What is a financial technology (Fintech)?

What is Fintech?

As the new generations’ progress, society becomes technology-oriented now more than ever. The technology has become a part of our life. Also, finance is very important factors for an individual or a country to sustain and improve.

Financial technology emerged in the early 21st century, also called fintech, which is supposed to apply only to the technologist who works at back end system but there has been a shift more toward consumer-oriented services.

Fintech is used to describe new technology that seeks to improve financial services not just for companies and business owners but also for consumer to help better manage their financial operations and process. Fintech is now used almost in every sector of our society like hospital, governments, schools, retail banking, fundraising and nonprofit, and investment management to name a few.

Fintech also includes the development and use of cryptocurrencies like bitcoin. As cryptocurrencies are becoming a trend these days, companies have developed many technologies for such currency as the blockchain. Even though cryptocurrencies are worth lots of money, still big money lies in the traditional global banking industry which worth multi-trillion-dollar market capital.

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