When two often separate fields come together to talk about the future of money.
Last week, the Advances in Financial Technologies (AFT2024) conference took place in Vienna, marking a unique moment in the event’s history. While AFT is typically a platform for showcasing innovations in financial technology, this year’s edition stood out by bringing together experts from both the tech and economic spheres—a rare but powerful combination.
“As the financial world becomes increasingly digital, this interdisciplinary exchange is becoming more important than ever to address some of the most pressing questions of our time,” says Bernhard Haslhofer, head of the Financial Technologies research group at the Complexity Science Hub and General Chair of AFT2024. These include challenges such as how to make new payment systems secure, how to protect privacy while still tracking illegal activities, and how to ensure that everyone has access to financial tools and methods, regardless of their background or financial means.
HIGHLIGHT WITH NEHA NARULA
These questions are crucial for shaping the future of finance, and answering them requires insights from various fields. The synergy between fintech and economics not only added a fresh dynamic to AFT2024 but also opened the door to groundbreaking possibilities, with participants eager to see how these discussions might transform the global financial system.
A key highlight of the conference was the keynote speech by Neha Narula, Director of the Digital Currency Initiative at MIT Media Lab. In her address, Narula emphasized the necessity of creating digital cash that maintains the key benefits of physical currency: privacy, accessibility, and spontaneity. “We need digital cash,” she declared, urging that while open blockchains and decentralized finance are promising, they’re still far from scalable for mass payments. Narula’s work, recognized by WIRED as one of the top 25 leaders shaping the next 25 years of technology, challenges the traditional payment sector to rethink how these qualities can be integrated into the digital realm.
SETTING THE STAGE FOR THE FUTURE
This year, for the first time in AFT’s history, Vienna hosted this influential gathering. After notable stops at MIT and Princeton, AFT2024 placed Austria in the spotlight of global fintech research. The Complexity Science Hub, along with the University of Innsbruck and the Oesterreichische Nationalbank (OeNB), organized the event. Bernhard Haslhofer highlighted the significance: “This year’s conference provided a unique opportunity for experts from both financial technology and economics to come together and present developments that will shape the transformation of global financial systems.”
AFT2024’s distinct approach this year has set the stage for a future where interdisciplinary collaboration is key to navigating the complexities of financial technology.
