Banks and other established financial players have not taken a liking to Fintech and digital currency just yet, as they see both industries as major competitors to their offerings. While it is certainly true Bitcoin and Fintech can bring significant improvements to the table, they should be seen as complementary allies who will bring success to the banking industry. Or that is what the Monetary Authority of Singapore seems to be thinking, at least.
Also read: Bitcoin Price Technical Analysis For 03/28/2016 – Looking To Buy BTC? Embracing Bitcoin and Fintech as a Bank is Necessary
There is no denying the banking sector has seen very little to no real innovation for quite some time now, opening the door for other players to step in and offer something entirely different. In fact, a lot of financial experts see Fintech and Bitcoin as two major threats to the banking system, which would explain the vocal opposition to any solution that is not controlled by a bank or government.
But the Monetary Authority of Singapore sees things different, as they feel both Fintech and Bitcoin are capable of complementing the current financial infrastructure, rather than be competing with banks. A combination of traditional banking with innovative technology and services has the potential to create a powerful and versatile financial ecosystem all over the globe.
Fintech startups and entrepreneurs are renowned for thinking outside of the proverbial box when it comes to accessing financial services. Particularly where the money lending and peer-to-peer aspect is concerned, most Fintech companies have a leg up over their more traditional counterparts. But that does not mean these startups are looking to overthrow the banking system, although they might be able to in the long run.
Any bank that is too slow – or simply unwilling – […]
