Ushering in a new era

THIS WEEK'S TOPIC: How will the rise of fintech impact banking and the business landscape?

Deborah Heng Group Head and General Manager MasterCard Singapore

The changing dynamics of consumer behaviour has sparked rapid developments in fintech, with more collaborative efforts between businesses and startups to develop better and more innovative ideas to simplify day-to-day processes for consumers. The rise of digital wallets points towards creating a world beyond cash, one that allows consumers to make payments seamlessly - with a simple tap of a card, or their smartphones, watches and even wristbands. On the business front, while some small businesses have already embraced mobile Point-of-Sale to go cashless, many more will need to get onboard with the infrastructure to support the growing digital ecosystem.