Our CEO, Paul Alexander, is attending the Three Seas Summit Vilnius 2024 today representing Beyond: Putting Data to Work alongside the British Government.
The Three Seas Initiative is a strategic platform that unites countries between the Baltic, Black, and Adriatic Seas, focusing on fostering economic growth, energy security, and digitalisation.
Paul's participation underscores our commitment to leveraging data, analytics and AI in shaping a sustainable and prosperous future for the region.
The summit has already kicked off with an impressive turnout, bringing together luminaries from various industries and regions and Ukraine's President Zelensky.
Here's what our group CEO, had to say on this event
Paul Alexander, Group CEO, Beyond: Putting Data to Work
Attending the 3Si conference in Mid-April, alongside distinguished figures including President Zelenskyy, for me, shed light on a critical issue plaguing the burgeoning FinTech sector in Lithuania and the Baltic States.
This is the widening gap between innovation and regulatory compliance, which has resulted in a pressing need for innovative approaches to ensure adherence to regulatory standards without impeding the pace of technological advancement.
The meteoric rise of FinTech in Lithuania and the Baltic States has been nothing short of remarkable. The country is attracting more investments and interests from foreign businesses every year. For example, last year the sector attracted investments in the amount of EUR 67.9 million.
Within the first 6 months, the country's fintechs recorded an impressive EUR 375 million in revenue, marking an 80% increase compared to the same period in the previous year.
From cutting-edge payment solutions to revolutionary blockchain technologies, the region has been at the forefront of FinTech innovation. However, this rapid evolution has outpaced regulatory frameworks, leaving authorities struggling to keep up.
Despite efforts to establish conducive regulatory environments, the regulatory landscape finds itself lagging behind the breakneck speed of technological innovation.
Artificial intelligence (AI) emerges as a potential solution. Companies specialising in data engineering and AI, such as Beyond, stand at the forefront of this paradigm shift to not only support FinTech startups but also catalyse advancements in regulatory compliance through AI-driven solutions.
One area of particular promise is Anti-Money Laundering (AML) systems.
AML systems serve as the first line of defence against illicit financial activities, including money laundering and terrorist financing.
However, existing AML frameworks in the region often fall short of optimal compliance standards. Traditional rule-based approaches, while once effective, now struggle to keep pace with the evolving sophistication of money laundering techniques.
The result? An inundation of false positives and a failure to detect suspicious activities.
Through machine learning algorithms, AI systems can analyse vast datasets in real-time, pinpointing patterns indicative of suspicious behaviour. Moreover, these systems possess the capacity for continuous learning, refining their detection capabilities with each new piece of data.
By integrating advanced analytics and machine learning into existing frameworks AML compliance can be revolutionised.
Ultimately, what is clear from my attendance at the 3Si conference is that addressing the regulatory challenges afflicting the FinTech sector demands a concerted effort from all stakeholders.
By fostering collaboration between industry players, regulatory bodies, and technology providers, meaningful strides can be made towards regulatory innovation.