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Money 20/20 USA in Las Vegas: Day One

Money 20/20 USA is back with this year’s show – taking place from 22 to 25 October in Las Vegas – promising a jam-packed four days to explore what’s next in the world of money.

Taking over the famous Venetian resort in Las Vegas, the US edition of ‘where money does business’ welcomes 300 industry leading speakers to join the fray from companies all over the world to deliver an agenda of more than 60 hours of thought-provoking content.

Zach Anderson Pettet, content director, USA at Money20/20, described this years event as “our most exciting show yet, as the backdrop for a true tech renaissance.”

He continued: “Money20/20 has always aimed to highlight the most innovative and inspiring stories from tech giants and small start ups alike, but with rapid advancements in infrastructure and  AI, new markets and opportunities are being created at great speeds. But with new markets come new responsibilities, and Money20/20 is balancing the conversation with responsible leadership and regulatory clarity across the ecosystem. Speakers this year include Hester Pierce, Commissioner on the Securities and Exchange Commission; Ben Horowitz, cofounder and general partner at Andreessen Horowitz and Stephanie Ferris, President and CEO of FIS, just to name a few.”

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Sunday’s sessions

On Sunday, Karen Redwood, global head of industry relations and operations, Square, Luke Baily, co-founder and CEO, Neon Money Club, Michael Spelfogel, co founder and CEO, Cardless, Kayla Kelkar, vice president, strategic planning, Amex Global Network Services sat down to discuss “Four Tips to avoid a fintech break up.”

With more and more fintech start ups and large institutions partnering up. The panel gave tips on how fintech’s and more established institutions can navigate their partnerships, including: spotting the red flags about starting the partnership, determining if the potential partnership will be long term, and ensuring that your values and goals align. Also, they will share how to have the conversations about what the future of the partnership will look like.

During the session, Luke Baily said: “Transparency is a really big thing, and it goes both ways. We want to be able to tell our partner everything, and if there’s an issue know that we can work through it together and we innovate on things together. If there’s bad communication, that’s it’s a red flag going forward.”

An underbanked segment?

This year as part of their agenda, one summit is focused all around cannabis and banking, giving an introduction to the Cannabis banking space that’s getting more complex.

One panel on this was “How Does Fintech Fill the Gap for a Truly Underbanked Industry?”,  where they looked at the realities of what it means to be “banked” as a cannabis industry, what the HHS recommendations to make cannabis a schedule III drug will mean for growth, and what organisations that have been working to thread the needle on cannabis businesses’ growth and compliance think will come next.

Tyler Beuerlain, chief strategy business development office, Safe Harbour Financial, was joined by Dustin Eide, CEO, Can Pay, Sundie Seefried, CEO, Safe Harbour Financial and Ryan James, president and CEO, Surety Bank. 

Dustin Eide said: “For us it was how can we do this transparently? How can we do the low cost as possible? How can we how can we serve these businesses? … I’ve always thought that it’s an interesting industry. Finding out how people are circumventing forces to run your credit card in a dispensary and you’ll find that most creative, most innovative ways that that that payments professionals and lawyers and bankers would never have thought of. They’re using clever science and figured out how to how to how to navigate the rules in a way that keeps them can be found for a while.

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Customer trust

Finally, Brittany Allen, trust & safety architect, Sift was joined by Daniel Gorfine, CEO, Gattaca Horizons and Alicja Cade, director, financial services, office of the CISO, Google Cloud to discuss how companies are transforming their cloud ecosystems to bolster their frontline intelligence and AI-powered innovation to protect customers and meet the growing expectations of regulators.

“Cybercrime is seen as a black box, companies don’t understand it and neither do customers. Companies need to address the risks of cyber and reassure their customers that they are in control and being proactive in what they are doing to fight cyber. Less said about it can cause concerns for customers, customers need to know that you are on top of the potential risks,” said Alicja Cade.

She continued: “There is a greater need for the regulators and financial services to come together to solve the industry issues around cyber, fraud and security. From the customer’s perspective, all they need is for their risk to be managed effectively. Tech companies also need to work closely together to create change.”

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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