What does fintech mean?

“Fintech” is a combination of the words “financial” and “technology” and refers to the innovative application of technology in financial services, with the aim of improving and automating the delivery and use of financial services. Fintech includes both the optimisation of existing financial services and the development of entirely new business models that differ from traditional forms of financial services.

In recent years, this sector has experienced tremendous growth, supported by significant investments from venture capitalists and major financial institutions. Fintech includes developments such as digital payment systems, robo-advice, investment apps and blockchain technology, and plays an important role in the transformation of the financial sector.