GIC Says Big Banks Can Beat Fintech Startups (If They Hurry)
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One of the world’s biggest sovereign wealth funds says traditional banks can weather the rising tide of fintech rivals if they build similar offerings like mobile banking services before regulators open the flood gates.
Singapore-based GIC Pte won’t say exactly how much it manages, but it’s a mammoth fund estimated by the Sovereign Wealth Fund Institute to oversee around $390 billion in assets globally. Its investments span old school financial services players such as UBS Group AG, as well as fintech startups like N26.