✍Aenco Academy
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✍Aenco Academy

Aenco Academy #7 What is Fintech?

Fintech hits 2020 amid a storm of hype. With soaring number of tech start-ups forming alliance with brick-and-mortar banks and giant investment firms, it is expected that fintech will radically transform the financial industry. Brace for the first piece of Aenco Academy in 2020: What is fintech?

Fintech is an abbreviation of financial technology. The general interpretation is the intervention of technology in the financial industry. The notion started to emerge in 21st century and it was mainly referred to the computer technology that drives back-end system of banks. In the past decades, we see the gradual shift of back-end to front end service, which makes fintech more customer-oriented, thereby gaining further public attention.

To Schuffel (2016), in his article titled ‘Taming the Beast: A Scientific Definition of Fintech’, the notion of fintech sees technology as an aiding partner, or at times a solution to improve the current financial industry. Such definition implies adherent loopholes or defects within financial activities where technology could fill up the cracks. Whilst for Leong and Sun (2018), in their co-authored “Fintech (Financial Technology): What is it and How to Use Technologies to Create Business Value in Fintech Way”, they recognized not only the necessary improvement brought with technology to the architecture and orchestration of financial activities, but potential ruptures that leads to innovation of new business, new models and new kinds of unprecedented financial activities — signaling the aggregability and segregability of the notion of fintech.

Let us focus not only on the theoretical side of fintech, but to name a few examples. Crowdfunding, P2P transfers, 5G wireless, machine-learning (ML) lending, voice-based digital banking, cryptocurrency exchanges and many more technology-driven financial services are rising above traditional modes of banking and financing. Rather than queuing up in a snake-queue at a brick-and-mortar bank or endure unnecessarily weary amount of paperwork, customers could now open a bank account at ease with online KYC, make a global transfer with smartphone apps with zero transaction fees and keep their asset in a digital wallet — all because of fintech.

Another example will be Aenco: we are a fintech-oriented start-up with multi-jurisdiction partners, integrated product suite and, most importantly, speed. Aenco consisting of financial and investment experts, software engineers, cloud developers and coders with concrete experience in blockchain, wallet building and capital-raising applications, as well as investor relations management and business analysts. As we reached 2020, the Aenco Team will be making some exciting announcement soon regarding our next big steps. Stay tuned!

Summing up: It is conspicuous that fintech is revolutionizing the financial sector in multiple ways, and even Aenco is evolving with the ever-changing landscape in the fintech realm.

Find Us:

✔Website: https://aencoin.com

✔Telegram: https://t.me/Aenco

✔ Instagram: Instagram.com/aencoin/

✔LinkedIn: www.linkedin.com/company/Aenco

✔Twitter: https://twitter.com/Aencoin

✔Facebook: https://facebook.com/Aencoin

✔Discord: https://discord.gg/NXpFcKQ

✔YouTube: YouTube.Aencoin.com

✔Viber: Aenco Vietnam

✔Zalo: zalo.me/g/vvglmj886

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