A Financial World without the Traditional Financial Institutions?

The crisis of the banking sector triggered all sorts of new mechanisms for financing human action and investment. Together with new technological opportunities we see the emergence of new forms of financing.  Interesting solutions are found especially in emerging economies. Bitcoins emerged as a pure digital form of financing, and other initiatives act as intermediaries and bypass the banking functions and regulations. Community currencies are used by networks of small and medium sized enterprises and the local community. Crowdfunding became a popular way to establish direct links between enterprises, innovators, start ups and investors. The new SID-ISS Discussion Series for the fall of 2016 explores the deeper background of these emerging forms and the resurgence of old forms of financing.

22 November | The Promises of FinTech: A Future for the Financial System?

2012-06-27 15.04.29-4Some believe that FinTech is the future of the financial system: innovative digital technologies aimed at making banking cheaper and more efficient. It may offer opportunities to connect supply and demand in the financial world without banks being ‘owners’ of financial flows. But is FinTech really a new way of transferring financial resources? Are digital platforms also creating trust, and what is their responsibility and liability in the system? Is the digitalization of the financial world an opportunity for low-income countries, solving traditional problems of retail-banking for people with limited resources? We will explore these questions with two special guests:

This debate was joined by Geert Lovink – Director Institute of Network Cultures (Netherlands) and Alain Nkurikiye – Justice Accelerator Team, HiiL (Burundi)

Read the recap here.

25 October | A Future for the Financial System: Community Currencies?

15263425111_b56b58a763_bThe traditional financial system was hit hard by the crisis. Banks are searching for answers and firing their staff, whilst new institutions are emerging. Informal banking and local currency systems are presented as potentially complementary systems, or even as alternatives. What exactly are these community currencies offering that banks are not? How have these complementary currencies provided a way out of poverty, for example in Africa? Are local currencies an answer to the alienation caused by globalization?

This debate was joined by Ruth Mwangi (Kenya – Community Currencies & Grassroots Economics) and Roel Wolfert (Netherlands – Rotterdam Community Currency Qoin)

 Read the recap here.

27 September | A Future for the Financial System?

12772571353_afeca4f0bb_oThe financial system has drastically changed over the past ten years. The financial crisis has triggered the growth of new financial technology (such as smartphone banking), but also opened up perspectives for all kinds of new initiatives for lending capital as well as trade and exchange systems. This debate session will discuss these new developments, in particular crowd funding. We will analyse whether we can already see the contours emerging of a new financial system. Will this be fundamentally different from the much criticized financial system that is currently in crisis? And who are the new players in this financial world? Is there still a future for the traditional banking system?

This debate was joined by Peter Heijnen (CEO Lendahand) and Georgina Gomez (ISS).

Read the recap here.