Fintech, short for “financial technology,” refers to the use of technology to improve and automate financial services and processes. This can include anything from mobile payments and digital banking to investment management and insurance.

Fintech companies use a variety of technologies, including blockchain, artificial intelligence, and big data analytics, to create new and more efficient financial products and services. These companies can operate in various sectors within the financial industry, such as payments, lending, and personal finance management, among others.

Some examples of fintech include:

• Digital wallets and mobile payment systems
• Online lending platforms
• Robo-advisory platforms for investment management
• Blockchain-based platforms for remittances, payments, and smart contract
• Personal finance management tools that help individuals budget and track their expenses
• Insurance technology platforms make purchasing and managing insurance policies easier for customers.

Fintech has disrupted the traditional financial sector, by making it more accessible and convenient for people, providing them with more choices, better services, and lower costs. It has also enabled smaller players to enter the market and challenge the established players, promoting innovation and competition which in turn benefits customers.