New Economy Meet New City at ABP London

East London’s newest International business district

The New Economy Meet New City programme was a major 3-day event, 5 -7 December, staged at Royal Albert Docks (RAD) London by ABP London. The event was a milestone of this innovation tech hub in East London, with close ties to the Asia market.

ABP welcomed tech and innovation leaders for this event at the Altitude Building, to celebrate innovation and creative ingenuity in tech, economics, urban design and transportation.

Premier UK Tech Hub
The Opening day had a keynote speech, panel discussions and interactive showcases on how technology is impacting “The New Economy”, while the second day focused on how tech advancements are reshaping our future in “Meet New City”.

The event was opened by John Miu, Chief Operating Officer of ABP London. In his welcome speech he said

Tech and innovation are transforming the world as we know it and it is more important than ever to stay abreast of the latest issues and trends in order to stay ahead of the curve

RAD is a UK Asia Power house and works closely with Mayor of London, GLA while they are a proud sponsor and supporter of London Tech Week.

New Economy
First day focus was on ‘New Economy’ with Speakers and panel Discussions moderated by broadcaster and economist Linda Yueh. The Debates and discussions explored how the new economy shapes the new city and ties together the themes of future and innovation — a conversation both local to London and to the tech hub that RAD will become. The programme also showcased groundbreaking projects by innovative London start-ups and ABP London.

Keynote
Opening Keynote was on the ‘Future of Finance’ with Carl Miller on data, digital democracy and tech in the new economy. Carl is Research Director, Centre for the Analysis of Social Media. He gave a profound and thought provoking exposition discussing protest and political discussions e.g Germany, Taiwan on Trade bills, which have evolved on tech platforms by giving power back to the populace. He invited the audience to participate in Newham’s inception of it’s Democracy Civic Participation Commission. His presentation was well received by the audience.

PANEL SESSIONS
Both panel sessions were moderated by Linda Yueh, who had the panelists share their insights and also had them take questions from the audience.
Panel One: Will Fintech Kill the Banks?
Panel Two: Blockchain Paradigm Shift or Passing Fad?

Will-Fintech-Kill-the-Banks

PANEL One: Will Fintech Kill the Banks?
Anne McElvoy Senior Editor @The Economist
Jason Maude Chief Technology Advocate @StarlingBank
Liz Lumley Director of FinTech, VC Innovations
Linda Yueh Economist Author @greateconomists [Moderator]

KEY POINTS from discussion:

  1. Having your Bank or FinTech in a secured regulated economy is key for consumer protection.
  2. Digital identity and controlling your social and data ownership is an imperative for consumers.
  3. Banks are busy playing catch-up and copy on innovation, due to their legacy restrictions.
  4. FinTech have a good focus on tech innovation and tools, building smartphone apps that are user friendly.
  5. Central banks will place a major role in the evolution of future finance using RegTech. e.g. FCA Sandbox.
  6. FinTech have made an impact on addressing payment issues for banking consumers, e.g. Foreign remittances.
  7. Banks have the advantage over FinTech in terms of servicing Corporates and Multinationals, while the FinTech lack the funding and expertise on major banking products i.e. mortgages.
  8. A major and real challenge to future banking is the role of big tech firms, e.g Google, Facebook, who are currently providing unregulated financial services.

Audience vote by majority: Will Fintech Kill the Banks? NO!!

Blockchain Paradigm Shift or Passing Fad

PANEL Two Blockchain Paradigm Shift or Passing Fad?
Lucie Munier Co-Founder & Lead Project Manager GovChain Research
David Gerard Author “Attack of the 50 Foot Blockchain”
Steve Davies NED and Digital technology advisor
Linda Yueh Economist Author @greateconomists [Moderator]

KEY POINTS from discussion:

  1. There was extensive reference to David’s book on block chain!
  2. It’s imperative to apply the correct business model on the appropriate technology.
  3. Blockchain has also found use for commercial applications i.e. provide for Smart contracts
  4. Bitcoin and Crptocurrency have been more of a fad, operating outside the regulated financial economy.
  5. GDPR issue was addresed because the regulation prohibits having personal data on blockchain. Design for specific needs – different privacy standards around the world.
  6. The real market adoption of using bitcoin would be disruptive to financial markets, e.g would affect Gold standards, Solvency and regulation.
  7. A lot of the aspects associated with Blockchain are actually old/legacy tech which have been cobbled together and labled under the ‘blockchain’ badge.
  8. Bitcoin has applications in terms of Quality Assurance or Trust to help organisations collaborate across International boundaries. i.e. addressing issues of protecting copyright and privacy.

Audience vote by majority: Blockchain Paradigm Shift or Passing Fad??Paradigm Shift!!


CLOSING: John Miu closing and welcome to new tenancy. He explained the merits (below) of taking occupancy in the Royal Albert Docks development by ABP London.

John Miu COO ABP London Closing

Excellence: ABP Royal Albert Dock is amongst one of London’s major emerging markets. Located within London’s Enterprise Zone, RAD is a waterfront community which includes workspaces ranging from 1,300 — 460,000 sq ft on highly flexible terms, alongside a vibrant new high street. It is revitalising London’s Royal Albert Dock with a £1.7 billion, 4.7 million sq ft project.

Location: RAD is is strategically located in the heart of East London close to the ExCeL Centre, and not far from Canary Wharf.

Transport Hub: [1] RAD is located in the heart of East London directly opposite London City Airport. [2] The Yiwu – London Railway Line is a freight railway route from Yiwu, China, to London through the Channel Tunnel. The London end of the line is located at the DB Eurohub in Barking, East London. [3] RAD is situated between three DLR stations and the new Elizabeth Line station at Custom House.

%d bloggers like this: