FinTech is a growing technology, which is being used across companies in the financial sector.
Fintech stands for financial technology, which literally means in the broadest definition, a financial technology that is applied in the financial sector. Over time Fintech has come to mean more than just financial technology. It is now a very broad service, which represents technologies, which help with the distribution of traditional financial. Services such as, payment plans, money transfers, loans, fundraising and more recently asset management are made easier through the use of financial technology.
How does FinTech help companies?
Companies such as Fintech Compliance established themselves when the growing need for Fintech became apparent. Fintech helps many companies with the problems that they may occur when setting up new financial companies. These new firms may need help when it comes to obtaining important information. Information such as; the appropriate authorization from the financial regulators who operate in the UK are imperative to any new company. Getting the correct authorization from these regulators is important as if a company fails to do so they may find themselves in trouble with the law, and face legal action and closure. Further, more Fintech compliance offers professional and reliable advice that a company can count on.
“Fintech was created to make life much easier for those in the financial sector, and it keeps proving itself. This is why financial technology is a fast growing industry and keeps growing more and more every year.” states banking expert Mark Bryce from The Guardian newspaper.