The emergence of fintech has disrupted traditional financial institutions, prompting them to adapt to a changing landscape. Fintech companies provide innovative solutions like mobile banking and online lending, intensifying competition in the industry.
To address this topic, the EU Tech Chamber (EUTECH) Finance Alliance organised a webinar on May 24, 2023. The topic under discussion was, “The Impact of Fintech on Traditional Financial Institutions”.
The webinar started off with a short overview of the organization and a formal introduction of the panelists by Ms. Judith Yong who is the coordinator of the APAC Alliance. Our keynote speaker for today’s webinar was Mr. Gregor Boltar, Broker and Fund Manager.
During the webinar, the speakers highlighted the distinct natures of the internet: centralized, decentralized, and distributed. They also emphasized the importance of blockchain technology and the role of Fintech startups in the financial industry. The potential of blockchain to revolutionize sectors like finance was discussed, along with how Fintech startups challenge traditional institutions with their innovative solutions.
Moreover, the speakers addressed the challenges faced by the financial industry in implementing blockchain applications. These challenges encompassed regulatory ambiguity, interoperability conflicts, security concerns, capacity limitations, and slow adoption processes.
In the context of competing with fintech companies, the webinar touched upon the main challenges faced by traditional financial institutions and the need to adapt their business models to remain competitive in the digital age. It also addressed the role of regulators in ensuring the safe and secure operations of fintech companies and the measures that can be taken to mitigate risks associated with the use of new technologies in financial services.
We want to thank our respectable speakers for their informed insights on this much-needed topic. Moreover, special thanks to Ms. Judith Yong for moderating the webinar and distributing Tree-Certificates to the panelists.
Above all, sincere thanks to all our attendees – your comments, compliments, and questions. Stay tuned for our next Finance Alliance webinar on June 28, 2023, about “The Potential for Fintech to Empower Underserved Communities”.