The Fintech market reached $111 billion in 2019 and is expected to reach $325 billion in 2030. Therefore, we need to promote the development of financial technology.
#DigitalBanking #Insurance #Loans #Lending #Finance #Investments #Trading
Blockchain will change the traditional financial systems that operate from centralized databases to distributed systems. The business value added by blockchain will surpass $176 billion by 2025 and $3.1 trillion by 2030.
Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management apps.
Open Finance is an opportunity to build on the conceptual framework of Open Banking and allow consumers, and SMEs to access and share their data with third party providers, who can then use that data to develop innovative products and services which meet their needs today and in the future. Open finance aims to include consumers being able to engage better with financial products and how to make more informed decisions.
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