The FinTech revolution is forcing the financial services industry and everything it touches to evolve quickly. Thousands of companies are competing and collaborating to facilitate transactions and other financial activities. Nearly every stakeholder in the industry benefits when these processes run on digital lines with the help of new technology.
Driven by a powerful blend of innovative start-ups and major technology players, the global Fintech industry, is growing at a pace and it is nearly impossible to keep up-to-date with all the fast-moving developments in payments, FintTech, mobile, e-commerce, and everything they touch. Utilising such technology and innovation such enterprise has been able to capture market share from incumbents in many areas of financial services.
While the FinTech entrants’ greatest impacts to date have been at the retail end of the market, the opportunity for collaboration in capital markets is real and growing; this is great timing given the challenges faced mean that innovation has become mandatory.
In the 1st International Islamic FinTech Summit, hosted by Ashurst LLP, a light is shone on the financial services industry, examining why and how firms across the globe, from both the Islamic and conventional finance industries can and should collaborate with FinTech organisations to drive their own evolution in the years to come, and to secure their future role and position in the fast-evolving financial services ecosystem.