FinTech services such as online payment, digital currency lending and cross-border transfer have risen, attracting financial giants who have dominated the past to invest, and the industry is about to rise!
The Financial Times reported on the 14th that as early as early December, Blythe Masters, a former banker of J.P. Morgan and a leading banker in derivative financial commodities, reportedly declined the position of Barclays investment banking director and turned to New York startup Digital Asset Holdings to study how to use Bitcoin-related technologies to reduce the back-office costs of banks. Other elites who gave up banking and moved into the fintech industry include former Citi CEO Vikram Pandit, former Morgan Stanley (commonly known as Morgan Stanley), and former Visa CEO Joe Saunders.
For example, although Pandit led Citi through the financial crisis, after he left in 2012, he turned to invest in startups that compete with traditional banks, including online student loan supplier CommonBond, mass fundraising platform data and infrastructure provider Orchard, and MMKT Exchange, a developer of liquidity enhancement technology for subprime lending markets. Among them, Orchard's investors also include former Morgan Stanley Morgan Chase Mack.
, the world's largest P2P lending platform, is not only being favored by Mack, but former US Treasury Secretary Larry Summers is also the funder behind it. Lending Club was listed on the New York Stock Exchange in December 2014, when Mack held 2.4 million shares worth $36 million, but Mack's total holdings fell to less than $33 million over the past year as the stock price fell.
Fintech does not face strict legal provisions, nor is it bound by traditional IT systems, and has become the hottest industry in 2015. According to data provided by CB Insights, a financial technology startup supported by venture capital, alone, in the third quarter of this year, the fintech startups supported by venture capital have attracted nearly $5 billion (to $4.85 billion) in one go, a record high. Goldman Sachs also estimates that the emerging fintech industry is expected to take away more than $4.7 trillion in revenue and $470 billion in net profit from traditional financial companies.
(This article is reproduced by authorized by MoneyDJ News)
extended reading:
- Another wave of layoffs in banks? Financial Times: The storm may spread to next year
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