Fintech: World's biggest banks seek level playing field

Davos

FINTECH was every banker's buzzword at the World Economic Forum, as leaders of the world's largest financial companies both touted the potential of new innovations and leaned on regulators to control the startups threatening parts of their business.

Deutsche Bank AG chief executive officer John Cryan predicted the disappearance of physical cash within a decade. Bank of America Corp CEO Brian Moynihan said his firm now spends US$3 billion a year, more than 5 per cent of total expenses, on coding. JPMorgan Chase & Co and Banco Santander SA announced an investment in ex-banker Blythe Masters' blockchain startup.