Thursday, May 12, 2016

Fintech

"Fintech is challenging the status quo of the financial industry. New business models will emerge. Delivery channels will challenge existing norms. Transaction costs will be reduced.

"Rather than looking at the fintech revolution as unwelcoming, financial institutions ought to embrace it as an opportunity,” Muhammad said yesterday at the Global Islamic Finance Forum 5.0 (GIIF 5.0). via thestar
Fintech is disrupting financial sector. This is really nothing new. We see things like Pay Pal, Ali Pay, Wechat payment, etc become more and more popular. What I think is interesting is that Malaysia banks are recognizing this and is now taking steps to embrace this technology. Another technology that is also coming in strong into the industry is blockchain, the technology powering bitcoin. Innovation is such a wonderful thing as it is challenging the norm and making our lives, as consumer, so much easier and better. And innovations breaks tradition and breaks apart any hold that corporations want to shackles on consumer. I wish I have the knowledge and tech savvy to be part of this revolution. Back to the books maybe?

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