What Does “FinTech” Really Mean?
FinTech is a portmanteau developed from the words “financial” and “technology”. It is used to describe technologically enabled innovations that are rewriting the rules of financial transactions. It is also used to describe companies or businesses investing in or developing innovative technological solutions to provide financial services, alongside or in competition with established institutions.
So when you ponder on what qualifies as FinTech, think of payment, clearing, and settlement services such as mobile and web-based payment applications, deposit, lending, and capital raising services such as crowdfunding and peer-to-peer lending, and investment management services such as robo-advice and e-trading.