Why banks are wooing African startups

“This time around, traditional bank-to-bank competition is not the issue. This new wave of competition is coming from both nimble, innovative, cloud- and mobile-first startups as well as the major technology players largely unencumbered by policy and regulation.” This is how David Lynch, managing director at Hong Kong-based DBS Bank, describes the current state of play in the global banking sector, with traditional banks vulnerable to the latest wave of innovation coming from startups across the world. “These companies are able to arbitrage their own scale and customer reach to create new revenue streams,” he says. “For banks quite simply,…

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