What is Fintech (Financial Technology)?

Fintech is an abbreviation that stands for Financial Technology. It is considered to be part of the financial services industry. It basically means the use of cutting-edge technology in delivering financial solutions, products, and services to both individuals and insititutions. Fintech sector has witnessed a remarkable global growth and had a great impact on facilitating the delivery of financial services by limiting the friction associated with delivering those services in the traditional way.