Technology firms entering the financial services space shouldn't be afraid of partnering with the biggest players in the industry, according to two executives.
Bill Ready, PayPal's chief operating officer, said that he often hears from fellow fintech entrepreneurs that banking giants "have to lose" in order for their businesses to be able to win.
"I think that is a completely false premise," he told CNBC's Elizabeth Schulze at the World Economic Forum in Davos, Switzerland. It would be like saying, 'Well, for smartphone manufacturers to win, cellular carriers have to lose.'"
Ready made an analogy for the way fintech firms should look at their banking rivals using the example of smartphone makers and cellular networks.