In This Newsletter
DC FinTech Week
Mexico City Global Investors' Symposium
The Market Makers Podcast
October 2024 marked Georgetown University’s eighth annual DC FinTech Week. The event was hosted by Christopher Brummer, research professor of financial technology and faculty director of international economics law at Georgetown University Law Center. Brummer is also a founder of Bluprynt, a developer of disclosure solutions for digital assets and services. FinTech Week coincided with the IMF-World Bank fall meetings. Digital currency adoption was a key theme of the two events, which interplayed closely. European Central Bank President Christine Lagarde spoke about the need for a digital euro, highlighting how a potential European central bank digital currency could interlink international payment systems to improve the continent's fragmented payments landscape, thus increasing the speed—while decreasing the cost—of remittance payments from Europe.
DC FinTech week brought together leading financial regulators to share perspectives on the challenges and priorities in overseeing FinTech innovations. Featured speakers included Michael Hsu, US acting comptroller of the currency; Rostin Behnam, chairman, Commodity Futures Trading Commission; Hester Peirce, commissioner at the Securities and Exchange Commission; and Adrienne Harris, superintendent, New York State Department of Financial Services. Speakers emphasized the importance of banks and FinTech firms working closely with regulators to navigate the evolving financial landscape, highlighted the need for robust risk-assessment frameworks to address the complexities introduced by new technologies, called for increased cooperation between regulatory bodies to oversee the digital asset space effectively, and highlighted work in progress at the state level, as Cointelegraph reports.
The CEOs of the two largest stablecoins by market capitalization—Jeremy Allaire, co-founder and CEO of Circle, and Paolo Ardoino, CEO of Tether—found an attentive audience. Emphasizing that building trust through transparency is crucial to the widespread adoption of digital currencies, Allaire focused on the role of stablecoins as a catalyst in modernizing payment systems and promoting global economic activity. Ardoino made a more pointed case for US regulatory clarity around stablecoins. His comments followed the announcement by Coinbase of its intention to delist USDT in the EU for non-compliance with Markets in Crypto-Assets regulations, Cointelegraph reports.
At the inaugural Milken Institute Global Investors' Symposium in Mexico City, EVP Laura Deal Lacey opened the event by explaining Mexico’s place in the spotlight: "We believe that Mexico holds a unique and critical position for global investors,” she said. Given its undeniable strategic importance and potential, she added, “Mexico could serve as the powerhouse for growth for North America." Discussions highlighted Latin America's economic potential in the infrastructure and technology sectors, along with the increasing appeal of private investments in the region.
In the session, “Fulfilling FinTech’s Promise,” moderated by Michael Piwowar, EVP Milken Institute Finance, panelists Adolfo Babatz, founder and CEO of Clip; Marlene Garayzar, co-founder and chief governance officer of Stori; and Heath Tarbert, chief legal officer and head of corporate affairs of Circle, discussed how FinTech is advancing financial inclusion in Mexico by addressing the country's reliance on cash and expanding access to financial services.
The speakers noted that more than 80 percent of consumer expenditures in Mexico are still made in cash, which hampers financial inclusion, facilitates illicit activities, and incurs high handling costs. The panel discussed how internet-enabled platforms can improve access to credit for underserved individuals, and how novel payment technologies, such as stablecoin, can enable instantaneous, low-cost transactions, which may offer a secure alternative to conventional banking systems and cross-border remittances.
This month Troy Duffie, director of financial markets at the Milken Institute, and Lenore Champagne Beirne, founder and managing partner of Bright Ventures, launched The Market Makers podcast. As part of the ImpactAlpha Podcast Network, The Market Makers takes a detailed look at the visionaries who are reshaping capitalism for greater inclusivity. When diversity, equity, and inclusion initiatives have become misunderstood, often to the point of polarization, The Market Makers view asset allocators, founders, and innovators as drivers of a new wave of inclusive capital allocation, investing, and company building.
In the pilot episode, Lenore and Troy shared personal narratives about how their individual upbringings and experiences fuel their commitment to creating a more inclusive economy. The first episode features an insightful conversation with Wemimo Abbey, co-founder of the FinTech unicorn, Esusu. Abbey describes how Esusu empowers low- to moderate-income individuals to build credit histories by reporting rent payments to credit bureaus, while also maximizing property outcomes for landlords. Wemimo Abbey spoke in the session “FinTech at Scale: Building for the Next Billion” at the 2023 Middle East and Africa Summit. Registration for the 2024 Middle East and Africa Summit is now open.
