Increasing fintech won't displace banks: Moody's

Singapore

THE rise of financial technology (fintech) firms highlights the shift to digital in financial services but banks will retain a place at the centre of the industry and continue to work both alongside and in competition with new entrants, said Moody's Investors Service.

In a report released on Thursday, Moody's estimated the number of fintech-related startups at 4,000 globally, with total estimated venture capital investment swelling from about US$2.4 billion in 2011 to more than US$19 billion in 2015.