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FinTech

Financial Technology

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Money FM 89.3 Show

FinTech

Career

I think the answer will highly vary depending on what the specific FinTech company does - that being said some of the roles that Kristal.AI is actively looking to hire in is the Data Analysis (ability to understand and glean insights from data points for both creation of trading strategies and customer behaviour) and Business Development (numeber of different functions including advisory, sales, business development and marketing) space. In regards with with the why - the latter is to grow top line, while the former is to improve the inner workings of the company. As a relatively new company (like most FinTech businesses are) we are in the growth phase looking to bulk up resources across the business.

Money FM 89.3 Show

FinTech

Savings

Cw Ho
Cw Ho
Level 4. Prodigy
Answered 2w ago
I would certainly see shake up and consolidation within next 5 years. It will be increasining difficult for the smaller scale Fintech to survive unless they have really outstanding ideas and business cases. Banks and Big Techs would start acquiring the more innovative ones. Digital banks will encroach into services provided by Fintechs. Hopefull true Open Banking will give rise to more interesting opportunities to Fintechs and xTechs.

Money FM 89.3 Show

Savings

FinTech

Paridhi Jhunjhunwala
Paridhi Jhunjhunwala, Associate at Kristal.AI
Level 6. Master
Answered 2w ago
Hi! FinTech is basically an upcoming trend globally. However, there is a wider impact in Singapore and other parts of Asia-Pacific because these are the developing markets of the world. Markets like Europe and United States are already developed and thus, the scope for a new idea to have major impact is lower. To know more about the impact of FinTech globally, click here. I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities. Happy investing!

Money FM 89.3 Show

FinTech

Trading

Investments

Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 2w ago
You fully take on the risk without knowing what they are doing. Sure, you might make money but how sustainable is it? It is better to learn how to fish rather than depending on others for your fish. Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

Money FM 89.3 Show

FinTech

As mentioned on the broadcast, the issue of trust is very present - are people willing to be putting money into things that are digital only (ie only see online) It is similar to evolution of online shopping - now we all trust that if you buy on Amazon you will get your item but (showing my age) back in the 90s - it wasn't clear who you could trust. Even for myself, I poke around a lot of different financial products, and while MAS is doing decent job in consumer protection, there is an implied "you must do your own due diligence" in their appraoch when I see stories of IT issues that lead to customers not being able to access accounts - it does mean I close the door on trying those providers

FinTech

Money FM 89.3 Show

Hahaha on the "who will get it" - thats the big question and if you know that then you must have some inside line to the MaS ! In terms of actual meaning - right now things, FinTech companies are restricted to certain activities (eg YouTrip cannot issue do loans, Funding Societies mentioned in broadcast about preference for invoice financing / receivable factoring coz unregulated). With a digital banking license, they would be able to do all the same things as your DBS/UOB/OCBC (albiet with hopefully a fresh look at systems/process to make things easier) so it would mean a lot more potential innovation (and hopefully improvements) in the way we do banking today.

FinTech

Money FM 89.3 Show

In terms of why caring - consider why to care for efficient markets - basically a solid competitive market would mean lower prices and costs which benefits everyone. Just on idea that it is coming for 'the longest time' and nothing really happening - One thing to keep in mind, a lot of the backend systems for financial services are very archaic and while not very visible, FinTech is helping a lot to improve efficiencies, which again would lead to lower prices in long run. One example - The SWIFT system which is the backbone of international remittances is basically a very very complex system of passing messages around... and with all the manual handling it is like a FAX machine rather than email. It is really that bad. Changes are happening there which reduce the frictions of moving money and the lower costs helps trade flows, workers sending money home, eases travellers on holidays, lots of things.

FinTech

Money FM 89.3 Show

FinTech is possibly too broad as it covers diverse areas like FX for travellers (YouTrip), Lending to SMEs (Funding Societies) and Robo-advisors (Syfe) each area would have its own regulatory challenges but unlikely all FinTech touches on illegal monetary transmissions. In terms of regulations - MAS recently reviewed the regulation of money changers and remitters and the outcome of the review was the new Payment Services Bill. The rules are largely unchanged and same as existing rules. MAS basically it is saying the existing KYC / risk management approaches are reasonable and should apply offline/online and existing entities and new FinTech players.

Money FM 89.3 Show

FinTech

Um. While there is a big push from government and regionally SG is strong, by any reasonable metric of size, the FinTech capital of the world is still London.

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Investments

Savings

FinTech

On the vulnerablility side - not so touched on during the broadcast but my two cents; Tech (in a general sense) has always been disruptive. The telegraph revolutionized sending messages and then it was supplemented by the two-way telephone and in turn supplemented by the many-way internet. Finance is being impacted along the way when telegraph came, price signals are transmitted much faster. the telephone immensely facilitated long distance business and now the internet is putting margins further under pressure. Finance is somewhat sheltered due to regulatory barriers (anti money laundering laws were set up in an age before money can be transferred with clicks on a keyboard) and so pace of change is not as fast as say pressure to travel agents / newspapers - but finance in the long run is just as vulnerable.