Yesterday, we showcased the remarkable achievements and future plans of our R&D division, Peak Innovations. The speakers, István Sajtos (Head of Platform), Dániel Vargha (Consultant), and Martin Kondor (AI Developer), provided an in-depth overview of the team's work and objectives.


The Evolution of the R&D Division


István Sajtos, leader of Peak Innovations, took us back to the early days when Peak Innovations was known as Mercury Labs. He shared insights into numerous AI research projects we launched, many of which progressed successfully. The emergence of OpenAI had a big impact on our work but confirmed we were heading in the right direction. István highlighted the adoption of the RAG model, a new framework that enables faster and more efficient AI development.


Training Programs and AI Knowledge Base


Dániel Vargha introduced the AI training programs that Peak developed for its teams. These courses, available at various levels, aim to ensure everyone grasps the basics and applications of AI. Besides the training programs, we’ve set up an ever-expanding AI knowledge base. Dániel emphasized the importance of automating tasks within each team member's field to free up more time for creative and strategic activities.


Practical AI Applications


Martin Kondor presented the proof of concept for the Parent & Child project, which provides an AI-powered learning experience to boost financial literacy among young people. The system offers personalized lessons and tasks based on users' interests and gives feedback on their performance.


AI Assistant and Future Plans


Peak Innovations also demonstrated an AI-based assistant, which taps into an internal knowledge base to answer questions. This tool helps automate internal processes and ensures quick and accurate access to information. Future plans include reducing costs and further optimizing our AI developments.


At the end of the event, we emphasized the openness to new ideas and suggestions in the field of AI and technological innovation. Our goal is for Peak Innovations to lead in AI development and applications, ensuring all employees benefit from the opportunities provided by new technologies.

AI and the Future: Insights from the Latest Peak Innovations Event

Last week we had the opportunity to participate in Business Fest - one of the largest business
events of Hungary - at Millenáris, and we have to say, it was an absolute blast! If you haven’t
heard about it, Business Fest is this amazing event that brings together all the big shots,
innovative minds, and curious people from the business world. It’s basically the place to be if
you’re into anything related to business, technology, and innovation.

The whole festival was packed with incredible sessions, networking opportunities, and
innovative showcases. Whether you’re a seasoned business professional or just someone curious
about the future of business and technology, Business Fest had something for everyone.

Now, let's talk about the highlight of the event for us: Marton Suppan, our Founder and CEO,
took center stage in a panel discussion about the &quot;Future of fintechs and digital banking.&quot; If you
missed it, no worries – you can check out fintech.hu’s coverage here.

The panel was a goldmine of insights. Marton, alongside other industry leaders, delved into the
evolving landscape of fintech and digital banking. They explored how these sectors are
transforming with the advent of new technologies, regulatory changes, and shifting customer
expectations. It was fascinating to hear about the innovative strategies and solutions that are
shaping the future of our industry. We also attended several other panel discussions and lectures
that covered a wide range of topics, from artificial intelligence to blockchain technology. Each
session was packed with valuable information and actionable insights, making it a truly enriching
experience.

Apart from the panel, Business Fest was a hub of networking and learning. We had the chance to
meet and connect with some amazing minds from various industries - it was inspiring to see so
many passionate individuals and companies.

We’re grateful for the opportunity to be a part of this excellent event and look forward to
implementing the insights we gained into our future projects. A big thank you to the organizers,
speakers, and everyone we met at the fest – you all made it a memorable event.

Exploring the Future of Fintech at Business Fest 2024

At Peak, we believe in the power of collaboration and the exchange of knowledge between academia and industry. Our recent partnership with Corvinus University of Budapest, specifically with their Fintech Centre, underscores this commitment. The focus of our joint effort was a class on digital transformation, an area where innovation and practical application intersect to create real-world impact.

Digital transformation is a fundamental shift in how businesses operate and deliver value to their customers. Recognizing the importance of this shift, Corvinus University organized a class dedicated to this topic. We at Peak were thrilled to be invited to contribute.

The class was led by Dr. Krisztián Varga, an Associate Professor with a deep understanding of the fintech landscape. We provided six topics and mentors for the students, who selected four topics for in-depth exploration:

1. Planning a Bank Account Aggregation Platform
2. Creating New Functions for a Financial Wellness Platform Using AI and Gamification
3. Increasing Customer Loyalty in Shopping Malls with an App
4. Planning a Payment App for Migrant Workers

Our mentors, including Suppan Márton, Görög Szabolcs, Sajtos István, Bárány Ambrus, Bendzsarevszki Georg, Jordán Belián, Qayum Dániel, Lévárt Ákos, and Réka Takács, worked closely with the students, guiding them through the complexities of each project. We leveraged our expertise in AI and our comprehensive design system to provide students with advanced tools and frameworks.
We were also fortunate to collaborate with our sister company, COMET, on this project. COMET helped the students create beautiful mockups for their project work, ensuring that their innovative ideas were complemented by visually appealing and professional designs.

The enthusiasm and creativity of the students were truly inspiring. They approached each challenge with a fresh perspective and a keen interest in leveraging technology to solve real-world problems. One of the highlights was giving the students the opportunity to publish their findings and insights on fintech.hu. This provided them with a platform to showcase their work and contributed valuable content to the fintech community.
The feedback from both the students and faculty was overwhelmingly positive. Dr. Varga appreciated the practical insights and industry perspective that Peak and COMET brought to the classroom. The students valued the mentorship, hands-on experience, and the opportunity to work with cutting-edge AI technology and design systems.

For us at Peak, this collaboration was a fulfilling experience that reinforced our belief in the importance of bridging the gap between academia and industry. We are committed to continuing our partnership with the Fintech Centre at Corvinus University and look forward to more such enriching collaborations in the future.


Bridging Academia and Industry: Peak's Collaboration with Corvinus University of Budapest

We are thrilled to announce that Peak has won the Startup Pitching competition at the MOI Conference in Vienna! Representing our team, Marton Suppan, Benedek Juhász and Kristóf Csányi showcased our innovative Parent & Child solution, an AI-driven platform designed to teach financial literacy to the next generation through hyper-personalized learning experiences.

Attending the MOI Conference was an incredible experience, filled with insightful discussions, groundbreaking ideas, and opportunities to network with industry leaders. We engaged with many inspiring individuals who are driving innovation in their fields.

Our Parent & Child solution leverages advanced AI technology to create tailored educational experiences, aiming to equip children and their parents with essential financial knowledge and skills. Kristóf’s compelling presentation highlighted the unique benefits of our solution, resonating deeply with the judges.

Winning this competitive pitch is a great achievement for Peak. We faced strong competitors, making our victory even more significant. We extend our heartfelt gratitude to Erika Krizsan and the entire organizing team of the MOI Conference for providing us with this platform to share our vision.

This win reinforces our commitment to innovation and financial education. We are more motivated than ever to continue our journey of growth and development, bringing more innovative solutions to the market and advancing financial literacy.


Peak Takes the Spotlight at MOI Conference with Winning Pitch

Last weekend, PEAK and COMET employees took part in a special joint team-building program at the "TordasZoo" animal shelter. This non-profit foundation helps with the rescue and adoption of domestic animals and farm animals. They give their many four- and two-legged residents a new life and home on a farm on the border of the Gyúró settlement.

During our visit, we were able to get an insight into the everyday life of the volunteers working there, and also experience up close the organizational skills and dedication required to save and shelter, care for, and maintain the daily routine of hundreds of their residents. The staff demonstrated the challenges that even our smartest therapy animals have to deal with, especially when it comes to housing them in old age, with the interactive help of helper dogs trained to assist people who are sick or living with physical limitations. A particularly important element of "Animal Wellness" is physical contact of course: after the thorough organizational presentation, animal petting followed. Ponies and foals, retired rodeo stars, workhorses that once also performed important agricultural work, puppies from a freshly rescued litter, several gray cattle and goats, and even the only overweight sow with a hanging belly from the facility came before us. Although you can't pet them, we were also able to get up close and personal with the winged section, where even special residents like real homing pigeons and a peafowl enjoy the comfort of their retirement home.

At the end of the walking day, which could easily be considered superior to any professional petting zoo, we took part in entertaining team-building tasks in the company of two specialized horses in the stable. We had to measure ourselves in beautification and dexterity tasks, which for many of us was an exciting alternative compared to more common team challenges: We highly recommend this experience to anyone who has not tried to braid a horse's mane more beautifully and faster than their rivals in tandem with 10 their colleagues. In addition to how easily it strengthened team cohesion, it’s palpable how much the time spent together helps us to understand and empathize with the animals.

Based on our experiences here, we all decided to donate HUF 10,000 each to the association so that they can continue their valuable work. The day spent at TordasZoo was not only fun, but also educational and touched the hearts of all of us.

We hope that we will have the opportunity to enjoy similar experiences in the future and that we will be able to repeatedly contribute to the work of the animal shelter. We recommend everyone to visit TordasZoo and support this wonderful initiative!

Team building with TordasZoo Animal Rescuers

We are thrilled to announce that Peak has won the Startup Pitching competition at the MOI Conference in Vienna! Representing our team, Marton Suppan, Benedek Juhász and Kristóf Csányi showcased our innovative Parent & Child solution, an AI-driven platform designed to teach financial literacy to the next generation through hyper-personalized learning experiences.

Attending the MOI Conference was an incredible experience, filled with insightful discussions, groundbreaking ideas, and opportunities to network with industry leaders. We engaged with many inspiring individuals who are driving innovation in their fields.

Our Parent & Child solution leverages advanced AI technology to create tailored educational experiences, aiming to equip children and their parents with essential financial knowledge and skills. Kristóf’s compelling presentation highlighted the unique benefits of our solution, resonating deeply with the judges.

Winning this competitive pitch is a great achievement for Peak. We faced strong competitors, making our victory even more significant. We extend our heartfelt gratitude to Erika Krizsan and the entire organizing team of the MOI Conference for providing us with this platform to share our vision.

This win reinforces our commitment to innovation and financial education. We are more motivated than ever to continue our journey of growth and development, bringing more innovative solutions to the market and advancing financial literacy.

The vibrant city of Baku, Azerbaijan, recently played host to the Fintex Summit 2024, a significant event that brought together key players from the banking, fintech, and regulatory sectors. The two-day event, attended by nearly 1500 participants from 120 companies across Eurasia, highlighted the rapid growth and innovation within the region's financial technology sector. Among the notable attendees was the Peak team, who made a significant impact at the conference.

The Peak delegation, comprising Kristof Csanyi, Istvan Sajtos, and Georg Bendarzsevszkij, seized the opportunity to connect with a diverse array of fintech companies and startups innovating in payment solutions and other financial technologies.

A highlight of their participation was the meeting with Tamás Torma, the Hungarian Ambassador to Azerbaijan and Dániel Brenner, Hungary’s commercial attaché in Baku. This meeting underscored the strong diplomatic ties between Hungary and Azerbaijan and highlighted the importance of fostering business and technological exchanges between the two nations. The ambassador’s presence added a layer of diplomatic engagement, enhancing the overall networking experience for the Peak team.

One of the most significant outcomes of the summit was the signing of a collaboration agreement between Peak and AzFina, the Azerbaijan Fintech Association. This agreement, supported by Dániel Brenner, Hungary’s commercial attaché in Azerbaijan, is part of the Fintech Bridges of Hungary initiative, a non-profit endeavor aimed at helping Hungarian fintech companies enter international markets and vice versa. AzFina, representing 18 fintech companies, offers a wide range of technological solutions, including payment services, e-wallet solutions, and IT security. The collaboration agreement is expected to open new avenues for both Hungarian and Azerbaijani fintech companies, fostering knowledge sharing and joint ventures.

Azerbaijan's fintech landscape is characterized by a rapidly growing payment terminal ecosystem, a response to the country's low banking penetration rate. With only 46.26% of the population owning a bank account, payment terminal solutions have become essential. The Peak team had the opportunity to visit eManat, one of Azerbaijan's largest payment terminal providers, boasting nearly 5 million users. eManat's extensive network of 3000 terminals across Azerbaijan allows customers to perform a variety of financial activities, including peer-to-peer transactions, utility bill payments, and tax payments. This visit provided the Peak team with valuable insights into Azerbaijan's digital payment infrastructure and the innovative solutions driving financial inclusion in the country.

Looking ahead, Peak is enthusiastic about the prospects in the Azerbaijani market. The cooperation agreement with AzFina is a significant step towards solidifying Peak’s presence in the region and exploring further collaborations and innovations. Peak's participation in the Fintex Summit 2024 in Baku was a resounding success. The event not only showcased the emerging fintech landscape in Azerbaijan but also highlighted the potential for fruitful collaborations between Hungarian and Azerbaijani fintech companies. As Peak continues to expand its reach within the global fintech ecosystem, the experiences and connections made at this summit will undoubtedly play a crucial role in shaping future endeavors.

The Fintex Summit 2024 in Baku has proven that the Eurasian region is a hub of financial technology innovation worth learning from. For Peak, this event was more than just a meeting of minds; it was a testament to their commitment to expanding their impact globally.

Building Bridges: Peak's Success at the Fintex Summit in Azerbaijan

Peak is excited to share highlights from our recent participation in the Dubai FinTech Summit. Benedek Juhász, our COO, attended alongside Iván Muck, CEO of our strategic partner, ff.next and a Hungarian fintech delegation led by Dr. György Matolcsy, President of the Hungarian National Bank.

The summit provided a unique platform to engage with global thought leaders and pioneers. Dubai's dynamic ecosystem, with its innovative policies and strategic location, is shaping the future of fintech. Iván Muck noted, “Dubai is setting the pace for the future of fintech with its robust ecosystem and policies that foster innovation and attract top talent from around the globe.”

Dr. Matolcsy's visit to the Hungarian stand inspired attendees, reinforcing Hungary's presence in the fintech sector. His personal guidance, including the dedication of his latest book to young entrepreneurs, was invaluable. The Hungarian Fintech Association also forged a strategic agreement with the Dubai Fintech Association, opening new opportunities for collaboration.

"Our business trip to Dubai was a milestone in our MENA growth. We were able to establish valuable partnerships, understand the local market's needs, and form strategies to strengthen our presence in the region and create a unique value proposition for our clients," said Benedek Juhász.

The conference was complemented by the opening of Neumann János University's Dubai office, where Dr. Matolcsy emphasised the importance of knowledge in driving innovation.

Our participation in the summit was a significant milestone, and we look forward to returning to the Middle East with exciting new partnerships. Stay tuned for more updates as we continue to expand our presence in this vibrant industry.

Breaking New Ground at the Dubai FinTech Summit

On April 17th, the realms of fintech and artificial intelligence converged at the majestic Matild Palace for a groundbreaking conference. The eFinance & FINTECH Festival and the AI Business Forum Hungary brought together industry leaders from the fintech and AI sectors to explore and strengthen the synergy between these two fields.

The Peak Group was proudly represented by Benedek Juhász, CEO of COMET and Operational Leader of the Peak and Iván Muck, Co-founder and CEO of ff.next, who delivered one of the conference's most exciting presentations. Their talk, titled "AI and Automation in Design", focused on the transformative role of artificial intelligence and automation in the creative processes of design.

Iván delved into how AI technologies are redefining the agility and innovation capabilities of design processes. He highlighted the benefits of no-code tools like Framer, which empower designers to create sophisticated prototypes with minimal technical skills. He emphasized AI-based plugins that provide instant feedback during the design phase, allowing for rapid iteration and refinement of ideas. He showcased how an AI plugin could quickly develop a fully functional website, a task that would typically take much longer.

Innovative AI Integration in Design

Benedek discussed the critical role of design systems in product development. These systems, comprised of standardized components, help companies create cohesive, identifiable product experiences quickly and efficiently. He stressed the benefits of design systems in enhancing communication within teams by using a common language and standardized components. He mentioned the integration of tools like Figma, GitHub, and Notion, which facilitate easy sharing and synchronization of design elements across teams.

The Role of Design Systems

Both speakers expressed optimism about the future role of AI and automation in design. They reassured the audience that while AI significantly enhances and automates design processes, creative decisions will remain in the hands of humans, ensuring a personal and human-centered approach in design.

Future Prospects

Peak Showcasing Innovations at the Festival Where Fintech Met AI

Recently, our team at Peak and Comet had the pleasure of teaming up with the ff. next team for an engaging two-day Parent & Child (P&C) product development workshop in Vászoly, a picturesque village nestled in the Balaton Uplands. Over the course of these two days, we dove deep into redefining and reimagining our P&C products, which include our Family Banking (pocket money card) and our Financial Wellness (education) application.

The driving force behind this redesign was our plan to enter the American market. We wanted to integrate our insights gathered during our trips across the U.S., and the results of the comprehensive research we've conducted. We wanted to ensure that our products not only meet but exceed the expectations of our new audience across the pond, and the insights we've gathered were instrumental in guiding our redesign process.

What made this workshop stand out wasn't just the work itself, but the incredible atmosphere throughout the event. The time outside of our working hours was spent on team-building activities, which provided a fantastic opportunity for all members of the project team to get to know each other better. This not only made the workshop more enjoyable but also fostered a positive and collaborative environment for everyone involved.

Adding to the experience, the two amazing leaders of Peak and Comet took it upon themselves to cater for the event, serving up dishes that could easily give Michelin-starred meals a run for their money. Their culinary skills were a highlight, ensuring that we were well-fed with delicious food throughout our stay.

For those of us who like to start our day with a bit of physical activity, the mornings began with a run through the scenic landscapes of Vászoly. This not only energised us for the day ahead but also sparked conversations about organising a team entry into a running competition in the future.

In essence, the workshop was a resounding success, blending hard work with genuine moments of fun and team bonding. It's experiences like these that not only contribute to the development of outstanding products but also to the building of a strong, cohesive team. As we move forward with our newly refined products, we're more excited than ever to see how they'll be received in the American market and beyond.

Teamwork and Innovation: A Two Day Parent & Child Workshop in the Scenic Balaton Uplands

New York, Javits Center – The Convention Center, which recently underwent a spectacular renovation, once again hosted the NRF Expo, the largest assembly of retail innovations, this year. At the event, Peak, in collaboration with the Sesami team, showcased how new technologies and fintech innovations can transform retail.

The NRF Big Show, known as the world's most important retail event, provided an ideal platform for Peak to expand new business relationships and deepen existing ones. Over three days at the Javits Center, more than 40,000 visitors and 400 exhibitors gathered, representing major brands from Amazon to Microsoft to Shopify. Most exhibitors showcased their developments in artificial intelligence, suggesting that if the NRF offers a glimpse into the future, AI is poised to revolutionize retail soon.

We also tried out the most interesting demo: an entirely automated, AI-driven, self-service grocery store presented by Amazon, which brought the future shopping experience to the event. To enter, we just had to tap our phone, after which dozens of cameras monitored our movements. Upon exiting, there were no cashiers; instead, the products we selected were automatically charged to our card.

Sesami provided us with an opportunity to showcase Peak's solutions to visitors at their stand:

Sesami and Peak Joint Presentation

A video about cash remittance between Sesami's retail units:

A presentation on the joint Family Banking solution intended for the US market by Peak and Sesami:

You can read more about the joint plans of Sesami and Peak in the following article.

Alongside participating in the conference, we also had the opportunity to meet with Ryan Ghaderi, the sales lead of Northflank, one of our key technology partners.During this meeting, we agreed to develop a joint and integrated sales strategy between Peak and Northflank, setting the stage for strategic collaboration. Following this successful meeting, we plan to continue our collaborative efforts in Europe and will provide updates on the progress.

Northflank

New York NRF 2024: Where Peak Meets Sesami in Retail Innovation

Peak and Sesami partnership begins - Following negotiations at the end of 2023, we successfully kicked off our partnership with the world's leading cash management company earlier this year, starting Peak's US launch.

We met with the Sesami team in the autumn of 2023, and after the first meeting in Budapest, we visited the company's headquarters in Dallas in November with Peak founder Márton Suppan and Sesami's top management (Stéphane Gonthier - CEO, Nicolas Van Erum - CMO, Soji Skariah - MD & Head of Product). We spent two days in a workshop to lay the foundations of our cooperation strategy and agreed that the official starting point of our partnership will be the NRF conference in New York in January 2024.

After the US meeting, we started the preparations in our Budapest office, and as agreed, we brought two of Peak's digital solutions to the conference in a co-branded format. (Coincidentally, the primary color of Peak's new brand is almost identical to the secondary color of Sesami's identity, so there is great harmony in this field between us.) The debut in New York was a success - read more about the conference here - and we set out our goals for working together.

In the year 2024, we will sign our first US customer for the Parent&Child mobile app, while with the Remittance solution we will build an international remittance ecosystem with thousands of endpoints.

Márton Suppan, founder of Peak, summed up the start of the partnership between the two companies: “This year, we will take concrete steps: we will open our first joint office in the US, launch our co-branded solutions and sign our first joint customers. In addition, our team has been invited to actively participate in Sesami's product development and strategic planning processes, which will open up a new dimension in our collaboration.

Peak and Sesami partnership begins

Part of the Peak and Comet team is working remotely from Sri Lanka in November. Remote working enables our organisation to be exposed to new cultures and economies, creating a more vibrant work environment and versatile professionals.

Working from abroad is supported by Peak, as well as the technologies and software we use for our day-to-day operations. Communicating through Slack, working in Figma and Coda, among many others, enables our team to be flexible

Known for its picturesque jungles and mountain peaks, stunning beaches and sought-after surfing spots, Sri Lanka is located in South Asia. Sri Lanka is an emerging economy, with a GDP and Per Capita GDP below the average for Asian countries. With a GDP per capita of 3,354 USD in 2022, and an inflation rate of around 50%, Sri Lankan economy is in its development stage.

Albeit its low national income, Sri Lanka has a well-developed banking system, with 89% of the population having bank accounts. For comparison, the global average banked population rate in 2021 was 66%. The country has dozens of chartered banks, with the largest banks being People’s Bank of Sri Lanka, Bank of Ceylon (BOC), Sampath Bank and Hatton National Bank PLC (HNB).

Sri Lanka’s payment system has overseen rapid development over the last few years. Credit and debit cards are accepted at major merchants, as well as a large number of the SMEs throughout the country, even in rural areas.

One of the notable POS players in Sri Lanka are PAYable, providing low-cost mPOS and POS systems, having rolled out more than 50,000 devices to SMEs across the nation.

HNB PLC, in a partnership with Pay&Go, Sri Lanka's leading payment processing and collection company, have also introduced affordable mPOS and POS systems to SMB merchants, allowing them to accept low value payments as well.

Part of the Peak and Comet team is working remotely from Sri Lanka in November

The sky was blue and the air still hot in October as professors, attorneys and industry leaders started filtering into the little town of Tropea. By the sea and hanging precariously off from a precipice of exposed rock this was an ancient place. In neighboring villages people still spoke a dialect of ancient Greek from when Attic colonists settled here more than two millennia ago. For the span of three days this became the hub of Artificial Intelligence in Italy as the Techne e Sophia (Technology and Wisdom) conference opened its doors in the Palazzo Santa Chiara in the old town.

The topic was the Ethical and Legal questions facing Generative A.I. technologies. An anecdote that was told detailed how a depressed man who had been concerned over the state of the world in the future because of global warming had consulted with OpenAI’s ChatGPT to discuss this issue. Apparently, the man had construed from the conversation that the AI chatbot was advocating that his individual carbon footprint contributes to this potential cataclysm and on that advise the man committed suicide.

This highlighted one of the more salient question: the allocation of responsibility or tort in the event of something going wrong. Since the internal mechanics of A.I. are to a large extent a ‘black box’ it is impossible to ask why it had done a certain thing. Furthermore, if a person suffers harm or does harm based on the ‘advise’ of an A.I. who is then responsible? The company giving access to the A.I.? The person himself? The developer of the A.I.? etc. No clear answers were given to these questions, as none yet exist. However as the ubiquity of A.I. systems seems to be growing at an exponential rate, regulators, policy makers as well as  every actor involved will face the challenge of answering questions such as these.

Another topic of debate was the extent to which A.I. models and solutions could be patented. It was detailed how current European Union code prescribes that a successful patent application needs to solve a technical problem. However as part of the goal of an A.I. is to mimic or simulate human behaviour it is problematic to see where the technical ends and the human starts. This question perhaps will be on the minds of all of us as we venture into this new technological revolution. We all left Tropea full of thoughts and questions about the strange future we were about to journey into but at least happy that for now, there was still a last bit of sunshine in the Italian south before the coming winter.

Tropean Insights: Peak’s Takeaway from Techne e Sophia

Peak received the pleasure of being invited to one of the most prominent fintech conferences globally, Hong Kong Fintech Week 2023. Our colleague, Dániel Qayum was approached to attend as part of the Sponsored Journalists’ Programme by the Hong Kong S.A.R. Government.

Hong Kong boasts a flourishing fintech sector, characterized by a robust and dynamic ecosystem, encompassing a myriad of market segments. Local market participants operate across various fields, including blockchain and digital assets, payments and remittance, green finances and sustainability, as well as artificial intelligence and emerging technologies.

This year’s rendition of the Hong Kong Fintech Week was packed with valuable insights from thought leaders of the fintech space – government officials, executives, thinkers, regulators, creators and disruptors alike. With over 500 speakers, 700 exhibitors, and 30,000 attendees, there was no shortage of new ideas and perspectives.

Throughout the week, we attended numerous talks and panels, gaining valuable insights into the latest fintech trends and strategies. The event showcased a wide variety of companies with unique and intriguing solutions. The atmosphere was ideal for learning and networking, and we had many engaging conversations about potential technology partnerships and business opportunities that could benefit Peak's growth.

One of the key takeaways was Hong Kong's goals to become a center for web3 and sustainable finance, with a particuar focus on tokenization of real world assets and green financial solutions – two areas we are familiar through our work in Peak Advisory and Peak Media.

Overall, the organizers have created the perfect environment for meaningful discourse in fintech. Peak has had its fair share of promising discussions on new technologies, business strategies and partnerships. We are looking forward to sharing more in the near future.

Peak at Hong Kong Fintech Week 2023

From mid-October for a month, the founders and leaders of Peak Financial Services, Márton Suppan and Benedek Juhász, will be on-site preparing for entry into the American market.

The entry into the American market is being carried out in collaboration with the COLUMBUS private equity fund, whose primary goal is to facilitate the international expansion of Central and Eastern European small and medium-sized businesses, especially their entry into the United States market.

The fund has previously invested in an American fintech company, Orquid, with whom Peak has been working closely for months, preparing for entry into the American market and coordinating their joint office space in Los Angeles.

In addition to meetings and discussions with banks, credit unions, and diplomats, there will also be an opportunity to personally discuss plans for the services to be offered with leaders such as Stephen Cheung, President & CEO of the Los Angeles County Economic Development Corporation (LAEDC), and the World Trade Center Los Angeles (WTCLA), as well as Csaba Szabo, who is the Head of Business for North America at Nagarro.

Furthermore, to build relationships and prepare for various financial services, Peak's leaders will participate in the 'Money 20/20 Las Vegas' , which is the biggest event in the financial and technological innovation sector, and they will also have a chance to visit the Visa Innovation Center in San Francisco.

According to the plans, the focal point of Peak's American activities will be services related to family banking.  A significant emphasis will be placed on the development of cross-border digital remittances and other financial solutions (savings, investments, insurance, and lending) that can greatly facilitate and support the quick and easy handling of financial transactions between migrant workers and their families in their home country.

Preparation for American Market

RCBC, Hungarian FinTech partner to provide efficient digital banking service to OFWs

Peak, in a partnership with Comet , has released a Family Banking report analyzing California based credit unions. Focusing on financial wellness, Peak researchers analyzed credit unions operating in California based on their financial education programs offered to their members and the public, with special emphasis on youth financial wellness initiatives. The report is available for download through the Peak website. https://www.peakfs.io/assets/California%20Family%20Banking%20Report.pdf

Family banking services have seen large developments over the past years, with fintech companies offering sophisticated services to households to manage finances of both adults and kids. On the other hand, incumbents are yet to keep up. Financial wellness is part of family banking programs. Youth financial education programs offer financial institutions new channels to connect with the young generation, enabling them to secure the next generation of banking clients.

The California Family Banking Report  created by Peak takes a deep dive into the financial wellness offering of financial institutions chartered in California. The report lays out the problems associated with the lack of financial literacy in the US, provides a statistical analysis of California based credit unions and brings forth an analysis of GenZ and Gen Alpha digital preferences. Get access to the latest Family Banking insights through the Peak website.

The lack of financial literacy in the US is alarming, and the young generation is among the least literate. See how credit unions educate the youth to become financially independent.

Credit unions impress with financial education, but lacking youth initiatives

Close to half of the US population is financially illiterate, inducing great financial damages to households across the country. The youth, including GenZ and Gen Alpha are among the least literate, with K-12 educational curriculum lagging behind concurrent requirements. Credit Unions are at the forefront when it comes to educating the population. However, financial education programs designed for the youth are scarce.

With only 57% of US adults considered financially literate, the United States is among the worst performing within the developed economies. The typical US citizen loses $1819 yearly due to lacking personal finance skills. Personal finance skills allow individuals to save money more efficiently and access financial services with better conditions. Financially literate individuals tend to participate more in the financial system in general.

Credit unions are preferred by more than 130 million people across the United States. These institutions not only provide competitive fees and conditions to members - their popularity also lies in their delivery of great nonfinancial services as well. Part of these nonfinancial services are financial wellness programs. Close to 90% of credit unions offer financial education programs to adults, while 40% have financial wellness initiatives designed for the youth, focusing on GenZ and Gen Alpha.

Family banking services have seen large developments over the past years, with fintech companies offering sophisticated services to households to manage the finances of both adults and kids. On the other hand, incumbents are yet to keep up. Financial wellness is part of family banking programs. Youth financial education programs offer financial institutions new channels to connect with the young generation, enabling them to secure the next generation of banking clients.

The California Family Banking Report created by Peak takes a deep dive into the financial wellness offering of financial institutions chartered in California. Get access to the latest insights through the Peak website, for free.

California Family Banking report released by Peak

A collaboration is brewing in Hungary, ready to shake up the international remittance market

From Rustic Hills to A.I. Revolution: How a FinTech Bootcamp in a Secluded Hungarian Village Gave Birth to the Next Tech Phenomenon!

The calendar just hit September and the peaceful Hungarian village of Kisbárkány became an unforgettable host of a three-day bootcamp for experts in Fintech and AI. Sponsored by MBH (Magyar Bank Holding, part of Hungary’s largest bank conglomerate), and organised by the dynamic startup duo, Comet and Peak, the event finely blended learning and innovation in a relaxed setting away from the hustle and bustle of city life. Rich discussions, endless ideas and the calming atmosphere were all there to support friendship and common goals. The end of the bootcamp gave rise to promising projects and strengthened motivation to attend similar innovative gatherings in the future.

On Thursday morning, 21st September, the population of Kisbárkány, a little hamlet located in Nógrád county had almost doubled in the blink of an eye as attendees started to arrive. From youthful talents to acknowledged names of the field, everyone could leave the anxieties of day-to-day city life behind by entering Alpha-Valley, a place that truly represents an alpha state of mind.

With its main aim to forge a perfect synergy between experienced leaders of Fintech and AI, the bootcamp engaged all participants to enter a unique startup creating competition. The goal was to empower business minds with advanced tools of generative AI technologies, by allowing them to integrate technology modules similar to assembling Lego blocks - all these without relying on the technical specifics. The tranquil atmosphere of Kisbárkány acted as a catalyst, redrawing the boundaries of urban corporate life and enabling a free flow of imagination.

Under the coordination of Humanize, four teams were guided through the Design Thinking workflow. Design experts from Comet and tech experts from Peak contributed with prototype demonstrations and thought-provoking presentations, ensuring optimal utilisation of advanced technologies for each team.

The small village that turned into a home for intellectual exchange also generated uncountable ideas for innovation, giving true purpose to late night discussions accompanied by culinary masterpieces. This group of creative minds blurred the lines between structured deliberation and spontaneous interaction.

All teams had the chance to refine their pitches in the heart of Bedepuszta before the esteemed jury, including representatives from MBH, Peak, and Inholland University, arrived on the morning of the 23rd.

“Master PM,” a tool designed to optimise project management through AI, carried the day and proved to be the most outstanding one of all propositions. This innovative browser plugin seamlessly integrates with existing applications, operating discreetly during meetings to identify tasks and allocate them to appropriate team members, subsequently synchronising the gathered data with the team’s preferred project management application.

A close competitor was an application employing Speech-to-Text technology aimed at enhancing call centre operations by offering instantaneous, data-driven recommendations and reducing training time.

Paving the way for a reunion and ambitious talks, the final lunch saw participants, once strangers sharing diverse topics and future aspirations under the umbrella of team spirit.