“Fintech”, or financial technology, describes a new breed of firms that specialize in providing financial services primarily through technologically enabled mobile and online platforms. This difers from earlier generations of finance-related technology, as it provides services directly to consumers rather than focusing on providing services to already-established financial firms. Fintech is changing finance in fundamental ways, from investment management to capital raising to the very form of currency itself. Fintech innovation has lowered the barriers to entry, expanded access to financial services, and challenged traditional understanding about how finance works. Nevertheless, use of fintech products and services introduces new kinds of risks, such as cyber crime, and requires digital financial literacy to be used safely and efectively.
CEUR