As the fintech market continues to grow and evolve, companies are increasingly looking to collaborate and work together, according to one of the newer players in the field.

Datuk Seri Utama Muhammad Shafie Abdullah, CEO of Supreme Fintech, believes that the market is growing so quickly, there is enough business for emerging companies to thrive and survive, rather than waste resources and energy in fierce competition with one another.

Latest figures suggest that the market value of fintech companies is already around USD 1 trillion and surging ahead of the value of the largest banks.

Collaboration is key

Shafie believes that collaboration with other fintech companies is a crucial aspect of the business approach.

“It is a huge market,” he continues. “If we become competitors, everybody is going to lose, so it is better that we collaborate with each other and share the market. Similarly, we are helping new Fintech companies enter the market and grow together with us. For example, our collaboration partner Elite Wallet, whom we have aided and supported to get their E-Wallet systems live, powered by Supreme Fintech.

As to future trends, he expects that fintech will grow further and become a dominant force in the banking sector, as the markets become even more aggressive next year: “We aim to work closely with high street banks so they may develop a smart partnership with Fintech companies to take the banking industry to the next level.”

“It will be a sturdy, solid, reliable market going forward,” he adds. “Fintech has different polices to high street banks and it knows its customers better, it communicates and gets to know who the customers are.”

Supreme Fintech, launched in December 2018, is a challenger bank in the fintech industry offering a state-of-the-art banking platform to private bankers and corporates across the globe.

The high-tech operational infrastructure brings economies closer together by encouraging efficient overseas investments and expenditure

Intelligent innovations

It does that by bringing intelligent innovations into the market that break down the barriers traditionally faced by individuals and corporations while investing abroad.

Shafie says: “We are in the payment gateway system and trying to be ever more advanced, providing customers with hassle free platforms where they can transfer and receive funds globally. Supreme Fintech is a unique banking operation with automation, state-of-the-art security systems, the Internet of Things, connectivity, computing and artificial intelligence.

“It is a smart platform that allows real-time transactions with superfast response times that performs a banking experience across the globe with ease of handling on all banking transfers. The timing of response is also very important in transactions.

With high adherence to compliance and helping to out-manoeuvre any money-laundering threat, it has established strong connections with other companies to extend the reach for its customers.

Re-inventing the banking revolution

The company uses encrypted technology to ensure security and compliance, with systems built in a way that helps to connect from business to consumer and business to business solutions.

“Because we understand the markets and the problems – we are trying to bring the Asian market to Europe and the European market to Asia and that way, we have a better market growth,” he explains.

“Customers’ money will always be safe with us as we ensure all due diligence to make sure that money is transferred safely,” adds Shafie, who sees fintech companies as key in re-inventing the banking revolution.

“What we are trying to do is assist customers to go cashless and we find that they love the idea. We also have transparency. We know our customers well, as we communicate with them, we know their business and what opportunities they have.”