Finance
Fintech (Financial Technology)
Definition
Technology-driven innovation in financial services — mobile payments, digital banking, blockchain, robo-advisors, and peer-to-peer lending.
Explanation
Fintech has revolutionized financial access in developing countries (M-Pesa in Kenya, UPI in India, WeChat Pay in China). In developed markets, neobanks (Revolut, Nubank), payment platforms (Stripe, Square), and crypto exchanges challenge traditional banks. Global fintech investment exceeded $100B annually pre-2022.