WHAT IS FINTECH?

Fintech is a word blend of the words “financial” and “technology”.

 

Under Trinidad and Tobago law, namely the E-Money Issuer Order, 2020, (https://www.central-bank.org.tt/sites/default/files/page-file-uploads/legal-notice-284-emoney-issuer-order-2020_2.pdf), fintech is defined as “technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.”

 

It involves the use of new and innovative technologies to automate and improve the delivery and use of financial services. Some examples of these new and innovative technologies are – artificial intelligence (AI) for example machine learning and natural language processing (AI being a type of technology that helps a machine to think like a person), cloud computing, the Internet of Things, QR codes, big data and data analytics, blockchain technology (a type of peer-to-peer (P2P) database that uses data ‘blocks’, all of which update one another automatically as they grow, to build an immutable (permanent record) and distributed ledger technology, to name a few.

See What is Fintech? #law #shorts #youtube #youtubeshorts #fintechtt and https://thelegalcornerpodcast.buzzsprout.com/1876478/13359516 for more information and stay tuned for further fintech blogs.