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Womble Carlyle and Bond Dickinson are partnering
with the George Washington University Center for Law, Economics & Finance
to present the third FinTech Forum: The Global Reach of Financial
Innovation. The event takes place Thursday, March 2nd
at the GWU School of Law in Washington.
8:30 am: Registration and Continental Breakfast
Day-of registration is available subject to room capacity.
9:30 am: Greeting
Speaker: Dr. Neil Ruiz, Executive Director, GW Center for Law, Economics & Finance
9:35 am: Dean's Welcome
Speaker: Blake D. Morant, Dean and Robert Kramer Research Professor of Law, GW Law
9:40 am: Forum Theme & Introduction
Speaker: Kevin Petrasic, Partner, White & Case
10:15 am: Keynote Address
Speaker: Anthony Thomson, Founder and Chairman, Atom Bank
Atom Bank is UK's first digital-only Challenger bank.
Anthony Thomson is the founder and chairman of Atom Bank, Chairman of the Financial Services Forum, Chairman of the National Skills Academy for Financial Services, and NED of agilti, a company providing banking software as a service. Atom was granted it’s banking license in June 2015. It launched in March 2016, as the first real alternative to the High Street banks. It is the first full service retail and business bank delivered via an app. Atom bank was voted no 8 In the KPMG survey of the world’s 100 leading fintech innovators for 2015, and no 4 in the Challenger Project’s list of the top 10 global innovative brands. Previously Anthony was founder of Metro Bank and served as the first chairman from 2009 until 2012, before leaving the bank in December 2012. When it launched in 2010 Metro Bank plc was the first new ‘High Street bank’ in the UK for over 150 years. In March 2016 it floated on the London Stock Exchange with a value of £1.6 billion. He is co-founder of Moneyspinners, an annual charity cycle ride for financial services executives. In 1987 Anthony founded City Financial Marketing which, by the time he sold it to Publicis in 1997, was Europe’s largest financial services marketing and communications group. After a year off he co-founded The Financial Services Forum, which he ran until 2007, at which point he became chairman. He has been included in Marketing Magazine’s ‘Power and influence top 100’ and named by the Evening Standard as ‘one of the 1000 most influential Londoners’ and one of the 60 most influential in the City.
10:45 am: Q&A with Keynote Speaker
11 am: Coffee Break
11:15 am: Panel 1 – Who Watches the Watchers: Using AI for Regulatory Compliance
Technology has been part of regulatory compliance ever since the first mainframe computers came online. The first generation of regtech brought basic automation, such as creating standardized filings. The recent second generation, which peaked only a few years ago, saw financial institutions use programs and algorithms to power decision trees and risk models. The third generation—artificial intelligence—is coming, and unlike with previous regtech, AI will be embedded deep within institutions’ core systems, learning and changing dynamically without user input. What are the implications of relying on AI instead of humans for regulatory compliance? Regulators eventually got comfortable with previous generations of regtech, but will they ever accept truly autonomous AI?
12:15 pm: Lunch
Lunch and the keynote address will be held in the Grand Ballroom on the third floor of the Marvin Center. Students from GW Law will direct attendees across the street and to the correct room. Please arrive promptly to allow time to enjoy your meal before the presentation begins.
12:30 pm: Presentation and Release of C-LEAF FinTech 50 State Survey
The GW Center for Law, Economics, & Finance (C-LEAF) will release a new, data-driven, innovative research project to catalog state rules and regulations of financial technology in the 50 U.S. states and territories. This will be the first comprehensive database of laws related to fintech that will serve as a valuable resource for public policy makers, financial services businesses, fintech startups, investors, government regulators, law firms, and academic researchers.
1:30 pm: Panel 2 – Fintech's Frontier: Providing Worldwide Access to Financial Services
Fintech has already enabled money to move across incredible distances at unprecedented speed. Building on these developments, the next challenge is to expand the scope and range of transactions, including people and places without reliable access to traditional financial services. Workers and entrepreneurs around the world depend on the ability to transfer funds across borders, and any technology that makes these transactions cheaper, faster, and more secure would be a boon to developing countries. How is fintech helping to provide access to basic financial services? What potential regulatory hurdles might slow the movement of money? Is the existing international legal framework conducive to continued advances in payments, remittances, and money transfers?
Moderator: Jason Oxman, Chief Executive Officer, Electronic Transactions Association
2:30 pm: Panel 3 – Caveat Emptor: Opportunities and Challenges in Fintech M&A
Financial institutions have generally taken two approaches to fintech. Some have created internal teams or departments focused on building technology in house, while others have partnered with or fostered the growth of companies that were developing fintech tools. As fintech continues to evolve, financial institutions are becoming more proactive in their development strategies, leading to increased investment and M&A activity. Fintech investment and M&A activity is not limited to Silicon Valley and New York: it is a global trend including fintech hotspots in Europe and Asia. Will M&A be the only way for financial institutions to keep up with the speed of development? What are the legal and regulatory risks in such transactions? Are there investment strategies, such as using consortia or joint ventures, that can mitigate these risks?
Moderator: Nicholas Neveling, Editor, Real Deals
3:30 pm: Coffee Break
3:45 pm: Panel 4 – Fintech Abroad: Comparing International Regulatory Developments
Financial regulators around the world are attempting to keep pace with changes and developments in fintech. All regulators, regardless of jurisdiction, are working to balance two competing concerns: how to promote innovation and progress while simultaneously maintaining the safety and soundness of their respective financial systems. There is little disagreement that fintech has the potential to increase efficiency and improve security—many countries are looking to incorporate fintech tools into their supervisory operations. But with the memory of the financial crises, some regulators may hesitate to embrace novelty. Are there trends among international financial regulators regarding fintech? How have different jurisdictions provided opportunities for financial institutions to test and experiment with new technology? Are some jurisdictions more open to startups and new entities joining the financial system?
Moderator: Alastair Mitton, Partner, Bond Dickinson
4:45 pm: Closing Remarks
5 pm: Networking Reception
Please join us for a reception on the second floor of the Auditorium.