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Fast evolving fintech scene threatens to upend universal banking

Traditional banking model of being all things to all people requires greater consideration than ever, say analysts

Singapore

NEW technologies, changing consumer demands and tougher regulatory requirements have fuelled the rise of financial specialists - banks or fintechs that operate within a narrower segment of the financial services spectrum.

Although the universal banking model is not obsolete, analysts said the banking model of being all things to all people requires greater consideration than ever.

Among the more recent big banks to move away from universal banking is US-based Citigroup.

As part of its global restructuring plan, Citigroup announced last April it would exit its consumer banking business in 13 markets - 10 of them in Asia - to grow its wealth business.

Singapore bank UOB, which has been eyeing...

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