Fintech threat! Alipay hit $100b in less than a year with zero branches, DBS took 50 years to get there

Ny Joji Phillips for Dealstreet Asia

July 27, 2016:   It has been more than a year since the man who runs America’s biggest bank had warned that Silicon Valley was coming to eat Wall Street’s lunch. “Silicon Valley is coming. There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking,” JPMorgan CEO Jamie Dimon had warned in his annual letter to shareholders in April 2015. Piyush Gupta, chief executive of DBS Group Holdings Southeast Asia’s largest lender, says he is surprised that the ‘Whatsapp moment – the tipping point for fintech has not happened yet’, even as he warne

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