Banking, fintech tie-ups represent a potent force

Singapore

THE digital revolution has been accelerated by the merging of mobile technology, networks and big data. Between them, they have redefined many industries. From transport to retailing, whole sectors are being disrupted, and companies such as Uber, Alibaba, and Airbnb are seriously challenging the status quo.

These businesses have succeeded by combining innovation with better customer experiences. Alibaba's vision is to "become more a part of peoples' lives" and "fulfil all their needs". It has moved beyond its core activity of e-commerce to offer digital platforms and mobile apps that enable customers to invest, secure loans, make travel reservations, and consume digital entertainment and news. All these services are supplied by Alibaba's companies or its partners, and are accessed through Alipay, its payments platform. Alipay is one of the biggest payment companies in the world with over 450 million users. It processes 170 million transactions daily.