The Importance of Fintech in Promoting Regulatory Compliance in Major Fintech Subsectors

Abstract

Fintech, which combines the words “financial” and “technology,” refers to the integration of new technical developments with financial industry goods and services. The phrase refers to a quickly expanding sector that meets the needs of both companies and consumers in a variety of ways. Fintech offers a seemingly limitless range of uses, from cryptocurrencies and investment apps to mobile banking and insurance. Fintech is an essential component because of our increasing reliance on technology, large data sets, intricate networks of financial institutions, and affordable IT solutions like process automation software. The regulatory environment and industry have changed due to the growing use of FinTech solutions. Businesses that implement fintech are guaranteed to provide end customers with a secure environment in addition to good risk management. Digital payments, digital lending, InsurTech, and WealthTech are some of the major Fintech subsectors. In the upcoming years, each of these sectors is expected to have a significant uptrend.