What is fintech?
Fintech relates to application of innovative technological solutions in the financial services industry. These solutions are mostly developed by startup companies, which offer their services to established firms. The area mostly affected by fintech companies are mobile wallets and payments. This comes in line with an increasing number of people using a mobile banking app, particularly amongst young people.
Fintech adoption rates differ geographically based on several factors. Naturally, internet user penetration rates play a large part, particularly mobile internet usage. Trust of tech firms also affects adoption, as well as trust of, and access to, traditional financial services. Finally, access to capital hinges on the local amount of Fintech investment, which also depends on regional variables.