Fintech is a portmanteau of financial technology that includes any technological innovation in the financial sector, such as innovations in financial literacy and education, retail banking, investment and crypto-currencies (Investopedia, 2017a). According to Statista’s Fintech Report (iTreasurer, 2017) as cited in iTreasurer, the global transaction value of fintech firms in 2017 was US$3.5 trillion and it is expected to reach US$8 trillion by 2022. Financial institutions face challenges from fintech start-ups by promising their customers faster, cheaper, more convenient and innovative financial services. Hence, 82 per cent of financial institutions are expected to increase their partnership with fintech start-ups with 77 per cent of them expecting to increase internal innovations in their products and system (PwC Global Fintech Report, 2017).