What’s Going To Happen To Smaller FinTechs Like Propine?
23 Dec 2020 — I chanced upon this story on how #FinTechs have enabled financial inclusivity in a recent publication from IMF:
A few weeks before the holiday season, the owner of a chocolate factory tried frantically to obtain credit from his bank to replace his broken machine. Unfortunately, the bank was just too busy for this small client and scheduled an appointment in the new year—way too late. But a friend told him about an online lender and within a week, the loan was approved. The machine was delivered just in time—two weeks before Christmas. This is a true story that played out in the city of London.
With banking giants like DBS bank now launching #digitalassets exchange and custody service, what’s going to happen to smaller FinTechs like Propine?
Fret not as:
1. There’s a huge market for all to share as we are at the onset of mass crypto adoption.
2. Our target clients are with similar needs but from different market segmentation
3. Small and independent FinTechs have their merits and advantages where they take risks and provide new products to reach specialise markets to banking giants.
4. Positive symbiotic relationships exist, with reciprocity from the banks through the provision of affordable infrastructure and instant access to millions of customers to FinTechs.