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  • 04.11.16

You won’t believe the low-tech way this financial startup is disrupting private banking in Asia

A Singapore startup has a hit service on its hands: It manually collects and scans the paper financial account and bank statements of individuals and then sends them a report on their aggregated financial holdings once a month, says Reuters. In America we’re used to advanced online financial platforms like Mint that give us the ability to see our financial data from various accounts aggregated all in one place, but in Asia many banks lack APIs, which means it’s virtually impossible for services like Mint to exist.

That’s why the Singapore startup Mesitis has resorted to offering aggregated data the old fashioned way. Still, despite the 25 year-old technology powering its services, Mesitis has been a hit with its high net worth clients and its success bodes well for the increasing number of fintech startups looking to disrupt an Asian banking system that has rested on its laurels for much of the last 20 years.MG