Fintech is a radical evolution of the financial services industry, driven by a combination of technology advancements and changing customer expectations. Fintech has grown significantly in recent years. Investments peaked in 2015 , with a total deal value of $60 billion globally. Banking has led the growth of fintech with insurance and asset management beginning to catch up.
Fintechs face significant challenges in getting traction and securing support from incumbents within the financial services industry. The Government could explore opportunities to develop and implement programmes to enable fintechs to access partners.