As the Mobile World Congress (MWC) kicks off on February 26 in Barcelona, Spain, one of the key focus technologies at the event is going to be fintech. The annual event serves as an important place for tech leaders and companies to talk and discuss the latest in the world of mobile technologies and this year one of the key topics of the discussion is going to be the confluence of tech and finance world.
In a press note ahead of the event, MWC-organiser GSMA says that the fintech market is set to surpass $225 billion by 2027. The organisation says that the industry is rapidly evolving, and mobile network operators are at its core.
Thanks to mobile technology, including 5G, AI, and cloud services, the industry is becoming more innovative and competitive. Thus, even though the opportunities for growth are clear, those involved need to understand the technology and build the right relationships to succeed. And this is where MWC comes in.
During the MWC, Connected Industries (held in Hall 4) will be bringing together key players in mobile fintech. This can also act as the prime opportunity for mobile fintech players to connect and form partnerships. Last year, over 50 percent of attendees were director-level or above, showcasing its significance in the industry.
The MWC 2024 will also play host to the Fintech and Mobile Commerce Summit, which is expected to act as an opportunity for investors, decision-makers, tech firms working in cybersecurity and thought leaders from various mobile financial services organisations to connect and collaborate.
Despite the potential of Fintech, there are challenges, especially in dealing with fraud. In 2022, the US alone saw almost $8.8 billion in consumer losses to fraud, with phone fraud being a significant contributor. The summit will also address current fraud tactics and how the industry can respond effectively.
In addition to this, the event will also see several initiatives to address fintech problems that the world is facing. One of these initiatives is GSMA’s Open Gateway project, which plays a crucial role in fighting fraud globally. We all know that the way we verify identities on our mobile devices is getting more sophisticated these days. From using advanced methods while signing up for services (KYC) to employing artificial intelligence (AI) to detect and prevent fake identities, a lot of progress has been made already. However, there’s still work to be done. And this is what the initiative addresses.
Apart from this, the summit will also explore how operators use new technologies like AI and platform models to launch disruptive fintech solutions.
