Fintech businesses in Asia will only survive and thrive if they adopt partnership models with existing traditional banking players, according to leading players in the online finance industry.
Kevin Phillips, Head of Corporate Development for Peer to Peer (P2P) small business loan start-up Kabbage, said it didn’t make sense for such businesses to take on the financial powerhouses.
Speaking at the RISE Conference in Hong Kong, he said, “A smartphone will be the channel for banking in the future. But it has two impediments. Security and the fact that our fingers haven’t evolved yet to fit the screen on the tiny keyboard.”
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Source: Asia Finance