WHEN you hear the term 'financial technology' (fintech), you may think of blockchain and cryptocurrency. Fintech, however, is not a new concept. Fintech innovations have been around since the 50s and 60s with the emergence of automated teller machines and credit cards. It's just that the rate of innovation and the abundance of new technologies has propelled fintech to the prominence it now enjoys.

A little over two decades ago, Bill Gates said: 'We need banking but we don't need banks anymore.' While we might not need banks to borrow money, make payments, save or invest, they are designed to store money in a secure manner. As an integral part of every economy, banking is one of the most regulated industries in the world.