FINAL WORD
Delaying the inevitable also makes no business sense . Nimble digital platform providers , armed with data-centric business models that entail relatively low capital and operating expenditures , are positioning themselves to challenge incumbent banks with increasing force .
The FI sector today is hyper-competitive and companies need every bit of agility and insight they can get in order to compete with old rivals , as well as with new virtual banking entrants . Hong Kong has already issued eight licences for new virtual banks and Singapore is following suit with five virtual banking licences to be issued by the Monetary Authority of Singapore ( MAS ) in 2020 .
The FI sector today is hypercompetitive and companies need every bit of agility and insight they can get in order to compete with old rivals , as well as with new virtual banking entrants . Hong Kong has already issued eight licences for new virtual banks and Singapore is following suit .
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