Foro Fintech IV

PRESENTACIÓN DEL LIBRO BLANCO DE LAS FINTECH EN ESPAÑA EN LA IV EDICIÓN DEL FORO FINTECH

Siguiendo con su objetivo de crear un entorno favorable en España para el sector de las fintech, el pasado 2 de febrero de 2017 se celebró el IV Foro Fintech en el Ministerio de Energía, Industria y Agenda Digital en el que se presentó el Libro Blanco del Fintech en España, un marco de ideas y propuestas de cambios normativos en el sector, que tiene como objetivo impulsar el diálogo entre las fintech y la Administración.

En la presentación intervinieron Emma Navarro, Secretaria General del Tesoro y Política Financiera; Enrique Fernández Albarracín, Ernst & Young, FSO Regulatory Leader Spain; Jorge Bardón, Director General IPFDigital; y Marta Plana, Presidenta de Foro Fintech y General Counsel Digital Origin.

La Presidenta de Foro Fintech, Marta Plana, mostró su total satisfacción “al ver que la propuesta planteada en abril de 2016, en el III Foro Fintech, sobre la necesidad de elaborar el Libro Blanco, se haya materializado en menos de un año”.  

Para Marta Plana, “este Libro Blanco pretende ser un marco de ideas y propuestas de cambios normativos que favorezcan la actividad empresarial de los operadores FinTech en el sector financiero en nuestro país. Unos cambios que desde el sector identificamos como fundamentales para contribuir positivamente a la mejora de la competitividad de la industria financiera en interés de los consumidores”.

El Libro Blanco recoge propuestas regulatorias para el fomento del desarrollo de las entidades FinTech por parte de los distintos supervisores, bajo un marco de innovación, para las distintas verticales o grupos de operadores/emprendedores que han desarrollado iniciativas englobadas en el sector Fintech.

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Tercera Edición del Foro Fintech

LAS FINTECH TRABAJAN EN UN LIBRO BLANCO QUE SIRVA DE BASE PARA UNA REGULACIÓN ADECUADA DEL SECTOR

La tercera edición del Foro Fintech reunió el 7 de abril en Madrid a algunos de los principales actores implicados en la revolución en la que se encuentra inmersa la industria financiera actual.

Más de 200 asistentes llenaron la sala de actos del Ministerio de Industria Energía y Comercio para asistir a un diálogo entre la banca tradicional, empresas fintech, operadores de telefonía, e instituciones europeas en pleno proceso de debate sobre la necesidad de regulación del sector Fintech en nuestro país que actualmente trabaja en la elaboración de un Libro Blanco que sirva de base para lograr una futura regulación adecuada que sitúe a España como referente del sector a nivel europeo y mundial. Durante el encuentro, se debatió sobre la necesidad de crear un entorno favorable en España para el sector de las fintech, para así dinamizar la economía.

Víctor Calvo-Sotelo, Secretario de Estado de Telecomunicaciones y para la Sociedad de la Información, aseguró durante la apertura del evento que desde el Gobierno "somos muy conscientes del poder de las nuevas tecnologías y de la innovación en un proceso con una aceleración progresiva y que cambia tan deprisa". Por ello, ha reconocido "la importancia de lograr una regulación moderna y eficaz" así como la oportunidad del Foro para enfocarla a través del reto de elaborar un libro blanco que "ayude al debate y luego desemboque en una normativa lo más inteligente posible".

Marta Plana, Cofundadora y General Counsel de Digital Origin, se refirió a la necesidad de disponer de un marco regulatorio que ofrezca "transparencia, seguridad jurídica para el usuario final y que establezca incentivos fiscales para que estas empresas se sitúen y se queden en España y se dinamice la economía". Insistió en que en España las fintech "han empezado a despegar y ya no son futuro, sino presente" y señaló que, si bien "desafían el estatus quo de la banca tradicional, también general valor al mercado, sobre todo, para los clientes".

Rodrigo García de la Cruz, moderador del foro, miembro de la Asociación Española de Fintech e Insurtech, se refirió a la "oportunidad histórica de poner a España a la cabeza del ecosistema fintech". "Tenemos talento técnico y financiero y personas creativas y por supuesto una situación geográfica y política excepcional ya que estamos en Europa pero tenemos puentes con Latinoamérica", añadió.

Durante la mesa redonda, con el título "Hacia una regulación en el sector fintech: el Libro Blanco", Ignacio Redondo, Director de Asesoría Jurídica de Caixabank, incidió en que una opción puede ser la de "regular actividades y no tanto empresas" y añadió que "la regulación tiene sentido para proteger al consumidor y la estabilidad del sistema".

Francesc Granell, Director General Honorario de la Comisión Europea, hizo hincapié en que este sector gana posiciones en Europa y que "ante esta complejidad inmensa de desafíos y oportunidades, tanto la UE como el sistema internacional están reaccionando". De ahí, que "la irrupción de esta explosión digital esté marcando toda la agenda europea de modo que afecta al mercado único, las políticas de competencia, asando incluso por la cooperación al desarrollo". A este respecto añadió que "el Libro Blanco tiene que ser una oportunidad para que este futuro de las fintech sea ese futuro brillante que todos queremos

Por su parte, Christoph Steck, Director Public Policy and Internet en Telefónica, incidió en la necesidad de tener ideas horizontales y no verticales" ya que "estamos ante una realidad global" y en muchas ocasiones se sigue con "regulaciones sectoriales" que deben superarse.

Por su parte, Enrique Fernández Albarracín, Regulatory Leader en Ernst&Young España, manifestó que el escenario ideal sería "lograr un enfoque europeo común, de modo que todos los operadores europeos avanzaran en una misma línea". A este respecto, señaló que en España vamos muy tarde y que otros países "van decenas de pasos por delante" como por ejemplo Reino Unido. Por ello, en su opinión, la regulación de las fintech requiere "de un cambio en el enfoque por parte del que hace las normas sin que se pierda de vista que lo importante es el consumidor final".

El evento fue clausurado por el CEO de Digital Origin, Rolf Cederström, que, en línea con el resto de ponentes, destacó que para que en España existan empresas exitosas "es necesario poner en marcha una regulación apropiada". Estamos, añadió, "ante una oportunidad fantástica pues nos encontramos ante un gran mercado que acaba de comenzar".



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Second Edition of the Fintech Forum

Current Challenges of Banking in Digital Economies

The second edition of the Fintech Forum, organized by the online financial services company Digital Origin and the newspaper Expansion, in Madrid on May 21, 2015, brought together some of the main actors involved in the revolution affecting the financial industry today: CaixaBank, EVO Bank and Banco Santander as representatives of traditional banking, Digital Origin as a new actor in the banking sector and Telefónica as operator of the telephony sector, an essential intermediary in this digital transformation.

Apertura Foro Fintech II

More than 200 people filled the Auditorium of the Ministry of Industry, Energy and Commerce to participate in a dialogue between traditional and digital banking on the adaptation of the banking sector to a more and more digitalized environment, and the emergence of new features such as alternative marketing channels, new means of payment or changes in the way of interacting with younger customers.


Foto Call Ponentes Foro Fintech II

Víctor Calvo-Sotelo, Secretary of State for Telecommunications and the Information Society, stressed during the opening of the event “the horizontal and transforming nature of new technologies” and that “the new market operators have knowledge not specific to the finance sector and bring new blood to the industry.” In addition, he stressed that “although the major lines must be traced from Europe, it is fundamental to ascertain the level of regulation so that customers can exercise their rights, innovation can flourish and competition can develop in the best conditions.”

Marta Plana, Co-founder and General Counsel for Digital Origin, agreed on the need for “a regulation for startups that work in the field of financial technology. Technology goes ahead of regulation, and rules of play are essential for a good game in a digital transformation that is no longer the future but the present.”

During the round table with the title “The future of banking: digital or not at all,” new challenges were discussed that affect the profitability and growth of the sector, placing the customer at the center of the strategy of the banks or the opportunity that involves the use of big-data to offer a service tailored to the consumer.

Mesa Redonda Foro Fintech II

Ignacio Redondo, Director of Legal Counsel of Caixabank, also stressed the importance of “equal regulations for all, simplified and not contradictory. ”Jaime Carvajal, President of EVO Bank, stated that quality reports reveal that “customers of banks that offer innovative and multichannel solutions have much more willingness to recommend the Bank to other potential customers,” while Julio Faura, from the innovation area of Santander bank, emphasized that “the main challenge and responsibility of traditional banking is to learn to collaborate with large telecom companies and new startups.” For her part, Pilar Aurrecoechea, Director of Financial Services of Telefónica, said that “banking is now in a process similar to that already experienced in the telecommunications sector: new operators are entering the market, using the systems of traditional banks as a basis to compete with them.”

The event was closed by the CEO of Digital Origin, Rolf Cederström, who noted that “global investment in ‘fintech’ companies tripled in 2014, surpassing 12 billion dollars, which means that the digital revolution has clearly come to the financial services sector.”


Speakers of the 2nd Edition

Jaime Carvajal
Jaime Carvajal Hoyos

His professional career began in the United States in 1987, where, after graduating from Princeton University in physical sciences, he worked in New York at the Investment Bank Lehman Brothers in the area of mergers and acquisitions as well as the Department responsible for investments of capital of the Bank itself. After Lehman Brothers, he moved to Madrid, where he dedicated himself to management and investment in medium-sized Spanish companies under corporate restructuring.

In 1997, he joined the World Bank in Washington D. C., initially within the Financial Sector and private Sector of the Department of Latin America, where he participated in projects focused on strengthening financial systems and the development of the private sector. Soon after, he was appointed Chief of the Office of the President, from which he participated in both strategic and daily administration of the World Bank, as well as serving as a point of support to the President in relationships with the leaders and Governments of the member countries of the institution. Finally, in his last period in this institution, he led the team of alternative management of the Pension Fund of the World Bank, focused on investments in venture capital funds, as well as hedge funds and real estate funds.

From November 2001 until December 2004, he worked at the Sabadell BankGroup, initially as Director in BS Capital, the area dedicated to the Bank's capital investment group, to later become CEO of Sabadell Banca Privada, an affiliate of Sabadell Bankdedicated to wealth management.

In January 2005, he joined the Arcano group, a firm of which he is partner and Managing Director.

President of Evo Banco, Vice President of the Princess of Girona Foundation, whose Honorary President is HRH the Princess of Asturias and Girona, patron of the Spanish institutional Foundation (FIES), Member of the European League for Economic Cooperation - LECE - Spanish Committee, sponsor of the Multiple Sclerosis Foundation (PEF) and patron of the Fundación Exit.

Ignacio Redondo
Ignacio Redondo

Executive Director of the Legal Counsel of CAIXABANK. He received a Bachelor’s Degree in Law from the University of Valencia (1999) and was a State Attorney in the promotion of 2002. Business management program (SEP-AMP) at ESADE (October 2008 - April 2009).

Prior to joining CAIXABANK in September 2010, he was Secretary General and part of the Council of the Commission of the Telecommunications Market (September 2007 - September 2010).

He was Associate Professor of Administrative Law at the UniversitatPompeuFabra (Barcelona) from September 2008 until 2011.

He was also State Attorney,Secretary of the Regional Economic Administrative Court of Catalonia (August 2006 - September 2007) and State Attorney in the State Attorney’s Office in Madrid (September 2002 - July 2006); in addition, he is a member of the Royal Academy of jurisprudence and legislation, the plenary session of the Encoding Comission of the Generalitat of Catalonia and of the Legal Committeeof the Spanish Confederationof Savings Banks (CECA).

Julio Faura
Julio Faura

In the past 20 years, Julio Faura has focused his career on technology and financial services and currently works in the Innovation Area of Santander.

He has worked for McKinsey & Co, where he specialized in the finance sector, providing services to many of the most important financial institutions in Spain, Europe and Latin America. In 2007, he joined Santander, where he has performed important work in the areas of Investment Banking, Consumer Finance and Operations & IT. In the past five years, he has led many of the Santander acquisition processes.

He currently leads the area of innovation of Santander, where he carries out projects on a global scale, and actively contributes to the Fintech Venture Capital activity of the entity.

Pilar Aurrecoechea
Pilar Aurrecoechea

Pilar Aurrecoechea has been Global Director of Digital Financial Services of Telefónica since October 2013.

Previously, she held the position of CEO of MasterCard for Spain and Portugal, and formerly served as senior Vice President (SVP) of consulting services and consultancy of Visa Europe and SVP consultant head of Continental Europe at Visa Europe. She has also worked at American Express and Caja Madrid.

Pilar studied in the U.S. and has a Master's degree in Business Administration (MBA) and a Bachelor's degree in mathematics.

Marta Plana
Marta Plana

General Counsel and co-founder of Digital Origin. Graduate in law from the University of Barcelona and Juris Doctor with honors from Nova Southeastern University. She completed her studies at Stanford University and the London School of Economics. Her professional career began in McKenzie, Microsoft Corp., and Osborne Clarke. In 2011 she co-founded Digital Origin, along with Pascal Pegaz-Paquet and Rolf Cederström, and was subsequently appointed Minister of the former Telecommunications Market Commission (CMT), currently CNMC.

Marta has spent most of her professional life in Silicon Valley, where she advised and participated in the creation of several technology-based start-ups, since its inception and until it entered the stock market.

Collaborators

Organizers

Expansión
Digital Origin

With the collaboration of

Adigital
CaixaBank
Evo
Banco Santander
Telefónica
Banc Sabadell
Gómez Acebo Pombo

First edition of the Fintech Forum

On October 20, 2014, the Fintech Forum I brought together in Barcelona the financial world and businesses currently innovating in the finance sector to jointly analyze the digital transformation of the financial services industry. The Conference focused on innovation in the financial industry, and how the technologies are generating structural changes in the sector.

The meeting, co-organized by the law office of Gomez-Acebo& Pombo and Digital Origin was the first of Spain's fintech (financial technology) meeting points.

Primer Panel Foro Fintech I

The first panel, “Paradigm shift in the financial world”, dealt with the time of the current change that the world of finance is experiencing with the progressive digitalization of the sector. “It is not a matter of reproducing analogous experiences in the digital world, but rather a focus on possible disruptions, of technologies that will allow us to do different things,” said Javier Zamora, Professor of Information Technology at IESE. In this regard, Zamora noted successful experiences in the fintech sector worldwide, with interesting players in peer-to-peer lending (loans between individuals) such as prosper.com, lendingclub.com or smava.de. He also referred to kiva.com, an entity based in San Francisco, allowing financing social projects. “While these banks have not fully started, and their volume is not very big at present, future development potential is huge,” said Zamora.

Primera Mesa Redonda Foro Fintech I

The importance of trust

Representatives of the financial sector present stressed the importance of building trust as a key factor for the future success of companies: “It is important for banks and SMEs to change towards a more open and transparent attitude that will allow information to flow. This will generate confidence in society, so essential at the moment,” said Joan Massons, tenured professor of finance at ESADE. “The Latino world must evolve with the English-speaking market: the first has some opacity, while the English-speaking world is much more transparent,” he concluded. Marta Plana, co-founder of Digital Origin, pointed out that “the three basic pillars for our company are confidence, security and benefits for the end user.”


Great future for new players

The second panel,“Digital banking: a new concept” more widely addressed one of the major concerns that affect this banking revolution: regulation. Regarding the central question of this forum, the need to regulate the sector, participants voted Yes and gave as an example the case of England, where the market is regulated.

Primer Panel Foro Fintech I

Jaime Carvajal, President of Banco EVO and CEO of Arcano Group, predicted “a strong future growth of new players of the financial sector,” especially for the generational change, with users accustomed to using current digital media. “Everything digital has a very wide horizon,” he concluded.

Bárbara Navarro, Director of Policy and Public Affairs for Google South of Europe,referred to the exciting moment, full of risks but also opportunities, experienced in the sector: “There is no doubt that we are experiencing a revolution, and we are talking about a 100% digital economy.” In this context, “traditional operators consider that they are are in inferior conditions from being regulated excessively, while the new players are in a stage of regulation virtually nonexistent for them.” Navarro also noted the fact that “there is excessive regulation that could threaten the competitiveness of businesses.”

Primer Panel Foro Fintech I

In her speech, Marta Plana, co-founder of the digital finance company Digital Origin indicated two of the most relevant aspects for her company: “There are two key elements for Digital Origin: technology, which allows us to have a 0.001% fraud rate, and the Big Data, which allows us to analyze the control of risks and loans.” Plana also requested regulation in the sector “because it gives greater safety to our customers and our investors, and generates greater confidence in our business model,still little known in Spain. In England there are about 250 companies that, like us, are dedicated to cash-on-demand, while in Spain there are only about 20 of us.”

Traditional banking also expressed its point of view on this issue: “Traditional banking and new players are two complementary worlds and should not be seen separately. We do ask that regulation be as low as possible, but equal for all,” added Ignacio Redondo, Executive Director of the Legal Counsel of CaixaBank.

Francesc Fajula, Director of Digital Strategy of Santander Universities, expressed the same sentiment, and defended the regulation, but in a way that does not impair innovation capacity: “if we must regulate everything, then we threaten innovation. In San Francisco the environment is very open and clearly allows the new, more disruptive business models.” In this sense, Fajula continued, “our great competitor is Google: they have very valuable information and high quality users who know how to use it very well, information that traditional institutions have failed to exploit.

Jordi Òliva i Ritort, Director General of Financial Policy, Insurance and Treasury of the Generalitat de Catalunya, closed the day, saying that “the biggest challenge in the public sector is to seek regulation in the current rapidly changing environment.”


Speakers of the 1st Edition

Martí Saballs
Martí Saballs

Asst. Director of the newspaper EXPANSION. Degree in information science from the University of Navarra (1990) and Executive MBA from IESE (2000). He has been a New York correspondent of the Expansion newspaper (1992-1997), Chief Editor of the magazine Actualidad Económica (1997-2001), he has worked in Lisbon (2001) and Buenos Aires (2002-2004) as editorial head of the newspapers in the Group Recoletos, Diario Economico and El Cronista. He wrote the books “Historias de un corresponsal económico -An economic correspondent’s stories” (2009) and “¿Qué hago con mi dinero? -What do I do with my money?” (2011).

Joan Massons
Joan Massons

He has a Doctorate in Business Administration and Management ESADE - Universitat Ramon Llull, a Bachelor’s of Business Science from ESADE and Bachelor’s in Economic Sciences from the University of Cordoba. He was director of the Department of Control and Financial Management at ESADE, where he is a tenured professor. He is the author of the following books: “Finanzas empresariales para juristas -Business finance for lawyers,” Ediciones Deusto. “Diagnóstico financiero de la PYME - The SME financial diagnosis” (Caixa de Pensions), “Finanzas. Análisis y estrategia financiera -Finance. Financial analysis and strategy” (Ed. Kelman), “Análisis financiero en inflación-Financial analysis in inflation” (with José García Nebot, Ed. Kelman, 1988), “Finanzas para profesionales de marketing y ventas - Finance for sales and marketing professionals” (Ediciones Deusto, Planeta de Agostini), “Finanzas prácticas -Practical finance” (with Ramón Vidal Vizmanos, Ed. Kelman, 1997) and “Finanzas empresariales para profesionales del ámbito jurídico -Business finance for professionals in the legal field” (Planeta De Agostini). He is also a financial advisor and member of various boards of directors.

Javier Zamora
Javier Zamora

Javier Zamora is a scientist collaborating with the IESE information systems department. He holds a PhD in electrical engineering from Columbia University, Higher Telecommunications Engineer from the Universitat Politècnica de Catalunya and PDG from IESE.

He is co-founder of InQBarna, a company specialized in the development of Apps for smartphones and tablets. Professor Zamora spent eight years as managing director of eNeo Labs, a company dedicated to the development and marketing of products and services for the Digital Home. His previous professional experience includes four years as director of product development at Xbind in New York, a start-up that pioneered the transmission of video over the Internet, as well as five years of research and implementation of the first systems of video-on-demand in the United States at the Center for Telecommunications and Image Research and Advanced Television Laboratory at Columbia University.

He specialises in innovation in multimedia systems and was one of the editors of the standard for MPEG-4 video within the International Organization for Standardization (ISO). He is the author of five publications in international journals, fifteen technical contributions to standardisation bodies and is the author of two international patents on architecture and services for the Digital Home. From 2005 to 2009, he was a guest lecturer at the Universitat Politècnica de Catalunya.

Carles Tusquets
Carles Tusquets

Doctor in Economic Sciences of the University of Barcelona. Founder of the FIBANC group, now BANCO MEDIOLANUM, of which he is President. Since 2006 founder and Chairman of TREA CAPITAL PARTNERS, S.V. independent. He has promoted two venture capital vehicles, Black Bull to invest in equity to rescue Spanish companies and TREA DIRECT LENDING, an equity loan fund for medium-sized enterprises. President of Spain EFPA (European Financial Planner Association). Vice President of INVERCO NACIONAL (Spanish Association of Investment and Pension Funds). Previously, he was President of the Circle for economy (1989-1992), Member of the CAREC (Consell Asessor per Reactivació Econòmica I Creixement - Advisory Council for Economic Recovery and Growth), independent Director of 3i (Advisory Board) (the company's oldest Venture Capital of Europe), Adviser of the Five Arrows Iberian Fund (Rothschild Group) and Adviser of the European SICAV of the Worms Group (France).

Jaime Carvajal
Jaime Carvajal

He began his career at Lehman Brothers and then founded Iberacción, a company dedicated to investing in Spanish companies in the process of restructuring. In 1997 he joined the World Bank in Washington DC. In 2000, he moved to the Treasury Department as Director of the Office of Investments. She then entered Banc Sabadell, and became CEO of the private banking division. In January 2005, Jaime became CEO of Arcano Group, a position he continues to hold. He is also the EVO Bank President and member of several boards of directors. He has a Bachelor’s degree in physics from Princeton University and a Master's degree in international relations at the Instituto Ortega y Gasset.

Enrique Medina-Malo
Enrique Medina-Malo

With a Bachelor’s Degree in law from the Universidad Carlos III de Madrid, he joined the Legal Department of the Spanish Government in 1997. In 2006, he entered in the Legal Department of Telefónica, as Director of Public Law and subsequently as Director of Telecommunications and Legal Issues in the Information Society, with responsibility for issues of regulation and competition. In 2008 he was appointed Legal Director of Telefónica, S.A. He is currently Chief Policy Officer of the company. Until 2006, he worked as State Attorney of the Ministry of Science and Technology, Ministry of Industry and Energy and of the Supreme Court of Catalonia. He was Technical General Secretary at the Ministry of Science and Technology (2000-2004), director of the Legal Department of RTVE (2004-2006).

Marta Plana
Marta Plana

General Counsel and co-founder of Digital Origin. Graduate in law from the University of Barcelona and Juris Doctor with honors from Nova Southeastern University. She completed her studies at Stanford University and the London School of Economics. Her professional career began at McKenzie, Microsoft Corp., and Osborne Clarke. In 2011 she co-founded Digital Origin, along with Pascal Pegaz-Paquet and Rolf Cederström, and was subsequently appointed Minister of the former Telecommunications Market Commission (CMT), currently CNMC.

Marta has spent most of her professional life in Silicon Valley, where she advised and participated in the creation of several technology-basedstart-ups, from inception and until they entered the stock market.

Bárbara Navarro
Bárbara Navarro

Bárbara Navarro is currently Director of Policy and Public Affairs for Google South of Europe. Before joining Google, she was Director of Development for Intellectual Property of NBC Universal and international Director of Brands for the multinational Clarke, Modet& co He began his career at the law firm Gómez-Acebo& Pombo. She has a Bachelor’s degree in law and Masters in legal practice from the Universidad Pontificia Comillas (ICADE), diploma in advanced studies from the Universidad Complutense de Madrid and Executive MBA from the University of Navarra IESE.

Ignacio Redondo
Ignacio Navarro

From September 2010 until today, Executive Director of the Legal Counsel of CaixaBank. Before that, he was Secretary General and Board Member of the Commission on the Telecommunications Market, State Attorney, Secretary of the Regional Economic Administrative Court Catalonia and in the State Attorney’s Office in Madrid. Degree in law from the University of Valencia, and State Attorney since 2002.

Organizers

Digital Origin
Gómez Acebo Pombo

Press

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