by Mar 15, 2016

invstr’s CEO Kerim Derhalli takes part in a panel discussion organised by Venture Capital Movement, hosted by UCL. Panelists discussed what the future holds for FinTech and looks at the real potential the industry has.

Video Transcript

This week invstr’s CEO Kareem is speaking at a panel discussion organized by Venture Capital Movement and hosted by UCL.

KERIM DERHALLI (CEO, invstr): It is fantastic to be back here and what I really love about VCM is the way that you guys are actually collaborating across London.

The four panelists may be from different backgrounds but have one thing in common: their passion for fintech.

MATTHEW SAAL (Associate Director, EBRD): Maybe we want to have some sympathy for those poor old banks that built their technology stack in 1960-1970 and can’t get around it.

DANIEL BAILEY (Investor, MMC Ventures) and we are now getting to the stage where now your bank is not  the hallmark of trust as it used to be and people are looking for alternative solutions to find low places that they trust where they see transparency.

KERIM DERHALLI (CEO, invstr): This is the opportunity for the fintech industry. It is to identify you know where this money is going, what people are doing with it, and helping help to educate. I think the financial firms of the future that are going to be successful are the ones who really embrace this challenge.

The biggest focus was about how fintech is helping democratize finance.

KERIM DERHALLI (CEO, invstr): When we say we’re enabling  people to invest with as little as a dollar we mean it. I mean we’re going to be introducing in a few months fractional share ownership so that today if you want to buy Apple you need $102 dollars and sixty five cents is where I think it closed last night and you can’t do much with the dollar. So we want to enable people to buy ten cents worth of Apple, and ten cents worth of Google, and ten cents worth of Amazon and so on and so forth.

DANIEL BAILEY (Investor, MMC Ventures): Also a piece around opening up this is the market of transparency. For a long time brokers and various other people buying and selling shares have been hiding costs or that you’ve been assuming that the costs are embedded in that process were necessary. It’s actually about removing those costs and making it very transparent.

And also about where the FinTech hype ends and it’s real potential begins.

DANIEL BAILEY (Investor, MMC Ventures): And actually it takes a while to get a scale where you can be as efficient as a banks even if the underlying process that you’re creating is considerably more efficient.  

Naturally lots of questions were also thrown at Kerim about how to set up your own business

KERIM DERHALLI (CEO, invstr): I’ve set up  lots of different businesses in the past in banking all over the world. Businesses that started literally with no revenues and grew to a billion dollars in revenue within a couple of years. So I wasn’t really fazed about setting up a business.

And the panelists did well to respond to the challenging questions asked by the audience .

MATTHEW SAAL (Associate Director, EBRD): When you guys inherit the baby boomers asset are you going to move it into investors out of your RBS wealth account? I’m not sure. I think people are going to split things up.

KERIM DERHALLI (CEO, invstr): We have a real problem around financial literacy, access, education broadly not just with people who don’t have money even people who do that money because I think the  finance industry has been exclusionary for a very long period of time. We what we’ve seen in every other industry is the barriers have been broken down and people have access to the products and services and the information that they need. So I think we absolutely need the fintech industry to do that and to provide everyone rich or poor access to information.

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