Insights into Fintech
DMS organised an expert talk on the topic: Insight into Fintech which was delivered by an eminent Professor, Prof. Nafis Alam, School of Business, Monash University (Malaysia)
The session was focused on how fintech is both empowering and disrupting the financial industry and what are the opportunities for the incumbents.
The banking and financial landscape in the last decade has been inundated with ‘technology’. Financial Technology (FinTech), Insurance Technology (InsurTech) and Regulatory Technology (RegTech) are just some of the new buzzwords. Fintech is a new generation of tech-savvy firms that are supported by disruptive technologies such as behavioural and transactional analytics, machine learning, big data, blockchain, biometrics, cloud and mobile. Fintech would allow conventional market participants to overhaul the old-fashioned procedures, operational model and their infrastructure which eventually renovates the end user experience.
Close to 80% of Fintech investments happen in the US, while it is growing rapidly in Europe, Asia-Pacific and the rest of the world.Over the past few years, fintech companies have meaningfully disrupted the financial services landscape and have empowered the financial industry by leveraging on cutting-edge technologies. Well-established financial regulation is the key to innovation in the financial services industry; and with the emergence of numerous startups in the domain of payment, remittance, open banking, digital currency, there is much more need of formal regulation and oversight for the new participants of the finance industry.
Overall the session by the learned Professor was very informative and students thoroughly enjoyed the learning.