Accounting and services firm KPMG has acquired Matchi, a Hong Kong-based FinTech matchmaking platform that fundamentally connects banks with FinTech startups and companies for innovative new solutions.
KPMG International’s acquisition of Matchi sees the services firm gain a leg-up in offering custom financial services to its own clients in the age of disruptive technologies. KPMG will see Matchi as a directory for its foray into offering specific solutions, with Matchi’s platform containing a searchable database of over 2,500 FinTech companies that offer over 700 curated solutions.
The matchmaking platform has supported developments in a number of areas including blockchain tech, peer-to-peer-insurance, regtech (regulatory technology) and next generation payments.
“The Matchi platform offers a curated approach that is much more rigorous than fintech databases that merely provide lists,” explained KPMG global FinTech co-leader Ian Pollari. “It is designed to identify, match and enable collaboration with the most innovative fintechs and solutions to address specific issues being faced by financial institutions.”
FinTech companies and their solutions need to qualify to be listed on Matchi’s platform by undergoing a curative process. Beyond the 700 solutions, banks and financial institutions can also present specific problems or concerns that require solutions, which will be seen by FinTech developers.
Fundamentally, the platform allows traditional banks, insurance companies and financial institutions to get a quick boost in their endeavor to offer new FinTech solutions.
“Financial institutions increasingly recognize the value in identifying and partnering with FinTech companies around the globe who have already demonstrated an ability to commercialize their efforts,” added Polari.
Following the acquisition, Matchi CEO David Milligan stated:
Together, we are positioned to help clients find and deploy fintech solutions that are most relevant to their business needs. We are fulfilling the promise of collaboration between financial institutions and fintech firms, which can ultimately benefit all consumers and businesses.
Services firms like KPMG and, more notably, Deloitte, have made marked investments in financial technologies, particularly in blockchain innovation. KPMG has co-launched blockchain labs in Frankfurt and Singapore alongside Microsoft, workspaces which aid in the research and development of the innovative decentralized technology.
Deloitte is visibly the most active services firm adopting blockchain technology. Earlier this year, the firm completed a successful audit of a permissioned blockchain platform, scrutinizing its protocols and applications with professional auditing standards.
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