Francisco González weighs in on the challenges of the financial sector to compete with big tech firms in an article published on the ‘Singapore Summit’ website. BBVA Group Executive Chairman participated this weekend in the event - which analyzes Asia’s role as the driver of world growth – and in the annual meeting of the International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS).

New York State made a big splash in the fintech news headlines this week, which could (or not) create a ripple effect.

Fintechs are on the rise. Obvious statements aside, there is proof that many are taking notice of the fintech trend happening across the country and globe.

What is BBVA’s strategy for transforming the bank into a truly digital company?

Amid increasing numbers of fintechs joining the financial industry and burgeoning investment in them - Accenture reports $27.4 billion was spent financing fintechs in 2017, an 18 percent increase year-over-year - there has been much hand wringing and discussion about the future of incumbent banks. For BBVA Compass Head of Business Development Pepe Olalla, the future isn’t so murky.

“When people say the next industry to be disrupted will be banking, and that it will suffer what media or the music industries have suffered, I tend to disagree,” he says.

More than six months have passed since the initial deadline for compliance with the EU’s PSD2, designed to increase openness, convenience, and competition in consumer banking. There has been criticism that the foretold open banking revolution has been slow to get off the ground. But is that fair? What has been achieved so far, is open banking on course, and what does the future hold?