SINGAPORE (June 17): It’s a virtuous circle between financial technology (fintech) and banking. As banks embrace fintech, more capital and talent flow in, increasing its heft and enabling it to push the envelope of fintech adoption even wider.

“Availability of cloud computing and data analytics is enabling non-bank players to build fintech solutions where previously there were there were barriers to entry,” says Chia Tek Yew, head of financial services advisory for KPMG in Singapore.

Building a core banking application used to cost tens of millions of dollars but not any more.

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