Fintech and its benefits for the global economy

The revolution in the sector of information technology is no secret; instead, it is the constant change that improvises this sector by a notch. In the race of this revolution, enters Fintech or financial technology. This technology has drastically impacted the financial sector.

Since the global financial crisis occurred in 2008, Fintech emerged to the rescue of millions of people. It brought the key drawbacks of the formal economy to light in front of the world. This resulted in the introduction of a new financial tradition that is helping in boosting the global economy. Read till the end if you’re curious to know how?

What is Fintech and how it is impacting the financial sector?

If you use a smartphone or any modern device, you must be well acquainted with online money transfers. Did you know that this digital method of money transfer is nothing but a part of Fintech? Even though there is no specified definition of Fintech, but to sum it up, it is an automated form of financing that is faster and more reliable than the traditional economy. It enables money transfer, investment, equity, and loans in an improvised manner.

This digital method of finance has got its roots in the mechanism of blockchain, artificial intelligence, and robotic algorithms. These areas amplify the finances by imposing end-to-end encryption and greater transparency. Ever since the cryptocurrency came into existence, Fintech has sped up like a rocket in the financial sector. Due to Fintech, billions of people don’t have an actual bank account and are still financing like a pro.

Fintech in the light of cryptocurrency

If you closely understand the concept of cryptocurrency, you will notice that it is a decentralized form of finance built on a public distributed ledger called the blockchain. This blockchain validates the transactions making them less prone to fraudulent activities. This digital currency is a part of financial technology as it provides cryptographic protection to the funds.

Cryptocurrency and Fintech go hand in hand by overcoming the major flaws of the traditional system of finance in the form of fast and efficient transactions of money. Even though it is not accepted as the mainstream method of financing yet, but the impact it has on the global economy is seen through a billion accounts registered on the crypto market instead of brick-and-mortar banks due to its transparency, speed, and protection.

One such competitor in the league is the newly launched Caizcoin that ensures all the aforementioned factors in the light of financial technology.

Impact of Fintech on the global economy

Fintech or digital method of financing is being owned by several people across the world. This technology is a boon for everyone who desires financing that is not governed by any third party. When you finance over the internet, you have a secure eco-system around your transaction, loan, or investment. Even the big names like Microsoft and Apple have come forward to contribute to financial technology.

Apart from this, billions of netizens are financing without a centralized method of finance. This method will also help in increasing a country’s GDP rate. Much needed financial inclusion is ensured since half of the population is financing with the help of informal finance or cryptocurrency. Therefore, Fintech is emerging rapidly by helping the startups grow along with the increase of the global financial economy.

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