Officials in Singapore and Germany have said the value of fintech is more likely to arise from its crossover with traditional financial institutions, rather than by eating into a sector long dominated by banks.
Speaking at the German-Singaporean Financial Forum in the city-state on Monday, a representative of the Monetary Authority of Singapore (MAS) outlined the regulator’s plans to ensure the financial scene remains balanced between fintech start-ups and legacy banks.
“The general consensus is that many fintechs and the established financial institutions will collaborate,” said Ong Chong Tee, the MAS’ deputy managing director.
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