On December 22nd we enjoyed having Salvador Molina, president of MAD FinTech, the cluster that brings together public and private entities around technological innovation in the world of finance, at our Meets.
In addition, Molina is also the president of the ECOfin Forum, a meeting point for economic thinking on the major current issues, analysis and management that affect the decision making of senior management in banking.
Spain as a fintech laboratory
After his presentation, Salvador began by pointing out that Madrid is the 4th most important financial power in Europe, after London, Paris and Frankfurt. This makes it possible for the MAD FinTech cluster to serve as an amplifier of all the trends and developments in the sector in Spain.
This cluster is the ideal territory for proofs of concept and an accessible meeting point for all the verticals involved.
Technology-supported financial services will transform all economic sectors, including non-commercial ones, for the simple fact that, in order to sustain themselves, they need to issue payments and receive revenues.
They need to relate to banking and insurance companies, so it will be easier to see in the coming years a FinTech revolution at all levels.
Juan José Gómez, our CMO, nodded and made clear the cross-cutting aspect of the economy, which permeates all other social sectors and has the capacity to improve them.
Synergies between fintech, public sector and private companies
Our colleague took advantage of this moment to ask Salvador how multi-sector collaborations are carried out in the cluster.
The success case of EVO Banco, which has collaborated with different fintech startups to improve its offer and its relationship with the end user, was then discussed. This is the case of the Hucha Inteligente, developed in collaboration with Coinscrap Finance, which has saved its customers more than €2,400 per year.
Salvador wanted to comment that recently EVO Banco, member of the ECOfin Forum working group, is reaping a multitude of awards as the most innovative bank inside and outside our borders.
The educational future of the fintech world
It was then time to learn more about the work of the cluster in the field of education.
Juan José wanted to know what measures are promoted by the association to promote disruptive innovations among its members and collaborators.
Salvador went deeper into the issue by talking about the multiple agreements with several universities that focus on new technologies, as is the case of the Polytechnic University of Madrid.
This university is carrying out a project called EIT Digital, which promotes open innovation, involving universities, entrepreneurs, SMEs, startups and large companies in the digital field in a network of partners of more than 200 leading European corporations.Salvador Molina
Blockchain technology and Web 3.0
On another note, the evolution of the knowledge society, according to Salvador, is being strongly boosted by the irruption of Web 3.0.
Its scope is yet to be determined, but there is no doubt that it is already affecting financial transactions and markets. The fact that there is no need for a third party to validate transactions and that the users themselves are creators and developers is a game changer.
The most important thing for financial and insurance institutions will come from data analysis. This data is already available, but it is necessary to categorize, analyze and classify it in order to be able to offer a better service and stand out from the competition.
Thanks to the in-depth knowledge of the user provided by metadata, we can learn about their concerns and needs. This means offering a much more satisfactory experience and launching products and services at the right time, guaranteeing success.
Talking about success…
To conclude, Salvador drew a metaphor in this regard:
“Now we are no longer on one side of the wall watching what is happening on the Internet. We have gone from creating content on Web2, with its social networks, to completely tearing down the wall and building reality with our own hands. One of the examples is the Metaverse. Imagin, the CaixaBank subsidiary, has already been present in the virtual world for a year now, and let’s not forget that it was the first fintech at European level to do so.”Salvador Molina
Salvador was very confident that this reality will become global in less than two years. We will be very attentive and, of course, as a fintech scaleup we will not miss the opportunity to conduct some experiments in this regard.
Thanks for a great Coinscrap Finance Meets to Salvador Molina and Juan José Gómez. We hope to see you again very soon on our LinkedIn live with more news from the sector.
Salvador Molina is the president of the Ecofin Forum and the Madrid Capital FinTech (MAD FinTech) cluster. He has also been demonstrating his journalistic skills for years through the ProCom Digital Journalism Congress, in collaboration with the Complutense University of Madrid.
Salvador’s great vocation for finance has led him to dedicate himself to mentoring. An example of this is that in 2020 he was named Honorary Member of the Global Mentoring Network, an association belonging to Europe and America.
He promotes financial disruption from the FinTech Circle of the Ecofin Forum, the Editorial Board of the digital media Territorio FinTech and various national and international organizations such as FinTech Connector (New York).