A New Age Of Financial Globalization Solutions

955 WordsJul 8, 20164 Pages
Hypothetically speaking, it is early on a Monday morning, and a banker in Thailand just woke up with another headache. It was like having had his worst nightmare—but for real! The fintech digerati had gone from nibbling at his assets to eating them up in great bytes! What is Fintech? The term, fintech, a contraction for financial technology, has been on the minds of bankers all around the planet for a while now. Social Science Research Network looks at fintech as an evolutionary term arising out of the ashes of the immediate past crisis (2008). Truly, as technology has enabled unique, financial solutions to meet the monstrous, demand for mobile payment convenience--in both developed and developing countries--fintech is causing headaches for banks, not directly due to fintech products and services, but rather due to who is disrupting the status quo by delivering them and to whom they are being delivered. To Regulate or Not to Regulate We have begun a new age of financial globalization solutions, albeit financial services have been a digital industry since 1998--but not without regulation. So far regulatory reaction to the dramatic changes being ushered in by fintech companies and their new applications, has been slow, giving these disrupters much-needed time to spawn. Cause and Effect “Banks have spent years building upon their core, which they control and trust because they built it,” wrote Chris Skinner last week in a BANKNXT article titled, Fintech 1, 2 and 3.0 …
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