Fintech seen as threat to business of financial institutions

PETALING JAYA: While the emergence of financial technology (fintech) was seen as the crucial catalyst in spearheading transformation in the field of financial services, a whopping 82% of Malaysian financial institutions saw fintech as a threat to their businesses.

The figure was notably higher than their global counterparts as only 67% of them saw fintech as a threat. Even in neighbouring Singapore, only 73% of the financial institutions felt threatened by the advancement of fintech, according to the Catching the Fintech Wave, a survey report on fintech developments in Malaysia.