Money20/20 USA 2024: AI Takes the Front Row

The global fintech industry gathered in Las Vegas for Money20/20 USA 2024, where artificial intelligence (AI), cross-border Central Bank Digital Currency (CBDC) initiatives, and real-time payment innovations dominated discussions, according to FinTech Magazine.

Greg Ulrich, Mastercard’s Chief AI and Data Officer, emphasized how open banking and consented data sharing are creating a robust societal data network. Pahal Patangia, Head of Developer Relations at NVIDIA, highlighted the widespread enthusiasm in leveraging AI to enhance performance across financial sectors.

Money20/20 President Tracey Davies marked a shift from AI hype to active adoption, citing a joint report with Acrue Capital that found 76% of financial services firms have announced AI initiatives, with nearly half employing generative AI in core products.

Scarlett Sieber, Money20/20’s Chief Strategy and Growth Officer, remarked:
«As an ex-banker myself, it is a broad conception that financial services move slowly because we’re so highly regulated. In fact, the data shows that financial services is actually a leader in AI initiatives.»

Anand Natarajan of Standard Chartered unveiled M-CBDC, a collaborative initiative between Dubai and Singapore aimed at facilitating cross-border Central Bank Digital Currency (CBDC) flows, expanding beyond domestic use cases.

DailyPay CEO Stacey Greiner announced international remittance integration, enabling money transfers to 70 countries in real-time. This advancement represents a move toward financial immediacy, empowering workers to meet their needs on the same day they earn.

Money20/20’s President Tracey Davies reflected on the fintech industry’s evolution:
«Many of the companies that you see here now grew up with us, brands like Marqeta and Revolut. They were all here in their infancy, and we’re very proud of that.»

The event highlighted the industry’s momentum in driving innovation, showcasing how AI and data convergence are shaping a more seamless and globally connected financial future.