Fintech

https://en.wikipedia.org/wiki/Fintech

"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies.[1] Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.

Defining fintech

The evolution of fintech spans over a century, marked by significant technological innovations that have revolutionized the financial industry. While the application of technology to finance has deep historical roots, the term "fintech" emerged in the late 20th century and gained prominence in the 1990s.[2]

The earliest documented use of the term dates back to 1967, appearing in an article in The Boston Globe titled "Fin-Tech New Source of Seed Money." This piece reported on a startup investment company established by former executives of Computer Control Company, aimed at providing venture capital and industry expertise to startups in the financial technology industry.[2]

However, the term didn't gain popularity until the early 1990s when Citicorp Chairman John Reed used it to describe the Financial Services Technology Consortium. This project, initiated by Citigroup, was designed to promote technological cooperation in the financial sector, marking a pivotal moment in the industry's collaborative approach to innovation.[3]

The fintech ecosystem includes various types of companies. While startups developing new financial technologies or services are often associated with fintech, the sector also encompasses established technology companies expanding into financial services and traditional financial institutions adopting new technologies. This diverse landscape has led to innovations across multiple financial sectors, including banking, insurance, investment, and payment systems.[4] Fintech applications span a wide range of financial services. These include digital banking, mobile payments and digital wallets, peer-to-peer lending platforms, robo-advisors and algorithmic trading, insurtech, blockchain and cryptocurrency, regulatory technology, and crowdfunding platforms…