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Fintechs are digitalising the car industry and banks must keep up

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Fintechs are digitalising the car industry and banks must keep up

Monday 11 October 2021 – Vol.12 Ed.41.1

Commentary: Could cars become mobile wallets?

By Sirish Kumar in Singapore

The automotive sector is becoming increasingly digitalised, with shifts towards investment in electric car manufacturing, innovation in digital payments and new online business models. As subscription offerings scale up, particularly in online car sales, this will transform traditional leasing and renting models. Banks will need to embrace an innovative mindset and onboard new skills to keep pace with rapid changes in the car industry led by fintechs and non-banks.

Read the full commentary on the website.

On demand: Spearheading digital innovation and cross-border payments: the Arab CBDC conference

OMFIF’s Digital Monetary Institute and the Arab Monetary Fund convened the ‘Spearheading digital innovation and cross-border payments: the Arab CBDC conference’ on 7 October 2021. Key points of discussion included national retail payment strategies and the unbundling of banking services, CBDC developments in the region, innovations in cross-border interbank payments and the cryptoasset landscape.

Watch the public sessions on demand.

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