On Thursday, March 9, 2017, the first Tax & Law Talk on FinTechs took place at Frankfurt School of Finance and Management. The event was hosted by Professor Dr Christoph Schalast, professor for Mergers & Acquisitions, Economic Law and European Integration as well as Academic Director of the Master of Mergers & Acquisitions at Frankfurt School. The highlight of the event was the keynote “FinTech – almost grown up and ready for consolidation?” by Daniel Drummer, Vice President FinTech at a leading international bank and graduate of the Master in Mergers & Acquisitions at Frankfurt School.
The following panel also included Dr Tim Thabe, CEO at creditshelf, Dr Jochen Biedermann, Senior Advisor at Frankfurt Main Finance e.V. and Lukas Jaworski, Director at Hering Schuppener Berlin.
In his keynote Daniel Drummer focused on the recent development of FinTechs and the changes in the finance industry brought by new technologies like Blockchain or Artificial Intelligence. He emphasised that some public debates might give the impression of banks becoming obsolete in the near future. Daniel Drummer stressed that it was wrong to just talk about the disruptive quality of FinTechs.
Although they have knowledge that conventional financial institutions do not possess, the end of banks is far from reality. In many areas traditional financial institutions still have a competitive edge. In fact, the expert is convinced that both sides can learn and will profit from another. Hence, he sees a huge increase of cooperation.
The panellists of the following discussion agreed: While the consequences of the rise of FinTechs could not be fully grasped yet, talk of a revolution remained unfounded.