Fintech has been a part of the future for a while. Fintech’s traditional branch is still available, and it mostly involves financial payments being delivered to smartwatches or smartphones. Let’s be honest, we’ve already forgotten how fiat looks. Personally, I don’t remember the last time I held a banknote; It’s not impressive anymore.

Steve Jobs’ dream has come true.

It’s a completely different story with crypto fintech. Numerous startups continue to struggle with regulation, business strategies that work, mass adoption promotion, and other issues. Decentralized crypto is a new breed of challenge that traditional fintech has not had to deal with.

Satoshi Nakamoto’s dream is yet to come to fruition!

Here’s the dilemma: fintech has already been divided into traditional, and future-oriented branches, And the people representing each of these branches are quite different, so their audiences, and therefore clients, also differ.

Sometimes, these two worlds collide. This is exactly what happened at Baltic Fintech Summit.

Lithuania is now a major hub of Baltic Fintech

Baltic Fintech Summit attracted a large crowd right from the start. Even the event’s main organizer, CEO of the British Chamber of Commerce Rasa Ščiukinaitė, admitted that they hadn’t expected such a high turnout.

This event took place in Vilnius (Lituania). This country is already the center of fintech innovation in Baltic countries.

Although the Baltic Fintech Summit wasn’t crypto oriented, it rounded up with two hot discussions about security and payments, with crypto payments being a particular focus in the end.

Revolut and Paysera were among the attendees. Many of these names have been recognized worldwide.

Vibe Check – Traditional Fintech Still Need to Meet the New Wave

The summit brought together chief executives from large fintech firms. I was fortunate enough to be able to experience their visions for finance’s future firsthand.

Several important questions were raised, such as around security issues for payments and transactions from Iran and select African countries, problems in relation to businesses with regulators, and – the topic of today’s interest – financial education for the younger generations, particularly Gen Z.

The latter topic is indeed a real issue, however, the approach taken towards it, particularly in attitude, didn’t satisfy me, personally. First of all, some speakers mentioned that Gen Zers tend to overuse technology, and live half of their lives “outside real life,” with slightly negative connotations. In this case, this view doesn’t take into consideration what it’s like to be raised in the modern age, surrounded by technology. Thus creating conflicting paradigms – but as is commonly said, “it’s not a bug, it’s a feature!”

Their understanding of the future financial markets was secondarily distorted. Here’s why…

Round 2 – Maxis vs Boomers

As a representative of Gen Z myself, I believe that the answer for a lot of fintech’s struggles lies in the decentralized nature of crypto, which doesn’t mean the absence of regulation, but the shift of the governing processes for money as a resource. “The rules of the game” can be easily changed simply by focusing on blockchain technology as the main provider of value, omitting such inflationary processes as money printing. However, how is this possible when the top executives of large fintech firms remain skeptical about cryptocurrency? They have strong arguments to support their views!

Vice President of Paysera, Marius Pareščius, said during the final discussion;

“Small crypto transactions of several cents cost hundreds of euros for us because of that pile of documents we need to prepare for the regulators. That’s why we don’t even [want to] start accepting crypto.”
He admitted that he believed in crypto’s future, but he did not deny it. Mr. Pareščius also shared his first experience with crypto. Due to the complexity of crypto, which requires multiple wallets, swaps, and exchanges, he admitted that he was burned. It seems too complex, I’m sure. But it is not impossible for people who were brought up in an technological world.

Dmitrijus Borisenka (CEO of CoinGate) opposed these views during this discussion. He spoke out in support of crypto money as the chief executive at the cryptocurrency payment gateway. However, he acknowledged that regulation is the biggest problem facing businesses like his.

Conclusion

Many layers are involved in imagining the future money. Although some people already live in the future of money, big companies and governments tend to stay in their safe zone. It is necessary to shift the paradigm at every level, from personal to business and even government. Although this is possible, it will likely take several decades for this to occur.

In order to make this process simpler, the new generations should be educated “properly,” and by “properly,” I do mean not by people who don’t have a clue about the modern world because they were born in a different time. The only thing we have to do is ProperWe can avoid making mistakes. Rest is an easy process.

Flipside

• Blockchain is not a “cure all.” It comes with a lot of its own issues as well. For example, gas fees, transaction speed, volatility, etc. This is not a significant step in the evolution or finance. It’s just like bartering, and the introduction metal coins. Soon enough, we’ll get more advanced technology than we see now.

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