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ISSUE 1 | MARCH 2018


ISSUE 1 | MARCH 2018

DUFTS JOURNAL Editor-in-Chief Assistant Editor Assistant Editor

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Adam Forshaw Alexis Sterling-Stead Victor Gutierrez

What is FinTech? An Introduction to FinTech

Open Banking Unlimited Potential

Smart Contracts A Very Short Introduction

Future Payment Platforms The Blockchain Revolution

FinTech in Africa FinTech in Developing Countries

FinTech in Russia FinTech Trendsetter



FRONT COVER: BBC NEWS (2015) ‘London skyline’. Available at: INSIDE COVER: MEDIUM (2018) ‘The Blockchain UX’. Available at: Illustration by Dan Page.

What is FinTech? An Introduction to FinTech Euan Austin

Machine learning is not always used in finance. In the January/February edition of the Harvard Business Review, Davenport & Ronanki, writing in a piece entitled ‘Artificial Intelligence in the Real World’, point towards IBM Watson that has found uses, amongst other things, in healthcare. However, IBM Watson’s machine learning capabilities have also been deployed by Citibank since 2012, being used to improve customer interactions, evaluate risk and identify data patterns not intuitive to humans.

FinTech stands for financial technology. Many people have put forward definitions of the term, yet equally as many people have failed to authoritatively define FinTech. I will not attempt to do so here. It is impossible to accurately define the term at present as the FinTech ‘revolution’ is not yet over. When the dust settles, we might be able to formulate a clearer definition. Nevertheless, we can get a good idea of what FinTech is by looking at where it is present and what its main uses are. To my mind, a software, application or protocol can generally be described as ‘FinTech’ if: A. It is a technological innovation affecting how people and/or businesses transact in financial services; 
 B. It goes beyond the traditional application of technology to back-office processes;
 C. Its main aims are to (i) develop a businesses’s software, applications, processes and business models, or (ii) improve consumer access to and experience in financial services.

However, what about the other techs: the RegTech, InsurTech, WealthTech? It is not necessary to address this liturgical word salad. Look at it from the perspective that FinTech is a Caesar salad, or a Waldorf if you’re not an meat-eater. From the taxonomic penumbra, a clearer definition might emerge sooner than expected. EY’s FinTech Adoption Index was founded in 2015. Back then, only 1 in 7 digitally active consumers were using two or more FinTech services. Now, that number stands at 1 in 3. DTF (Down to FinTech?) Do you use mobile banking and ApplePay/. Android Pay/SamsungPay/WeChatPay/NFC? If so, welcome aboard! If not, using PayPal to topup your Circuit Laundry or buying drinks with contactless, very basic FinTech applications, would still bring you under the EY FinTech Adoption Index’s definition of a FinTech user. If you’re using FinTech passively, there’s still strong reasons to get involved. If you’re not using FinTech at all, there is even more reason to do so. Independent of career based motivations, of which there are many and which will be addressed later, if you consider yourself a responsible global citizen getting to know FinTech should be your number one priority.

The more pervasive FinTech and other technologies are, the easier it becomes to define FinTech. Let us look, for example, at ‘machine learning’. Machine learning is the application of software to a specific task to improve the performance of that task.


The World Bank’s 2014 Findex Report, measuring financial inclusion globally, found that two billion adults were unbanked. In developing economies, 46% of adults were unbanked and in developed economies 6% of adults still do not have a bank account. In ‘Blockchain Revolution’, Tapscott and Tapscott show the stirring reality of the situation. Children in developed countries have piggy banks; some Nicaraguan adult’s savings accounts are literally pigs or a single pig.

Of course, if that doesn’t motivate you, then, as Abel Tesfaye said, “money is the motive”. Having a deep and wide knowledge of FinTech will undoubtedly impress recruiters. Historically, it was the case that one had to be ‘living under a rock’ to have missed out on a paradigm shift as monumental as this. This idiom now no longer applies. Ice Rock Mining, a cryptocurrency mining company, are quite literally under a (very) big rock located at the foot of Kazakstan’s TransIli Alatau mountains. FinTech features wherever you are.

Unlike pigs, banks are relatively safe, provide an easy way to save money, and can extend lines of credit. Being able to access finance is essential for individual’s integration into democratic society. As the US discovered, real estate plus representation equals democracy. Or, if the country is not of a democratic leaning, then at least real estate plus representation equals political participation.

Is FinTech right for me?

Whatever your political leaning, there’s no greater heroic calling than to journey into the unknown, to alleviate the suffering of others, to push them onto the path to prosperity and to enshrine, elevate and ennoble their cause. After all, lowering barriers to financial inclusion and enabling new entrepreneurial models can give substance to the ideas of millions to the benefit of us all.

FinTech is an inclusive, open invitation to everyone anywhere to get involved in finance. I would encourage you to get involved whether your degree is or is not traditionally associated with finance. All degrees are desirable. Mitt Romney, co- founder of Bain Capital and 2012 Presidential Candidate, and Henry “Hank” Paulson, former CEO of Goldman Sachs and former United States Secretary of the Treasury, were both English graduates. Just because you’re reading ‘Sense and Sensibility’, it does not stop you from dabbling in SECs and securities. I’m down, but where do I go to learn more? DUFTS has produced ‘DUFTS guide to staying (f)informed’ to help you get started: You can find out how to learn more on, and teach yourself about, FinTech. If you’re enthusiastic to learn even more message us on Facebook, Twitter or send us an email. Please, use the contact information on the contents page. We look forward to hearing from you soon!


Open Banking Unlimited Potential Tiaan Coetzee

The exponential rate at which technology is improving has allowed companies who implement innovative approaches to traditional business models to steal a significant market share of various industries, if not completely dominating them. Thus, traditional models of doing business have come under increased pressure.

institutions. This is being implemented in conjunction with other safeguards such as 'the second Payment Services Directive' (PSD2) to aid the goal of reducing competitive advantages held by established institutions with offering payment and information services to clients. These safeguards not only produce regulatory and technological challenges to established financial institutions but also require major operational and strategic changes to occur.

For example, Uber, the world’s largest taxi company, owns no taxis, AirBnb, the world’s largest accommodation provider, owns no real estate and Alibaba, the world’s most valuable retailer, holds zero inventory.

It is hoped that these new regulations will bring prosperity to many FinTech companies who are able to adapt quickly to the changes and are expected to thrive in the new playing field. An example of such a company is Plum. Plum is a provider of savings accounts who hope to encourage greater saving and money management for its customers. This is done by analysing transactions undertaken by the customer and suggesting a suitable amount which the customer can save, which can then be saved for them automatically.

Traditional businesses have been forced to adapt or ‘die’ as innovative new business models look to increase their own competitiveness. In particular, a major change being brought about by FinTech start-ups around the world is the use of what is known as ‘Open Banking’. What is Open Banking? With the goal of increasing both the quantity and quality of financial services offered to consumers to aid them in their money management, open banking forces banks to make financial data about their clients accessible by trusted third party entities in an attempt to increase competition in the financial services industry, which has historically been uncompetitive due to the large barriers to entry. If authorised by clients, banks must provide information such as spending habits, regular payments, etc. with providers to other companies who will then be able to ensure that they are receiving the best deals on services such as phone and energy providers. Ultimately, open banking is trying to return control of their own banking data to customers and encourage switching between accounts and


Problems for the Effectiveness of Open Banking In addition to the issues arising out of financial institutions, the success of open banking depends greatly on the scale at which it is adopted by the general public. The figures relating to this are far from inspiring. Research undertaken by Accenture, a global management and consulting firm, showed that almost 70% of people would refuse to share their financial information with third party providers and 53% stated that they would never consider changing the way they bank. To maximise the benefits of open banking, mass adoption by consumers is crucial. Start-ups such as Plum and Bud face a steep climb as they work to overcome these challenges. "Open banking has the potential to transform consumers' relationships with financial products, but it hinges on consumers' willingness to embrace it," said Jeremy Light, a managing director at Accenture as part of its Payment Services Practice based in Europe. With the lack of clear targets put forward by banks and regulators to measure success and the omnipresent threat that Silicon Valley giants will enter the market and undermine the principal purpose of PSD2 by wiping out competition, only time will tell if the UK will be the pioneers of the new age of banking.


Smart Contracts A Very Short Introduction Euan Austin By definition, a smart contract is an automatable and enforceable agreement. Today’s antiquated arrangements are being retrofitted to reflect reality. Smart contracts have less room for human error, everything more-or-less happens in real time, and the contract’s terms are unambiguous and the results are predictable. Commercial efficiency and legal certainty are the order of the day. Smart contracts deliver. Smart contracts can be found on the blockchain. The blockchain is a distributed ledger technology (DLT). Simply put, the blockchain is a chain of blocks. Each block contains three key pieces of information: the block’s hash, the previous block’s hash and information. A block’s hash is its ‘fingerprint’. Like the way in which your fingerprint contains a unique pattern of arches and loops, a hash has a unique line of letters and numbers. These identify the individual block. Contained inside the block is information — the blocks contents if you will. Finally, the block contains the hash of the previous block. This ‘chains’ the blocks together. Like a crime scene investigator comparing prints, to verify the iteration of the blockchain they’re viewing is legitimate, users can check that the hash of Block #2 declared in Block #3 is the hash actually belonging to Block #2. Once verified, we know Block #2 and Block #3 are chained together. The blockchain stores information in a decentralised fashion, making it available to all users in real-time. Let’s unpack that statement. The blockchain stores information in blocks. It does so without a central point of failure because each node contains its own real time copy of the blockchain.

Blockchain’s distributed attributes makes immutable. It is unable to be changed. A malicious attacker desiring to alter the blockchain’s records would have to seize control of more than 51% nodes. However, the resources required to do so make it inexpedient in almost all cases. For our purposes, we do not need go deeper. A blockchain is a chain of blocks storing real time immutable data in a decentralised manner. So, where do smart contracts fit in? You will recall each block’s three elements: the block’s hash, the previous block’s hash and the information. Smart contracts are stored inside the blocks as information. Smart contracts are on the blockchain because the blockchain is immutable. Automatically exec using in a tamper-proof manner, smart contracts are able to meet the demand for commercial efficiency and legal certainty. Smart contracts ‘under the hood’ Now we know that smart contracts are automatable and enforceable agreements integrated into a distributed ledger storing immutable real-time information. We have examined the underlying workings of the blockchain and placed smart contracts within the system in which they function. With that knowledge secure, we can now examine smart contracts ‘under the hood’. Smart contracts use imperative programming. They contain commands for the computer to execute, telling the computer how to act as opposed to declaring what it should act out. Owing to their imperative programming, smarts contracts can branch conditionally. Conditional branching allows instruction sequences deviating from the original instruction set to be executed. This is not dissimilar to a flow chart. Where a decision has to be made, inputs may trigger decision A, leading to the instruction sequence A1, or decision B, leading to the instruction sequence B1.


Smart contracts and financial markets Let us put this logic into practice. You may know about derivatives. If not, it’s not a problem. At present all that you need to know is that they’re a category of financial instruments that can be used to hedge risk. The category of derivative we’re going to look at here is called a ‘forward’. A forward is a customised contract to buy or sell an asset at a certain price at a future date. Tar Sands Trevs, a renowned oil producer, believes the price of oil is going to fall whilst the Hatfield hedge fund believes oil prices are going to rocket. Trevs plans to produce 100,000 barrels in six months’ time. To hedge against predicted price swings, Trevs and Hatfield agree to the following: “a single barrel of oil will be priced at the current market price of $40.00 in six months, regardless of future market price.” Six months pass, and the current market price of oil falls to $35.00. Each barrel is $5.00 lower than contract price. The hedge funds have to pay the difference. How would smart contracts be applied here? A blockchain would store derivative transaction data and host automatically executable smart contracts. You will recall that smart contracts use conditional branching. This is applied here — the market price fell $5.00 below what was agreed to in the forward contract, thus executing the instruction sequence transferring the money to Trevs Tar Sands, as opposed to the instruction sequence sending money to the Hatfield hedge fund, was executed. This approach, as detailed by Linklaters and the ISDA in a 2017 report, is miles more efficient than current market infrastructure. A confession Now we have come this far, I should probably disclose that I haven’t been totally straight with you. Some ‘smart contracts’ aren’t ‘smart’ or ‘contracts’. They would better be described as ‘dumb obligations’. At present, they can be used in a limited set of scenarios and they’re not always, as the name suggests, legally binding. Nevertheless, the process I described above is legally binding. Therefore, forwards contracts conducted using distributed ledger technology (DLT) and smart contracts can be considered a ‘smart legal contract.

Smart contracts are written in computer code and not a natural language. It follows that smart contracts are good for executing on logical expressions, but not articulations of conscience or reason. Some contracts may require that a party behave in a “commercially reasonable” manner. How can a computer program determine whether a party is being “commercially reasonable”? We could examine all contractual scenarios and their iterations to agree on a global standard for “commercial reasonableness” in each instance. Of course, to do so would be practically inconceivable. If globally uniform standards of ‘commercial reasonableness’ were to be established, the dynamic complexity of social, economic and political change in each country would soon make these standards unbearable. The ‘smart’ smart contracts If having no prior knowledge of smart contracts, you had read the headline, you might have thought that smart contracts were concerned with bridging the gap between legal contracts and technology to make the creation, management and integration of contractual processes simple. Moreover, Ricardian smart contracts are more comprehensive than nonRicardian smart contracts. Ricardian contracts record all the intentions and actions of a contract before it is executed, whilst other smart contracts are limited to executing on logic. Ricardian contracts record all the intentions and actions of a contract before it is executed, whilst other smart contracts are limited to executing on logic. They may not achieve the desired intentions or outcomes. However, Ricardian smart contracts are presently limited to financial transactions whilst non-Ricardian smart contracts may not be. So, to sum up. Smart contracts are immutable, automatable and enforceable agreements stored on a real time immutable distributed ledger acting on live inputs. As seen in the case of Tar SandsTrevs and the Hatfield Hedge Fund , smart contracts are useful for financial instruments thanks to their imperative programming and conditional branching. However, it is often the case that these ‘smart contracts’ are in fact ‘smart legal contracts’, whilst what we believe to be ‘smart contracts’ may in fact be ‘dumb obligations’. Nevertheless, Ricardian smart contracts, which are more comprehensive and user-friendly than non-Ricardian smart contracts, meet the need for commercial efficiency and legal certainty.


Future Payment Platforms The Blockchain Revolution Victor Gutierrez

The Blockchain Revolution, which started in 2009, ushered in a new era for the development of financial technology, which continues to develop and become faster, smarter, and more adaptable to the ever-globalising world we live in. In particular, the idea of payment protocols or payment systems has been stripped down and rethought within the framework of the new field brought about by the creation of cryptocurrencies. Central banks around the world use antiquated wire transfer systems, with examples being the United States Federal Reserve’s use of ‘Fedwire’ or the Bank of England’s use of ‘Chaps’. Business and investment banks find it difficult to transfer funds quickly and internationally, and online payment services for the average consumer and small businesses have to deal with endless fees, slow transaction speeds, and currency exchange rates that are fluctuating constantly. A variety of potential solutions to these grievances have sprouted up over the years. These ‘payment platforms’ are all tied around a similar concept and design of being fast, able to travel internationally, and have low fees for consumers and users whilst being built on their own blockchains. I am going to detail what I speculate that the top four ‘payment platforms’ as of 2018.

Ripple Firstly, XRP, or ‘Ripple,’ probably has the most potential to shoot up in value this year out of the four due to its orientation as a product, its many partners, and a growing number of use-case tests. As a product, it seeks to become the main payment and remittance system for large firms to operate internationally on a low fee, high security, and instant basis.

Essentially meaning they want to become the main payment system for banks of all sizes. It is an ambitious goal particularly because of the conservative attitude of financial institutions towards disruptive financial technology and because of the massive gain in value that XRP could experience should it become widely used. Stellar Lumens Another coin similar to XRP is XLM, or ‘Stellar Lumens,’ created by the Stellar Development Team which was also created by the same developers of XRP after they left Ripple in 2014. Stellar Lumen’s concept is based around an open-source payment protocol system for exchanging money across the system to facilitate multi-currency transactions in the hopes of better managing micro-payments, creating a mobile money lending network, real time settlements, lower cost remittances, and most importantly, automatic currency exchange. The distinction to be made is that XLM is targeted at smaller businesses and individuals who might not have the resources to access money to use, send, or receive payments across the world or within their community. XLM has been picked up by non-profit organisations and most importantly, IBM, with whom they are working in order to increase the speed of international transactions using the platform and make the platform available to one billion people by 2020. OmiseGo and RequestNetwork Both XRP and XLM are just two examples of current payment platforms. Other examples include Omisego and Request, who are focused on Asian markets. Payment platforms based on the blockchain have the potential to revolutionise the finance industry for both banking institutions and individuals worldwide. I encourage everyone to definitely continue researching and purchasing these cryptocurrencies whether one believes in the technology behind them and sees potential in the use cases or just wants to make a quick profit.


FinTech in Africa FinTech in Developing Countries Sophia Gonella

FinTech’s seemingly ever-expanding growth in recent years has given rise to a multiplicity of innovative developments within the financial and political sector, with more corporations willing to integrate this technology into their own systems.

The ‘Global FinTech Report 2017’ estimates that 82% of incumbents will increase FinTech partnerships in the next three to five years, andvwith around 77% likely to adopt blockchain, the industry continues to attract ample attention from venture capitalists. However, this dramatic acceleration of FinTech use is not limited to developed countries. Africa possesses its own rising FinTech stars. Developing Africa Africa, home to 1.22 billion people, is seizing the attention of many FinTech investors. In 2015, ICE3x launched the first Bitcoin exchange in Nigeria, Africa’s most populous country. With an immense youth market of 33.6 million 18-35 year olds, the country soon became the largest recipient of remittances which, according to the World Bank, was $21mn. To further this success, the company has recently seized the opportunity to also launch cryptocurrencies Ethereum and Litecoin. Alternate companies such as M-Kopa, which connects to over 500,000 homes through its pay-as-you-go solar power model, claims a rank of 34 on MIT’s top 50 smart firms listed ahead of giants like Adidas, Snap and HTC. Most notably, there has been a considerable rise in mobile banking in Africa, with Safaricom’s notorious M-Pesa grappling with new financialtechnology it can offer to the 50% of Kenyan adults who currently have an account with them. M-Pesa, which was formed in 2007 and now links with PayPal, is hailed as an example of the transformative impacts of FinTech on a country.

With mobile payment commerce transactions valued at KES447.4 billion, it is estimated to have lifted 2% of Kenyan households out of extreme poverty whilst allowing over 185,000 women to enter the business world rather than having to remain in subsistence farming. In this sense, FinTech and mobile banking can be recognised as mechanisms for development in less wealthy countries. Financial (Inclusion) Technology Mobile payment platforms are considered to be a major force pushing for financial inclusion across Africa. Financial inclusion has already rocketed from 21% of people with a financial account in 2011 to 63% in 2014, displaying a growth of more than 200%. As the process continues to evolve with new developments in the FinTech industry, there is certainly space for high profile firms to invest. There is an opportunity for Bitcoin to lever African banks through bulwarking disruptors and promoting financial transparency to provide convenient andsecure banking services.


Nevertheless, the World Bank notes that sub-Saharan Africa remains an expensive region. With remittances being the biggest source of foreign investment in Africa at an average cost of 9.5%, this detrimental issue requires a solution. Bank penetration in the continent is a mere 35% and a lack of adequate infrastructure, utility and intergovernmental data connectivity poses further problems, evidencing a clear gap in the continent’s market for FinTech and mobile banking companies. China’s role There is an immense opportunity for reducing the cost of transferring money into and across Africa. Standard Bank, Africa’s largest asset lender, did exactly this in 2015 when it partnered with tech giant WeChat to fix a stake in Africa’s growing mobile payment market. The collaboration, initially launched in South Africa, offers users access to P2P monetary transfers and in-app payments, amongst other things. China is eager to take on this role, also investing in South African micro-jobbing service Money for Jam. China is at the forefront of financial innovation and considering the significant investment in countries such as Ethiopia, Zambia and Kenya, a focus on African FinTech could be seen as a feasible extension of this. Chinese companies are driving huge change in East Asia through the innovativeness of their products and the ability to capture markets accounting for 3 or 4 billion users. This demonstrates their potential which could, in turn, be applied to Africa. Conclusion Financial technology is proving to be revolutionary not only within technologically developed areas, but amongst less wealthy nations, demonstrating its ability to act as a platform from which business and trade can grow. The benefits of FinTech are endless; mobile banking can advance financial inclusion, crowdfunding can raise money for developmental projects and citizens can gain access to an increasingly interconnected world which they themselves can contribute to. In this manner, it is vital that FinTech giants such as those in China lead the revolution in spurring technological growth within Africa.


FinTech in Russia FinTech Trendsetter Adam Forshaw

It is no secret that Russia is making great changes in the world of finance technology, clearly preparing itself to become a world leader in the industry, and Russia’s Prime Minister Dmitry Medvedev is a well-known proponent of blockchain. In March 2017, he created a working group with a focus of researching possible uses of blockchain in state governance. A few months after that at the St. Petersburg Economic Forum, the First Deputy Prime Minister Igor Shuvalov referred to blockchain as “the number one task”. The latest move in such a direction by the Central Bank of Russia is the approval of a regulatory framework for the development of finance technology in the period of 2018 – 2020. In this framework many things are detailed, including guidelines on how to better enhance the flexibility and adaptability of finance technology regulation, as well as the creation of a regulatory environment for the Bank of Russia. The aim of these guidelines is to even out the playing field for market participants as well as enhancing competition in the industry and increase the quality and range of financial technologies available. Reported in the IBS Intelligence journal, the First Deputy Governor of the Bank of Russia Olga Skorobogotova said, “We will have to make considerable efforts to align large-sale projects involving many participants, to synchronise project solutions and harmonise interaction standards for infrastructure components.

A helping hand The implementation of projects in the framework of the Guidelines for Financial Technologies Development will boost the digitisation of the financial sphere and raise the financial inclusion of households across all Russian regions”. Also in the guidelines, the central bank names artificial intelligence, robo-advisory and distributed ledger technologies (DLT) as some of the financial technologies with the biggest potential for the period. Russia has also been at the forefront of ICOs, with this being a very popular method of raising large amounts of capital for finance technology projects in the country. On January 25th however, the Russian finance ministry published a new proposal which would outline new requirements for ICOs. The main focus of the draft bill is that there would be a limit of 50,000 rubles (around $900) for inexperienced investors.It also brings into line more transparency with ICOs, including the demand for the full name of the token issuer as well as the project’s website and network provider.

The CryptoRuble Another large area of interest for the Russian government in the world of finance technology is with the creation of a Russian cryptocurrency. Since 2015 there has been talk of a state sponsored ‘CryptoRuble’, but it is a controversial subject for many at the top.


In December 2017, the Deputy Finance Minister and the First Deputy Governor of the Russian Central Bank both expressed that they did not think is was necessary for the state to issue its own cryptocurrency. However, the head of the Russian Association of Cryptocurrency and Blockchain (RACIB), Arseniy Sheltsin, has said that the project will be officially presented and discussed in 2018 with the issuing of the coin itself in the middle of 2019. The CryptoRuble itself, if it does go ahead, will be a difficult project for the international finance community with regards to the current sanctions against Russia. Sergei Glazyev, an economic advisor to President Vladimir Putin, said that the CryptoRuble could help alleviate the financial pressure of Western sanctions, as was reported in the Financial Times on January 1st earlier this year. Whatever the result with these two developments in the coming months, and even years, we will see whether Russia is serious about its intentions to become a world giant in the industry of finance technology, or whether it doesn’t have the resources and expertise to carry out such large projects.


MEET THE EXEC EUAN AUSTIN Co-Founder and Co-President

SOPHIA GONELLA Co-Founder and Co-President

Euan is a first year Law student at Van Mildert College. He also writes for LinkedIn, The Market Mogul and The Chain Magazine covering FinTech in general, with a particular focus on blockchain technology.

Sophia is a first year Law student at St. Cuthberts College. She writes about FinTech for The Market Mogul. Sophia is also member of Lawyers Without Borders and the Bar Society.

ADAM FORSHAW Editor-in-Chief

HASSAN HAFEEZ Vice President

Adam is a first year MLAC student at Grey College, studying Russian and Arabic. He spent his gap year in Moscow, interning at SCHNEIDER GROUP.

Hassan is a second year Finance student at John Snow College, COO at The Future Financiers and VP at Durham University Trading and Investment Society.


UMAR TARIQ Treasurer

Tian is a second year Finance student at Stephenson College, and a Senior Author at The Market Mogul. Tian is also an Investment Fund Analyst for Durham University Finance Society.

Umar is a second year Finance student John Snow College, and CIO of The Future Financiers.


GABBY BURTON Events Officer

Alexis is a first year Economics student at Van Mildert College. She is a member of Durham University Women in Business and Bridge Society. She is also the Assisstant Editor of the DUFTS journal.

Gabby is a first year Economics student at Van Mildert College. She is a member of debating, Rugby, Netball and Bridge Society.

DUFTS Journal #1 ( March 2018)  
DUFTS Journal #1 ( March 2018)