the panel “HOW TO ACQUIRE THE SKILLS OF FINANCE 2.0″ with Gina Heng, Janos Barberis and Veiverne Yuen sharing their insights.
The second panel, “HOW TO BRIDGE TRADITIONAL FINANCE TO DIGITAL FINANCE, was moderated by Huy who was joined by Choy Siew Kai to discuss the impact of Big Data in finance.
CFTE’s co-founders, Tram Anh Nguyen and Huy Nguyen Trieu presenting CFTE’s vision at the ‘The Future of Finance’.
Packed crowds watched on as the ‘evening of conversations’ between guest speakers enthralled with the debate.
Tram Anh proceeding over the first panel of the evening, “how to acquire skills of Finance 2.0”.
The first session of the evening involved Supercharger, Asia’s leading Fintech Accelerator. They illuminated proceedings by highlighting the progression of Hong Kong’s Fintech ecosystem. A discussion panel consisting of alumni graduating from their Fintech accelerator program provided insights into front-line innovation in finance.
SuperCharger Founder Janos Barberis talking about Hong Kongs vibrant FinTech ecosystem
SuperCharger’s MD, Veronica Kuznetsova, on a discussion panel with Alumni from their Fintech accelerator.

#4

In a week full of memorable events, the Around Fintech in 8 Hours graduation ceremony was the ultimate highlight for us. It was both a proud moment and a major milestone for everyone at CFTE as we continue to rapidly advance our objective of delivering Fintech education globally.
Participants – some of them flying in from Australia and Taiwan – received their Certificate of Completion from our co-founders Huy Nguyen Trieu, Tram Anh Nguyen and Senior lecturer on Around Fintech in 8 Hours, Janos Barberis and guest speaker on our online course Veiverne Yuen.
The event also marked the beginning of the next chapter for Around Fintech in 8 Hours, with the announcement of the opening of registrations for the 2nd session.

#5

The prospect of Fintech to solve many of societies problems, particularity with regards to helping the billions of underbanked people in the world is a very important subject matter for CFTE. Hence why the Fintech awards, which recognised numerous innovative solutions to explicitly specified problem statements, were so impressive. It was also a great honour for CFTE to be involved in the selection process for the winners.

#6

A number of participants on Around Fintech in 8 Hours graduated after the event. So not to feel left out we presented certificates shortly before departing back for London!


If you wish to learn and get your Fintech Foundations right, please join our second session, which is now open for registration.

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“Am extremely pleased to have had the opportunity to attend and complete this exceptional course from CFTE. Best Fintech content, speakers and readings one could squeeze into 8 hours, a MUST DO Course for all that are close to and or follow Fintech!”

“The Around Fintech in 8 Hours programme provided a comprehensive overview of the global developments in the Fintech sector. The video lectures, course materials and module assessments served as valuable resources to reinforce the learning experience.”

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–  Dr. Doris Wang, Taipei

The first cohort of CFTE’s first online Fintech course is well underway
And since CFTE is all about ‘firsts’ we thought we’d share with you our first ever graduate from Around Fintech in 8 Hours: meet Dr Doris Wang, CPA (USA), CIA, CGAP, CRMA.
We won’t list all her accolades as it would easily fill two pages, but to give you an idea, she is currently a Professor of Accountancy at the National Taipei University, holds a PhD in Accountancy and is Chairman of the Accounting Research and Development Council. The list goes on.
So why would someone so experienced and at the top of her profession want to learn Fintech?
Her underlying message was simple: if you want to stay at the top you have to evolve and adapt.
This urgency was highlighted by the fact that she completed the course in just two days! – even with a hectic schedule.
For us, Doris perfectly highlights why we have created Around Fintech in 8 Hours – and why we want to share her story. From graduate students to managing directors in banks, from technologists to consultants, from entrepreneurs to finance professors, the diversity of the participants on Around Fintech in 8 hours is amazing and reflects how open the new world of Finance 2.0 is.
Congratulations to Doris for being the first person to receive her Certificate of Completion for CFTE’s Fintech Foundation Course – she will definitely be a very important person in the history of CFTE!

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Step 1: Soft introduction

Learning is a pretty logical process.
To master any subject, you need to take it slow, especially at the beginning. The last thing you want is to be overwhelmed by definitions, concepts and theoretical frameworks which have little context.
So in this crucial first step, learn from the thought leaders who know what they’re talking about. People who’ve been there and done it.
Here are 3 great blogs from well-respected leaders in Fintech who’s opinions will give you some great insigths:

• Disruptive Finance: Huy Nguyen Trieu – CEO of The Disruptive Group and Co-founder of CFTE. Huy’s blog is a collection of wisdom from a Fintech influencer who has successfully managed his own tech startup, worked as an MD at Citi and helped design 3 Fintech courses at Oxford Said Business School, Imperial College and CFTE.
• The Finanser: Blog of highly regarded Finance commentator and strategist, Chris Skinner. He is regularly referred to as one of the most influential people in banking and his blog provides fresh insight into the state of banking and the impact of technologies on the future direction of the industry.
• Faisal Khan: Blog of digital payments expert Faisal Khan who is regarded as one of the foremost authorities on cross-border money transfers and much much more. Given the payment sector is one of the most mature Fintech verticals, it’s a must read to understand the broader development of Fintech across the globe, especially in the emerging markets.

We’ve noted three particularly strong blogs but of course, there are much more. For an almost exhaustive list of Fintech blogs, you can go here.

Other resources…

Once you’ve become well accustomed to what the experts have to say about Fintech it’s time to take a deeper dive.
There are a number of books and notable Fintech reports that should be on your reading list.
Books like the aptly named “The Finteck Book” which was co-authored by CFTE board member Janos Barberis.
And reports like Citi bank’s “How Fintech is Forcing Banking to a Tipping-point“(the most downloaded Fintech report ever), produced by another CFTE board member, Ronit Ghose, are great places to start.
For a full list of books, this way.
 

Step 2: Invest time into studying the subject

Free resources are great, but if you’re serious about learning Fintech then there are no shortcuts. Just as it takes years to master any discipline in finance (think tuition fees and study time) it will take effort to become a Fintech pro.
Your next and logical question should be, “where do I invest in learning about the Subject?”
We’ve got you covered.
We’ve had a look at some of the top Fintech courses on the market and highlighted the 7 courses that should be on your shortlist. 
From courses aimed at beginners to those that target entrepreneurs with ambitions of creating the next PayPal, there is something for everyone including CFTE’s first online Fintech course Around Fintech in 8 Hours.
For a complete breakdown head over to “From blockchain to machine learning, the best Fintech courses revealed“.
 

Step 3: become an active member of the community

Good. You’ve absorbed what the leading thinkers in Fintech are talking about and you’ve chosen a course that will provide you with a structured learning programme to truly grasp the world of Fintech.
Now what?
To continue on your learning journey, you need to be actively engaging with like minds. 
People who will stimulate your imagination and provide you with new and interesting perspectives on Fintech.
So step 3 is all about networking.
And thankfully we live in an age where there are a plethora of opportunities to network, especially in Fintech.
There are a wide number of events to choose from and a quick search on platforms like Eventbrite and Meetup will give you a flavour of what’s happening in your locality.
So what are you waiting for?
Do a quick search to see whats on in your area. You’ll quickly start to get a feel for the trends that are in demand.
And that’s it. 
Now all you need to do is brush up on those soft skills!
 

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We are excited to announce a new partnership with SuperCharger – the largest Fintech accelerator in Asia.
So often learning happens in isolation, especially when considering professional development. However, in an age of technology where we are trying to get professionals to understand distinctly foreign concepts such as machine learning and blockchain, we believe the best way to facilitate their comprehension of such concepts is through learning by doing.
The partnership with SuperCharger will enable us to accomplish just that.

SuperCharged ecosystem

SuperCharger attracts some of the most innovative Fintech startups to its accelerator programmes. Using the help of a number of key partners, they go against the clock to take their solution to market over the course of the programme.
What SuperCharger has created is a microcosm of the new Fintech ecosystem, where a number of different parties work together to accelerate the innovation process.
By bringing this world closer to our students we want to show them what the future of finance looks like. This partnership will bridge the gap between old finance and finance 2.0.

The front seat of innovation

Through exposure to the SuperCharger ecosystem and in turn the fast-growing Asian ecosystem, students will understand how today’s Fintech entrepreneurs are creating services that are transforming how financial products are consumed.
For quotes from the Founder of SuperCharger and Co-founder of CFTE plus details on the partnership, please read the full press release here.

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CFTE and LATTICE80 Fintech Partnership to accelerate the development of the global FinTech ecosystem

With the launch of our first FinTech course in Q4 2017 just around the corner, we are delighted to announce our partnership with LATTICE80.
LATTICE80 is a rapidly expanding global Fintech hub with operations in major Fintech centers such as Singapore, London, and India. The international hubs it is building in collaboration with national governments and the FinTech community attract companies building some of the most innovative products and services for the finance industry.

A partnership designed to help our students

The partnership with LATTICE80 will help to accelerate the learning curve for our students by connecting them to the companies within LATTICE80’s rapidly expanding network. This is important because to understand Finance 2.0 and the dramatic transformation occurring in the financial industry, students must understand the real world applications of FinTech.
Thus, the LATTICE80 partnership will enable us to provide them with first-hand experiences of the changes occurring on the front-line of innovation in finance by connecting them with the companies building Finance 2.0.
You can read the full press release here. 
 

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