Fintech is often a blend of two words namely “Finance” and “Technology”. Completely, method . Financial Technology. It is often due to technology innovations from the financial industry. Put differently; it describes the convergence of finance and technology – or ways technologies are improving use of finance, from making payments, currency, peer to see lending and also wealth management.

4 seasons 2008 was the dawn of a major evolutionary change in the financial technology industry. This is due to the collapse of the unsustainable banking system that took a lot of risks in the quest for profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue plans to save major high-street names including HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis opened up the opportunity to do things differently. Previously financial technology have been an in-house enterprise for the banks. The development of credit cards from the 1950’s, ATM’s from the 1960’s and electronic stock investing from the 1970’s were all driven internally by major players from the banking industry.

The failure from the banking system gave rise to a variety of economic technology upstarts. New firms that wanted to see change and more importantly remove traditional barriers the banking system had built. This surge in financial technology was quickly labelled as fintech.

Fintech covers a massive spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are just a few areas where folks are seeing room for innovation and disruption to traditional methods.

This rapid growth has established a booming financial technology industry and lots of fintech australia online. Due to the great number of firms that belong to the umbrella of fintech it’s hard to put a perfect figure on the international worth of this industry. Thankfully KPMG make a quarterly report called ‘The Pulse of Fintech’. This provides a worldwide research latest investments from the fintech industry. Their most current report claims that global investment in fintech companies reached a whopping $24.7 billion in 2016, spread across 1076 deals.

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