It's difficult to pinpoint who invented the car, but Karl Benz is most often identified as the inventor. He patented the three-wheeled motor car called "Motorwagen" - in 1886. It was the first modern automobile.
A century later, in the 1980s, Ernst. Dickmanns of Germany converted a Mercedes-Benz van into an autonomous vehicle, guided by an integrated computer. In 1987, the car managed to travel through traffic-free streets at a speed of 63 km an hour.
Google, Tesla and Uber got into the self-driving car business decades later.
In October 1994, Dickmanns' team. picked up a group of high-profile guests from the Charles de Gaulle airport in Paris, drove them to the nearby motorway and switched the two cars into self-driving mode. A year later, the team took a reengineered car on a 1,700-km trip, from Bavaria to Denmark, at a speed of at least 175 km per hour.
Benz, Dickmanns and others like them are great innovators and have enormously contributed to the evolution of human civilisation. But did they have the licence to drive a car violating traffic rules? The same applies to the current fintech sector. Innovations are welcome and there is no conflict between innovations and regulations.
By the way, what's fintech? According to the Financial Stability Board (FSB), fintech is "technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services". FSB, headquartered in Basel, Switzerland, is an international body that monitors and makes recommendations on the global financial system.
The first transatlantic cab (1866) and Fedwire (1918) in the US marked the first stage of fintech as they enabled the maiden electronic fund transfer, using technologies such as telegraph and Morse code.
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