Fintech is really a mixture of two words namely “Finance” and “Technology”. Fully, stage system Financial Technology. It is attributed to technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or ways in which technologies are improving usage of finance, from paying, currency, peer to peer lending and also wealth management.
4 seasons 2008 was the dawn of a major evolutionary difference in the financial technology industry. This became due to the collapse of the unsustainable banking system that took a lot of risks rolling around in its quest for profits. Lehman Brothers were bankrupted, swiftly then emergency rescue promises to save major street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.
This crisis exposed the opportunity do things differently. Previously financial technology ended up an in-house enterprise to the banks. The introduction of cards inside the 1950’s, ATM’s inside the 1960’s and electronic stock investing inside the 1970’s were all driven internally by major players inside the banking industry.
The failure inside the banking system gave rise to some large number of monetary technology upstarts. Modern companies which planned to see change and more importantly remove traditional barriers that this banking system had built. This surge in financial technology was quickly labelled as fintech.
Fintech covers an enormous spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are simply a few places that everyone is seeing room for innovation and disruption to fliers and business cards.
This rapid growth has generated an excellent financial technology industry and a lot of fintech company list online. As a result of great number of companies which fall under the umbrella of fintech it’s difficult to put a defined figure on the worldwide value of this industry. Thankfully KPMG produce a modern australia called ‘The Pulse of Fintech’. This supplies a worldwide investigation latest investments inside the fintech industry. Their most current report states that global purchase of fintech companies reached an astonishing $24.7 billion in 2016, spread across 1076 deals.
For more info, check this out article on “what is fintech ?”
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