At the onset of FinTech, there was no love from the traditional banks. As on the surface, it looked like they were out to replace banks, but it later emerged that the banking system as it is set up is resilient and necessary. However, it is deplorable when it comes to last-mile reach and convenience for the customers.
It then became apparent that banks and FinTech should work together by synchronizing their activities. The relationship that has proven more often than not, a win-win situation for both parties. Though admittedly, this is a love-hate type of relationship, as there are incidences when each party appear to be undercutting the other.
Nonetheless, there are some innovative entrepreneurs out there who come up with a very promising FinTech solution. Some of these entrepreneurs are driven by the goal of having a secured source of income that is stable and assured, which mostly come from being employed. As with entrepreneurship, the income streams is uneven; some months it is a lot, while some it is little to none.
Such entrepreneurs who come up with FinTech startups might harbor dreams of one …read more