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OCBC open to working with fintechs: CEO
OCBC is open to working with financial technology companies (fintechs) in buying up their technology, said chief executive Samuel Tsien on Thursday.
Mr Tsien noted that fintechs have been more creative than banks in seeking out innovations. "I avoid using the word disruptive. I think that is antagonistic," he said at the Sibos 2015 conference.
But Mr Tsien said certain fintechs are now playing a regulatory arbitrage role to build customers in the peer-to-peer lending business, and are operating at a different plateau from banks. As these companies seek out deposits, regulations for such fintechs will catch up to the same level as that for banks.
"I believe it (the death of banks) has been overstated," he said.