All right, now one last comment is, Bill Gates, and Bill Gates by the way
some people like Fintech don't like him because he criticized BitCoin
And anybody criticizing BitCoin, it's going to get you in trouble
with some believers in the community
probably I'm in trouble too because I'll criticize BitCoin
>> No, I don't fully embrace BitCoin as well, I mean
But I love the technology
I love the innovation, >> Exactly
I love what they can proven it can be done >> Agree
So there is a lot of cool stuff
But, Bill Gates criticized BitCoin, but he also criticized banks, and
Bill Gates said we will always need banking but we will not always need banks
Would you agree with that?
>> Yes, I fully agree with that.
I fully agree with that because I mean, bank is just a third party
It's just a middle person, it's a black box in the past
right？ I mean that the service of
banking service definitely, we do it everyday
I mean just go back to the traditional history of people when we do
barter, right?
Frankly speaking, do you need really bank?
I have two fish, you have a bag of rice, we just exchange
Do we really need banks in those day, right?
But if there is a system- >> We need some intermediary or
Yes, there is unique of trust >> some model because-
that we need >> I may not want your fish
You may not want my rice
We can agree with a medium of exchange
There is a reason markets developed
There is a reason currency developed a long time ago
And so we need something
But I asked Veronique in the last session FinTech For
Dinosaurs for large institutional entities like banks and insurance companies
Aren't the dinosaurs, the giants of finance going to be extinct?
Are they going to die?
>> No, I think, no
In fact with I look at FinTech, right? I can see four dimensions of it
One is the business model, one is the innovative model
One is the technology, the other one is to data component
Now the basis part of the finance rate, the concept
the model of it, fairly speaking, even in Fintech, it doesn't change
Even for crowdfunding, right?
That does happen years ago
Years ago when there was deregulate
I remember that when I was in the Commercial Land Bureau
We do investigate a lot of those cheat funds
those kind of privately raised funds, etc
>> Right
And then there was a people kind of took the money and then, yeah
>> So, there was some kind of things in history
So a lot of these are not new
It's not new, it's not new
I don't think that part is new >> Right
Now obviously for the tech- >> But they're much more efficient and
much broader in scale today >> Yes, yes, yes, yes
>> Than they ever were before
And you can see that technology has changed
The data, the concept of data, the concept of ownership of data and
also don't forget about the intellectual property approach I can license something out, right?
>> Yeah
So even the digital, the management of digital properties different
Now basically, I could always license my app to other people
So the second, third and up to N copies, the cost to me is almost zero
So I could develop an app which quoted you could say it's a banking service
I can license to a lot of people
>> So bottom line, are you bullish and excited about the opportunities for
entrepreneurs and Fintech?
Yes yes, definitely
I am looking forward >>And that's why you started up your company
I started up yeah
Yeah I started up
I enjoy a lot of people
They are making this change together
And we see that it's a revolutionary change
It definitely will change the financial landscape in future
>> Do you ever get scared that things aren't going to work out?
That something's going to go wrong?
>> Well, whenever there's change in the old days from
riding a horse to having automobile, people scared
I mean, before they started, the Wright Brothers to fly, they scared
That's >> A year before the Wright Brothers
one of the Wright Brothers commented he wasn't sure we would ever
have human powered flight, or machine powered flight
>> Um-hmm
>> So, even a year before they developed their invention and
became famous, there was some concern of skepticism
They weren't sure this was going to work
So, you know
>> So yeah, obvious I can see some of the innovative model would fail
No doubt about it
I mean
some of the innovative model is definitely when any innovation, any-
>> But it's a fun adventure and
there's a good chance of that
>> Yeah, and also we see, obvious, we have noticed change
It's like- >> Right
>> The Wikipedia replacing encyclopaedias, right?
So we obvious see some of the change like Kickstarter to help a lot of people to raise fund
>> Yup
>> It's a lot of the- >> It certaintly has
>> Yeah exactly. A lot of the provided new opportunity
to people and
I can see the people could use their smartphone to do insurance quote directly
So this is already happened in the airlines and
the travel agency world, right?
So why not in banking industry that I could shuffle
mortgage instead of going to a mortgage broker instead of going through a bank
And to drive to different banks in order to apply for my mortgage
Why would I need to do that right?
>> Would it be fair as we wrap up now to say that one of the biggest challenges
you see today is there are so many opportunities that you
have to turn down a lot of innovations, ideas, opportunities
And you have to figure out what am I going to focus on and what am I going to
do, because there's just a huge wealth of opportunities in Fintech
>> Exactly, that's one important thing for entrepreneur
It's always at the focus, right?
Quite a lot of time is because it's so many things happening, and you hear so
many seminars, so many things available, so many choices that you have
How are you going to focus on one, and based on
focus on a particular innovation that you are going to introduce?
>>Which is different from the way things used to be
Its kind of like information, we have a wealth of information today
We have more information that we ever had in the past
We have a deficit of attention we can't see it all
we can't keep up with it all
Now we have a huge wealth of opportunities
Theodore Henry King CLARKAssociate Professor
