Fintech Revolution: Lessons, Challenges, and Opportunities from Asia and the United States

Discussion: The rapid adoption of new financial technologies on both sides of the Pacific has significant implications for the financial industry. How can financial institutions use technology to serve new customers and adapt to competition from firms outside of the financial sector? These developments in Asia are examined in our Asia Focus report on “Asia’s Fintech Revolution.” Join us for a discussion on the rapid adoption of fintech in Asia, the United States, and its potential impact on U.S. financial institutions and technology companies.

About the Speakers:

Anju Patwardhan has worked in the banking industry for over 25 years with Citibank and Standard Chartered Bank (SCB) across Asia, Africa and the Middle East. A globally recognized and awarded FinTech thought leader, Anju has held global and regional leadership roles covering Fintech innovation, risk management, operations, digital banking and internal audit. Her last role at SCB was as Global Chief Innovation Officer until July 2016. She was also a member of the bank’s global leadership team, global technology and operations management group, global risk management group and a Non-Executive Director on the Board of SCB Thailand. Her research at Stanford is focused on the use of innovation and technology to support financial inclusion.

She serves on various World Economic Forum steering committees and is an advisor to the Government of Estonia on their e-residency program. She is a Venture Partner with CreditEase China and is on the advisory boards of VC firms in Silicon Valley and Singapore. She is an alumnus of the Indian Institute of Technology and the Indian Institute of Management. She is also a Distinguished Fellow of Singapore Institute of Banking and Finance.

Olivia White is a Partner in the San Francisco office of McKinsey & Company and a member of the Firm’s Social Sector, Financial Services and Risk Management practices. She works with banks and other financial sector companies as they consider institution-wide efforts to improve effectiveness and efficiency—often by applying sophisticated simulations of potential future scenarios. She also has worked extensively on financial inclusion topics in emerging markets as well as with foundations in the US and Europe. Along with her expertise in risk and in the financial inclusion, Olivia has led projects focused on foundation portfolio construction, customer experience, digital payments, operational improvement, and organizational design.

Prior to joining McKinsey & Company, Olivia was a Pappalardo Fellow in Physics at MIT, where she conducted research both in physics and in neuroscience. She holds a PhD in Physics from Harvard, an MSc in Mathematics from Oxford University where she was a Rhodes Scholar, and a BA in Physics and Mathematics from Stanford University.

Arjuna Costa is a partner at Omidyar Network where he leads the firm’s investments and has a board role in a number of innovative financial services companies, including Cignifi, Lenddo, MicroEnsure, Pagatech, RUMA, Segovia Technology, and Zoona. He also leads the engagement with several policy and research initiatives, such as AFI Global, GSMA’s Mobile Money for the Unbanked program and the Better Than Cash Alliance.

Before joining Omidyar Network, Arjuna consulted with Bankable Frontier Associates to the Gates Foundation analyzing the economics of delivering savings products. Prior to that role, he was a member of the special situations investment practice at The Rohatyn Group, a multi-billion dollar emerging markets investment firm. In 2003, Arjuna co-founded Africa International Financial Holdings LLC, a $115-million private equity fund focused on the turnaround of distressed commercial banks. The fund grew out of advising African governments on the restructuring and privatization of its banking sector. Arjuna began his career at Lehman Brothers, where he spent five years in the power and transportation groups. Arjuna earned an MBA from Harvard Business School and a BA in computer science from Columbia University.

Nicholas Borst is a Supervisory Analyst in the Country Analysis Unit within the Division of Financial Institution Supervision and Credit (FISC) at the Federal Reserve Bank of San Francisco. He conducts research into Asian financial and economic issues and produces analyses of Asian foreign banking organizations. In addition, he monitors financial, regulatory, and economic developments in Asia with a special focus on Greater China and South Asia. His research interests include financial reform, shadow banking and financial innovation in emerging markets. Before joining the Federal Reserve, Nicholas was a research associate and the China program manager at the Peterson Institute for International Economics. He has also worked as an analyst at the World Bank.

Nicholas received a master’s degree in International Relations and Economics from the Johns Hopkins School of Advanced International Studies (SAIS). He also earned a graduate certificate in China Studies from the Johns Hopkins–Nanjing University Center for Chinese and American Studies. He graduated from the University of Arizona with a bachelor’s degree in International Studies and Political Science.