‍

The evolution of the internet since globalization has witnessed very dynamic changes. The advent of smartphones especially has been the root of the transformation of the internet. Studies have shown that in a minute, more than 4 billion users access the internet for various reasons like shopping, searches, social media, and fintech-related activities.

The upsurge in the use of the internet and its accessories has led to an upheaval in the financial sector. People worldwide are forcibly having to stay cautious 24*7 about their data and personal information staying protected with the appropriate parties.

Cyber security is an essential unit in the fintech industry surrounding the security and safety of customer and company information and data. The number of cyber-attacks on fintech providers has grown aggressively; data and information being priceless assets in today’s world are the key incentives for hackers or malevolent parties. Anybody having access to personal and sensitive information has invaluable leverage against the vulnerable party. 

Ranging from company financials to customer information, all fintech firms have access to very detailed, comprehensive, and critical data. This puts the fintech companies at great risk of getting hacked. Any lag in terms of data protection and privacy could not only result in financial damage but can also defile the company’s reputation completely.

‍The Benefits of Cyber Security

‍

Regulatory Compliance

Because of the relentless growth in the fintech sector, a very robust and evolving regulatory framework has been set up at the international level. It has become mandatory for all fintech firms that meet some specific requirements created by the General Data Protection Regulation (GDPR) to comply with the regulations and guidelines outlined by GDPR. Such regulations are extremely stringent, and any lag from the company can even lead to its closure. 

‍

Financial Data Protection

Financial information is sensitive. To tackle issues concerning financial data protection, the Payment Card Industry Data Security Standard (PCI DSS) has mandated fintech companies to comply with certain policies and standards to ensure additional security. For fintech companies, such policies and regulations create directive pathways to follow, making it slightly easier for them to provide data protection and security. However, such stringent and mandatory practices also demand more resources and investments from the company, as cyber security becomes an unavoidable and independent department that goes along the way.

‍

Company Reputation

The majority of the data that any fintech company acquires from its customers is very sensitive. Any oversight in this respect can jeopardize the company’s future. Hackers and evil parties are always on the lookout for companies that either have failed to follow the regulatory guidelines adequately or have mistakenly left any lags. Such gaps in the company can damage its reputation catastrophically and eventually put its future at risk.

‍

Cyber Security Issues in Fintech

Since the onset of fintech, the partnership between traditional financial institutions and fintech services providers has multiplied rapidly. Such partnerships obligate easy transfer of data and information between the two parties. If either of the party fails to monitor and regulate their procedures, it could lead to multiple complications. 

According to one study, less than 50% of fintech firms invest in security and data protection. More than 90% of fintech companies at one point had failed in identifying the root causes of data breaches in their systems. Approximately two-thirds of the fintech had stored data in an unencrypted format, compromising the level of security even further. One-fifths of the passwords chosen by customers to login into their fintech portals could be hacked and revealed because of a lack of proper authorization and regulations. 

Such studies have continuously highlighted the foul side of the sudden upsurge of fintech. With personal and financial data floating on the internet, it is a matter of immense concern for all customers. 

During the pandemic, the fintech industry got propelled to a broader reach, where people had to adopt alternatives to customary banking methods. Because of so many people becoming aware of fintech and adapting to the changing environment of the financial world, the strictness in the regulations and standards has escalated, bringing some decorum to the dynamic interplay of fintech.

‍

Main Underlying Reasons for Cyber Threats

The main reasons identified after studying several individual fintech cases and scenarios are:

1. Unsafe Market Practices – Before the introduction of fintech, people all over the world had become accustomed to basing their transactional and financial affairs on trust and integrity and payment was mostly dealt in cash. With the emergence of smartphones combined with the increase in the number of middle parties involved in one transaction, the number of opportunities for hackers has grown. People leaving their accounts logged in, sharing their one-time passwords on phone, or even sharing their credit/debit card information over the phone have spiked the percentages of hacking.
2. Rapid Automation – With more people valuing fintech services and the convenience that comes along with them, the need for automating simple processes has gone up. Streamlined operations put the entire system at risk if the automation doesn’t take cyber threats into account. Keeping up with fintech regulations, while staying dynamic in their services is a challenge many fintech firms face.
3. Competition – The rapid increase in demand for fintech services has resulted in intensified competition levels. Fintech startups all over the world are trying to bring down their cost and increase their services. This catapults the system into the unstable ground. To lessen costs, firms try and cut down on their investments, including security. Apart from this, innovation is cruising globally empowering new startups to come up with innovative ideas and technology, which is immediately floated in the market, without any exhaustive testing of its data protection and security gaps.

 Such monumental issues need strictness and obligatory regulations and policies to bring back the lost balance. The fintech environment is ever-changing, and with such dynamic evolution, it becomes highly imperative to put some restraints and bind uncontrolled factors from causing serious damage. 

 Cyber threats have been on a rise in the past few years, but cyber security has now become an essential practice that has successfully lessened the number of opportunities hackers and malevolent agents get to exploit the system. With such stringent measures becoming mandatory for new and old fintech firms, the fintech market is finally settling into good shape.

‍

‍

Cryptocurrencies in Fintech
The future of cryptocurrencies in the fintech industry is a question many of us would like an answer to. But before jumping to the future, let us first explore cryptocurrencies and their synthesis with fintech.

‍Cryptocurrencies: What are they?

Cryptocurrencies are digital currencies that are not bound by government regulations or any central authorities. These currencies use Avant Garde technology to function. Stored in blockchains, they are easily transferable and highly secure and can be used for miscellaneous purposes.

The restricted role of government authorities in regulating cryptocurrencies doesn’t make them insecure for use. These currencies function in a decentralized system and are verified using blockchain technologies. 

‍

Blockchains

In layman’s language, blockchains are digital records that are majorly used for storing information about cryptocurrencies. These are decentralized ledgers, which exist in a peer-to-peer network and are open for public use. 

These ledgers contain every detail of every transaction that has ever been executed pertaining to cryptocurrencies. This public ledger is maintained in a decentralized manner, i.e., it is not governed by any centralized agencies. The level of transparency involved in blockchains ensures incredible security, as every action can be tracked and detected.

‍

Cryptocurrencies in Fintech

The buzz surrounding cryptocurrencies is here to stay. For some, the concept of decentralized currencies is reason enough to splurge, while for others, cryptocurrencies have become an investment taboo. 

Being decentralized, these currencies are immensely valued by people residing in countries where the centralized currency is volatile. A good majority of people cave into more stable options like cryptocurrencies that remain unimpeached regardless of their country’s economy.

Apart from people hailing from unstable economies, there are approximately 1 billion people who own and use smartphones but have no traditional bank accounts. Such unbanked individuals create a pool of potential cryptocurrency customers. 

Benefits of Cryptocurrencies in Fintech

‍

Efficient Money Transfers

Being set up in a decentralized platform, cryptocurrencies make money transfers easier and more efficient than traditional banks. These currencies can be used to transfer regular or even large sums of money in a matter of seconds. Traditional banking methods or even the process involved in online banking requires feeding in the information or adding beneficiaries, which take some time to get approved. Such cumbersome procedures can be completely avoided in the crypto spectrum.

‍

‍More Secure Payment Systems

Any payments that are processed using cryptocurrencies are executed through blockchain technologies. This technology records every activity of every crypto coin, making the entire system very secure and safe. The element of transparency exposes all records, leaving no scope for manipulation.

‍

Cryptocurrencies Vs. Fintech

An extremely powerful couple, cryptocurrencies and fintech are both creating a massive disruption in the way we have known and seen our world for many years. Both these elements got conceptualized a few years ago. 

Although fintech has witnessed a mass adoption, especially during the pandemic, cryptocurrencies are yet to attain such a level of popularity. Having said this, the valuation of both components conveys a more remarkable story. 

In 2021, a cumulative valuation of the top 100 fintech firms revealed a staggering USD 1.82 trillion. Meanwhile, the valuation of the top 100 cryptocurrencies stood at a stupendous USD 2.44 trillion. Having received much lesser acceptance by the masses, the cryptocurrency market has swelled incredibly, soaring higher than the fintech market.

Such unbelievable figures compel us to wonder about the potential cryptocurrencies possess. 

‍

The Final Word

A new age technology, cryptocurrencies are gaining momentum quite fervently. According to a report, 94% of financial experts believe that cryptocurrencies have a sparkling future in the financial industry, owing to the leverage of decentralization that they offer. Blockchain technology has not only attracted immense attention from the government but it is also being followed very closely by the banking sector.

Having a secure, open, and quick setup, blockchain technologies offer much better freedom along with safety. It is for these reasons that cryptocurrencies have so deservingly been in the limelight.

‍

‍

The fintech industry has made incredible progress in the past few years. In the pandemic alone, we all witnessed an evident upsurge in the adoption of fintech by people globally. Because of the gigantic scope of technology, the fintech sector has attracted countless professionals and experts, who continue to work relentlessly to create innovative fintech solutions for customers and businesses.

With the rise in demand and the adoption rate of fintech, the number of fintech startups has grown astonishingly.

Fintech hubs like Silicon Valley, London, and Singapore have uncountable startups offering various fintech services to customers all over the world. The extent of innovation and dynamism in the industry calls for strict regulations.

Because of the ever-evolving nature of technology, compliance and regulatory standards have become a mandate for operating in fintech. With so many players in the market, there is a persistent possibility of risks like money laundering, hacking, etc., that could lead to immense damage. Therefore, the need for a robust regulatory system is a must.

More than anything, it is the scope of technology that is used and abused by criminals to beat the regulatory structure of the industry. To curb and mitigate the risks involved in fintech, all players in the industry would need to consistently work together to streamline processes and set up efficient systems.

‍

‍

The Risks Involved

Fintech is an increasingly dominating industry that is gaining popularity quickly. With businesses and customers adopting fintech practices all over the world, the possibility of data and information falling into the wrong hands, increases. The most commonly occurring risks involved in fintech are:

‍

Money Laundering

Money laundering practices have been quite prevalent in the past and are still going on in the present age at a big level. Fintech enables the easy and quick transfer of money, especially transactions that require cross-border activities. If there is some level of leniency in the regulatory system, it could lead to the transfer of power from regulators to the people, leaving scope for anonymous and unverified transactions. 

‍

Quick Transfers

Fintech allows very fast transfers and transactions. Big amounts can be transferred across borders in a matter of seconds. This speed can also be used as an advantage by criminals. By quickly transferring big amounts from one account to another, there is the possibility that the trails created by these transfers outpace the regulations and scrutiny by the authorities. 

Criminals target “money-mules”, who are vulnerable customers like elderly or disabled people, who would not have the resources or the robustness to manage their financials very efficiently.

‍
‍

Customer Identities & Data Privacy

As fintech operations and functions exist online, it leaves some space for anonymity that is exploited by criminals and hackers, where they can conduct transactions online by breaching companies’ customers’ data and filling in their information. 

Criminals can also hack into company systems if there are regulatory lags and can steal personal and financial information of the customers or the company, putting everything at risk.

‍

Bad Loans

Another risk involved in fintech is bad loans. With verification processes being conducted virtually, there is a huge possibility of people manipulating their data to get loans from banks, which then turn into bad loans. These bad loans make the entire system vulnerable and unstable.

‍

Risk Management

With an innumerable number of players functioning in the fintech sector, the role of regulators has become indispensable. It has become absolutely essential for regulators to prioritize handling and mitigating the risks involved in fintech. Risk management is a vital tool for fintech companies that they should invest in. By following regulations and meeting industry standards, the possibility of risk exposure lessens. 

Due to the changing landscape of the fintech industry, the need for robustness is essential. It is crucial for the regulations system to match pace with the level of innovation existing in fintech. 

With a proper risk management system in place, the safety of customers and businesses can be ensured. The well-being of customers, market integrity, and financial stability depends on risk management. Fintech companies should follow some practices that could help them sustain stability and security in the market like:

‍

Due Diligence

Conducting proper customer due diligence and verifications brings integrity and stability in the market. Adequate verifications, along with strict KYC (Know Your Customer) can help curb many problems.

‍

Monitoring Transactions

Fintech firms should also invest in regulatory systems that help them closely monitor all transactions being conducted through them. Every purchase, every transfer, regardless of the amount should be tracked, which would help bring a level of transparency and trustworthiness in the industry.

‍

Following Regulations

Abiding by regulations and compliance at the country and international level is crucial for fintech companies. The regulatory system is also continuously evolving alongside fintech. This requires robust changes according to the changes in fintech. For companies to keep track of and comply with all regulations, it is advisable to invest in reg-tech, which would make their systems much more efficient.

‍

‍

Singapore has always been known as the financial hub of Southeast Asia because of the idyllic, opportunity-laden environment it provides. In recent times, with the upsurge in the world of Fintech, the country inevitably has witnessed marvelous evolution in this regard too. Startups and companies from all over the world have been turning to Singapore to find a spot vis-à-vis Fintech incubation or business tie-ups.

Based on a number of reports, Singapore has been ranked as the 4th largest financial hub in the world after New York, London and Tokyo. The economy of the country is thriving. When it comes to Fintech, Singapore’s economy has witnessed even more success. To prosper amidst such high levels of competition and come out as a world leader, requires some prerequisites. The three main elements that have been identified as essential prerequisites to become a Fintech hub are – the number of entrepreneurs initiating startups, an investor’s pool to fund the operations and growth, and education and expertise. These help lay the basic groundwork for an economy to head into the direction of becoming a Fintech leader. 

But there is a lot more involved when it comes to being a world leader in Fintech. For the entire ecosystem to flourish, a strong financial backing, combined with expertise in innovation and technology is absolutely imperative. To achieve these, the environment has to have the right kind of opportunities and support. The next section explains these prerequisites in a more detailed manner.

What Does It Take to Become a Fintech Hub?

A report by ICAEW has correctly identified five elements that converge to make a Fintech center. These five elements are:

‍Expertise

Knowledge and expertise form the base of success in this domain. The world of Fintech relies heavily on innovation and creativity. When there is adequate education and available information, it leads to opportunities. These opportunities are tapped by budding entrepreneurs, which creates competition, which in turn opens doors to a revolution. Technological and financial expertise and knowledge is essential in reaching the top tier of Fintech.

‍

Investment

Capital investments are what breathe life into these innovations and businesses. The world of Fintech is being led by startups, which don’t have adequate funds to create what they aspire. This is where the role of investors comes in. With money flowing in, it is possible to expand operations, hire experts, and grow. Growth of a startup hugely depends on the level of its funding.

‍

Consumers

A ready market with huge demand and consumption, completes the circle of a startup delivery. The customer is what makes it possible to make this process an ongoing one. This is where the startup can make its choice of whether it intends to cater directly to the end consumer (B2C), or if it intends to partner with other businesses (B2B).

‍

Regulations

With the growing number of possibilities of innovation, it is crucial for an economy to lay its focus on regulating the operations of all the booming businesses. A competitive market leads to innovation, but if unchecked, it could also lead to several misdemeanors putting the customers or the startups at risk, which could ultimately lead to a downfall. 

‍

Government

A befitting government support to manage investments, and the market, is one of the key factors which governs the success of the economy. The layout the government has planned for business operations plays a huge role in determining how all aspects of the economy would function.

These five elements have been identified as the key to becoming a Fintech power. These make a common framework in all the leading economies in the world. The instances of London and Singapore both were analyzed and compared to understand what underpins successful Fintech hubs.

‍

Singapore: An Overview

Singapore, with a population of only around 6 million, has achieved an exemplary feat in the Fintech space. A huge number of Fintech startups have come up in a short span of time, delivering services and products which are in direct competition with their counterparts in bigger economies like the United States and the United Kingdom. Such enablement has brought the world’s focus on this small island city-state, which proudly stands with its head high.

‍

Unlike the counterparts in New York and London, everything about the Fintech space in Singapore is quite different as it is focused overseas.

The country is surrounded by much bigger markets in Southeast Asia, where there is an exponential potential waiting to be tapped. A majority of the startups in Singapore are targeting collaborations with banks in other Asian economies. With this approach, it is aiming to become an indispensable Fintech partner which helps bridge the gap between conventional and digitalized banking.

Singapore’s Fintech sector has been dominated by e-payments and remittances startups being the first Fintech products in general, but now, with new branches in Fintech like cyber security, regulation technology, etc., the shift in focus has started diluting this dominance, giving space to more diversification. This in turn, has led to a substantial increase in investment opportunities. 

Overall, the Fintech ecosystem in Singapore has proven itself perfect. Finding and tapping on the right opportunities and making itself an indispensable aid, is what is giving Singapore new heights. With innovation booming inside, and investors pouring in from the outside, Singapore becoming a Fintech magnet only seems predestined.

‍

‍

A recent concept, now in practice, neo-banking has brought a revolution in the banking industry. From traditional banking methods to digital banks and wallets to neo, the concept of finance has transformed significantly. Technology in every industry and sector has gained tremendous momentum in recent years, and the same rhythm can be felt in the financial world too.

Neo-banks are institutions, which provide financial services similar to those of traditional banks, the only difference is that these services are strictly only online. They entirely exist digitally. Fintech has made it possible for us to get banking services online, without there being any physical branches. With easier processes, user-friendly interfaces, and lower fees, the banking system has witnessed quite a remarkable makeover in recent years.

‍

Neo-banking Vs. Traditional Banking

There are quite a few distinctions that can be drawn vis-a-vis the different setups and services. Neo-banks may or may not possess the license to function as independent financial institutions. Many countries have granted permission for independent licenses, but many countries like India, are yet to follow the trend. They provide services similar to those of traditional banks, but because of their regulatory limitations, the services offered by neo-banks are not as holistic compared with the traditional ones. Their services are much quicker and their fees are much lower, which gives them scope for a much wider acceptance and audience.

Neo-Banking Vs. Digital Banking

Digital banking is a component of traditional banking, like an extension, or a service provided by regular banks. Neo-banks on the other hand, are majorly fintech companies or start-ups, which function independently. Neo-banks leverage technology to provide customized and quick services to their customers using artificial intelligence and data insights.

How Do Neo-banks Function?

If neo-banks are granted independent financial licenses, they exist as their entity. However, if they cannot possess licenses, like in the case of neo-banks in India, they usually form tie-ups with traditional banks, where they provide the technology, and their partner bank provides the products and services. Traditional banks too could have their neo-banks.

Benefits of Neo-Banks

User-friendly and Easy Processes

With a heavy focus on making interfaces as user-friendly as possible, one of the biggest advantages neo-banks offers is simple processes and procedures. Their services are much more convenient for users, as there are lesser restrictions in terms of time and effort, for instance, a user can have their KYC (Know Your Customer) done sitting in the comfort of their homes.

Augmented Customer Services

One of the core objectives of neo-banks is enhanced customer services. The entire concept of omitting physical branches and reducing human interaction aims to amplify the customer service segment. With the target of disrupting conventional banking methods, neo-banks create easier and quicker processes to provide intensified customer-centric services.

Quick Services

The turnaround time for transactions, registrations, and services like new account opening is negligible, making it much more convenient for users to systematically manage and operate their finances.

Lesser Costs

Because neo-banks only exist online, they save a lot on the cost of infrastructure. With lesser human involvement and no physical structure, these banks can offer more services at lower costs.

Disadvantages of Neo-Banks

Financial information and activities are sensitive and even slight negligence can lead to immense damage. With digitalization making the entire world accessible to everyone, neo-banks are compelled to abide by the different regulations and rules in every country they operate in.

Limited Accessibility

Even though technology has advanced substantially in developed nations, many corners of the world are yet to experience the wave of digitalization. With countless potential consumers still anticipating experiencing this revolution, neo-banking faces limitations when it comes to inefficient basic infrastructures.

Limited Services

As digitalization in many aspects is still a recent phenomenon for the majority, there are strict regulations and limitations which hinder the smooth functioning and expansion of neo-banks. This ultimately limits the scope of services they can freely offer.

Future of Neo-banking

Globally, the neo-banking industry has reported a CAGR of 51% since 2017. With the number of users shifting to digital modes of banking, this number will only grow. In 2021, the valuation of neo-banks globally was reported to be a little less than $48 billion. Judging by the exponential number of start-ups emerging in this sector of fintech, the valuation is estimated to grow by more than 50% before 2030.

The Indian market mainly has been in the limelight as the number of smartphone and internet users in the country is one of the highest in the world, making the ecosystem there extremely habitable for the future of fintech. 

Neo-banks are already starting to be perceived as alternatives to traditional banks. With countries making regulatory changes to increase allowance and acceptance for neo-banking, the picture looks bright when it comes to the future of neo-banks. More and more start-ups focused on neo-banking are emerging every day. As the market is filling up with new neo-banks, the intensity of competition has grown remarkably, resulting in more innovation and better services.

The future of traditional banking is not in jeopardy as they cannot be replaced completely by neo-banks for many reasons like the mass majority is still not very familiar with new technologies changing the face of banking, neo-banks cannot substitute human involvement for services that require them, etc.

Neo-banks have provably disrupted traditional banking methods. Both new and old techniques are targeting partnerships to not only help bridge gaps but also enhance their services. With the extent of possibilities that are rapidly materializing by corroborating finance and technology, it is only a question of time when neo-banking will be as popular as traditional banks.

‍

‍

Fintech, short for financial technology, is that stream of business that challenges long-established ways of banking and finance by using innovation and technology to spearhead a financial revolution. We have come a long way from traditional banking, where the protagonist’s role was played by cash and other physical commodities, to the present where a majority of our financial activities have transcended into the virtual space of the internet.

And that is precisely how Fintech has taken the world for a spin by providing options like easy money tracking and management, global payment options, quick loans, excellent customer service, and much more. The limitless world of Fintech has surpassed the older notions of only engaging with financial institutions and has branched out into several sectors, including cryptocurrencies.  

I think it is safe to say that the world of finance has witnessed an evolution almost as remarkable as mankind itself!

Fintech as a Service (FaaS), as the phrase suggests, means- when a company develops financial technology to sell it as a service to other companies. This allows companies that don’t originally have technological leverage, to equip their systems with Fintech that could either be used in-house or externally or in both ways.

‍

‍

‍How Does This Work?

FaaS has emerged as the prodigy that everyone either wants to parent or employ. Owing to the wave of competitive creativity in this field, we have been able to establish a broad spectrum of FaaS applications.

To enable these innovative capabilities in FaaS, Fintech servers mainly develop and employ APIs (Application Programming Interface) that bridge the technological gaps, allowing the delivery of these services. The Fintech server embeds its APIs in the client’s existing applications, which enables the client to fuse their products and services with the Fintech server’s technology, making way for new methods of serving customers.

These services range from e-wallets, KYC (Know Your Customer), new account openings, managing remittances, transaction tracking, identity verifications, card issuances, and global payments for the management of the client companies’ financial operations. With a reinforced focus on customers, the company can also provide more customer-oriented services to its customers like customized transaction reports, flexible standing instructions, and 24*7 customer service.

With FaaS in place, it has become possible for companies to function without investing in any infrastructure, focus on consumers, and most importantly, they are able to integrate and curate existing dissembled financial services in a much more systematic and easier fashion.

‍‍

What Benefits Does FaaS offer?

Apart from empowering companies to gain traction as Fintech, there’s a lot more that FaaS offers:

‍Opportunity for Low Investment: A company’s investment is substantially lowered when it opts for FaaS from a third party. It can evade setting up a dedicated infrastructure, acquiring licenses, hiring developers, conducting trials, and even maintenance of the system, as all of this would be taken care of by the third party. What’s even more lucrative is that the companies can reduce their operational cost by choosing providers that suit their budgets.

‍

‍Incredible Flexibility:The scope of agility in FaaS is enormous, which is also the underlying reason behind its success. With FaaS, the range and timeliness of services offered at traditional banks can be propelled to a different dimension altogether. Easy identity verification, one-click loans, and payments, frictionless customer service, and effortless international payments, are some of the many services that can be offered by a company that is fueled by FaaS.

‍

‍Secure Setups: Instead of going through the trouble of acquiring licenses, to set up independent gateways, the company can opt for a FaaS supplier with these prerequisites, which would give them a thick layer of security. With secure APIs in place, not only would the company be secured, it would also make the network much safer in comparison to every company developing its own Fintech.

‍

Timely Results: With the third party taking the helm on the technological front, the time taken for a company to launch their Fintech services is considerably reduced as they don’t have to start the entire process from square one. Once they are technologically equipped, they can start off immediately, without conducting market trials, saving a lot of time and resources. Since the third party is also going to look into the maintenance sector, the company doesn’t need to allocate any resources there as well.

‍

Customized Services: FaaS platforms allow incredible space for customization. They allow the company to keep its voice and look, by only taking charge in the backend. This way, even if the company is remodeled, the changes in the backend will only have a more pronounced reflection of the company in the front.

‍

‍Fintech Trends

The origin of Fintech has witnessed marvelous step-ups, and it is only recently that the world has started realizing the tremendous scope that this possesses; the path to future-proofing.

According to the Financial Express, the Fintech market is all set to reach an estimate of $310 billion in terms of investments. This colossal valuation has been estimated to be almost double what it was in 2018. The other new shoots like cloud computing, neo-banking, blockchains, and e-commerce in this industry, which share a taut relationship with Fintech are also going to witness an insane jump.

I think we could all agree that equipping companies Fintech-ly is the new black.