With the digital transformation and the increasing use of modern and mobile applications, products and services, digital finance solutions are gaining in popularity.
Furthermore, technologies like RegTech (regulation-related technology), InsurTech (insurance-related technology) or PayTech (payment-related technology) belong to the term “FinTech”.
The financial sector includes established financial institutions as well as start-ups and neo-banks (also challenger banks). Thus, the term FinTech is also used to describe young financial technology companies with digital business models - FinTech refers to both the technology and its provider.