Paul Andrews on Technology and the Future
Paul Andrews captivated delegates at Warwick Congress with his impassioned keynote speech on financial innovation, highlighting that a reduction in technology costs is what is driving innovative new technologies such as FinTech and AI.
Andrews highlighted the fact that unlike fiat currencies which are “anchored” to institutions such as the Royal Bank of England, cryptocurrencies are not, resulting in a lack of legitimacy.
The Secretary General of the International Organisation of Securities Commissions, an organisation which regulates 95% of the global securities market, also shed light on the major issues with cytocurrencies such as Bitcoin. Andrews highlighted the fact that unlike fiat currencies which are “anchored” to institutions such as the Royal Bank of England, cryptocurrencies are not, resulting in a lack of legitimacy. Andrews stated that a possible solution to this issue would be to regulate cryptocurrencies yet remained doubtful as to whether this would guarantee greater legitimacy for such currency.
Andrews also shed greater light on why cryptocurrencies have become so popular in recent months, citing the fear of missing out as a major factor as well as peoples continued distrust of banks due to the global financial crisis of 2008; with consumers seeking alternative financial institutions and methods as a result.
In regards to the rise of financial innovation, Andrews drew special attention to the importance of data scientists in the future, advising students of the three key skills they need in order to be successful in the realm of financial regulation: good writing skills, the ability to express yourself in a clear and accessible manner, and a keen awareness and understanding of current affairs: “You’d be surprised how many people don’t know who Angela Merkel is. If you’re not current in world affairs, I’ll probably look somewhere else”.
Warwick Congress 2018 continues this weekend with speakers such as the BBC’s Gavin Hewitt and Chris Huhne, the former Secretary of State for Energy and Climate Change, giving their perspectives on the theme of Innovation.
Written by Natasha Rega-Jones.
Warwick Congress Blog
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