Fintech (financial technology, fintech) is a field in which companies use modern technologies and innovations to provide financial services in new ways and compete with traditional banks and intermediaries. The term covers both the organizations themselves and the applications, processes, products and business models they employ. A characteristic feature of fintech services is that they are provided entirely or predominantly over the internet, without the need for a personal visit to a branch.

Fintech includes a wide range of areas: online payments and transfers, digital and mobile banks, lending and investment platforms, automated wealth management services, and insurance technologies. Blockchain and cryptocurrencies are closely linked to fintech, since they offer decentralized ways of storing and transferring value, as well as a basis for smart contracts and decentralized finance (DeFi).

What distinguishes fintech

• a focus on automation and data processing instead of manual operations;
• a convenient user experience and accessibility via smartphone;
• reduced costs and faster financial processes.

The development of fintech increases the accessibility of financial services but at the same time raises questions of regulation, data protection and cybersecurity. For the crypto industry, fintech serves as a bridge between the classic financial system and new distributed ledger technologies.