 Floors are yours Thanks So my question would be if you think about fintech's we talked about whether there or there is this trade-off between Innovation and more regulations. So if there's less Regulation there might be more innovation because it's easier to start a fintech for instance or a company in general And I was wondering if you look back at the last financial crisis I think from now we would all say well There were a couple of factors that were really the risk points about it like you could say Well, for instance Rating agencies didn't do their job or like CDOs were a bad thing because they were intransparent and so on What would you say and I think this question goes to all of you What would you think are the real risk factors of fintech where you would say in five years? We all knew about it Who wants to start easy question predict five years And not an easy one, but maybe With some evidence fintech It's IT security IT security could be could turn out to be really an issue because if It's a business model is really based on technology then you need to have Good security systems for for you to technology And I think the regulator Has already initiated a process to to increase the security Measures in in the financial sector But I think they are This will further develop and there's definitely a need to develop further Very good point. I Have a weird response, which is I Am puzzled about how artificial intelligence and fintech are going to interact and If I had a crystal ball and could see just one thing that in the fintech space that is that would be it So it remains to be seen how that will evolve I would say the risk realized more on the technology than in the fintech in the business itself So I totally agree with you. I would say cybers security is one of the major challenges and maybe I Could I could think of ways How to outsource certain processes and How they are interconnected on how so how is risk shared over certain? Distributors technology businesses cooperating less or more Just to add I know I wasn't wasn't asked but I think I would put well I think I think I think I would put some money on Securitization because I think that's a little it's a little Thrilling what's what's going on? I mean it's a little little frightening the amounts of money that that are being Securitized again And with with with very dubious incentive structures. I wouldn't be surprised if we had a securitization bubble We have been talking a lot about fintech today We have been talking a bit about banks, but I think there's a third group of players Which are the big actors of the digital so gaffa or also? Telecommunication companies in France for instance orange started a new bank Bank orange that just started this year and then they're planning to expand in Belgium and in Spain they're offering Accounts banking accounts now to their members and one may think that they have quite a lot of information about their members That banks perhaps do not have so my question is is there a space for these large? digital players also next to a fintech's and and traditional banks well I Definitely thinks there's a room for for those players and Maybe you also refer to to to Facebook or this kind of player Yeah, and that is a big issue for the banks They are a little bit frightened from my perception that They come to the idea or they really realize the idea to to set up a bank and To to offer all their Billions of of users as a banking products So if this will will happen then I think that that may have Disruptive effect for for the banking industry and Maybe the reason that they haven't done yet is That they are not really keen to to give the full transparency and to be subject to all the regulatory requirements with regard to data security and transparency As as banks have to to to meet Talking about so far, but I brought one question which I would have maybe asked if I would have been sitting there So I wanted would like to know how you personally use Well, the the services of fintech's and how this change in the past is how your openness towards new services change and If you became well more open and more expo if you like to experiment with new services Without knowing so much about them, maybe Yes, I tried it once in a while, but it's not that I spent all my my my time with trying out new fintech products But I'm very curious and I'm finding quite interesting what is on the market to see and especially when it comes to my application Which is so handy and useful and I figure out for myself personally that I'm not really afraid of using that them Which mean maybe that I'm a little less a risk a worse than the normal regulator Personally I have to admit that I Quite seldomly have made use of any fintech products I'm I think it's the last user of blackberry in our firm the remaining staff all use Apple iPhone So if I need it for for business purposes, then I ask my wife if I can try how the testing phase How it works, but personally I do only online banking, which is not really fintech I have to admit So I love anything that saves time so payment systems, you know he's in Sending payment to people's perhaps the most common thing that we use in our household although I Hate to can sit hate to say it, but I confess I often delegate this stuff to my better half to figure out how to use these things because they're a learning curse to doing it so but it's You know really anything that saves time is is brilliant Okay, so if if there is really no more question three Two okay, that's called loss aversion by the way No get inspired because we talked about our personal experience by using fintech services I've come to belin for two reasons. First of all, I wanted to attend the conference. Okay And the second reason is I've read and I've learned here some restaurants in belin where you can Pay for a meal in bitcoin. I'm very eager to do so my wife told me we're all very related to a wife So we also learned to other speakers and now my wife said to me now You must be crazy. Maybe you can pay your cup of coffee Bitcoin, but if you would go tomorrow to belin you would also get a pizza for for the same amount and And So this refers to the questions To cryptic currencies and their role in daily use in daily business, of course cryptic currencies are very important when it comes to speculation currently in our law firm we are Advising on cryptocurrency funds and we have to say the dialogue with baffin is very fruitful And it's a real pleasure. You know they're qualified as financial instruments And it is very clear from a regulatory perspective not so much clear from a tax perspective and Well, however and the family officers they are very eager to make use of this new weekly because Of course real estate man's Securities these investments are not so interesting in those days But also when it comes to security and when it comes to the question To the future role of cryptic currencies and I think in my guess is it's going to be a real task To free them From the fate of being an object of speculation and to enter into the real business world. Do you agree? Who wants to go first duck maybe You know I can re-echo what I had up on the slide with China banning bitcoin and you saw The tremendous change in where the osc currencies are traded And and the price I mean just so drastic picture tells a thousand words. So you know the There's tremendous risk not just in speculators and the like but also regulatory risks associated with bitcoin Would I You know want to use that myself to pay at a restaurant Probably not I hate to say it I agree with your position. It's difficult and I think we will see more regulation on virtual currencies I mean Eva is working on it. Esma is working on it. The German regulator is working on it Though it's just a matter of time that something something else Will will come in in this regard and I think today or yesterday I I went press release that ecb also considers taking actions against icos, which is at the end of the day sort of blockchain based Bitcoin related product I forgot to add. I just saw a new story. There are two Frides with initial coin offerings in the u.s. That the sec has Uncovered so just recently so Yeah It's a bit fake question A lot of the companies that's related to the internet had this monopolistic tendency to talk about facebook amazon are Any successful business that's based on internet has this monopolistic tendency and now that we're thinking about fintech and this Which is primarily, I guess internet-based businesses What is the risk? Oh, sorry. What is the risk of? Having these global monopolies that come out of That come out of this and is that actually a problem? Is that can that be regulated? From what we see Generally talk about facebook amazon You can't really break these companies now and is that a risk that fintech? industry also says Maybe I can start from the regulatory perspective or what conclusion one could draw from what you said is Of course the scaling up effect is much important or is Important for every business and that is why there comes that if we come to the european legislator We see a single a single financial market Especially when it comes to digitization Is very important because then you have not only the german market or the french market You have a european market and that is something you need as a business To some will be able to to scale up and A bit bigger at least but I think At least at this stage is it's too early to think of the problems of What you touch upon? Right now we have so many fintech players It's a luxury problem so to speak if we if we reach this stage Yeah, I have Similar sentiments the one thing that's going to be fun to see it going forward is just the extent to which Those firms innovate acquire competitors Expand their scope of things that they do for people talk about all sorts of things like facebook banks The these types of things going forward so it'd be fun and exciting to see what what they bring forward and what comes in the future Uh Latest one in the news. I saw Is a google ear translator So if we had them we could all be speaking our own language and no problem. Apparently that's on the market already So lots of new sort of crazy things that'll change the way everybody interacts with each other All right, then Let me make use of the tendency of loss aversion again. So really no more questions three two one Then this concludes our conference our fifth fintech crowd investing symposium with the topic of fintech regulation um on behalf of all the staff of last hornoff And myself, let me say thank you again And it was wonderful. Thanks to all the the panelists to all the speakers And and have a safe trip home if you have to go back home. Bye. Bye