Last week we wrote about Osko being the latest word in payment platforms. Digital payments are just one aspect of the growing field of innovative financial technology – or fintech.
Fintech is defined as a financial industry that uses technology to improve financial activities. These include applications, products, processes and business models for financial services. The term covers a wide range of innovative technologies and practices, from crowdsourcing and cryptocurrency to contactless payments and same-day international transactions, offered by platforms like Osko.
It’s easy to see the changes fintech is making all around us. Many of us already use smartphone banking and budgeting apps or have backed projects on Kickstarter or Patreon.
Fintech developments are expected to deliver more “Robo-advising” products where algorithms drive stock trading and provide automated financial advice, or biometric security options like face and voice recognition and fingerprint senses, which are already in use though may need greater quality control to meet more stringent security standards.
Fintech Australia notes that “the Australian fintech industry is estimated to grow from a $250 million industry in 2015 to a $4 billion industry by 2020.” Fintech companies thrive in Australia in part because the Australian Securities and Investments Commission allows eligible companies to test products and services in its ‘fintech regulatory sandbox’, giving them up to 12 months before requiring a financial services licence.
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