Fintech (financial technology) comprises a wide range of technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management.
How Fintech is impacting you? If you are starting a business and need fund to operate, you would go to your bank to ask for a loan, most of the times you would have difficulty to get a loan unless you put your asset as security. Not only businesses, if you seek out a personal loan from a bank, you could be charged with high interest rate if you are lucky to get a loan. Now you can use FinTech to raise the fund you need. FinTech allows small businesses operate at a global scale and allows individuals to get a loan a lot more easily.
If you have some spare fund, you could become an investor, lend your money via Fintech companies, and get higher interest rates than put the money in the bank.
According to statista, the Fintech transaction value in US reaches US$1,025,519m, China US$1,086,493m and Australia US$26,749m. The highest transaction value is reached in China (US$1,086,493m in 2017).
|Transaction Value (in 2017)||US$1,025,519m||US$1,086,493m||US$26,749m|
|Growth Rate (2017-2021)||17.9%||27.4 %||21.3%|
|Digital payment transaction value (in 2017)||US$738,340m||US$786,119m||US$24,796m|
Here are a few FinTech apps to check out:
- OnDeck - small business loans
- Rate Setter - personal loans
- LendingClub - personal loans
- Society One - personal loans
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