Money 20/20 USA served up more announcements and industry conversations on day three of the fintech conference in Las Vegas.
Tuesday morning at Money 20/20 USA kicked off with Brett Harrison, former president of FTX, taking to the stage. Harrison stepped down from his role in September but remains in an advisory capacity at the cryptocurrency exchange. He revealed plans to start a new company while ‘markets are down’.
“I’m particularly interested in the problem of trying to get full institutional participation in crypto markets and also DeFi and now felt like this could be the best possible time to start a company.”
Following this, Tracey Davies, president of Money 20/20 introduced Rohit Chopra, director of the US consumer protection watchdog Consumer Financial Protection Bureau (CFBP), for a ‘truly special announcement’.
Chopra revealed that the CFPB will launch the process to activate a dormant authority under Section 1033 of the Consumer Financial Protection Act which will obligate financial institutions to share consumer data upon consumer requests.
Chopra told attendees that the process will help consumers to “break up with banks that provide bad service and unleash more market competition”.
He also added: “We’ll be looking at a number of ways to stop the incumbent institutions from improperly restricting access when consumers seek to control and share their data, we’ll be developing requirements to limit misuse and abuse of personal financial data as well as frauds and scams, a common point of concern among jurisdictions.”
With an underserved but growing middle class there are amazing opportunities for fintechs in LATAM. We heard insight from Marlene Garayzar, co-founder & chief governance officer at Stori, Amparo Nalvarte, CEO & co-founder at B89, Sebastián Castro, co-founder & president at Kushki and Adolfo Babatz, founder & CEO, Clip.
Babatz said: “There’s still money to be made in payments. The key is not if payments is a commodity or not. The key is if you’re providing value in our case, to the merchant, and the merchant really sees that their sales grow, that they can manage their business better, and that we actually solve a problem for them.
“There will be market compression, but at the end of the day, somebody has to receive a payment processor, providing security and a service, and that has a value.”
Finally, Tuesday ended with an excellent performance from classic rock legends Foreigner.