FinTech may be alien to some people. We’ve heard people say, “FinTech is interesting but I never know what everyone’s saying”. Are you one of these people? Don’t worry, we got you! In this article, we have a list of FinTech jargons that every “smart alec” in the financial field is raving about.
Before we dive into the FinTech buzzwords, let’s take a look at what FinTech is and understand it better.
What is FinTech?
According to Investopedia, FinTech is “a new tech that seeks to improve and automate the delivery and use of financial services”. You may have never heard of many Fintech companies, but they exist in numerous areas. This includes e-wallet (CASA), telegraphic transfers (TT), e-payments, investments, and more. Check out this list of FinTech companies!
Okay! Now, it’s time dive into the list of FinTech jargons that you should already know.
The term originates from the word ‘remit’ which means – to send back. Remittance refers to any amount of money that has been sent from one party to another, typically abroad. In addition, we help our customers remit money abroad too!
It is a distributed ledger that connects a sequence of data blocks that are accessible via a public database. Companies use this to establish safe and unhackable information chain.
e-KYC (electronic-Know Your Customer)
This process is carried out by especially FinTech companies like ourselves to digitally verify our users’ identity. In fact, The Star reported us as the first FinTech to get approval to conduct e-KYC! In compliance with current laws and regulations, our mobile app platform enables a branchless and seamless e-KYC experience.
Insurance technology (InsurTech) 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 through online fundraising campaigns. Essentially, groups of people pool their individual deposits to start an initiative.
Unicorns are no longer just the mythical creatures you see in movies. In this case, a unicorn is what most people refer to as a privately held startup with a market value of more than $1 billion. The recent talk of the town is Carsome, for instance.
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.
Also known as Regulatory Technology, it 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 previously disregarded by banks and other financial institutions – the underserved.
That’s a wrap!
We hope you enjoyed this article on FinTech jargons and found this article to be insightful!
If we caught your interest, head on over to our page to find out what we do!