The GFMI meeting will gather regulators and industry practitioners to discuss the latest updates on standard measurement approaches in addition to cyber and data regulation. 

Industry experts will examine the best methods for increasing efficiency and communication between the three lines of defence. Also, they will focus on preparing for new risks amid the use of artificial intelligence and machine learning — and the next evolution of operational risk management. 

In a nutshell, the conference is a robust platform that will host peer to peer sessions and ensure high levels of interactions. Delegates will be presented with an opportunity to benchmark current efforts and identify the practical tools required to strengthen their operational risk management departments.

Some of the high-street banks that will participate in the conference are Credit Suisse, Regions Bank, HSBC, Citi, Northern Bank, Federal Reserve Board of New York. 

Registration is now open

International Finance is a media partner of 5th Annual Operational Risk Management conference. 

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The research also shows that although the Nordic region will become a global fintech hub by 2020, the UK will maintain its status as Europe’s  fintech central post Brexit. The survey reflects a diminishing concern about the impact of Brexit on UK’s fintech sector. Only 38% of the respondents feel that Brexit is likely to accelerate growth in other European fintech hubs—a significant decline from last year’s survey figure of 56%.

While the Nordic and Baltic region accounts for over half of Europe’s fintech unicorns by value, the research highlights that the biggest challenges for fintechs are the direct or indirect result of limited regulatory coordination on the sector. The survey shows that 37% of the respondents cited regulation directly, 67% find it difficult to achieve scale and 33% find that access to funding is a challenge. Increased competition from incumbents jumped 19% in the recent research from 2017. 

The Mastercard 2018 Fintech Disruptors Nordic Report conducted by Fintech Mundi and Magna Carta finds that a holistic approach to cooperation across the region—including incentives for investment and working together to create a regulatory environment that stimulates innovation and promotes collaboration between new and established providers would strengthen the region’s status as a global digital fintech hub. 

Navigating Capital, Culture, Commerce and Collaboration in the Nordic-Baltic region offers a generational opportunity for the region to continue its pioneering legacy—with potentially unlimited benefits to growth and productivity by creating the world’s first digitally-integrated economy. Achieving this will require mutual recognition of value that innovators, institutions and incumbents each bring. The future of regional fintech success, and much more, depends on it.

Mats Taraldsson, Head of Digital Business Development and Fintech Partnerships, Mastercard Nordics and Baltics said: “Innovation by collaboration is at the heart of Mastercard and working together with start-ups and fintechs is essential to meet the future needs of consumers, merchants and governments. We have been committed to fintechs for many years, fostering partnerships with pioneers who have grown into global brands. One Nordic example is iZettle where we helped them in the early phase setting up their business, acting as an advisor. 

“We now continue this commitment locally in the just recently launched Nordic and Baltic fintech program called Lighthouse Development Program in partnership with NFT Ventures” 

Susanne Hannestad, Chief Executive of Fintech Mundi, co-author of the research, added: “The Nordic and Baltic markets already have an incredible track record of building fintech companies having created regional successes that have gone on to become global winners, like Spotify and Zwipe. 

A more joined-up approach to fintech and the factors that influence successful innovation between the markets governments and regulators, however, would create new opportunities for growth and productivity and ensure the region is the best place in Europe to build the next generation of fintech giants.” 

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March 15, 2017: The Islamic Finance Council UK (UKIFC) and international law firm CMS have announced an innovative partnership to help develop, support and optimise Islamic finance frameworks across the world. The aim is to offer a single, cohesive legal, advisory and capacity building service tailored to help government agencies, regulatory bodies and financial institutions to respond creatively and develop capacity for Islamic finance.

The partnership launches at a time when global Islamic finance assets are expected to rise from $2 trillion in 2015 to $3.5 trillion by 2021 — representing a 12% compound annual growth rate. Islamic banks are likely to be the main driver of this growth, with assets expected to reach $2.7 trillion by 2021 .

“With a growing Muslim population, the potential future demand for Islamic finance is huge,” says Shakeel Adli, Head of Islamic Finance at CMS. “By bringing together a unique blend of practitioners who are recognised leaders in the global Islamic finance market, we are able to draw on our collective knowledge and expertise to provide a one-stop shop offering a truly unique and holistic approach to Islamic finance.”

UKIFC and CMS have recognised that the availability and effectiveness of Islamic finance in any given jurisdiction depends on meeting a number of challenges; the two most significant of which are creating robust regulatory frameworks and developing human talent. To effectively engage in Islamic finance, investors, consumers and financial institutions require regulatory clarity. It is also of critical importance that human talent is developed to address the unique challenges which Islamic finance presents.

The UKIFC and CMS partnership will assist jurisdictions to meet these challenges.

“As leaders in our respective fields, we share a commitment to growing the Islamic finance industry,” says Omar Shaikh, Advisory Board Member at UKIFC. “By combining our capabilities, we have created a uniquely comprehensive, best in class government advisory providing support and guidance for government agencies, regulatory bodies and financial institutions as they look to build their capacity and create enabling legal and regulatory frameworks for Islamic finance.”

The UKIFC was established in 2005 as a specialist advisory and developmental body focused on promoting and enhancing the global Islamic and ethical finance industry. Having contributed substantively to the development of the UK government’s Islamic finance framework, the UKIFC has been appointed to advise several regulators and government ministries across Africa, Asia and Europe and has developed a proprietary methodology for government policy advisory within a secular context.

CMS has extensive experience of successfully delivering Islamic finance regulatory advisory projects in multiple jurisdictions, including Kazakhstan and Oman. Significantly, CMS has a geographic footprint which includes 65 offices spread across 38 jurisdictions. The firm has deep local roots with access to cross-border expertise and strong connections to governments and associated agency bodies in each of the conventional, Islamic and ethical finance sectors.

“The new partnership between UKIFC and CMS offers a team of passionate and committed Islamic finance experts that genuinely combines legal, finance and capacity building ability that is unlike any other advisory firm,” Omar Shaikh said.

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