FinTech vs. TechFin


As someone who has worked within the FinTech scene for the past 3 years now, I’ve seen a lot of ups and downs. The industry continues to grow, even amid the challenging regulatory environments.

I attended a conference in Malaysia in July 2017, I heard one of the presenters talk about TechFin. The term was coined by Jack Ma a year or so back and I started to think more and more about its meaning.

Interestingly, I don’t believe there has been any formal market evaluation on the TechFin industry model.

The Industry Differences

I don’t believe there is a massive difference between FinTech and TechFin, to many people whom I have spoken to the differences are very small. Albeit, the approaches which both take are very different.

I believe both reflect the ever increasing overlap between finance and the use new/emerging technologies. Success for both is usually underpinned by ensuring large financial institutions:

  • Collect enough tangible data on their customers/clients as a first step.
  • Analyse and learn from the data collected and translate these into improving customer engagement as a second step.

Janos Barberis, a well renowned FinTech / RegTech influencer and founder Supercharger FinTech Accelerator based in Hong Kong noted that:

Today, we are entering an area of data analytics and artificial intelligence. These in turn transform data from being simply a byproduct of human interaction into a core commodity for economic growth. Data has been designated “the new oil” because it pushes companies to find, extract, refine and monetise it.

We are indeed at the beginning of a new cycle simply because less than 1% of the world’s data is analysed, and over 80% is unprotected.

[Reference from Asian Banker]

The timeline of the future of FinTech:

FinTech 1.0: Was about Infrastructure

FinTech 2.0: Was about banks

FinTech 3.0: What about Start-ups

FinTech 4.0: Will be about TechFin

[Reference from Asian Banker]

Separating FinTech & TechFin

I would say both have some commonalities but there are some considerable differences in the approaches.

FinTech exists with an objective to maximise the use of emerging technologies to disrupt existing ‘old world’ financial services models. A good example of this would be the use of Blockchain.

TechFin exists with an objective to improve the existing experience or capabilities in the financial services industry. Not so disruptive compared to FinTech but more incremental in nature.

True Innovation & Measuring Success

As someone who has spent the last 12 years focused on strategy, building products, delivering true innovation is very tough. Improving the design and experience is slightly easier, if you have the right people in place and I have seen examples of this in particular.

True innovation can only be measured when products or services become mainstream. Blockchain and its technology isn’t mainstream – yet. However, when it is and everyone has come to accept it publicly, it would be classed as being truly innovative.

The approach to TechFin and its success will be slower by nature but more significant as user experience, design are things consumers crave the most when it comes to their products and services.

Having worked for and with banks, I know that they’re all very keen to adopt new technologies and the vast majority recognise that they need to change their approach. Innovation labs are popping up all over the place within the banking community across the globe. However, their success will be measured on how quickly they build and incorporate new products and services and whether the ‘corporate’ side of the business integrates them quickly.

The generation Y and upcoming generation Z community are the toughest to please, the latter group especially given their lofty expectations. Getting the basics right first would be the priority, user experience, design and basic functionality are a must in today’s world.

Interesting and exciting times ahead!


Asian Banker – From FinTech to TechFin: data is the new oil


Mobile Wallets – Is The Future Rosy?


Mobile wallets have been talked about for years, I’ve lost count at the number of reports I’ve read citing that mobile wallets will dominate the world and that your traditional wallet will be replaced by an app on your smartphone.

The UK and Europe

My first foray into the mobile wallet world was way back in 2012, working for the European based Telefonica and its commercial UK arm – O2. There were many solutions in the market long before we at Telefonica developed ours. The obvious one which springs to mind is PayPal that we’ve all come to know and love. It’s probably fair to say that they never really took off in the UK or Europe for that matter. Most of the telcos have tried and failed to capitalise on the hype. Barclays are probably the only major bank in the UK to have stood the test of time with their Pingit solution but that’s really about it.

Singapore & APAC

Roll on a few years and I am now based in Singapore, a vibrant, well developed financial hub and I am fully entrenched into the FinTech world in this region. Singapore, as it is widely documented, has a great combination of infrastructure, high smartphone penetration and a consumer base driven by technology. It is you would say, the perfect place for mobile wallets to thrive and be successful, however, the truth is that it’s not really the case. There are local providers of mobile wallets in Singapore, coupled with offerings from the telcos and the major banks but yet adoption and usage remains modest at best.

The advent of Apple Pay, Samsung Pay and Android Pay may help change that shift and influence the awareness of digital wallets and more importantly, one of the key drivers that underpins it – mobile payments.

If I look at the other regions in APAC, the landscape is very different to Singapore which remains in its own little bubble. The neighbouring regions are aspiring to grow from being purely cash-driven societies and develop much like Singapore has, and whilst that will take time I feel strongly that this is where mobile wallets can flourish as a enabler.

Mobile Wallet Users

There are essentially two camps to which you could classify a mobile wallet user:

  • Banked
  • Unbanked

Most of the developed payments markets tend to focus on pushing mobile wallets to banked consumers and are easy to on-board. The best placed providers here are the banks themselves as they already have a large consumer base they can tap into and leverage, whilst offering additional services to drive adoption and usage. For telcos and third party providers, this will probably be a hard sell. There are the odd exceptions of course, namely Paytm in India which is currently riding the crest of a wave following the demonitization exercise in India in November 2016.

The unbanked are slightly more trickier to deal with as there are more obstacles to overcome, esp. for consumers with no formal bank accounts or credit history. Onboarding and KYC are far more important and relevant and the digital wallet offering will more than likely be some form of SVA or Stored Value Account. This would allow the consumer to top up their digital wallet and would provide them with a formal account and full money management capabilities.

Major Concerns

A major headache from a consumer perspective is the apparent lack of interoperability amongst wallet users. If you side with digital wallet provider A and your family member or friend sides with provider B then it becomes more a challenge due to the siloed nature of how mobile wallets are built. Additionally, as a consumer I am now beset with so many mobile wallets these days, if I were a layman, I know I’d be terribly confused as to whom to side with. Don’t get me wrong, choice as a consumer is a good thing but too much choice across different verticals is not good and this is where fragmentation is inevitable.

Summary & My Final Thoughts

Amidst of all this, I still remain hopeful that mobile wallets will continue to grow but there are some considerations that the providers must be aware of but the battle of who will come out on top remains intriguing. As a fan of mobile wallets, I shall be keeping a close eye on developments as they happen globally.

Financial Services Technology 2020 and Beyond: Embracing disruption


The below report published by PWC provides some excellent insight into the technological change taking place within the financial services ecosystem. The report highlights these technological advances and those who must oversee and use it.

Financial Services Technology 2020 and Beyond: Embracing disruption

Beyond the Future of Financial Services


I have been following the developments of the World Economic Forum’s take on the future of financial services very closely over the last year, a renowned list of contributors from world of payments have had their say.  This has proved to be an intriguing read, insightful, knowledgeable, I would even say influential in my own thinking of where the industry is headed or heading to.


Image courtesy of Raconteur

Blockchain Technology – Knowledge Sharing


There doesn’t seem to be a day that goes by without someone talking about Blockchain, I’ve read countless articles, read a plenty of whitepapers produced from the likes of consulting firms, banks and technology solution providers.

I believe there are compelling use cases for Blockchain technology in financial services. That being said though, only time will tell and I have got my own thinking cap on here as to how to best utilize this technology.

I have my own opinions on Bitcoin and the fact that cryptocurrencies which use de-centralized controls are seen as the next big challenger to centralized electronic money and banking systems remains to be seen.

Nevertheless, I believe in knowledge sharing and over the past year and half some key industry players have published some very useful articles on the subject.

Accenture – Accenture Payment Services – Distributed consensus ledgers for payments

Barclays – Blockchain: understanding the potential

DBS – Understanding Blockchain Technology, And What It Means for Your Business

Deloitte – Blockchain: Enigma, Paradox, Opportunity

DTCC – Embracing Disruption: Tapping The Potential Of Distributed Ledgers To Improve The Post-Trade Landscape

ECB – Virtual currency schemes – a further analysis

Goldman Sachs – What if I Told You … the Blockchain Could Disrupt … Everything

IBM & FinExtra – Banking On Blockchain: Charting the Progress Of Distributed Ledger Technology In Financial Services

IMF – Virtual Currencies and Beyond: Initial Considerations

Morgan Stanley – Global Insight: Blockchain in Banking: Disruptive Threat or Tool?

PWC – Blurred lines: How FinTech is shaping Financial Services

Standard Chartered – Blockchain and T2S: A potential disruptor

UBS – Extreme automation and connectivity: The global, regional, and investment implications of the Fourth Industrial Revolution