SINGAPORE (Dec 27): The rapid growth of the technology sector, led by the FANG (Facebook, Amazon.com, Netflix and Alphabet’s Google) stocks, has been dominating headlines and investors’ attention for a decade. Having conquered the wallets and minds of billions of consumers, they are starting to shift their attention to traditional industries, seemingly threatening to upend the business of banks, for example.
The tech companies claim to be able to provide financial services either more efficiently or at a lower cost. Traditional banks are seen as lumbering old incumbents with their lunch about to be eaten by tech rivals.
Fin beats tech