FinTech is an emerging industry aimed at developing innovative technological solutions for the traditional financial ecosystem. Financial technology companies, popularly known as FinTechs, offer customers personalized and efficient services at a comparatively low cost. The sector comprises startups in segments such as digital payments, online wallets, alternative finance, online insurance, and financial management, as well as technology ventures initiated by some established financial service providers. With the advent of 5G, artificial intelligence (AI), blockchain, machine learning (ML), and other innovative technological solutions, FinTech has registered tremendous growth over the past few years. The COVID-19 pandemic has also provided a significant boost to the digitally active sector. |
