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In Asia and Africa, the widespread use of smartphones allows people to receive financial services at
their fingertips, as long as an internet connection is available, and payments can be carried out through
QR codes, fingerprints and facial recognition. In China, for example, tech giants, such as Ant Group and
Tencent, have entered the financial services sector and are changing how financial services products are
distributed. Ant Group operates Alipay, the world’s largest mobile and online payments platform.
A more recent development in the banking industry has been the emergence of competitors to the
traditional role of banks in the form of peer-to-peer lending (P2P). In the traditional banking model,
banks take in deposits on which they pay interest and then lend out at a higher rate. The spread
between the two is where they earn their profit. P2P lending cuts out the banks so borrowers often
get slightly lower rates, while savers get far improved headline rates, with the P2P firms themselves
profiting via a fee.
In exchange for accepting greater risk, savers can earn higher returns which can be very useful in periods
of low interest rates. Available rates vary depending on the type of borrower that the P2P site lends to
and the risk the lender is prepared to accept. The deposit is lent out to individuals and businesses, but
it may take time before all of a large deposit is lent out and earning interest. No interest is paid while it
is waiting to be lent out. Immediate withdrawals are not always possible and, where they are, may take
time and incur a charge or a reduced interest rate.
A further development seen in many markets is the emergence of shadow banking. This term is
a general phrase intended to catch a range of non-bank institutions that provide services similar
to traditional banks but outside banking regulations. These range from pawnbrokers and finance
companies at one end of the sector to money market funds and specialised investment vehicles at the
other. Regulators worldwide have become increasingly concerned about the risks this poses to the
financial system and in China, for example, regulators have taken action to rein in shadow banking to
curtail the risks they can pose
In Asia and Africa, the widespread use of smartphones allows people to receive financial services at
their fingertips, as long as an internet connection is available, and payments can be carried out through
QR codes, fingerprints and facial recognition. In China, for example, tech giants, such as Ant Group and
Tencent, have entered the financial services sector and are changing how financial services products are
distributed. Ant Group operates Alipay, the world’s largest mobile and online payments platform.
A more recent development in the banking industry has been the emergence of competitors to the
traditional role of banks in the form of peer-to-peer lending (P2P). In the traditional banking model,
banks take in deposits on which they pay interest and then lend out at a higher rate. The spread
between the two is where they earn their profit. P2P lending cuts out the banks so borrowers often
get slightly lower rates, while savers get far improved headline rates, with the P2P firms themselves
profiting via a fee.
In exchange for accepting greater risk, savers can earn higher returns which can be very useful in periods
of low interest rates. Available rates vary depending on the type of borrower that the P2P site lends to
and the risk the lender is prepared to accept. The deposit is lent out to individuals and businesses, but
it may take time before all of a large deposit is lent out and earning interest. No interest is paid while it
is waiting to be lent out. Immediate withdrawals are not always possible and, where they are, may take
time and incur a charge or a reduced interest rate.
A further development seen in many markets is the emergence of shadow banking. This term is
a general phrase intended to catch a range of non-bank institutions that provide services similar
to traditional banks but outside banking regulations. These range from pawnbrokers and finance
companies at one end of the sector to money market funds and specialised investment vehicles at the
other. Regulators worldwide have become increasingly concerned about the risks this poses to the
financial system and in China, for example, regulators have taken action to rein in shadow banking to
curtail the risks they can pose
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