Bill Gates's 1994 comment that "banking is necessary, banks are not" seems more prescient than ever, with digital technology disrupting the financial landscape and pushing entrenched banks to the tipping point.
Giant platforms, fintech startups and other service providers with large customer bases, such as Google and Grab, are moving into the payment realm and aim to venture into other financial products.
Alibaba and Tencent are notable examples. They have set up licensed banks to provide consumer loans with near-instant decision-making by analysing massive amounts of accumulated customer behavioural data.
