Boris Batine, ID Finance: BaaS is the only path for banks wanting to retain their market
Boris Batine, a co-founder and CEO at emerging markets fintech company ID Finance, spoke at the Wolves Summit in Warsaw on the potential coexistence of banks and fintech companies.
- (1888PressRelease) April 14, 2017 - Boris Batine began his speech at the conference with an introduction of ID Finance - discussing the company's growth rate, geographical expansion and future plans. This included ID Finance's recent expansion into Brazil, a country with 130m internet users and 65m smartphone users, as well as a market worth a potential $7 billion. Other countries in the LATAM region that ID Finance would like to enter in the near future include Mexico, Colombia and Peru.
The region is more attractive for the development of fintech in comparison with, for example, the market of Southeast Asia. It has the most fertile soil for the development of technological projects in the field of finance, taking into account the set of infrastructure, regulatory, macroeconomic, and even linguistic parameters. Besides, it is densely populated, with almost 630 million people - 200m of which are smartphone users.
However, the main subject covered by the ID Finance co-founder was the major differences between traditional banks and FinTech companies. The biggest advantages of traditional banks are their powerful infrastructure as well as their large client and deposit bases. Their downsides are that they need generate additional revenue streams and implement digital banking.
Boris explained that FinTech startups meanwhile offer new disruptive products and are flexible but need new customers, funding and regulatory requirements compliance. He concluded the best solution is for banks to cooperate with technology startups on the basis of the Banking-as-a-Service model via API-integration.
Visit https://idfinance.com for details.
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