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Digital Financial Services and Fintech Conference - data breach vodcast

Digital Financial Services and Fintech Conference - data breach vodcast

  • United Kingdom
  • Privacy, data protection and cybersecurity
  • Financial institutions - Digital Financial Services

12-12-2017

On 21 November 2017, we hosted the 3rd annual Eversheds Sutherland Digital Financial Services and Fintech Conference at our offices in London, attended by in house counsel responsible for digital transformation projects to financial services products and infrastructure in financial institutions. A key theme of the Conference was the demystification of some of the terminology and concepts commonly used. Hosted by Matthew Gough, Head of Digital FS and Fintech at Eversheds Sutherland (ES), who introduced the following speakers and topics, each session was followed by an enlightening Q&A:

Andrew Barratt (Managing Director of cybersecurity advisors Coalfire IT) – The great compliance distraction

  • Andrew Barratt spoke about the current security threats that face the digital financial services and fintech sector. He discussed how compliance and security are different issues and key lessons that can be learnt from substantial data breaches and the possibility of future attack scenarios.

Matthew Gough (ES Partner) and Eve England (ES Principal Associate) – Enabling innovation through APIs

  • Matthew and Eve spoke bout APIs (application programming interfaces). Matthew started by outlining current examples of APIs being used within and outside of financial services and have been around for many years. Eve then spoke about the legal issues for businesses regarding APIs, including open banking, compliance risks, intellectual property and liability issues. Matthew finished by exploring the future possibilities of APIs, with 2018 promising to be an interesting year.

Adam Moy (a leading FS in house counsel and MSc in Social & Cultural Psychology) – Financial exclusion and Fintech

  • Adam Moy spoke about financial exclusion and Fintech, looking at how poorer consumers can be excluded or have limited access to financial services. Adam's recent research shows that banks may use a 'one size fits all' approach. Adam discussed how social psychology can bring financial exclusion to light and how policies may be adopted to reduce financial exclusion.

James Hyde (ES Partner and Head of TMT) - The Fintech fight club

  • James Hyde spoke about his experience of disputes arising regarding fintech and digital financial services as we see greater adoption in the market. His presentation outlined 5 key areas of risk: new platforms, managed services, outages, claims arising from data protection breaches and software licensing and he provided practical advice as to how to minimise the risk of disputes.

Andrew Burnie (doctoral student at the Alan Turing Institute) and James Burnie (ES Associate) and Andrew Henderson (ES Partner) – ICOs and cryptocurrencies

  • Together the speakers de-mystified ICOs (initial coin offerings) and cryptocurrencies. Andrew Burnie outlined the history and development of cryptocurrencies, having risen to a market value of approximately USD 200 billion in less than a decade. He explained the rationale for cryptocurrencies such as Bitcoin and the premises for an ICO. James Burnie then outlined the documentation and steps to be taken for an ICO before Andrew Henderson spoke about the risks in the ICO process and how we have addressed them when advising on the UK’s first ICO.

Viv Arulchandran (COO of Nivaura) – Vertical integration in the capital markets

  • Viv Arulchandran spoke about vertical integration in the capital markets and how Nivaura is refining the process and using technology to offer more cost effective services to businesses raising capital. Nivaura offers a new, end-to-end way of approaching debt-issuance and administration which demonstrates the opportunities for innovation within the digital financial services and fintech sectors and the efficiencies that technology can achieve.

Peter Harper (ES Partner) – Competition law and digital financial services

  • Peter Harper spoke about competition law and digital financial services. He explored how competition law can be a tool to promote the adoption of digital financial services by reducing barriers to entry and how regulatory intervention can create significant structural change. He looked at how digital financial services and fintech can impact competition law, including the future use of AI in competition enforcement.

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