Author: Kai Kiat

President Barack Obama will be remembered in history as the man who saved the United States from the worst financial crisis since the Depression. The 44th President of the United States left behind other legacies such as sweeping reforms to protect consumer rights, strengthen banking regulations and increase healthcare coverage among others. While some of these progress might be reversed by his successor, one of his more neglected and enduring achievement would be to oversee the maturity of the fintech industry. In 2009, while mainstream banks (e.g. Citibank) were struggling with the crisis, online marketplaces such as Prosper and Lending…