FinTech
Financial technology, often abbreviated to fintech, is the technology and innovation aimed at competing with traditional financial methods in the delivery of financial services. It is an emerging market / industry that uses technology to improve services within the financial world. The use of smartphones for mobile banking, investment services and cryptocurrencies are examples of technologies aimed at making financial services more accessible to the general public.
Companies using such financial technologies are start-ups, existing financial institutions and technology companies trying to replace or improve the use of financial services provided by existing financial companies. Dutch financial technology companies have united under the name "Holland Fintech" to which more than 500 companies are affiliated in November 2020. They divide themselves into a large number of categories such as: alternative finance, payments, pensions & insurance and personal finance.
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By now we are certain you’ve seen the many headlines about the Wirecard scandal. Over the years Wirecard had been the rising star of Germany. It had replaced Commerzbank on the Frankfurt stock exchange and, at its peak, Wirecard was valued at over EUR 24 billion. So where did it all go wrong?