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FinTech: the misconception, the trend and the challenge

After spending 16 years in financial services in diverse Ops roles, Alex Medana founded WIP Solutions Ltd, a blockchain solutions consultancy. We are honored to have Alex with us and sharing his thought about the FinTech industry.

Alex is excited that FinTech in general brings people together from very different background (MBA graduates, IT people, ex-bankers, designers, etc.) but they all have in common the willingness to try, learn and share.

Coming from FINSERV, Alex is here to use his experience and the blockchain technology they have developed to address real world problems.

Alex is here to achieve two things:
1. To create an end-to-end workflow for financial inclusion (Good news from WIP solution: the technology is ready for trial and to be tested, they just need to get funded to get going!)
2. To create a digital bank.

FinTech Trend 2016: blockchains, distributed ledgers and smart contracts

Alex said we will start to see the adoption of the three into larger ecosystems this year, and we shall see a convergence of FINTECH and Tech playing out in terms of data and digital ID. “Buzzwords like AI, machine learning, Algo, Blockchain, IoT, Big Data will come to mean something together.” He added.

FinTech misconception

The idea of disruption is a marketing plot. It fails under a macro and micro scrutiny.

“Peer-to-peer lending or invoicing are great ideas and tools for people and companies to get loans (I am simplifying) but the successes of the various start-ups in those ecosystems have nothing to do with disruption.” He explained.

 Disruption from Banking?

There is no disruption from anyone. Banks need FinTech and vice versa.

Alex went on and explained that banks have reach, clients, balance sheets, processes, people, etc. While FinTech are faster at delivering changes, learning from mistakes and improving, FinTech have passionate people who are constantly trying to find ways to improve upon existing ecosystems or creating new ones.

FinTech startups in Hong Kong – The Challenge

Alex said that entering China from HK may be a strategy for some but a strong network prevails. Also finding talents at the right price point and experience may be challenging though it is improving as working in start-up particularly FinTehc is the new cool.

#StartupPassion: change the world one block at a time.

Dream big and work towards a clear vision of the future but start small, literally like a child using lego blocks to build the castle of his dream.

He suggested those who are considering to get into FinTech to try and be fully committed. “Being in a start-up is living a very random life where you have to put in a lot more efforts for less immediate and visible rewards than say a job in a bank.” He said. “Loads of mistakes will be made, nothing will ever be perfect but the amount of experience we gain is second to none and invaluable.”

Click here to see more article from Alex Medana

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