FinTech is much discussed and hyped but how important is it? Investors have poured in cash. Commentators have discussed a banking revolution. And analysts predict that financial services is the next and biggest sector to be turned upside down by tech.
But aside from a few regulatory announcements the political momentum behind FinTech has been limited.
Today that changed.
FinTech took centre stage at the World Economic Forum in Davos. The stage doesn't get any bigger.
Eric Jing, Ant Financial’s chief executive, is due on Thursday to speak alongside other big financial names at the World Economic Forum in Davos, a first-time appearance that illustrates how finance is being upended by digital disruption.
Martin Arnold at the FT highlights the size of Ant Financial. A company that gained 100m clients last year, totally 500m today. Ant is an eCommerce player, not a financial services organisation. But it's valued above most global banks.
FinTech is moving out of adolescence. With market traction and political will it is set for the mainstream.
Banks should no longer be just concerned, they should be frightened.