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id="toc-Rise_of_digital_financial_services" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Rise_of_digital_financial_services"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Rise of digital financial services</span> </div> </a> <ul id="toc-Rise_of_digital_financial_services-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Dot-com_era" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Dot-com_era"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Dot-com era</span> </div> </a> <ul id="toc-Dot-com_era-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Post-financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Post-financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Post-financial crisis</span> </div> </a> <ul id="toc-Post-financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Accelerated_growth_of_digital_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Accelerated_growth_of_digital_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Accelerated growth of digital finance</span> </div> </a> <ul id="toc-Accelerated_growth_of_digital_finance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Industry_landscape" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Industry_landscape"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Industry landscape</span> </div> </a> <ul id="toc-Industry_landscape-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Revenue_models" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Revenue_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Revenue models</span> </div> </a> <ul id="toc-Revenue_models-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Controversies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Controversies"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Controversies</span> </div> </a> <ul id="toc-Controversies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References_and_notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References_and_notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References and notes</span> </div> </a> <ul id="toc-References_and_notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Fintech</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 38 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-38" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">38 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D9%82%D8%A7%D9%86%D8%A9_%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="تقانة مالية – Arabic" lang="ar" hreflang="ar" data-title="تقانة مالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Maliyy%C9%99_texnologiyas%C4%B1" title="Maliyyə texnologiyası – Azerbaijani" lang="az" hreflang="az" data-title="Maliyyə texnologiyası" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%86%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%BF%E0%A6%95_%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%AF%E0%A7%81%E0%A6%95%E0%A7%8D%E0%A6%A4%E0%A6%BF" title="আর্থিক প্রযুক্তি – Bangla" lang="bn" hreflang="bn" data-title="আর্থিক প্রযুক্তি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Tecnologies_financeres" title="Tecnologies financeres – Catalan" lang="ca" hreflang="ca" data-title="Tecnologies financeres" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Finan%C4%8Dn%C3%AD_technologie" title="Finanční technologie – Czech" lang="cs" hreflang="cs" data-title="Finanční technologie" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Fintech" title="Fintech – Danish" lang="da" hreflang="da" data-title="Fintech" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Finanztechnologie" title="Finanztechnologie – German" lang="de" hreflang="de" data-title="Finanztechnologie" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CF%84%CE%B5%CF%87%CE%BD%CE%BF%CE%BB%CE%BF%CE%B3%CE%AF%CE%B1" title="Χρηματοοικονομική τεχνολογία – Greek" lang="el" hreflang="el" data-title="Χρηματοοικονομική τεχνολογία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Tecnolog%C3%ADa_financiera" title="Tecnología financiera – Spanish" lang="es" hreflang="es" data-title="Tecnología financiera" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%81%DB%8C%D9%86%E2%80%8C%D8%AA%DA%A9" title="فین‌تک – Persian" lang="fa" hreflang="fa" data-title="فین‌تک" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Technologie_financi%C3%A8re" title="Technologie financière – French" lang="fr" hreflang="fr" data-title="Technologie financière" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%95%80%ED%85%8C%ED%81%AC" title="핀테크 – Korean" lang="ko" hreflang="ko" data-title="핀테크" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%96%D5%AB%D5%B6%D5%A1%D5%B6%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%BF%D5%A5%D5%AD%D5%B6%D5%B8%D5%AC%D5%B8%D5%A3%D5%AB%D5%A1" title="Ֆինանսական տեխնոլոգիա – Armenian" lang="hy" hreflang="hy" data-title="Ֆինանսական տեխնոլոգիա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AB%E0%A4%BF%E0%A4%A8%E0%A4%9F%E0%A5%87%E0%A4%95" title="फिनटेक – Hindi" lang="hi" hreflang="hi" data-title="फिनटेक" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Fintech" title="Fintech – Croatian" lang="hr" hreflang="hr" data-title="Fintech" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Teknologi_finansial" title="Teknologi finansial – Indonesian" lang="id" hreflang="id" data-title="Teknologi finansial" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Tecnofinanza" title="Tecnofinanza – Italian" lang="it" hreflang="it" data-title="Tecnofinanza" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%98%D7%9B%D7%A0%D7%95%D7%9C%D7%95%D7%92%D7%99%D7%94_%D7%A4%D7%99%D7%A0%D7%A0%D7%A1%D7%99%D7%AA" title="טכנולוגיה פיננסית – Hebrew" lang="he" hreflang="he" data-title="טכנולוגיה פיננסית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Finansin%C4%97s_technologijos" title="Finansinės technologijos – Lithuanian" lang="lt" hreflang="lt" data-title="Finansinės technologijos" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Fintech" title="Fintech – Hungarian" lang="hu" hreflang="hu" data-title="Fintech" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%A1%D0%B0%D0%BD%D1%85%D2%AF%D2%AF%D0%B3%D0%B8%D0%B9%D0%BD_%D1%82%D0%B5%D1%85%D0%BD%D0%BE%D0%BB%D0%BE%D0%B3%D0%B8" title="Санхүүгийн технологи – Mongolian" lang="mn" hreflang="mn" data-title="Санхүүгийн технологи" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Financi%C3%ABle_technologie" title="Financiële technologie – Dutch" lang="nl" hreflang="nl" data-title="Financiële technologie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A3%E3%83%B3%E3%83%86%E3%83%83%E3%82%AF" title="フィンテック – Japanese" lang="ja" hreflang="ja" data-title="フィンテック" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Finansteknologi" title="Finansteknologi – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Finansteknologi" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Technologie_finansowe" title="Technologie finansowe – Polish" lang="pl" hreflang="pl" data-title="Technologie finansowe" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Tecnologia_financeira" title="Tecnologia financeira – Portuguese" lang="pt" hreflang="pt" data-title="Tecnologia financeira" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Tehnologie_financiar%C4%83" title="Tehnologie financiară – Romanian" lang="ro" hreflang="ro" data-title="Tehnologie financiară" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%8B%D0%B5_%D1%82%D0%B5%D1%85%D0%BD%D0%BE%D0%BB%D0%BE%D0%B3%D0%B8%D0%B8" title="Финансовые технологии – Russian" lang="ru" hreflang="ru" data-title="Финансовые технологии" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Financial_technology" title="Financial technology – Simple English" lang="en-simple" hreflang="en-simple" data-title="Financial technology" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Fintech" title="Fintech – Swedish" lang="sv" hreflang="sv" data-title="Fintech" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%A4%D0%B0%D0%BD%D0%BD%D0%BE%D0%B2%D0%B0%D1%80%D0%B8%D0%B8_%D0%BC%D0%BE%D0%BB%D3%A3" title="Фанноварии молӣ – Tajik" lang="tg" hreflang="tg" data-title="Фанноварии молӣ" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Finans_teknolojisi" title="Finans teknolojisi – Turkish" lang="tr" hreflang="tr" data-title="Finans teknolojisi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%96_%D1%82%D0%B5%D1%85%D0%BD%D0%BE%D0%BB%D0%BE%D0%B3%D1%96%D1%97" title="Фінансові технології – Ukrainian" lang="uk" hreflang="uk" data-title="Фінансові технології" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA%DB%8C_%D9%B9%DB%8C%DA%A9%D9%86%D8%A7%D9%84%D9%88%D8%AC%DB%8C" title="مالیاتی ٹیکنالوجی – Urdu" lang="ur" hreflang="ur" data-title="مالیاتی ٹیکنالوجی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D9%BE%DB%87%D9%84%D8%AA%DB%95%D9%83_(%D9%BE%DB%87%D9%84-%D9%85%DB%87%D8%A6%D8%A7%D9%85%D9%89%D9%84%DB%95_%D8%AA%DB%90%D8%AE%D9%86%D9%89%D9%83%D9%89%D8%B3%D9%89)" title="پۇلتەك (پۇل-مۇئامىلە تېخنىكىسى) – Uyghur" lang="ug" hreflang="ug" data-title="پۇلتەك (پۇل-مۇئامىلە تېخنىكىسى)" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/C%C3%B4ng_ngh%E1%BB%87_t%C3%A0i_ch%C3%ADnh" title="Công nghệ tài chính – Vietnamese" lang="vi" hreflang="vi" data-title="Công nghệ tài chính" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E7%A7%91%E6%8A%80" title="金融科技 – Cantonese" lang="yue" hreflang="yue" data-title="金融科技" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E7%A7%91%E6%8A%80" title="金融科技 – Chinese" lang="zh" hreflang="zh" data-title="金融科技" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/500px-Philippine-stock-market-board.jpg 1.5x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_market" title="Financial market">Markets</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_asset" title="Financial asset">Assets</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Bond</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a></li> <li><a href="/wiki/Domain_name_speculation" title="Domain name speculation">Domains</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><span class="nowrap"><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></span></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a> <ul><li><a href="/wiki/Institutional_investor" title="Institutional investor">institutional</a></li></ul></li> <li><a href="/wiki/Retail" title="Retail">Retail</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculator</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_centre" title="Financial centre">Locations</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_instrument" title="Financial instrument">Instruments</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-left:2.0em;padding-right:2.0em;"><div class="hlist"> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Collateralised_debt_obligation" class="mw-redirect" title="Collateralised debt obligation">Collateralised debt obligation</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swap</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit</a> (<a href="/wiki/Certificate_of_deposit" title="Certificate of deposit">certificate of deposit</a>)</li> <li><a href="/wiki/Line_of_credit" title="Line of credit">Credit line</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a href="/wiki/Futures_contract" title="Futures contract">Futures contract</a></li> <li><a href="/wiki/Indemnity" title="Indemnity">Indemnity</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a></li> <li><a href="/wiki/Letter_of_credit" title="Letter of credit">Letter of credit</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li></ul> <div class="hlist"><ul><li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a> (<a href="/wiki/Call_option" title="Call option">call</a></li><li><a href="/wiki/Exotic_option" title="Exotic option">exotic</a></li><li><a href="/wiki/Put_option" title="Put option">put</a>)</li></ul></div> <ul><li><a href="/wiki/Performance_bonds" class="mw-redirect" title="Performance bonds">Performance bonds</a></li> <li><a href="/wiki/Repurchase_agreement" title="Repurchase agreement">Repurchase agreement</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security</a></li> <li><a href="/wiki/Syndicated_loan" title="Syndicated loan">Syndicated loan</a></li> <li><a href="/wiki/Synthetic_CDO" title="Synthetic CDO">Synthetic CDO</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Accounting" title="Accounting">Accounting</a></li> <li><a href="/wiki/Audit" title="Audit">Audit</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Credit_rating_agency" title="Credit rating agency">Credit rating agency</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Financial_risk_management" title="Financial risk management">Risk management</a></li> <li><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Transactions</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Corporate_tax" title="Corporate tax">Taxation</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Corporate_tax_haven" class="mw-redirect" title="Corporate tax haven">Corporate tax haven</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Personal_finance" title="Personal finance">Personal</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">Credit</a> / <a href="/wiki/Consumer_debt" title="Consumer debt">Debt</a></li> <li><a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planning</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Retirement" title="Retirement">Retirement</a></li><li><a href="/wiki/Student_loan" title="Student loan">Student loan</a></li></ul></div></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Public_finance" title="Public finance">Public</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Government_spending" title="Government spending">Government spending</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Government_final_consumption_expenditure" title="Government final consumption expenditure">Final consumption expenditure</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_operations" class="mw-redirect" title="Government operations">Operations</a></li><li><a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">Redistribution</a></li></ul></div></li> <li><a href="/wiki/Transfer_payment" title="Transfer payment">Transfer payment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;;padding-left:0.5em;padding-right:0.5em;"> <ul><li><div class="hlist"><ul><li><a href="/wiki/Tax" title="Tax">Taxation</a></li><li><a href="/wiki/Deficit_spending" title="Deficit spending">Deficit spending</a></li></ul></div></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> (<a href="/wiki/Government_budget_balance" title="Government budget balance">balance</a>)</li><li><a href="/wiki/Government_debt" title="Government debt">Debt</a></li></ul></div></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Warrant_of_payment" title="Warrant of payment">Warrant of payment</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank" title="Bank">Banking</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul> </div> <ul><li><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></li></ul> <table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Banking_license" title="Banking license">Banking license</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li> <li><a href="/wiki/Deposit_insurance" title="Deposit insurance">Deposit insurance</a></li> <li><a href="/wiki/Separation_of_investment_and_retail_banking" title="Separation of investment and retail banking">Separation of investment and retail banking</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a> <b>·</b> <a href="/wiki/Financial_law" title="Financial law">Financial law</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <ul><li><a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a></li> <li><a href="/wiki/ISO_31000" title="ISO 31000">ISO 31000</a></li> <li><a href="/wiki/Professional_certification_in_financial_services" title="Professional certification in financial services">Professional certification</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Economic_history" title="Economic history">Economic history</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">Private equity and venture capital</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li> <li><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Outline_of_finance" title="Outline of finance">Outline</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/20px-Emblem-money.svg.png" decoding="async" width="15" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/40px-Emblem-money.svg.png 1.5x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_Economics" class="mw-redirect" title="Portal:Business and Economics">Business and Economics portal</a></li> <li><span 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.navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance_sidebar" title="Template:Finance sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance_sidebar" title="Template talk:Finance sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance_sidebar" title="Special:EditPage/Template:Finance sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>"<b>Fintech</b>", a <a href="/wiki/Clipped_compound" title="Clipped compound">clipped compound</a> of "<b>financial technology</b>", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including <a href="/wiki/Mobile_banking" title="Mobile banking">mobile banking</a>, online lending platforms, digital payment systems, <a href="/wiki/Robo-advisors" class="mw-redirect" title="Robo-advisors">robo-advisors</a>, and <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>-based applications such as <a href="/wiki/Cryptocurrencies" class="mw-redirect" title="Cryptocurrencies">cryptocurrencies</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Fintech companies include both <a href="/wiki/Startup_company" title="Startup company">startups</a> and established technology and financial firms that aim to improve, complement, or replace traditional financial services. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Defining_fintech">Defining fintech</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=1" title="Edit section: Defining fintech"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The evolution of fintech spans over a century, marked by significant technological innovations that have revolutionized the financial industry. While the application of technology to finance has deep historical roots, the term "fintech" emerged in the late 20th century and gained prominence in the 1990s.<sup id="cite_ref-boston-globe-1967_2-0" class="reference"><a href="#cite_note-boston-globe-1967-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The earliest documented use of the term dates back to 1967, appearing in an article in <i><a href="/wiki/The_Boston_Globe" title="The Boston Globe">The Boston Globe</a></i> titled "Fin-Tech New Source of Seed Money." This piece reported on a startup investment company established by former executives of <a href="/wiki/Computer_Control_Company" title="Computer Control Company">Computer Control Company</a>, aimed at providing venture capital and industry expertise to startups in the financial technology industry.<sup id="cite_ref-boston-globe-1967_2-1" class="reference"><a href="#cite_note-boston-globe-1967-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>However, the term didn't gain popularity until the early 1990s when Citicorp Chairman John Reed used it to describe the Financial Services Technology Consortium. This project, initiated by <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, was designed to promote technological cooperation in the financial sector, marking a pivotal moment in the industry's collaborative approach to innovation.<sup id="cite_ref-GeorgetownJournal_3-0" class="reference"><a href="#cite_note-GeorgetownJournal-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The fintech ecosystem includes various types of companies. While startups developing new financial technologies or services are often associated with fintech, the sector also encompasses established technology companies expanding into financial services and traditional <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a> adopting new technologies. This diverse landscape has led to innovations across multiple financial sectors, including <a href="/wiki/Banking" class="mw-redirect" title="Banking">banking</a>, <a href="/wiki/Insurance" title="Insurance">insurance</a>, <a href="/wiki/Investment" title="Investment">investment</a>, and <a href="/wiki/Payment_system" title="Payment system">payment systems</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Fintech applications span a wide range of financial services. These include <a href="/wiki/Digital_banking" title="Digital banking">digital banking</a>, <a href="/wiki/Mobile_payment" title="Mobile payment">mobile payments</a> and <a href="/wiki/Digital_wallet" title="Digital wallet">digital wallets</a>, <a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">peer-to-peer lending</a> platforms, <a href="/wiki/Robo-advisor" title="Robo-advisor">robo-advisors</a> and <a href="/wiki/Algorithmic_trading" title="Algorithmic trading">algorithmic trading</a>, <a href="/wiki/Insurtech" class="mw-redirect" title="Insurtech">insurtech</a>, <a href="/wiki/Blockchain" title="Blockchain">blockchain</a> and <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a>, regulatory technology, and <a href="/wiki/Crowdfunding" title="Crowdfunding">crowdfunding</a> platforms. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Foundations">Foundations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=3" title="Edit section: Foundations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The late 19th century laid the groundwork for early fintech with the development of the <a href="/wiki/Telegraph" class="mw-redirect" title="Telegraph">telegraph</a> and transatlantic cable systems. These innovations transformed the transmission of financial information across borders, enabling faster and more efficient communication between financial institutions.<sup id="cite_ref-GeorgetownJournal_3-1" class="reference"><a href="#cite_note-GeorgetownJournal-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> A significant milestone in electronic money movement came with the establishment of the <a href="/wiki/Fedwire" title="Fedwire">Fedwire</a> Funds Service by the <a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a> in 1918. This early electronic funds transfer system used <a href="/wiki/Telegraph" class="mw-redirect" title="Telegraph">telegraph</a> lines to facilitate secure transfers between member banks, marking one of the first instances of electronic money movement.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The 1950s ushered in a new era of consumer financial services. <a href="/wiki/Diners_Club_International" title="Diners Club International">Diners Club International</a> introduced the first universal <a href="/wiki/Credit_card" title="Credit card">credit card</a> in 1950, a pivotal moment that would reshape consumer spending and credit. This innovation paved the way for the launch of <a href="/wiki/American_Express" title="American Express">American Express</a> cards in 1958 and the BankAmericard (later Visa) in 1959, further expanding the credit card industry.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Digital_revolution">Digital revolution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=4" title="Edit section: Digital revolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 1960s and 1970s marked the beginning of the shift from analog to digital finance, with several groundbreaking developments shaping the future of financial technology. </p><p>In 1967, <a href="/wiki/Barclays" title="Barclays">Barclays</a> introduced the world's first <a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">ATM</a> in <a href="/wiki/London" title="London">London</a>, revolutionizing access to cash and basic banking services. Inspired by <a href="/wiki/Vending_machine" title="Vending machine">vending machines</a>, the ATM marked a significant step towards self-service banking.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Fintech infrastructure continued to evolve with the establishment of the Inter-bank Computer Bureau in the <a href="/wiki/United_Kingdom" title="United Kingdom">UK</a> in 1968. This development laid the groundwork for the country's first automated <a href="/wiki/Automated_clearing_house" title="Automated clearing house">clearing house</a> system, eventually evolving into <a href="/wiki/BACS" class="mw-redirect" title="BACS">BACS</a> (Bankers' Automated Clearing Services) to facilitate electronic funds transfers between banks.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The world of <a href="/wiki/Securities_trading" class="mw-redirect" title="Securities trading">securities trading</a> was transformed in 1971 with the establishment of <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a>, the world's first digital <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>. NASDAQ's electronic quotation system represented a significant leap forward from the traditional <a href="/wiki/Open_outcry" title="Open outcry">open outcry</a> system used in stock exchanges.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Two years later, the founding of the <a href="/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication" class="mw-redirect" title="Society for Worldwide Interbank Financial Telecommunication">SWIFT</a> (Society for Worldwide Interbank Financial Telecommunication) standardized and secured communication between financial institutions globally. SWIFT's messaging system became the global standard for international money and security transfers.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>The introduction of electronic fund transfer systems, such as the <a href="/wiki/Automated_Clearing_House" class="mw-redirect" title="Automated Clearing House">ACH</a> (Automated Clearing House) in the <a href="/wiki/United_States" title="United States">United States</a>, facilitated faster and more efficient money transfers. The ACH network allowed for <a href="/wiki/Direct_deposit" title="Direct deposit">direct deposits</a>, <a href="/wiki/Payroll" title="Payroll">payroll</a> payments, and electronic bill payments, significantly reducing the need for paper checks.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Rise_of_digital_financial_services">Rise of digital financial services</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=5" title="Edit section: Rise of digital financial services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Bloomberg_Terminal_Museum.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/12/Bloomberg_Terminal_Museum.jpg/250px-Bloomberg_Terminal_Museum.jpg" decoding="async" width="250" height="186" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/12/Bloomberg_Terminal_Museum.jpg/500px-Bloomberg_Terminal_Museum.jpg 1.5x" data-file-width="4160" data-file-height="3088" /></a><figcaption>Bloomberg Terminal Museum</figcaption></figure> <p>The 1980s and 1990s witnessed significant developments in fintech, with the rise of digital financial services and the early stages of <a href="/wiki/Online_banking" title="Online banking">online banking</a>. A major breakthrough came when <a href="/wiki/Michael_Bloomberg" title="Michael Bloomberg">Michael Bloomberg</a> founded Innovative Market Systems (later <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a>) and introduced the <a href="/wiki/Bloomberg_Terminal" title="Bloomberg Terminal">Bloomberg Terminal</a>. This innovation revolutionized how financial professionals accessed and analyzed market data, providing real-time financial market data, analytics, and news to financial institutions worldwide.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Online banking emerged in the early 1980s, with the <a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland</a> offering the first UK online banking service called Homelink. This service allowed customers to view statements, transfer money, and pay bills using their <a href="/wiki/Television" title="Television">televisions</a> and <a href="/wiki/Telephone" title="Telephone">telephones</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The late 1980s saw the development of <a href="/wiki/Electronic_data_interchange" title="Electronic data interchange">EDI</a> (Electronic Data Interchange) standards, allowing businesses to exchange financial documents electronically and streamlining <a href="/wiki/Business-to-business" title="Business-to-business">B2B</a> (business-to-business) transactions.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>A significant milestone in consumer digital banking came in 1994 when <a href="/wiki/Stanford_Federal_Credit_Union" title="Stanford Federal Credit Union">Stanford Federal Credit Union</a> launched the first <a href="/wiki/Internet_banking" class="mw-redirect" title="Internet banking">Internet banking</a> website. This service initially allowed members to check account balances online, with bill pay functionality added in 1997.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> However, it was not until 1999 that the first state-chartered, <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">FDIC</a>-insured institution operating primarily online was established. First Internet Bank, founded by David Becker, marked a new era in online-only banking.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Dot-com_era">Dot-com era</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=6" title="Edit section: Dot-com era"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The late 1990s and early 2000s marked a significant turning point in the evolution of financial technology, as numerous innovations emerged during the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com boom</a>. One notable development was the rise of online trading platforms, with <a href="/wiki/E-Trade" title="E-Trade">E-Trade</a>, founded in 1982, leading the charge. In 1992, E-Trade became one of the first financial services companies to offer online trading to consumers, revolutionizing the way individuals interacted with the <a href="/wiki/Stock_market" title="Stock market">stock market</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Another pivotal moment was the founding of <a href="/wiki/PayPal" title="PayPal">PayPal</a> in 1998. PayPal's success in creating a secure and user-friendly online payment system demonstrated the viability of digital payment solutions and paved the way for numerous subsequent fintech startups.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>The early 2000s also saw the emergence of innovative business models in the financial services industry. WebBank, established in 1997, began offering a "rent-a-charter" model in 2005, providing the necessary banking infrastructure and regulatory compliance for fintech startups to offer banking services without obtaining their own charters. This model would later prove crucial in enabling the growth of numerous fintech companies.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Post-financial_crisis">Post-financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=7" title="Edit section: Post-financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">2008 global financial crisis</a> served as a catalyst for the rapid growth of the fintech industry, as declining trust in traditional financial institutions created opportunities for innovative, technology-driven solutions. The early days of the post-crisis era saw the emergence of digital currencies, with <a href="/wiki/E-Gold" class="mw-redirect" title="E-Gold">e-Gold</a> serving as a precursor to the development of <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a>. While e-Gold, which allowed users to create accounts denominated in grams of gold and enable instant transfers, ultimately faced legal challenges and closure, it laid the foundation for future digital currencies.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>The invention of Bitcoin in 2008 by an anonymous creator using the pseudonym <a href="/wiki/Satoshi_Nakamoto" title="Satoshi Nakamoto">Satoshi Nakamoto</a> marked a turning point in the evolution of digital currencies and <a href="/wiki/Decentralized_finance" title="Decentralized finance">decentralized finance</a>. Bitcoin's innovative use of <a href="/wiki/Blockchain" title="Blockchain">blockchain</a> technology sparked a wave of development in the field of <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrencies</a>, opening up new possibilities for secure, transparent, and decentralized financial systems.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>As the fintech landscape continued to evolve, new payment processing companies entered the market, offering developer-friendly <a href="/wiki/API" title="API">APIs</a> that dramatically simplified online payment integration. By lowering the barriers to entry for <a href="/wiki/E-commerce" title="E-commerce">e-commerce</a> and online financial services, these companies played a crucial role in enabling the growth of new fintech startups and driving innovation in the sector.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>The partner banking model, which emerged in the early 2000s, gained significant traction in the post-crisis era. This model expanded beyond its initial "rent-a-charter" concept, evolving into more comprehensive partnerships between traditional banks and fintech companies. These collaborations allowed for rapid innovation and market entry, as fintechs leveraged the regulatory compliance and infrastructure of established banks while bringing their own technological expertise and customer-centric approaches. This further accelerated the growth of the fintech sector, enabling the proliferation of digital-first financial services.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The maturation of this model paved the way for the rise of <a href="/wiki/Neobank" title="Neobank">neobanks</a>, which challenged traditional banking paradigms by offering fully digital experiences, redefining customer expectations in the banking sector.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>The increasing adoption of <a href="/wiki/Smartphone" title="Smartphone">smartphones</a> drove the development of mobile-first fintech solutions. Square's introduction of a mobile card reader in 2009 enabled small businesses to accept <a href="/wiki/Credit_card" title="Credit card">credit card</a> payments using smartphones, democratizing access to payment processing and highlighting the transformative potential of mobile technology in the financial services industry.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>The evolution of mobile payment systems continued with the launch of <a href="/wiki/Google_Wallet" title="Google Wallet">Google Wallet</a> in 2011 and <a href="/wiki/Apple_Pay" title="Apple Pay">Apple Pay</a> in 2014, which further popularized mobile payments and demonstrated the growing consumer demand for convenient, secure, and user-friendly payment solutions.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>This period also saw the rise of peer-to-peer (P2P) payment applications. These platforms revolutionized how individuals transfer money, enabling quick and easy transactions between users. By allowing fast, direct transfers through mobile devices, P2P payment apps significantly reduced the friction in personal financial transactions, making it simpler for people to split bills, share costs, or send money to friends and family.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Accelerated_growth_of_digital_finance">Accelerated growth of digital finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=8" title="Edit section: Accelerated growth of digital finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The global <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, which began in early 2020, had a profound impact on the fintech industry, accelerating the adoption of digital financial services and highlighting the importance of technology in ensuring the resilience and accessibility of financial systems. As lockdowns and <a href="/wiki/Social_distancing" title="Social distancing">social distancing</a> measures forced businesses and consumers to rely more heavily on digital channels, fintech solutions experienced a surge in demand.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>Mobile-first fintech applications saw unprecedented growth during this period. Many trading platforms reported significant increases in new user accounts, with some seeing millions of new funded accounts added in the early months of the pandemic.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Similarly, payment and money transfer apps experienced substantial user growth, with some platforms more than doubling their monthly active users over a three-year period, indicating a massive shift towards digital financial services.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>The events of 2020 also exposed the limitations of traditional financial institutions in meeting the needs of consumers and businesses in times of crisis. fintech companies, with their agile and technology-driven business models, were better positioned to respond to the challenges posed by the rapidly changing environment, offering innovative solutions for remote banking, contactless payments, and digital lending.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>During this period, <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> valuations for fintech companies soared, driven by low interest rates and a booming <a href="/wiki/Stock_market" title="Stock market">stock market</a>. The surge in fintech investments was marked by significant capital inflows, leading to higher valuations and more frequent exits via <a href="/wiki/Initial_public_offering" title="Initial public offering">IPOs</a> and <a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPACs</a>. Several prominent fintech companies achieved record-breaking valuations, further underscoring the sector's growth and investor confidence.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>The shift towards digital financial services during this period also accelerated the adoption of blockchain technology and cryptocurrencies. As <a href="/wiki/Central_bank" title="Central bank">central banks</a> around the world explored the possibility of issuing <a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">digital currencies</a>, the interest in <a href="/wiki/Decentralized_finance" title="Decentralized finance">decentralized finance</a> and <a href="/wiki/Non-fungible_token" title="Non-fungible token">non-fungible tokens</a> grew, opening up new avenues for innovation in the fintech sector.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>The fintech landscape in Africa is on the rise, with active companies reaching 1,263 in 2024, a significant increase from 1,049 in 2022 and 450 in 2020.<sup id="cite_ref-unlock_36-0" class="reference"><a href="#cite_note-unlock-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Nigeria leads the fintech sector, accounting for 28% of all fintech companies on the continent.<sup id="cite_ref-unlock_36-1" class="reference"><a href="#cite_note-unlock-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Industry_landscape">Industry landscape</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=9" title="Edit section: Industry landscape"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The fintech industry includes a diverse range of financial services and technologies, categorized into several key areas. Many companies operate across multiple areas or create new niches that blur these distinctions. </p> <table class="wikitable"> <tbody><tr> <th>Category </th> <th>Details </th></tr> <tr> <td>Banking and personal finance </td> <td>Digital banking platforms and neobanks offering user-friendly interfaces, expense tracking, financial planning, and integrated personal finance management tools.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Payments, remittances, and transactions </td> <td>Digital payment solutions, peer-to-peer transfers, international remittances, payroll services, and corporate card and expense management systems.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Lending and credit </td> <td>Peer-to-peer lending platforms, <a href="/wiki/Buy_now,_pay_later" title="Buy now, pay later">BNPL</a>, online personal loans, and small business financing, often using alternative data and machine learning for credit assessment.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Investment and wealth management </td> <td>Robo-advisors, online brokerages, and digital wealth management platforms using algorithms for automated investment advice and portfolio management.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Capital markets and asset management </td> <td>Algorithmic trading platforms, market data analytics, and portfolio optimization tools for institutional trading and asset management.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Insurtech and proptech </td> <td>Technology applications in insurance and real estate, offering personalized policies, streamlined claims processes, and innovative property management solutions.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Blockchain, cryptocurrencies, and DeFi </td> <td>Blockchain-based technologies enabling cryptocurrencies and decentralized finance (DeFi) platforms for more transparent and decentralized financial systems.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Regtech, compliance, and security </td> <td>Regulatory technology solutions for monitoring, reporting, compliance, fraud detection, and cybersecurity in the financial sector.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Infrastructure </td> <td><a href="/wiki/Core_banking" title="Core banking">Core banking systems</a>, financial data aggregation services, open banking APIs, Banking-as-a-Service (BaaS) platforms, and advanced data analytics tools supporting the entire fintech ecosystem.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Revenue_models">Revenue models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=10" title="Edit section: Revenue models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Fintech companies utilize various revenue models, often combining multiple approaches to diversify income streams. </p><p>Transaction fees form a primary source of income for many fintech businesses, particularly payment processors and cryptocurrency exchanges. These companies typically charge a percentage of each processed transaction. Some companies have expanded this model to include premium fees for services like instant payouts, catering to merchants who require immediate access to funds.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Interchange_fee" title="Interchange fee">Interchange fees</a> represent another significant revenue stream, particularly for firms offering payment cards.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Gao-report-on-interchange.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/Gao-report-on-interchange.gif/250px-Gao-report-on-interchange.gif" decoding="async" width="250" height="193" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/Gao-report-on-interchange.gif/500px-Gao-report-on-interchange.gif 1.5x" data-file-width="555" data-file-height="428" /></a><figcaption>GAO report image explaining interchange fees</figcaption></figure> <p>Subscription and freemium models allow companies to offer basic services at no cost while charging for advanced features or premium tiers.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> This approach is common among digital banks and financial management platforms. In the business-to-business (B2B) sector, usage-based pricing is prevalent, especially for API services. Fintech infrastructure providers often charge based on the volume of API calls or transactions processed, enabling other businesses to access specialized financial services without developing them internally.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>Interest-based revenue is crucial for many fintech companies, particularly in the banking and lending sectors. Digital banks and investment platforms typically earn interest on customer deposits and cash balances. Lending platforms often combine interest revenue with loan sales, selling portions of their loan portfolios to other institutions or investors.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>Data-driven revenue models, while potentially lucrative, have faced increasing scrutiny and regulation. Some firms engage in data monetization, selling aggregated or anonymized user data to third parties. However, this practice has raised privacy concerns and regulatory challenges.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> A less controversial approach involves leveraging user data for targeted advertising and lead generation, earning revenue through product recommendations and referral fees while providing free services to users.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>Some revenue models, such as payment for order flow (PFOF) used by certain brokerage firms, occupy a regulatory gray area. While PFOF allows for commission-free trades, potentially benefiting retail investors, it has faced scrutiny due to concerns about conflicts of interest and best execution practices.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Controversies">Controversies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=11" title="Edit section: Controversies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As fintech companies seek to disrupt traditional <a href="/wiki/Financial_services" title="Financial services">financial services</a>, some have been criticized for prioritizing growth over <a href="/wiki/Regulatory_compliance" title="Regulatory compliance">compliance</a>, security, and <a href="/wiki/Consumer_protection" title="Consumer protection">consumer protection</a>. </p><p>In a notable controversy, <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">cryptocurrency exchange</a> <a href="/wiki/FTX" title="FTX">FTX</a> collapsed in November 2022, facing accusations of deceptive practices, improper handling of client assets, and insufficient risk controls.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Sam_Bankman-Fried" title="Sam Bankman-Fried">Sam Bankman-Fried</a>, FTX's founder and CEO, was later convicted of <a href="/wiki/Wire_fraud" class="mw-redirect" title="Wire fraud">wire fraud</a>, <a href="/wiki/Conspiracy" title="Conspiracy">conspiracy</a>, and <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a>.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Artificial_intelligence_in_finance" class="mw-redirect" title="Artificial intelligence in finance">Artificial intelligence in finance</a></li> <li><a href="/wiki/Fintech_in_Australia" title="Fintech in Australia">Fintech in Australia</a></li> <li><a href="/wiki/Smart_contract" title="Smart contract">Smart contract</a></li> <li><a href="/wiki/Trade_finance_technology" title="Trade finance technology">Trade finance technology</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References_and_notes">References and notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=13" title="Edit section: References and notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output 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Retrieved <span class="nowrap">July 22,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=WSJ&rft.atitle=Lawmakers+Call+for+Investigation+of+Fintech+Company+Yodlee%27s+Data+Selling&rft.date=2020-01-17&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Flawmakers-call-for-investigation-of-fintech-firm-yodlees-data-selling-11579269600&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://investors.intuit.com/_assets/_85ab9fac85f2c84ae8711d96ca5b2870/intuit/db/923/9393/pdf/Intuit-Investor-Day-2023_E2E-PRINT-Deck_092723-1.pdf">"Intuit Investor Dat 2023"</a> <span class="cs1-format">(PDF)</span>. <i>Intuit</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 20,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Intuit&rft.atitle=Intuit+Investor+Dat+2023&rft_id=https%3A%2F%2Finvestors.intuit.com%2F_assets%2F_85ab9fac85f2c84ae8711d96ca5b2870%2Fintuit%2Fdb%2F923%2F9393%2Fpdf%2FIntuit-Investor-Day-2023_E2E-PRINT-Deck_092723-1.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/news/press-release/2020-321">"SEC Charges Robinhood Financial With Misleading Customers About Revenue Sources and Failing to Satisfy Duty of Best Execution"</a>. <i>SEC.gov</i>. 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Retrieved <span class="nowrap">July 20,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=SEC.gov&rft.atitle=SEC+Charges+Robinhood+Financial+With+Misleading+Customers+About+Revenue+Sources+and+Failing+to+Satisfy+Duty+of+Best+Execution&rft.date=2020-12-17&rft_id=https%3A%2F%2Fwww.sec.gov%2Fnews%2Fpress-release%2F2020-321&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSigalos2022" class="citation news cs1">Sigalos, MacKenzie (November 11, 2022). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2022/11/15/how-sam-bankman-frieds-ftx-alameda-empire-vanished-overnight.html">"How Sam Bankman-Fried's crypto empire vanished overnight"</a>. <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNBC&rft.atitle=How+Sam+Bankman-Fried%27s+crypto+empire+vanished+overnight&rft.date=2022-11-11&rft.aulast=Sigalos&rft.aufirst=MacKenzie&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2022%2F11%2F15%2Fhow-sam-bankman-frieds-ftx-alameda-empire-vanished-overnight.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFYaffe-BellanyGoldsteinMoreno2022" class="citation news cs1">Yaffe-Bellany, David; Goldstein, Matthew; Moreno, J. Edward (December 13, 2022). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231202030700/https://www.nytimes.com/2023/11/02/technology/sam-bankman-fried-fraud-trial-ftx.html">"Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy"</a>. <i>The New York Times</i>. Archived from <a rel="nofollow" class="external text" href="https://www.nytimes.com/2023/11/02/technology/sam-bankman-fried-fraud-trial-ftx.html">the original</a> on December 2, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Sam+Bankman-Fried+Is+Found+Guilty+of+7+Counts+of+Fraud+and+Conspiracy&rft.date=2022-12-13&rft.aulast=Yaffe-Bellany&rft.aufirst=David&rft.au=Goldstein%2C+Matthew&rft.au=Moreno%2C+J.+Edward&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2023%2F11%2F02%2Ftechnology%2Fsam-bankman-fried-fraud-trial-ftx.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=14" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation book cs1">Teigland, R.; Siri, S.; Larsson, A.; Puertas, A. M.; Bogusz, C. I., eds. (2018). <i>The Rise and Development of FinTech (Open Access): Accounts of Disruption from Sweden and Beyond</i>. Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0815378501" title="Special:BookSources/978-0815378501"><bdi>978-0815378501</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Rise+and+Development+of+FinTech+%28Open+Access%29%3A+Accounts+of+Disruption+from+Sweden+and+Beyond&rft.pub=Routledge&rft.date=2018&rft.isbn=978-0815378501&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation journal cs1">Treu, Johannes (2022). <a rel="nofollow" class="external text" href="https://rpajournals.com/wp-content/uploads/2022/01/JIBM-2021-11-2094.pdf">"The Fintech Sensation – What is it about?"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of International Business and Management</i>. <b>5</b> (1): <span class="nowrap">1–</span>19. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.37227%2FJIBM-2021-11-2094">10.37227/JIBM-2021-11-2094</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2616-5163">2616-5163</a><span class="reference-accessdate">. Retrieved <span class="nowrap">February 23,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Business+and+Management&rft.atitle=The+Fintech+Sensation+%E2%80%93+What+is+it+about%3F&rft.volume=5&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E19&rft.date=2022&rft_id=info%3Adoi%2F10.37227%2FJIBM-2021-11-2094&rft.issn=2616-5163&rft.aulast=Treu&rft.aufirst=Johannes&rft_id=https%3A%2F%2Frpajournals.com%2Fwp-content%2Fuploads%2F2022%2F01%2FJIBM-2021-11-2094.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFintech" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fintech&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/40px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Financial_technology" class="extiw" title="commons:Category:Financial technology">Financial technology</a> at Wikimedia Commons</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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(stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" 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href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial 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