Blockchain – from proof of concept to production
What is FinTech?
Financial technology ("FinTech") generally refers to digital innovation in the financial sector. At its inception, the understanding of FinTech was limited to innovative ways of facilitating payments and transactions. Underpinned by revolutionary shifts in Internet and mobile technology in recent years, the realm of FinTech has witnessed explosive growth. Nowadays, it refers to a wide variety of technological interventions within the financial services arena, such as crowdfunding, online customer acquisition, mobile wallets, P2P lending, MPOS, MSME services, personal financial management, private financial planning, Blockchain and crypto currencies.
Given the opportunities that FinTech affords, many technology companies have been actively trying to tap into the financial market. As such, FinTech is also used to describe businesses that aim at providing financial services by making use of software and modern technology.
Blockchain is a secured and real-time B2B data synchronization platform. With its hash algorithm, both financial institutes and regulators are comfortable to share information across industry and geographical boundaries, even when the information contains sensitive customer data. Proven use cases include KYC among banks, fraud detection in global trade finance, cross-border bancassurance between life insurance firms and banks, general insurance firms with logistic companies, etc. This allows a new level of collaboration in the ecosystem and much better customer experience.