Just what is Fintech?
Financial Technology, also known as FinTech, is a line of business based on using software to provide financial services. FinTech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.
Global investment in FinTech more than tripled to $4 billion in 2013 from $930 million in 2008. The nascent FinTech industry has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of London’s workforce is employed in financial and technology services.
In the Asia Pacific region, the growth will see a new FinTech hub to be opened in Sydney, Australia, in April 2015. There is already a number of strong FinTech players like Tyro Payments, Nimble, Stockspot, Pocketbook and SocietyOne in the market and the new hub will help further accelerate the growth of the sector. A FinTech innovation lab is also being launched in Hong Kong to help foster innovation in financial services using technology.