While the UK and the US share most of the financial technology (fintech) limelight, other countries are emerging as strong players. Digitisation is a disruptive force; status as a traditional global financial centre does not necessarily guarantee fintech domination.
Singapore-based bank DBS and consultancy EY recently claimed that China had leapfrogged the UK and the US to become the “undisputed global fintech hub”. Neal Cross, DBS chief innovation officer, says: “China’s landscape has operated in a sandbox-like environment conducive for fintech – a strong domestic market, coupled with a constant push for innovation and experimentation driven by leading banks, unhindered by international influence. Much of this can be attributed to the favourable government policies and regulations.”
