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M&As in Traditional Banking Not a Deterrent for Fintech Industry
July 12, 2017
The mergers and acquisitions (M&A) that have taken place, and more are to come, will not be a threat for the fintech firms in India, a senior official of FIS-India said. Companies that have CBS as their main product may be affected by the M&As, but rest of them won’t.
FIS Managing Director of India and South Asia, Ramaswamy Venkatachalam said that the mergers in the banks will actually open new avenues of opportunities for the fintech players. He added that the demands of young professionals are changing with regard to financial services lately, and CBS is no longer the most powerful product.
