Fintech stands for Financial Technology and is an umbrella term for all technological innovation in the financial sector.
Fintech involves the digitalization of various services within the financial system. It allows fintech companies to take market share from traditional financial institutes. Fintech companies often have newer and more modern systems than traditional institutes and can therefore more easily provide more modern solutions to different financial services.
Fintech can be defined as the combination of financial services with new technological innovations. Fintech activities can be found in many areas of the financial system, including payment processing and credit granting.
A Fintech company can be, for example:
Fintech companies can become large in countries where there is a high use of digital services. In Sweden, for example, various digital payment services have emerged rapidly, while traditional payment methods such as cash have declined significantly as they are considered less convenient to use.
Fintech companies, like other financial companies, comply with traditional financial legislation. However, Fintech companies are able to circumvent traditional legislation in some cases by using new technologies.
In general, Fintech companies must apply for a license from the Swedish Financial Supervisory Authority (FI) to conduct their activities and are also subject to FI:s supervision. Depending on the activity in which the Fintech company operates, they must comply with that legislation.
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