Since FinTech has been expanding rapidly, there will be a problem of regulation in matching with its pace. The major challenge of FinTech to all business owners is more on its uncertain risks. This can be achieved with greater efficiency while eliminating the annoying or time-consuming bureaucratic red tapes that are just unfavorable in a rapid-growth market. In terms of speed, one does not spend months of negotiating and talking with the investors when it is possible to secure the funding in a matter of weeks. The power of crowdfunding is self-evident when people with big, bright and bold ideas are able to acquire much-needed funding quickly and easily from the people they have never met. The emergence of FinTech simply means that you will be able to get your funding beyond your own town or country. In the past, anyone would tell you to look for a bank or an investor in order to get the funding to establish your business and company. From simple business owners to big corporations, all of them will be wondering what FinTech means for their businesses. While one may argue that FinTech is just a change of paces and phases, the truth is that it will not be that beneficial if one chooses to tackle it halfheartedly. FinTech: Threat or Opportunity for Business Owners? It’s very important to know how it can change money practices that we think we already know. Whether you like it or not, FinTech is about to drop a bomb on everyone. In layman’s term, it is the thing that enables you to have access to various financial services from your own smartphone, tablet, laptop and other electronic devices.įurthermore, FinTech is one of the hottest areas that receive massive investment from around the world. What is FinTech and Why It Matters to YouįinTech can be best defined as technology that imparts disruptive elements (in a good way) to areas such as money transfers, mobile payments, fundraising, loans, asset management and even investment. New and young players alike will experience its sweeping changes on how we manage finance and run businesses professionally. It has been many decades ago since there has been a real shake-up in the realm of the financial world. Hailed as a game changer, FinTech (otherwise known as “financial technology”) is seen to transform financial services in infinite possibilities.
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