BBVA just completed the first real-life implementation of an international money transfer using Ripple’s new Distributed Ledger Technology (DLT). The transaction, running on BBVA infrastructures with real money, successfully completed transfers between Spain and Mexico in a matter of seconds.
From medicine to finance, large-scale data processing technologies are already starting to deliver on their promise to transform contemporary societies. Far-reaching social changes don’t take place overnight. Little by little, they become part of our daily life, until their revolutionary nature dissipates. Years ago, hybrid cars started turning people’s heads. Today, electric cars are becoming less of a rarity – at least in larger cities.
The interconnectedness of the world’s fintech communities was the focus of the Innovate Finance Global Summit in London last week. With more than 30 countries represented, and in excess of 2,000 people in attendance, the main topic of discussion was how these international fintech hubs could better work together.
This year BBVA has evolved its Open Talent competition to make it the biggest fintech focused event in the world. In addition to running a catch-all global trends competition to find the very best in banking innovations, BBVA is also holding a series of specialist competitions to find solutions to some challenges and indeed, opportunities the industry is facing.
Four words can be said to summarize contemporary society: sustained exponential technological progress. Technology advances with giant steps: 4G will give way to 5G; in 2020, drones will fill the skies and objects will be more connected than ever. Countries around the world will compete to see which is the most digital and innovative, a race in which the Nordic nations have taken an early lead.
Senior executives from BBVA got the chance to meet with some of the USA’s most innovative and forward thinking financial technology businesses this week at the first tech summit hosted by BBVA-backed venture capital firm Propel Venture Partners.
BBVA Global Executive Chairman Francisco González presented ‘The Next Step: Exponential Life’, the ninth book in the annual collection BBVA publishes as part of its OpenMind initiative. On this occasion, 20 international experts reflected on the immense opportunities so-called “exponential technologies” offer humanity, but also the associated risks and unknowns.