Introduction to FinTech
Investopedia defines FinTech as: “new tech that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is utilised to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones.”
Ernst & Young’s (EY) definition of FinTech is as follows: “FinTech: organizations combining innovative business models and technology to enable, enhance and disrupt financial services.” EY also states that its FinTech definition also encompasses, apart from early-stage start-ups and new entrants, a reference also to scaling firms, growth-stage firms, and non-financial services firms. The uniqueness of FinTech stems from the nature of its characterisation and the market conduct regulation (of the firms), collectively to which it’s (the FinTech industry) subjected owing to the fact that it manages assets, incomes, wealth, retirement funds, and salaries of people subscribing from all walks of life (for this reason, FinTech’s mass-adoption-rate and financial inclusion matters, to ensure a holistic growth of the financial services industry and its stakeholders).
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