FinTech World - Finance Ppl

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FinTech is a blendword of 'Financial technology'. Refers to apps, software or any technology aimed at allowing individuals or businesses to digitally access /manage their finances and engage in financial transactions.

Technically defined by Bank for International Settlements (BIS) as:  technologically enabled financial innovations, 
  • that could result in new business models,
  • Applications, 
  • processes, 
  • or products 
with an associated material effect ON financial markets & institutions and  provision of financial services.

Source: RBI publication report Nov 2017


Summarily, FinTech is an umbrella term that stands for those technological innovation having a bearing on financial services.


India's Fintech services can be categorised into 
  • Payment & Remittances (QR based mobile payment systems,mobile Wallet systems, account aggregation services etc)
  • Digi banking environment (Digital banking & banking software providers)
  • Financing (credit decisioning models, digi-lending platform etc)
  • Insurance Tech platforms (claims management, smart contract formulation etc)
  • wealth management services (trading platform,AI based Bot advisory )
  • Cryptocurrency
  • Crowdfunding