China is one of the evolving landscapes for fintech as there are around 3.4 billion third party payments account in the country. The total loan balance online grew at a rate of 36 times within three years and total third party payment value grew 74 times in the same period.
- Definition / Scope
- Market Overview
- Market Risks
- Top Market Opportunities
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Regulatory Trends
- Other Key Market Trends
- Market Outlook
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Landscape
- Competitive Factors
- Strategic Conclusion
Definition / Scope
Fin tech which is also an abbreviation of 'financial technology,' is a term used to define upcoming technologies that aim to improve and automate the delivery and use of financial services. The use of technology in companies help both the managers of the organization and customers to manage their financial operations and lives by the aid of specialised software and algorithms used in computers or at present times in the smartphones.
The advances of technology is further utilized in several arenas of financial sector such as financial literacy, advice and education, as well as streamlining of wealth management, lending and borrowing, retail banking, fundraising, money transfers/payments, investment management and many more. Some of the major upcoming trends in this sector include advances in following technologies:
- Cryptocurrency and digital cash which is in the rise and conducts trade of most valued commodity in the world-bitcoin
- Block chain technology is that which allows to maintain records on a network of computers, but has no central ledger.
- Open banking is a concept that permits third-parties should have access to bank data to build applications that create a connected network of financial institutions and third-party providers.
- Insurtech seeks to utilize technology to simplify and streamline the insurance industry.
- Regtech which seeks to provide best protocols for AML and KYC issues for the financial companies and help to prevent fraudulent activities.
- Cybersecurity is an issue due to the increasing prevalence of cyber crime and the decentralized storage of data, fin-tech companies aim to provide solutions to these issues as well.