Financial Services Firms Need to Collaborate
The Business Times website reported that S. Iswaran, Minister for Trade and Industry in Singapore, spoke to a financial services conference about the growing importance of open innovation. Explaining why this model of innovation has begun to take hold, he said: “Innovation is inherently risky, and the nature of the challenge is complex. And yet the pay-offs can be significant if it’s done right. So a collaborative approach, even among competitors in a pre-competitive stage, (makes) a huge difference.” He emphasized that open innovation is even more crucial in an industry as wide-ranging and multi-disciplinary as fintech, since it spans a variety of sectors ranging from technology and banking to insurance.
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