Move along, Dr. Evil
One million dollars may seem like a lot in the 1960s’ Austin Powers universe, but if you’re frozen and wake up in 2021 AD, you’ll quickly learn that $150 billion is where it’s actually at. That’s how much is projected to be invested in Fintech over the next five years, according to a new PricewaterhouseCoopers report. And while that may sound like a good thing, many traditional financial types are actually quite scared.
Navigating that tightrope
There’s a fine balance to walk between the security of regulation and the freedom of innovation, and that’s a reality in today’s rapidly developing tech landscape. Tech services such as Uber, Airbnb and fintech startups are sprouting up so fast that the law can barely keep up. Australia, for one, plans to implement a “regulatory sandbox” scheme where young startups enjoy the freedom of movement before needing to comply once they grow up.