FINTECH CONTRIBUTES TO EXPAND THE DIGITAL PAYMENT ECONOMY

Instead of competing, banks tend to cooperate with Fintech to expand the digital payment ecosystem and increase new experiences for customers.

According to a survey by the Institute of Banking Strategy, 84% of bank leaders said that they want to cooperate with Fintechs for mutual development based on the available strengths of each party. Banking and finance experts also assess that this cooperation is an inevitable trend because without Fintech, mobile banking of banks will be difficult to develop as today and thanks to Fintech, banks have opened widen an entire digital ecosystem.

Fintech cooperation bank brings convenience to customers in digital payment. Photo: VNPAY

In fact, banks have been more open to Fintech, changed their thinking, cooperated with Fintech to take advantage of each other's strengths, and serve customers in the best way to bring the highest efficiency. On the Fintech side, they define their role as a satellite ecosystem of banks, creating good services and products to attract banks to cooperate.