The word FinTech has been around in the last decade. According to the media, FinTech is “disruptive" and “revolutionary," and loaded with “digital weapons" capable of “tearing down" walls and conventional financial institutions. While FinTech has been rapidly evolving in financial markets, the jury is still out on their future effects on banks and financial institutions as we know them today. The contrast between stability and rivalry underpins the whole FinTech debate and how it can be controlled. The key issue is when and to what extent Fintech firms are replacing banks and other incumbent financial institutions.
