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The expression Fintech combines the words "finance" and "technology". It designates an innovative start-up that uses the technique to rethink the financial and banking services.
Fintech also known as Financial Technology, is a line of business based on using software to provide financial services.
Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient.
Technology is a term used in the financial field: the term reflects the technology in the banking industry and the first two areas is heavy technology include machinery and equipment
Or the so-called financial industry technology name, such as computers and machines counting the money, and displays currency, means of connectivity and communication, and the second area is the technology of light include know-how, management, financial and marketing information.
6_mazahr the use of technology in the Financial Action Task Force:
There are four interrelated and complementary components.
- The physical aspect: The in machinery and equipment used.
- Side Alasthaddama or Alastamala: The ways to use this equipment
- The scientific aspect: The banking and financial knowledge required
- The innovative aspect: the acquisition and is required to provide financial service skills.
Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
Fin-Finance Tech-Technlogy....It is Financial Technology basically I think is a product which caters services to BFSI business. Thanks.
Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.
Global investment in financial technology more than tripled to $4 billion in 2013 from $930 million in 2008. The nascent financial technology industry has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of London's workforce is employed in financial and technology services.
In Europe, $1.5 billion was invested in financial technology companies in 2014, with London-based companies receiving $539 million, Amsterdam-based companies $306 million, and Stockholm-based companies receiving $266 million in investment. After London, Stockholm is the second highest funded city in the EU in the past 10 years.
In the Asia Pacific region, the growth will see a new financial technology hub to be opened in Sydney, Australia, in April 2015.There is already a number of strong financial technology players like Tyro Payments, Nimble, Stockspot, Pocketbook and SocietyOne in the market and the new hub will help further accelerate the growth of the sector. A financial technology innovation lab is also being launched in Hong Kong to help foster innovation in financial services using technology.
Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software."
Fintech is a combination of financial services and innovative applications of new and existing technology, born from an attempt to provide better and more efficient alternatives to traditional banking and payment systems.
Basically, fintech uses technology to enhance the way money works.
(Image courtesy FinTech HK on Slideshare)
Think of fintech as a much-needed overhaul in banking and commerce, one with a strong focus on technology and consumer-centric software.
Fintech’s main advantage is choice.
What kind of choice?
With fintech, companies of all sizes and industries have access to a wide range of solutions that circumvent the traditional way of managing their finances—i.e. going to a local bank or investor.
From mobile payments, crowdfunding, to algorithm-driven apps that generate investment advice, entrepreneurs have never had this many choices when it comes to setting up their own companies.
And it’s not just about the startup process; fintech also makes scaling easier and cheaper than ever.
For example, crowdfunding allows aspiring entrepreneurs to obtain funding without having to look for investors and venture capitalists. By developing a product prototype and sharing it online, your idea can get funding from as many people from all over the world as possible.
Fintech lets you make your sales pitch to the entire world, and not just a boardroom of potential investors. Those with truly unique and special ideas have managed to launch their ideas into profitable products through sites like Kickstarter.
The Pebble Smartwatch, for example, got its start from a massively successful crowdfunding campaign on the site. An action sports drone manufacturer, Airdog, started up in Latvia. Through a wildly successful Kickstarter campaign, they ended up pitching to VCs and presenting in boardrooms in Silicon Valley.
Remitting money across borders, a process that has long had several problematic barriers, is being retooled by innovative fintech companies.
But more importantly, fintech solutions have brought down the cost of transferring money abroad. TransferWise, a peer-to-peer money transfer service, allows businesses and individuals to wire funds at a cost far lower than the service offered by banks.
Fintech is basically term used for the technology driven financial services. Fintech is kind of more than decade old in financial industry which has leveraged sectors like banking, insurance or stock market trading to a new level of reach and accessibility for its target market.
Fintech was like a boon to the financial sector.
Best examples can be seen in stock market trading companies. And now with banking sectors, insurance sectors etc.
Fintech means financial Technology which provides financial services to Buissness.
Eg1. Every Service based sites or website have subcriptions . Financial Technology is used make the transactions and payments.
They are also used in Trading stock,Insurance,banking and even online payment of bills .
Fintech is financial products provided through innovative technologies developed by fintech pr agency https://ninjapromo.io/services/public-relations/fintech-pr . Financial technology innovations include artificial intelligence, blockchain technology, cloud storage, biometrics, Big Data and many others.
YES THANK YOU FOR INVITATION ITS SHORT TERM OF FINANCE TECHNOLOGY.
Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions.
Actually the topic of finance has always been difficult for me, so now I thought it would be good to be able to turn to specialists for banking software development services. I tried to explain to them in an accessible way what I want to get in the end, and we achieved an excellent result in terms of automating my business.
