In London, Berlin and San Francisco, many fintech innovators are betting against the big banks. Singapore, typically, is trying to play both sides of that bet. It wants a thriving fintech industry that supports, rather than undermines, incumbent big banks.
In London, Berlin and San Francisco, many fintech innovators are betting against the big banks. Singapore, typically, is trying to play both sides of that bet. It wants a thriving fintech industry that supports, rather than undermines, incumbent big banks. The MAS has vowed to invest S$225m ($158m) in fintech by the end of 2020. Sopnendu Mohanty, its fintech guru, says he wants to attract fewer “disrupters” than “enablers”. He hopes fintech can help banks by cutting expenses and opening up new sources of revenue, through products that can slot into banks’ front- or back-office systems. The idea is to combine the cost-effective nimbleness of fintech with the trust, solidity and customer base of mainstream banks. Translation: even if you can beat them, join them.
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