Fintech: technology application in the financial product ecosystem
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Recent success in the technology sector has witnessed the transformation of start-up companies with relatively small or no seed capital into billion-dollar companies within a very short-space of time. From the advent of taxi-hailing apps (aka Uber, Lyft and Grabcar) to accommodation (eg. Airbnb), smartphone applications and web-based platform provide the evidence of this growing phenomena. The application of technology in the financial sector has 'disrupted' the traditional 'brick-and-mortar' style distribution channels and if not embraced, would cause the current financial sector to lose a substantial portion of their businesses (estimated between 20% to 40%) to firms using 'fintech'.
Fintech , Financial technology , Fintech ecosystem
Mahomed, Z., & Ramadili Mohd, S. M. (n.d.). Fintech: technology application in the financial product ecosystem. Malaysia as a Global Hub for Fund Administration, pp. 17-36.
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