FinTech Primer 1 — What is FinTech?

What is FinTech

  1. Oxford Dictionary : “Computer programs and other technology used to support or enable banking and financial services”.
  2. Merriam Webstar dictionary: “Products and companies that employ newly developed digital and online technologies in the banking and financial services industries”.

FinTech is also in Top 13% words on Look up Popularity as of today …

Are you using FinTech as a customer?

Worldwide, 96% of consumers know of at least one alternative FinTech service available to help them transfer money and make payments

Evolution of FinTech

Rapidly growing Global FinTech Ecosystem

Yes, I said weeks because that is the pace at which this Industry is changing. It’s an Agility game.

  • The overall global fintech funding across mergers & acquisition, private equity and venture capital was $105 billion in 2020.
  • VC investment in fintech globally also increased year-over-year to over $42 billion investment from over 2000 deals.
  • Global investment in cyber security quadrupled — from $500 million in 2019 to over $2 billion in 2020.
  • Emerging markets are leading the way in both China and India, the adoption rate is 87%. Close behind are Russia and South Africa, both with 82% adoption. Among developed countries, the Netherlands, the UK and Ireland lead in adoption, reflecting in part the development of open banking in Europe.
  • There are around 140+ FinTech Unicorn Companies which are valued at US $1 billion or more. Check out the list here.
  • More than $1 billion was sent and received in the form of remittances globally every month via mobile money in 2020. Number of registered accounts grew by 13% to 1.2 bn more than forecast done for 2020.

Summary:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store