“Super Apps Must Embrace Regulations”

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At the Innovate Stage of the Finance Magnates London
Summit (FMLS:23), industry experts shared valuable insights on the topic: “Super Apps: The Perfect Balance in a Digital Era?”. The panel
discussion revolved around the future of super apps, the perfect definition of
a super app, and predictions for the future.

The moderator Tao Tao, the Founder of Up VC, introduced
the panel, which brought together speakers including Pietro Candela, the Head of Alipay+, EMEA Development, at AntGroup, Ritesh Shah, the VP of Fintech and Business
Solutions at Rakuten Viber, Laura McCracken, the Advisory Board Member at The
Payments Association, Max Excell, the Regional Director for EMEA at GBG, and
Slobodan Manojlovic, Tech Lead, and Senior Associate at JP Morgan Chase.

Tao Tao, the Founder of Up VC

Candela defined super apps as a revolutionary
concept in the mobile economy. He emphasized the shift from product-centric to
need-based services. This development creates a dynamic ecosystem where developers collaborate with various service providers, fostering a mobile-oriented
lifestyle.

He mentioned: “Super App is a new concept in
the mobile economy, unlocking the monolith architecture and fostering
collaboration among local and global actors. The future is about embracing a
more mobile-oriented lifestyle, creating opportunities for small businesses and
innovation.”

Shah added that super apps vary globally, with
different examples in Southeast Asia, China, and beyond. He highlighted the
main idea as seamlessly providing diverse services within one app. This caters to
specific regions and evolves based on the starting product and user needs.

Laura McCracken, the Advisory Board Member at The Payments Association

He stated: “Super apps provide different
services seamlessly, catering to diverse regions and evolving based on user
needs.” In contrast, McCracken said: “Super apps are like a recipe,
with essential ingredients creating a seamless user experience and allowing for
additional commerce services.”

Excell pointed
out that, from a consumer point of view, a super app is the one app that rules
them all. While acknowledging the prevalence of super apps in Asia, he
highlighted the challenge of establishing such dominance in Europe,
particularly in the UK. “The challenge is establishing a super app
dominance in Europe; there’s yet to be a ‘one app to rule them all.”

Max Excell, the Regional Director for EMEA at GBG

Security Challenges in Super Apps

Manojlovic discussed the cultural differences between the East and the West, emphasizing the
complexity of security challenges facing super apps. He pointed out the
difficulties in ensuring end-to-end encryption and security when dealing with
multiple services within a super app.

Candela projected a significant shift toward
a more mobile-oriented lifestyle, particularly in regions with younger
demographics. He emphasized the potential for a mobile democracy, providing
opportunities for small businesses and innovation.

Pietro Candela, the Head of Alipay+, EMEA Development, at AntGroup

Generally, the panelists predict a growing trend in
companies expanding their services and becoming super apps. They envisaged an
explosion of apps for various activities, leading to consolidation, cost
reduction, and easier marketing through cross-promotion. Shah mentioned:
“In 10 years, we’ll see an explosion of super apps providing many
services, leading to consolidation and easier marketing.”

McCracken anticipates a future with niche super
apps specializing in specific areas like travel, fashion, dating, and more.
She highlighted the likelihood of consolidation due to subscription fatigue,
giving rise to specialized super apps. She said: “In 10 years, we’ll have
niche super apps, specializing in various areas, consolidating to combat
subscription fatigue.”

Navigating Regulatory Frontiers

Excell emphasized the importance of collaboration,
stating that super apps must embrace regulatory frameworks to avoid becoming
obsolete. He highlighted the role of companies like GBG in facilitating trust
through identity verification and authentication services. “Collaboration
is crucial; super apps must embrace regulatory frameworks to build consumer
trust.”

Slobodan Manojlovic, the Tech Lead and Senior Associate at JP Morgan Chase

Manojlovic highlighted the regulatory
challenges super apps face, particularly in regions with stringent data privacy
laws. He stressed the need for standardization and collaboration to successfully navigate
these challenges.

Panelists discussed the impact of Web 3.0 on super
apps, with a consensus that blockchain technology and decentralization would
play a crucial role. Candela expressed optimism about blockchain’s
potential to enhance security and transparency in super apps.

Navigating the Future of Super Apps

Ritesh Shah, the VP of FinTech and Business Solutions at Rakuten Viber

Shah acknowledged the ongoing transformation of
mobile technology and its convergence with other digital platforms. He highlighted the importance of adapting to these changes to stay relevant and
competitive.

Additionally, McCracken envisioned a future where super apps
seamlessly connect users across platforms, blurring the lines between online
and offline experiences. She emphasized the need for a unified, interoperable
ecosystem. She mentioned: “The future is about a unified, interoperable
ecosystem, seamlessly connecting users across platforms.”

At the Innovate Stage of the Finance Magnates London
Summit (FMLS:23), industry experts shared valuable insights on the topic: “Super Apps: The Perfect Balance in a Digital Era?”. The panel
discussion revolved around the future of super apps, the perfect definition of
a super app, and predictions for the future.

The moderator Tao Tao, the Founder of Up VC, introduced
the panel, which brought together speakers including Pietro Candela, the Head of Alipay+, EMEA Development, at AntGroup, Ritesh Shah, the VP of Fintech and Business
Solutions at Rakuten Viber, Laura McCracken, the Advisory Board Member at The
Payments Association, Max Excell, the Regional Director for EMEA at GBG, and
Slobodan Manojlovic, Tech Lead, and Senior Associate at JP Morgan Chase.

Tao Tao, the Founder of Up VC

Candela defined super apps as a revolutionary
concept in the mobile economy. He emphasized the shift from product-centric to
need-based services. This development creates a dynamic ecosystem where developers collaborate with various service providers, fostering a mobile-oriented
lifestyle.

He mentioned: “Super App is a new concept in
the mobile economy, unlocking the monolith architecture and fostering
collaboration among local and global actors. The future is about embracing a
more mobile-oriented lifestyle, creating opportunities for small businesses and
innovation.”

Shah added that super apps vary globally, with
different examples in Southeast Asia, China, and beyond. He highlighted the
main idea as seamlessly providing diverse services within one app. This caters to
specific regions and evolves based on the starting product and user needs.

Laura McCracken, the Advisory Board Member at The Payments Association

He stated: “Super apps provide different
services seamlessly, catering to diverse regions and evolving based on user
needs.” In contrast, McCracken said: “Super apps are like a recipe,
with essential ingredients creating a seamless user experience and allowing for
additional commerce services.”

Excell pointed
out that, from a consumer point of view, a super app is the one app that rules
them all. While acknowledging the prevalence of super apps in Asia, he
highlighted the challenge of establishing such dominance in Europe,
particularly in the UK. “The challenge is establishing a super app
dominance in Europe; there’s yet to be a ‘one app to rule them all.”

Max Excell, the Regional Director for EMEA at GBG

Security Challenges in Super Apps

Manojlovic discussed the cultural differences between the East and the West, emphasizing the
complexity of security challenges facing super apps. He pointed out the
difficulties in ensuring end-to-end encryption and security when dealing with
multiple services within a super app.

Candela projected a significant shift toward
a more mobile-oriented lifestyle, particularly in regions with younger
demographics. He emphasized the potential for a mobile democracy, providing
opportunities for small businesses and innovation.

Pietro Candela, the Head of Alipay+, EMEA Development, at AntGroup

Generally, the panelists predict a growing trend in
companies expanding their services and becoming super apps. They envisaged an
explosion of apps for various activities, leading to consolidation, cost
reduction, and easier marketing through cross-promotion. Shah mentioned:
“In 10 years, we’ll see an explosion of super apps providing many
services, leading to consolidation and easier marketing.”

McCracken anticipates a future with niche super
apps specializing in specific areas like travel, fashion, dating, and more.
She highlighted the likelihood of consolidation due to subscription fatigue,
giving rise to specialized super apps. She said: “In 10 years, we’ll have
niche super apps, specializing in various areas, consolidating to combat
subscription fatigue.”

Navigating Regulatory Frontiers

Excell emphasized the importance of collaboration,
stating that super apps must embrace regulatory frameworks to avoid becoming
obsolete. He highlighted the role of companies like GBG in facilitating trust
through identity verification and authentication services. “Collaboration
is crucial; super apps must embrace regulatory frameworks to build consumer
trust.”

Slobodan Manojlovic, the Tech Lead and Senior Associate at JP Morgan Chase

Manojlovic highlighted the regulatory
challenges super apps face, particularly in regions with stringent data privacy
laws. He stressed the need for standardization and collaboration to successfully navigate
these challenges.

Panelists discussed the impact of Web 3.0 on super
apps, with a consensus that blockchain technology and decentralization would
play a crucial role. Candela expressed optimism about blockchain’s
potential to enhance security and transparency in super apps.

Navigating the Future of Super Apps

Ritesh Shah, the VP of FinTech and Business Solutions at Rakuten Viber

Shah acknowledged the ongoing transformation of
mobile technology and its convergence with other digital platforms. He highlighted the importance of adapting to these changes to stay relevant and
competitive.

Additionally, McCracken envisioned a future where super apps
seamlessly connect users across platforms, blurring the lines between online
and offline experiences. She emphasized the need for a unified, interoperable
ecosystem. She mentioned: “The future is about a unified, interoperable
ecosystem, seamlessly connecting users across platforms.”

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