From Big Tech to FinTech or TechFin
The world is no longer defined by geographical borders but by online platforms and communities that touch every aspect of our lives including financial services from payments, to lending and insurance.
When comparing the US to China, the origins of development have been different. The US companies started with a vertical focus with deep technology expertise while the Chinese companies were horizontal, out of necessity (due to lack of existing infrastructure), and focused on winning by scale. But now we are seeing the convergence of technology innovation and business model innovation. They are all aiming for the same end result – A group of newly minted online behemoths, which are the new economic global leaders that successfully combine market adaptation and technology prowess. This is empire building in the digital age.
James Lloyd, Asia-Pacific FinTech Leader, EY
Melissa Guzy, Co-Founder & Managing Partner, Arbor Ventures