5-For-Friday – News Roundup – 07/12/18

Welcome, all.

This week, #Teamredas have been to the fantastic Fintech Connect event at the ExCel London, so this edition of 5-For-Friday focuses on our top 5 takeaways from the event.

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1. Welsh Technology Industry Thriving.

We were really excited to attend this years event as part of the Welsh Government’s technology business cohort.

E18 was one of the busiest stands at the event, and it’s clear to see why the Welsh tech industry – with over 3,000 businesses, employing over 44,000 people – contributes to £8.2bn for the economy.

We’re confident that the performance of businesses in Wales will continue to grow and contribute to the success of the region.

2. Innovation, Transformation and Growth.

Not only were Credas invited to attend as part of the Welsh Cohort, but our CEO Rhys was asked to talk to delegates and exhibitors on how business growth and commercial success link to strategy, innovation and transformation.

We took our video production team along with us to record the talk, and speak with delegates – and were excited to share the talk in full and our Q&A’s over the coming days.

3. The Importance of Digital Identity Verification.

What was clear following our conversations with both delegates and fellow exhibitors, is the immerging importance of digital identity verification in FinTech and RegTech

We met with established and challenger banks, online payment transaction companies, and vendors specialising in digital signatory solutions – to name a few – who required an identity verification solution for Know Your Customer and Anti-Money Laundering checks.

Credas weren’t the only identity verification solution at the event either, which highlighted healthy market competition and prove that digital identity verification is challenging tired markets, who still rely on manual customer due-diligence processes.

4. A Holistic View of Risk and Compliance.

We attend an interesting seminar from Philippa Martinelli of the Department of International Trade on how both UK and International regulators and supervisory bodies need to consider using technology to help them govern effectively.

Regulators are struggling to keep up with the demand and are turning to RegTech to help them, help other businesses.

What’s needed is a more holistic view of risk and compliance and combining using RegTech and FinTech to create a SubTech body – Supervisory Tech – would ensure a more proactive approach to support businesses.

5. UK #Fintech Sector. A Vibrant Community.

Gathering the UK’s best, like-minded, innovate tech businesses for one industry event is massively valuable.

The UK #Fintech sector is a vibrant community, and spending time with like-minded individuals has a direct impact on our mindset.

By seeking out other businesses like ours, to discuss strategy and market dynamics, the future of innovation and the opportunities and challenges the sector faces is always positive.

“Credas has seen rapid growth since we launched the business in May 2017. We’ve grown in terms of customers, team and the power of our tech. We’ve all been working so hard on the business in this time that it was great to have been invited to attend FinTech Connect with the Welsh Assembly Government to take a step back and understand what’s going on in the market. It was interesting to speak to other exhibitors, speakers and delegates about the different industry dynamics and explore with them the opportunities and challenges that lay ahead for FinTech as we head into 2019 and beyond”

Rhys, CEO

Until next week. We hope you have a great weekend!