Financial technology—also known as fintech—is a fast-growing field that gives a wide range of people access to financial services once available only to the elite. A new report called “Money of the Future,” which takes a close look at this phenomenon, was recently released by INSEAD of Fontainebleau, France, and Life.SREDA, a fintech venture capital firm based in Singapore.
The report includes raw data about the “money of the future” and discussions of topics such as remittance tech and mobile point-of-sale (mPOS). According to the authors, Asia is currently the hottest market for fintech, and crowdfunding will continue to gain traction. While fintech is especially important to startups and VC firms, it will be crucial for government agents also to understand how the technology works. “
The business model of the traditional financial services industry is ripe for disruption,” says Serguei Netessine, Timken Chaired Professor of Global Technology and Innovation and Research at INSEAD, director of the INSEAD-Wharton Alliance, and a contributor to the report. “Current major players in the industry will need to rethink their business models or risk being made irrelevant relatively quickly.”
The report is available at lifesreda.com/MoneyOfTheFuture_2016_eng.pdf.