This is the message from Ravi Menon, the Managing Director of Monetary Authority of Singapore, for investors who try to navigate in technology financial services industry.
Memon, said that people should be more suspicious and wary of lending platforms and cryptocurrency ‘s rabidly rising prices.
Central Bank: Collapse of the Bubble in the Fintec Space begun already.
Menon, contents, there will be some reckoning of that sort, and hopefully it will not sweep everything away as in 2001.
Don’t Forget Menon is the head of the Central Bank, champion of Fintech, which basically positioned to help Singapore status as an International Financial Hub.
Fin Tech Festival, a networking event, that link banking executives and feature speeches from Menon and former Citigroup Inc, is organized with more than 13.000 attendants this year.
P2P lending, charging both parties (investors – borrowers) a fee, are platforms from Asia to Americans, allow to people with low access to loans to get financing from investors. Almost 4000 of Such Platforms have closed in China.
The use of Big Data: Mobile phones, social Media enables unprecedented access to customer data. Failure of misuse may arise according to Menon. It can be also used for powerful applications i.e. to get consumer rights or for better risk superintendence
Menon is a proponent of the cryptocurrency’s underlying distributed-ledger technology, which is protected by “powerful” encryption, and could have some ‘transformational’ real-world applications, he said.
$165 million have been set aside for the plan to nurture fintech which is spearheading Project Ubin, a blockchain-based project to facilitate cross-border payments.
Transformation of financial services, aims to create 4000 new jobs annually in the industry, that’s optimistic.
Menon said Financial Technology will be the future of Financial Services.