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APAC Banks Suspicious About Fintech Consortiums

Through research paper a level of scepticism has been unveiled among Asia Pacific banks when it comes to joining forces with fintech firms. It has been revealed through paper produced by law firm Simmons & Simmons, that the overwhelming majority of financial institutions in Hong Kong and Singapore (92%) expect to collaborate with fintech firms in the next 18 months with aim of closing the gap in innovation between new and old.

However there is lot of divergence on what form this collaboration should take and the various concerns that banks have around working with rivals and participating in industry consortiums. Three-quarters of respondents suggested that consortia are vital to advancing certain digital technologies, such as distributed ledger technology (DLT). However, 65% said that they would prefer to focus on their own initiatives rather than take part in any industry cooperative.

Various concerns had been listed by survey participants around the growing number of industry groups that have emerged in recent years and months. These concerns include the high number of participants and their lack of alignment along with lack of effectiveness and control for individual banks in the group's direction. Additionally banks also had a concern that joining consortia would harm their competitive advantage.

News Characteristics

Date : Apr 16, 2017
Region : Asia Pacific
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation