FinTech – The World Changer
Do you ever use smartphones or laptops for mobile banking or investing services? I bet you couldn’t say no. FinTech is changing the world quickly, financial activities are getting more and more efficient with the emergence of this industry.
Source: World FinTech Report 2017
The Unstoppable Force
It is estimated that the value of financial technology investments will amount to about US$40 billion by 2020. In Malaysia, the presence of FinTech is still nascent but growing rapidly.
The rise of FinTech is so powerful that Bank Negara Malaysia Governor, Datuk Muhammad Ibrahim has reminded banks of the threats posed by this emerging industry, citing a report by McKinsey that 10% to 40% of banking revenue is possibly at risk by 2025 due to innovations outside banking institutions.
What does FinTech do?
From crowdfunding, P2P lending to invoice financing, FinTech appears anywhere in the market. One of the reasons for its quick emergence is due to the speed and easiness compared to conventional financial activities. A bank may take as long as a half year to approve your loan, while a P2P lending company may approve you within as quick as 24 hours!
FinTech companies are very helpful to SMEs. Since the rise of FinTech companies including CapitalBay, thousands of SMEs in Malaysia have benefited largely. CapitalBay’s invoice finance program has successfully led to the growth of hundreds of SMEs. By selling their invoices to CapitalBay, these SMEs had achieved high cash flows and were able to grow their business rapidly. They never had to worry about the lengthy credit terms anymore!
So, why are you still waiting for?
CapitalBay is always here to help SMEs. Contact us now and your business is ready to grow like never before!