Fintech is a mixture of two words namely “Finance” and “Technology”. In full, it is called Financial Technology. It is attributed to technology innovations inside the financial industry. Put differently; it describes the convergence of finance and technology – or ways that technologies are improving access to finance, from paying, currency, peer to look lending and also wealth management.

The year 2008 was the dawn of an major evolutionary change in the financial technology industry. This was a result of the collapse associated with an unsustainable banking system that took lots of risks rolling around in its pursuit of profits. Lehman Brothers were bankrupted, swiftly followed by emergency rescue promises to save major traditional names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis showed the chance to do things differently. Previously financial technology ended up an in-house enterprise for that banks. The creation of credit cards inside the 1950’s, ATM’s inside the 1960’s and electronic trading inside the 1970’s were all driven internally by major players inside the banking industry.

The failure inside the banking system gave rise into a number of monetary technology upstarts. Modern firms that desired to see change and even more importantly remove traditional barriers that this banking system had built. This surge in financial technology was quickly labelled as fintech.

Fintech covers an enormous spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are just a few areas where people are seeing room for innovation and disruption to fliers and other modes.

This rapid growth has generated a booming financial technology industry and many fintech news online. Because of the multitude of firms that fall under the umbrella of fintech it is difficult to put a precise you’ll need the international valuation on this industry. Thankfully KPMG develop a sydney called ‘The Pulse of Fintech’. This supplies an international research into the latest investments inside the fintech industry. Their newest report states that global purchase of fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.

To learn more, see this article on “what is fintech ?”
http://www.techbullion.com/what-is-fintech/