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Fintech and Legaltech boom in Spain


Last Thursday, 11 March, Carles Saffouri (Head of Corporate Department al Lexidy Law Boutique), was invited by EAE Business School, to conduct a webinar about his professional background in two of the most fast-growing digital industries in the world: Fintech and Legaltech.

The introduction was focused on the benefits of Industry 4.0, and on the use of modern smart technologies such as Big data, Artificial Intelligence, Internet of Things, Smart Cities, Blockchain, Machine Learning, and also the use of technology in digital environments such as E-commerce and Marketplaces. It was worth mentioning the heavy impact of Covid-19 on the corporations, due to the fact that it has sped up digital transformation processes by several years.

Regarding the Fintech Industry, Carles pointed out the importance of the new Spanish Sandbox (secure testing framework for financial technology innovation), as it will boost Spain as a Fintech destination. Also, brought to light the risks to data privacy and cybersecurity associated with an accelerated process of adopting technology in processes by financial corporations. Finally, he presented the upcoming trends in the ecosystem: new emerging technologies (Blockchain, AI and Cryptocurrencies), fast-paced and more complex regulations, and the reshaping of the conventional banking institutions to adapt themselves to an increasing competition due to the growth of the Fintech Industry.

With regards to Legaltech, taking into consideration Carles’ current experience in this firm, used the opportunity to explain in detail the rise of the Alternative Legal Service Providers (ALSP), as the way of using technology, in order to provide more efficient and dynamic legal services. This ALSP are disrupting the legal services industry, and reflect two key market trends: (1) An opportunity for tech and process-enabled and digital business, models to provide legal services with efficiency, value, and measurable results that law firms have typically failed to deliver; and (2) growing willingness of legal consumers to engage a business relationship with this new suite of providers. Leading ALSPs, such as Lexidy are agile, proactive, fluid, able to scale, client-centric, and constructed to deliver at the speed of business.

In closing, it was pointed out the importance of technology especially nowadays: “Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road” (Stewart Brand).

You can watch the webinar by clicking the following link

Language: Spanish

Fintech and Legaltech boom in Spain

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