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Finance Disrupted Asia 2018
June 22, 2018
Overview of the Finance Disrupted Asia 2018
The heady world of finance has been turned on its head in the decade since the global financial crisis (GFC) in 2007–8. Lehman Brothers, a leading investment bank, collapsed, its rival Bear Stearns was sold, and many others were so close to bankruptcy that only controversially generous bailout packages could save them. As familiar names from the banking world struggled, China stepped into the limelight, becoming the world’s biggest source of capital. Today four of the world’s top five banks are Chinese. Tech giants such as Apple, Amazon and Facebook have become the most valuable companies and attract the best talent. Why suit up for Goldman Sachs when you could wear flip-flops and t-shirts at Facebook? Financial technology (fintech) companies, from Ant Financial in China to Square in the United States, have broken into the consumer-banking space like a wrecking ball.
What will the next ten years have in store for Asia’s financial institutions? How has the shape of the financial-services sector changed in the last decade? Can regulators and traditional companies keep pace with the evolution? How will new technologies, from artificial intelligence (AI) to blockchains, alter the financial ecosystem further? And in the shadow of the GFC’s ten-year anniversary, what have the big banks learned that could help them avoid future catastrophes?
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