Fintechs Not Foes To Banks, Insist Regulators

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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