For the past decade, fintech companies—technology firms that focus on financial products and services—have moved quickly, forcing incumbents to rethink their core business models and embrace digital innovations. But now, the fintech industry is itself maturing and entering a period of rapid change. Companies wondering how they will fit into this new era must first understand the forces that are pushing the changes.
FinovateEurope 2017 (europe2017.finovate.com) is returning to London on February 7 & 8, when over 70 handpicked companies will take the stage at Old Billingsgate Market Hall to demo their latest financial and banking technology innovations.
Recently, Wdzj.com and Yingcan Consulting jointly released the "October 2016 Online Lending Platform Development Index Rating". According to the chart, Dianrong.com has once again risen to among the top three on the "Top 100 Chart" for Online Lending Platforms.
Oscar Sala - Head of Product Strategy at STRANDS; Vice-dean at COEINF of science, art and computer technology
“Should we display the information of current clients on other banks on our online services?
Chinese cross-border e-commerce marketplace DHgate.com and Ping An Bank announce their program 'Hui Kuan Bao,' a merger between internet finance and supply chain finance, with a 100 million yuan credit plan to benefit businesses utilizing DHgate.com's internet finance portal DHfinet. 'Hui Kuan Bao' will allow DHfinet users to reduce their capital turnover period from 2 to 40 days.
A storm is brewing in global retail banking. In the post-Global Financial Crisis era, financial technology (fintech) businesses have encroached not just upon the periphery of finance
(such as payments), they have assumed a place in core banking activities like lending and wealth management. Fintech investments more than doubled in 2015 and there are 19
fintech unicorns (companies valued at US$1 billion or more) globally that are in a position to challenge banks.
DHGate is a major B2B e-commerce platform. It connects 1.2 million Chinese suppliers (carrying 40 million products) to 10 million global buyers in 230 countries. DHGate has incubated innovation in the cross-border ecosystem. It has a dedicated Trust and Safety team that works on product verification, quality assurance and buyer and seller safety. In addition, DHGate provides training to SMEs on cross-border e-commerce. Through the APEC network, thiis training has been provided to thousands of SMEs in 25 countries.
More than half of all banking customers have turned to fintech startups to cater for their financial needs, according to a global survey by Capgemini.
External forces from demographic, social, economic and regulatory phenomena have contributed to one of biggest revolution in the banking world: the emergence of challenger banks. Digitally-focused challengers such as Atom, Fidor Bank, Mondo and Starling, have grown significantly in 2015 and 2016, fueled by changing customer expectations, the new Generation Z, the heavy smartphone use in accessing finance and emerging technologies.
