Is FinTech a looming threat or a game-changing opportunity?
Financial Technology (FinTech) is the revolution that is upending the financial services industry across all its channels. Much discussion is brought out on how FinTech is bridging the gap between financial services and technology sectors, shaking up the industry in such a significant degree and eliciting a sense of uproar and change. For the most part, the uncertainty on everyone’s mind takes its form in this question: "Is FinTech a threat against traditional stocks or an opportunity of a lifetime?"
In light of any revolution, good fortune shines upon the decisive ones who braved the risks and took on the challenge of adapting and navigating the uncharted industry. In fact, the ones who refuse to dip their feet into FinTech are almost certain to lose out, despite the apparent risks.
For Southeast Asia, preparing for the FinTech disruption requires substantial effort and education. However, reports show that the general financial institutions are at the very least in consideration of the FinTech question.
From 2015 to mid 2016, up to US$345 million was poured into FinTech in Southeast Asia. The attractive growing economies make it doubly rewarding for new market entrants. For companies and firms in SEA, time and proper attention should be dedicated towards the subject of FinTech. A widespread conversation should be held to compare regional perspectives against global insights, and offer strategies on how they can embrace the rise of the FinTech industry.