TransferGo at the World Economic Forum: why Davos cares about (Fin)Tech?
We’ve participated at the event as part of the Innovate Finance delegation. Innovate Finance is a lobbyist and interest group for the new age financial technology companies, which we are a proud founding members off.
This year was quite special because probably for the first time fast-growing innovative fin-tech startups were invited to join in the conversation, which have historically been reserved for the big-names only. This indicates a major shift in how the worlds’ leaders view tech startups and their importance. I think there are two major reasons for this shift to happen.
Firstly, WEF has realised that we are living in times when the rate of innovation adoption has enabled tech powerhouses to be built extremely fast. It’s cheaper and quicker than ever to launch a startup. There’s an abundance of private sector funding especially for early stage and growth companies. And finally, people love to try out new stuff that significantly improves their livelihood. The combination of these factors now means that you can build a global mega-business and reinvent industries within 5 year timeframe. Uber, AirBnB, Stripe and other companies have proven that what it is a 10-engineer gig today can be a decision-making industry leader tomorrow. That’s why WEF and Davos are paying more and more attention to “what those kids have to say…”.
Secondly, after various conversation at Davos with global decision makers in their areas of expertise, there is clearly a lot uncertainty where the world is going. Trump has a chance, global terrorism, war in Ukraine, global income inequality are definitely universal concerns that many of the people at Davos share. However, equally there’s a universal consensus that tech innovation delivered to the world through both commercial and non-profit organisations, is the tool, which stands the greatest chance to get humanity out of the mess that we are currently in. There’s definitely strong hope that innovative startups are one of the most power change engines capable of getting people out of poverty and building prosperity across the globe.
To sum up, we at TransferGo have a mission to remove friction from cross-boarder money movement and make it accessible for all. Tech startups across the world share similar missions and have got potential to profoundly improve people’s lives at probably the fastest pace. That’s why I think in the following years we should expect to see tech innovation to be granted more and more seats at the most important tables at Davos.