“I think FinTech is interesting but I never know what everyone is saying.” Don’t worry, we have got you covered! Let’s demystify a list of FinTech jargons and buzzwords together that every “smart alec” in the financial field is raving about.
Before we dive into the FinTech jargons list, let’s take a look at what FinTech is and understand it better.
What is FinTech?
According to Investopedia, FinTech is being defined as “a new tech that seeks to improve and automate the delivery and use of financial services”. FinTech companies can be found in many areas of finance, including e-wallet (CASA), telegraphic transfers (TT), e-payments, investments, etc. Check out this list of FinTech companies!
Okay! Now, let’s get updated with a list of FinTech jargons that you should already know.
When we look at the term ‘remittance’ it originates from the word ‘remit’ which essentially means – to send back. Remittance refers to any amount of money that has been transferred or sent from one party to another, typically abroad. We help our customers remit money abroad too!
A distributed ledger that connects a sequence of data blocks that are accessible via a public database. This type of technology is mostly used to establish an information chain that cannot be hacked or erased.
e-KYC (electronic-Know Your Customer)
e-KYC is the practice carried out by especially FinTech companies like ourselves to digitally verify the identity of their users in compliance with legal requirements and current laws and regulations. In fact, we were reported in The Star as the first FinTech to get approval to conduct e-KYC! This is done via our mobile app platform enabling a branchless and seamless customer experience.
Insurance technology (InsurTech), refers to technology that improves the operations of insurance companies and the insurance sector as a whole. It is any new technology added to insurers’ operations to save money or simplify operations.
Crowdfunding is a method of obtaining funds from a wide group of individuals. Large groups of people pool their individual deposits to provide the necessary funds to start a business or initiative through online fundraising campaigns.
Contrary to popular belief, unicorns are no longer just mythical creatures you see in movies. A unicorn is what most people in the financial industry refer to as a privately held startup with a market value of more than $1 billion. The recent talk of the town is Carsome.
In simple terms, big data is larger, more complicated data collections, especially from new data sources. These data sets are so large, typical data processing technologies and software cannot handle them.
A.k.a. Regulatory Technology, is the use of technology that assists businesses in complying with regulations. RegTech firms monitor transactions, evaluate and analyze discrepancies, such as fraudulent activities, using big data and machine-learning technology. Not to mention, we received such an award from the recent Asia FinTech Awards 2021!
In FinTech, this frequently entails utilizing technology, such as mobile phones, to provide lower-cost services to those who have previously been disregarded by banks and other financial institutions – the underserved.
And that is a wrap!
We hope you enjoyed this article on FinTech jargons and found this article to be insightful!
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