Blog: Why it’s time for us to identify ‘Systemically Responsible FinTechs (SRFs)’
Why it’s time for us to identify ‘Systemically Responsible FinTechs (SRFs)’
Open Ecosystems – Faster, cheaper and more importantly ‘systemically responsible’
Creating a new market accounts to bettering livelihoods, adapting to mass behavioural changes and also yearning towards a brighter future and more importantly ‘hope’.
The growing influence of open / platform ecosystems on economy, jobs, future planning etc. is more than obvious in our current context. The flurry of new business models evolving through open ecosystems raises two major questions,
I. Is it time for us to identify ‘Systemically Important FinTechs?’
II. Can systemic importance be shaped and bestowed upon by market forces in a technology enabled landscape that’s ever evolving.
The market momentum that is…If we observe closely, open ecosystems are constantly in a virtuous cycle of creating a new market, growing it and destroying it all at the same time. The resulting momentum is what sustains the model and eventual demand / market creation.
No profit, yet systemically important?
If a company can’t sustain itself by earning revenues then it clearly contradicts the very essence of systemic importance.
Mass employment chasing sustenance
In Singapore context, the recent closures of HonestBee food delivery services and the ongoing concerns within MilesLife are examples of thoughts to create new market and mass employment. An approach coupled with sustenance and systemic responsibility will provide the required confidence and a resultant momentum for scalable growth.
Also on http://bit.ly/2w5Bcgm
Views are personal.