It was great to see so many familiar faces at Money20/20 in Las Vegas this week, the payment industry’s biggest event of year. If you didn’t make it or simply had three days of back to back meetings, let us distill down the biggest trends. Let’s start with international payments before we look at some broader insights. 1) B2B Cross-border payments is where a lot of the opportunity remains It is simply a much more fragmented market than consumer with many more complexities: 2) The tech giants are largely staying out This topic came up on a regulatory panel. The general consensus is that with the tech giants making super-normal profits, why would they want to enter highly competitive, heavily regulated financial space? Payments is a small percentage of their underlying margin and brings disproportionate risk. So for all the talk of Amazon, Google and Facebook being able to take over payments, nothing suggests they are actually going to do it. 3) Emerging markets will not be an easy win Latin America received a lot of attention at the event but the evidence continues to suggest that it is local companies with local expertise that are winning in the region. There are very few case studies of overseas companies successfully entering these markets. What does that mean? Partner up or acquire and be wary going alone.