The summit kicked off for the 10th time in Lisbon, and here are a few signals that could be the next game-changers.
1. The potential of PIX, an instant payment system
“PIX is a next big thing,” according to Web Summit Founder, Paddy Cosgrave .
Brazil’s instant payment ecosystem, Pix, was launched in 2019 and became fully operational in 2020. It has rapidly become the country’s primary payment system, with over 90% of Brazilian adults adopting its use for financial transactions. Pix has helped facilitate transactions for 71.5 million individuals who had not made electronic transfers over the year prior to its launch, boosting financial inclusion.
Pix allows for instant payments between individuals, companies, and the government. It is seen as having the potential to expand quickly to other countries in the so-called Global South, offering a system that reduces dependence on the US dollar and other networks like SWIFT.
2. Lisbon’s blueprint for innovation in social justice, culture, and art
“Let me tell you just two things that I think are essential for innovation… One is social justice. And I think there’s a secret ingredient, which is culture and art,” said Mayor of Lisbon Carlos Moedas. He was sharing the vision for Lisbon’s next decade.
Lisbon’s tech growth is significant:
- 82 tech companies have established a presence in the city, creating more than 16,000 jobs.
- The Unicorn Factory of Lisbon, launched in 2022, has grown to host 16 unicorns with offices in the city.
- The city’s 17th unicorn will be launched at Web Summit.
The Mayor emphasised that for innovation to be sustainable, a city must also invest in social welfare, noting that social friction can destroy innovation.
- Lisbon is among the 100 cities chosen by the EU Commission to become carbon neutral by 2030, and Lisbon Sustainable Companies Platform attracts corganisations with strong environmental commitment.
- Lisbon aims to empower citizens to lead the cultural scene by providing neighbourhood spaces, tools, and equipment to create and showcase their own artistic projects.
3. Portugal’s push to become an artificial intelligence superpower
Minister Gonçalo Saraiva Matias highlighted that “Portugal is positioning itself as a leading European hub for AI megafactories, with an estimated investment exceeding €16 billion“. This project will reinforce national and European digital sovereignty.
Portugal is also advancing key initiatives:
- A national AI agenda is expected in the coming weeks to connect technology, economy, and sovereignty.
- “Amalia,” Portugal’s large language model introduced a year ago, is helping citizens navigate public services and acting as an AI tutor.
- The Digital Skills Pact was launched, aiming to train over 2 million citizens in digital skills by 2030.
Portugal’s government is actively supporting the AI megafactory application with the European Commission and international tech companies, with one project alone involving a €4 billion bid for an AI gigafactory in Sines.
So what? These three takeaways suggest possible futures where:
- The financial landscape may shift towards decentralised, cross-border payment systems like PIX, challenging the established dominance of the US dollar, traditional card networks (Visa, Mastercard), and digital coins. What if our credit cards become obsolete?
- Successful cities may be redefined not just by capital and unicorns, but by integrating social justice, culture, and art as essential ingredients for sustainable, human-centred innovation. What if social and environmental objectives become city’s mainstream?
- Digital sovereignty becomes a strategy with nations like Portugal making massive, strategic investments in AI infrastructure and homegrown LLMs to become global leaders in technology. What if the world grows more disconnected in the race for AI dominance? Who will be left behind?
