FinTech Magazine May 2020 | Page 35

which are launching their own digital banks separately – Standard Chartered – Mox as one example

● Incumbents , who are the traditional big banks accelerating and scrambling to transform and offer new digital and mobile services – JP Morgan Chase , HSBC , China Merchants Bank

The most disruptive at present , he says , are those large digital commerce platforms , followed closely by consumer tech giants and other internet players moving into the financial services landscape . “ Then you have internet or challenger banks ,” he states . “ And that ’ s really a response mechanism from the more traditional side of the industry that ’ s developing more or less traditional banks , but which aren ’ t brick and mortar . Where the fintechs come in is nipping at the services that are quickly becoming commoditised . Payments is a great example of that ; PayPal is probably the best example of a fintech model that we recognise , and having started out with payments it ’ s now moving into credit and lending , and other services .”

In the face of these rapidly developing

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