01 Dec '17, 1am

Rise of the chatbots: Here's how Singapore's big banks are adopting #fintech

Rise of the chatbots: Here's how Singapore's big banks are adopting #fintech

54% of fintechs have focused on banks. Singapore is already recognised as a top global fintech hub, thanks to government support and proximity to expertise. The year hasn't ended yet, but the sector has already transformed the banking landscape, UOB Kay Hian said. The firm identified two fintech business models, namely, competitive, which directly challenges incumbent banks, and collaborative, which enhances their positions. Those in the latter gathered more traction. Investment in collaborative fintech companies increased 138% as fintechs increasingly view incumbent banks as potential partners. As a result, banks have also seized the opportunities by collaborating and investing in fintech companies. Amongst fintech companies, those within the banking & payments subsector took the lion's share at 54%. DBS has redesigned its IT infrastructure, leveraging on big data, biomet...

Full article: http://asianbankingandfinance.net/banking-technology/in-f...

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