FinTech compliant institutions pose competition to large banks
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Bahrain, Dec. 7 -- Manama
"Banks are investing in their own technology, as well as collaborating with FinTechs, to gain new capabilities. Simultaneously, digital banks were noted to be emerging as a direct competitor to the large institutions, taking advantage of technology and low operating costs to potentially provide cheaper products than traditional banks while meeting growing consumer demand for digital services. Competition between banks and new entrants may give way to direct collaboration across the Fintech ecosystem," Mazin Al-Nahedh, Group Chief Executive Officer, Kuwait Finance House, Winner of the Best Islamic Digital Bank told the WIBC 2019 during a panel discussion.
"However, several major impediments inhibit collaboration...
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