The International Monetary Fund has been vocal about the potential impact of cryptocurrencies. More recently, under the Argentinian presidency, the G203 has committed to deepening the analysis on how financial inclusion could be achieved through digital innovations. All of these examples suggest a heightened expectation of shifts to financial services as a result of fintech.
Banks - and not just the ones on the ground in Asia - did not perform the function of allocating capital and managing risk as well as they should have.