Banks and fintech: Better Connected

17 October, 2016

Banks and fintech companies are realising that their best prospects lie in working together. But the relationships come in many forms and regulators are starting to pay closer attention.

Fintech, or financial technology, has been relatively slow to gain momentum in Asia but is now seeing its moment in the sun. In a report earlier this year, consulting firm Accenture found that fintech investment in Asia more than quadrupled in 2015 to $4.3bn. During the first quarter of 2016, fintech investment in the region rose 517% making Asia the second largest region worldwide for investment into financial technology.

For the region’s banks, the surge in interest is something of a doubled edged sword. In a survey, PricewaterhouseCoopers found that 81% of banking chief executives are concerned by the pace of technological change and 70% of leaders in the industry feel the same way. Some are partnering and investing in fintech startups while others are trying to create innovation incubators internally.

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"". by Ellen Sheng