Why Visa is investing in Fintech

Why Visa is investing in Fintech

As Visa acquires Fintech company Plaid for $5.3B, Deputy Editor Giorgia Guantario takes a look at the state of Fintech and discusses what threats this poses to traditional financial institutions with Wissam Khoury, Senior Vice-President and General Manager, APAC & MEA at fintech company, Finastra.. When I asked Wissam Khoury, Senior Vice-President and General Manager, APAC & MEA at fintech company Finastra , how traditional banks will react to the rise of challenger digital banks, he was quick to explain that millennials have "little loyalty" towards traditional banks, and these need to move quickly if they want to survive.. It's not just about Fintech specifically, though - the World Retail Report 2019 mentioned by Khoury states that consumers expect to use "technology giants" for financial services, and recent reports seem to prove it right.. Visa and Goldman Sachs clearly show that whether it's fintech start-ups or tech giants, traditional financial institutions need to get moving and start a conversation with the same entities that are threating their existence..