The Development Research Group in Malaysia, in collaboration with the Research and Development Center in Chile, has just produced a new Research & Policy Brief, entitled “The Fintech Revolution: A Threat to Global Banking?,” jointly written by Juan J. Cortina and Sergio L. Schmukler.

This brief argues that the period since the global financial crisis of 2008 has been characterized by the emergence of a broad set of tech-driven financial companies (“fintech” companies), acting in parallel with traditional banking services. Although the new players are ramping up competition, pushing digital transformation and exerting pressure on the global financial sector, their services appear to be highly complementary to the ones provided by the more established banks, which are also embracing these technologies.