Delivering better, more convenient,
and beneficial financial services to everyone
FinTech is a coined word that combines finance and technology and is a general term for innovative services and new financial products that combine financial services and information technology.
Fintech can provide a wide range of financial services such as money management, payments, and asset management. By specializing in only some of the functions required by customers among the comprehensive financial services of existing financial institutions, it is possible to provide services at a low cost.
There are two significant factors behind the birth and growth of FinTech: “evolution of technology” and “change in customer base.” The explosive spread of smartphones has created a social situation where many people are connected to the internet.
The wide use of the internet made it possible to provide services and financial products without a large-scale physical network, such as ATMs and branch counters.
Millennials and Gen Z, who have high digital skills, have become the center of the world’s working population. They are the core users of those financial services now and creating innovative services as well.
The advent of FinTech has brought about significant changes in developed countries and also developing countries where smartphones are rapidly becoming widespread. Before, only financial institutions and traditional financial ICT vendors provided and supported financial services, but many startups, IT companies, and other companies in different industries are creating and delivering innovative financial services one after another to more people that are cheaper, easier, and more convenient.