What is Fintech?
Fintech, short for financial technology, refers to the use of technology to improve, automate, and innovate financial services. It encompasses a wide range of solutions, from digital payments and lending platforms to blockchain, wealth management apps, and insurance technology. Fintech companies aim to make financial services more efficient, accessible, and customer-friendly compared to traditional banks and financial institutions.
Key Segments of Fintech
Digital Payments & Wallets: Mobile payment apps, QR-code payments, contactless transactions, and cross-border remittance solutions.
Lending & Credit Platforms: Peer-to-peer lending, digital microloans, Buy Now Pay Later (BNPL), and AI-based credit scoring.
Insurtech: Technology-driven insurance solutions including online policy management, claim automation, and AI risk assessment.