ai and data in fintech: hong kong fintech week keynote

Grow VC Group ++www.growvc.com ++

@growvc ++

Enabling Digital Finance ++

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Hong Kong FinTech Week: AI, Data, FinTechFinnovasia, Hong Kong, October 27, 2017

Jouko Ahvenainen

FinTech, Data &

Finance ServicesDigital

InfrastructureExited

Grow VC Group – company examples

Worldwide pioneer and leader holding company

in enabling technology and data in FinTech

Hong Kong - London - New York - San Francisco

Grow VC Group

Global leader in enabling technology and data for FinTech

■ Started its operations in 2009 being the pioneer to start digital finance service

■ Grow VC Group was the first in the world to launch an online startup equity investing service in the world

■ The group includes over 10 businesses

■ Grow VC Group companies have more than 100 customers with millions of end users globally having launched

new digital finance services

■ The main hubs are in London, New York, San Francisco and Hong Kong

■ Several its companies are leaders in their own areas, e.g. Crowd Valley, Prifina, RE Bearing, and Startup Commons

People

■ Grow VC Group’s management and founders have been listed as top influencers in the world in digital finance,

Fintech, crowdfunding and digital business

■ Our key people are serial entrepreneurs who have experience to launch several new companies and products

around the world to consumer and business market

■ Our people have been in executive roles to launch international corporates’ products to new markets and build data

analytical approach for go-to-market and sale

Grow VC Group Works with Industry Leaders

4

We go to distributed data oriented empowering finance

1. Development from big black boxes (like banks or their IT) to

distributed services and solutions

■ More targeted services, including finance services integrated to other

services like lending to e-commerce

■ Distributed ledger, open APIs, back office as a service, and new data

models

2. Data must be enabler, not only optimizer

■ End-users must get concrete immediate value from data, not only that

companies use them to optimize their own business

■ For example, it is not only a bank optimizes an interest rate based on

customer’s risk, but the customer can get an optimal solution for its

finance needs

3. Distributed power

■ Banks and finance institutions used to dominate the finance business,

but new solutions distribute the power to many service providers and

to customers, as we have seen in media and retail digital disruption

■ It is about business models and culture, but also about IT, new

technology enables new models, main frames are dead

Reality versus cheap talk

1. AI is more data analytics and supporting tools than human looking

robots

■ People often think intelligence is like being a human, although the reality is

more complex

■ Now AI is especially advanced data analytics, machine learning and tools to

make decisions from data

2. Blockchain as a concept is more important as a database

■ Blockchain is a concept and model to store data and transactions, but it is

not yet a full software stack to replace databases for larger amount of data

■ Actual solutions need additional software layers and there are also smart

ways to combine databases and blockchain layers

3. PSD2 opens regulated components and data, but banking IT services

are not so relevant

■ Bank’s IT is old fashion and also business risk for new companies to be

dependable on banks

■ Access to regulated components and data open competition

CASE 1: Crowd Valley back office for services and data

Data based lending services on Crowd Valley back office

CASE 2: Prifina – consumers manage their own data

Prifina – empower users with own data

ai and data in fintech: hong kong fintech week keynote

Economy & Finance