FinTech solutions: one size does not fit all

摘要

Transitioning from paper-based trade to digital trade is proving to be a difficult task, made even more so by a plethora of new FinTech service providers. As one Geneva delegate put it, "the FinTech genie is out of the bottle - we're not going to put it back". Despite pushback from the market, which in part still prefers paper-based documentation, trade finance banks have been investing in digital solutions for some time. Yet, owing to the fact that their in-house expertise is limited, FinTech companies are fast moving in. PwC's Global FinTech report survey found that 83% of respondents from traditional financial institutions believe that part of their business is at risk of being lost to standalone FinTech companies. Incumbents also believe that 23% of their business could be at risk from the further development of FinTech.