The global fintech market was valued at approximately $127.66 billion in 2018, and is expected to grow 24.8% to $309.98 billion through 2022. Digital payment providers are a primary driver of growth, as cash alternatives bc data singapore make paying for goods and services easier than ever.
Fintech vs Traditional Financing
Over the years, traditional financial institutions have offered a variety of services such as lending and stock trading, all under one roof. You would rely on one or a few institutions to manage all aspects of your finances.
Fintech, on the other hand, turns traditional centralized financial services into individual offerings.
Consumers use dozens of mobile apps and technology platforms to manage their personal and business finances. It's a far cry from walking into a local branch and sitting down with a banker at every instance.
Fintech goes beyond traditional finance to create faster, safer and more modern financial solutions. This helps keep costs down for users, while making financial services more accessible to everyone.
Fintech and e-commerce
For e-commerce, fintech is what makes online transactions possible and convenient. Digitally native brands are using all kinds of solutions to disrupt traditional retail.
Fintech gives online shoppers more options than ever to pay online, no matter where they are and what device they are using. It’s like you can buy a product that’s halfway around the world on your smartphone.
