A grim reminder by Bank Negara

KUALA LUMPUR: In his maiden keynote address as the new central bank governor here, Datuk Muhammad Ibrahim spoke about the potential impact of technological disruptions to the financial sector and warned that an estimated 10% to 40% of overall banking revenues could be at risk by 2025 due to financial technology or fintech innovations.

Fintech is a line of business based on using software to provide faster and cheaper financial services and fintech companies are generally start-ups founded with the purpose of disrupting incumbent financial systems and corporations .

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