Global consulting group KPMG has partnered up with Matchi, a FinTech matchmaking platform that pairs banks, insurance companies with FinTech startups. KPMG is said to work globally with clients to help them manage the fast-changing financial landscape as services move from bricks & mortar to virtual services online. The Matchi site is designed to “identify quality innovation opportunities and advising clients on how to execute and deploy new solutions into the marketplace”.
“Fintech is revolutionizing the financial services landscape and it has created a new marketplace for innovation,” said Jeremy Anderson, Chairman, Global Financial Services, KPMG International. “Matchi is at the forefront of identifying breakthrough fintech ideas, and through our alliance, KPMG firms will now use the Matchi platform and Matchi’s wider, global fintech communities in advising clients on the optimal innovations to help deliver on their strategic initiatives.”
Since 2013, Matchi has helped a growing number of firms navigate the shifting landscape of finance. Matchi CEO David Milligan said he was “delighted” with the KPMG partnership.
“Our Members now have access to KPMG’s extensive network of financial services professionals with on-the-ground experience in 155 countries to not only advise them in the fintech innovation matchmaking process and also in deploying new technologies,” stated Milligan.
KPMG sees opportunity as traditional finance attempts to evaluate and manage possible opportunities to improve existing services, or provide new ones. The entire financial ecosystem is being disrupted by the internet and KPMG wants to be the preferred advisor for existing firms.
KPMG has been collaborating with Cambridge University’s Centre for Alternative Finance. Crowdfund Insider published watershed research created by Cambridge in early 2015.
“There is a wide disparity in the development of alternative, digital finance approaches among countries, and we believe the comprehensive global study we are undertaking with KPMG will help us to better understand why this is the case,” added Robert Wardrop, Executive Director, Cambridge Centre for Alternative Finance.
The KPMG announcement is indicative of the growing recognition that traditional finance must adapt or die. Traditional banks, possibly the most at risk sector, has been slow to adopt innovative practices inhibited by either culture or excessive regulations.
Ian Pollari, Global Co-lead of KPMG’s Fintech practice commented on the Cambridge collaboration;
“This exciting research will greatly enhance our knowledge of fast-developing alternative finance markets in different parts of the world. This will assist policy-makers, regulators and industry in monitoring, understanding and where necessary, taking the right steps to facilitate the growth of alternative finance markets, such as marketplace lending (peer to peer lending, crowd-funding, etc.).”
KPMG expects to continue to expand its Fintech capabilities to help address critical needs for its clients.