Searching innovation… go to the Innovators Summit in Brazil

Some weeks ago, Sao Paulo hosted the Innovators Summit Event gathering international and national speakers. This was the second year that the event took place in Sao Paulo. For one day and a half, attendants immerge in the new trends of innovation within an organization and within several sectors.

Technologies were presented and discussed during the event showing the potential that can be reached if we implement that in Brazil. The different panels were meant to induce attendants to look for innovation thinking outside the box and also learning how to boost innovation when you work in a big company. To sum up there is no more a reverse way, innovation has to be in our companies whatever the size and organizations need to learn how to accept it and seed this new state of mind in all the levels of the hierarchy.

Obviously, if we talk about new trends, panels about fintechs and blockchain have to be presented.

To start, we had the presence of Robert Schwentker from the Blockchain University. It is a university in California that provides blockchain related technical classes and organizes events for developers and the startup community. For beginners, the presentation was a great material to educate the public to the world of bitcoins and blockchain, in few words it is a sort of new internet where all transactions are transparent and we can ensure traceability and therefore safety. Several countries are creating new solutions using this technology and even the World Economic Forum recognized it as a disruptive technology of the future. Xapo and Ewally are South American examples of startup using the blockchain technology. In fact, Robert emphaticized that now we are going to the next level of the technology creating more complex solutions linking blockchain to internet of things or artificial intelligence for example. More organizations have realized the potential of this technology and companies as Citigroup has created its own cryptocurrency and consortiums were created as R3. Blockchain is starting to invade financial products (wallets, investments, merchants, financial data, payroll , insurance…) and big organizations cannot missed it anymore.

blockchain

Coinbase also spoke out at the event to depth in the discussion of bitcoins. Coinbase is a digital asset exchange company headquartered in San Francisco, California. It is a global leader in digital currency, and present in 33 countries. There are still some controversies about the real success of bitcoins but its volume and usage are growing globally. Sam Rosemblum, from CoinBase insisted that regulators will be the key drivers to accept the existence and advantages to use a digital currency. He mentioned for example Japan as a model about openness and acceptance of bitcoins and saluted Brazil regulators to start investigating and learning about digital currencies.

coinbase

Finally, there was a conversation with Kay Schmitz from IFC and its investments in Latam and Africa. IFC has performed high level investments in fintechs, by mid-2015, it had invested over $180 million in equity and debt in early- and growth-stage fintech companies around the globe and Latin America is becoming a more attractive place. Kay considers that in the next 5 years (maybe less) the role of banks will definitively change, going beyond credit and deposits…As a specialist of fintechs, he confirms that cooperation of banks and fintechs is crucial and productive to attend client  needs  (from millennials to baby boomers). In Brazil, he sees great potential on fintechs providing loans because the credit penetration is low in the country and has the highest net margins in the world.

ifc_fintech

Kay points out Mexico as the second country of fintechs in Latam due to the size of the market and a high need of credit for all the population. Then he mentioned Colombia and Peru, emerging countries which focus on financial inclusion. To conclude, banks are confronting big challenges in the close future because digitalization is imminent but still do have a big number of clients that refuse or are in the transition period to stick to an agency. In addition to that, customers claim convenience and customization so banks have to invest in user experience too. How to find the balance between modernization and old structures? … Unfortunately, there is no a sole answer.

To finalize speakers recognize that Brazil has a special place in the heart of investors, (besides economics figures and political disappointment), it is quite difficult to not like this country. These are encouraging words for every Brazilian startup and a chance to not miss with international investors.

I would like to thank +Innovators and CI&T for the event because they did choose carefully the speakers and it is great to listen new points of view about the fintech environment in Brazil, its positioning worldwide and of course its potential.

Thank You +Innovators and CI&T and we look forward the next year with more innovations (certainly not yet discovered) in the agenda.

 

 

 

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