PwC’s report, ‘Blurred Lines: How fintech is shaping Financial Services’, suggests that fintech could reach up to $150B in the next 3 to 5 years.
After seeing a doubling in 2015, from $5.6 billion to $12.2 billion in 2015, fintech will see increasing growths according to PwC’s DeNovo platform.
Fintech is currently held under the defintion of the segment that makes a connection between financial services and technology sectors, where technology-focused start-ups and new market entrants are coming up with innovative products and services that are competing with the formal banks.
According to the PwC report, the cumulative global investment in fintech could potentially exceed $150 billion for the next 3-5 years. Financial institutions and tech companies are going on a battle for the chance of getting into fintech.
“As the lines between traditional finance, technology firms and telecom companies are blurring, many innovative solutions are emerging,” said John Shipman, Asia fintech Leader, PwC.”There is no clear straightforward solution to navigate this fintech world.”