Fintech

FinTech simplifies financial transactions for consumers or businesses, making them more accessible and generally more affordable. It can also apply to companies and services utilizing AI, big data, and encrypted blockchain technology to facilitate highly secure transactions amongst an internal network.

Fintech, a combination of the words “financial” and “technology”, is the use of technology to provide financial services and products to consumers. Fintech companies use technology and cloud services to provide financial services, rather than relying on physical locations.

Fintech has changed the financial world in many ways, including:

• Speed and convenience: Fintech products are often delivered online, making them easier and quicker for consumers to access.
• Greater choice: Consumers can buy products and services remotely, regardless of location.
• New era in payments: There are more money apps on phones than bank branches in real life.
• Growth sector: Fintech is a growth sector due to technology, a favorable regulatory environment, and demographics.

Fintech can be used in many areas of finance, including: Banking, Insurance, and Investing.

Some factors that help support a vibrant Fintech sector include: Telecommunications, Widespread electronic payment acceptance, Big-data-supported credit information systems, Consumer education programs, and Sound and efficient regulation.