YEREVAN, April 3. /ARKA/. Australian futurologist, writer and co-founder of Moven Brett King noted during the Doing Digital 2024 forum in Yerevan that fintech companies that offer various modern services such as smart wallets already serve more people than traditional banks.
According to him, the top 20 companies serve 4 billion people, compared to 2.5 billion people who receive services from the 20 largest banks in the world.
He also noted that these companies have increased their revenues by 45% over the last several years, while traditional banks only by 15%.
In this context, he said Armenia needs to work on attracting such companies.
“There is a lot to do in Armenia’s banking system with an eye on the future. For example, Armenia does not have a licensing system for fintech companies to work in the banking sector. We are now also working with Central Banks to introduce digitalization mechanisms and Armenia also has a lot to do in this regard,” he said. -0-
