Financial technology: software and services that improve or automate financial services such as payments, lending, and investing.
FinTech spans digital payments, mobile banking, peer-to-peer lending, robo-advisors, insurance technology, personal finance apps, crypto services, and the infrastructure behind them, such as payment gateways and fraud detection systems.
In many emerging markets, FinTech has expanded access to financial services for people who previously had no bank account, through mobile money and real-time payment systems like India's UPI. Established banks increasingly partner with or acquire FinTech startups, and open banking rules in some regions let customers share their banking data with third-party apps. Key challenges include regulation, cybersecurity, fraud, and maintaining trust. Most FinTech firms must comply with KYC and anti-money laundering requirements.
A short-term financing option, known as BNPL, that lets shoppers split a purchase into installments, often interest-free if paid on time.
InsurtechThe use of technology to change how insurance is designed, sold, priced, and managed.
Know Your CustomerThe process financial and other regulated businesses use to verify customers' identities and assess risks such as fraud or money laundering.
NeobankA bank or banking service that operates entirely online through apps, without traditional physical branches.
Open BankingA system in which banks securely share customer financial data with authorized third-party apps through APIs, with the customer's consent.
Payment GatewayA service that securely captures and transmits payment details from a customer to the banks and networks that approve the transaction.
Unified Payments InterfaceIndia's real-time payment system that lets users instantly transfer money between bank accounts using a mobile phone.
A plain-English summary of the GENIUS Act: who can issue stablecoins, what reserves and reports are required, who supervises issuers, when the rules start and what it all means for businesses.
How earned wage access apps work, what the tips and instant transfer fees really cost, and how frequent use can start to look like a payday loan.
A plain-English map of who regulates crypto in the US, from the SEC and CFTC to Treasury, bank regulators and states, plus where the GENIUS and CLARITY Acts stand.