Rogers: Fintech may replace physical cash

Traditional banking branches and physical cash will be replaced by fintech, according to legendary investment guru Jim Rogers.

The co-founder of the Quantum Fund, who is an unabashed supporter of fintech, said that traditional banks must invest heavily in technology-sector infrastructure development to improve their situation.

Rogers, who has invested in the world's first fintech bank project developed by fintech group ITF Corp, told China Daily in Hong Kong that his role was mostly as an adviser to the company. He said that he invested in ITF because fintech will be the future of banking, adding that "my children will never walk into a bank when they become adults as by then all the banks along the streets will be replaced by computers and certainly mobile phones."