FINTECH

KEY POINTERS

• What is Fintech? What are the major segments within Fintech?

• Why Fintech industry is growing fast?
• How China became the biggest market for many Fintech segments and remained so till 2020?
• How Ant Financial became the largest Fintech company ?
• Why Chinese government has been cracking down on tech companies after 2020?
• Segmental Analysis
• Global Size and Growth
• Expected Future Trends
• Business Models
• Company Analysis
• Indian Scenario
• Influential Technologies
What is Fintech?
• Technically, FinTech refers to the use of technology in the financial services
industry.
• In practice, Technology companies that offer financial products/services that were
provided by banks and other financial institutions in the past.
FINTECH: KEY SEGMENTS

Fintech

Digital Payments Alternative Lending Robo Advisory Insure Tech

or P2P lending
 Fintech Growth Drivers

Emergence of
Global Financial Exponential enabling
Crisis of 2008 and growth of E- Ease of use
technologies
the resultant risk commerce and like
aversion of banks Social Media Blockchain, AI,
ML, Quantum
Computing
How China remained
Fintech Capital till
2020?
LOW PENETRATION OF TRADITIONAL BANKING

• Banks in China were mostly State owned, not efficient and predominantly lend to big

enterprises.

• Small businesses, micro-enterprises and rural population were largely ignored by the

traditional banks while in US and Europe, penetration of the banking services are much

higher.

• Even in 2015, while more than 85% of US citizens had credit score less than 1/3 rd of the

Chinese population had credit score

 GROWTH OF E-COMMERCE/SOCIAL MEDIA COMPANIES

• Chinese E-commerce and social media grew very fast in a short period of time (Ex:
Alibaba, Tencent)
• E-Commerce companies have huge advantage when it comes to providing financial
services
• Because so much is sold via these apps, Alibaba and Tencent know the health of many
small businesses and individuals across China.
• As a result, they can lend to small companies and individuals with no credit score that
banks might consider too risky.
• E-Commerce/Social Media companies can understand other financial needs much better
than the banks.

Source:
https://www.technologyreview.com/2018/12/19/138354/how-china-got-a-head-start-in-fintech-and-why-the-
west-wont-catch-up/
ABSENCE OF STRICT PRIVACY NORMS

• Many technologies which would not be possible to be US/Europe/India due to privacy

concerns can be easily implemented by Chinese companies (with the consent of the

Chinese government).

• Chinese companies control far more and see into more of their users’ lives than any

individual companies in the US/Europe/India can ever do.

• This helped them to identify individual needs accurately.

Source: https://www.technologyreview.com/2018/12/19/138354/how-china-got-a-head-start-in-fintech-and-why-the-west-wont-catch-up/
LOW ENTRY BARRIERS

• China left the Fintech market virtually unregulated for years (They started regulating

much later)

“Abner An, Founder of Daokoudai, a P2P platform, said that “there was no entry barrier to

start a P2P business [at the beginning],” and anyone could “spend RMB 40 (US$ 5.8) to buy

some [P2P] software from Taobao…anyone start an online lending business without any

regulator’s scrutiny.”

• In US /Europe/India, Fintech companies need to follow financial sector regulations.

Source: https://www.technologyreview.com/2018/12/19/138354/how-china-got-a-head-start-in-fintech-and-why-the-west-wont-catch-up/
BLOCKING OF MANY TECHNOLOGIES COMPANIES WITHIN CHINA

https://en.wikipedia.org/wiki/List_of_websites_blocked_in_mainland_China
AMAZON IN CHINA
• Amazon entered China in 2004 market by acquiring Chinese Ecommerce company “Joyo.com”.

• But right from the beginning, Amazon faced stiff competition from Chinese e-commerce giants

Alibaba and JD.com.

• Chinese customers found product offerings, User Interface, marketing etc of Alibaba, JD.com

superior to Amazon.

• Chinese government also tacitly promoted its domestic companies.

• Amazon never gained any traction in China and always remained a marginal player

• In 2019, Amazon shut down it’s China operations.

• Amazon had a market share of less than 1% when it exited China

 CHINESE FINTECH COMPANIES MASSIVE IN SIZE

•  In May 2019, Mainland China had

eight of the world’s leading
FinTech unicorns, with an average
value of $26.8 billion. (compared to
$3.2bn for US)
• That is eight times greater than the
average value of North American
FinTech unicorns.
• Hong Kong hosts 4 more unicorns,
taking China’s total to a remarkable
12 unicorns.

Source:https://www.penser.co.uk/fintech-in-asia/fintech-in-china/
 ANT FINANCIAL : GLOBAL GIANT

• Most highly valued Fin-tech company in the world till 2020

• The company’s valuation was $320bn in October 2020 (Paypal’s market Capitalization

was $250 bn on 21st January 2021) before it’s IPO was called off.

• Alipay overtook both PayPal and Square combined in volumes in 2014

• In 2018, the company’s $150 billion valuation was about the same as the combined

market capitalization of Morgan Stanley and Goldman Sachs.

Source:
1.
https://www.reuters.com/article/us-ant-financial-valuation-exclusive/exclusive-chinas-ant-aims-for-200-billion-price-
tag-in-private-share-sales-sources-idUSKBN1ZG1C6
KEY SUCCESS FACTORS FOR ANT FINANCIAL

• Business Spread

• Big Data advantage

• Government investment and Regulatory support

• No legacy and need for disruption

• Financial Cloud Platform

• International Expansion
BUSINESS SPREAD

• Ant Financial is a holding company for eCommerce giant Alibaba’s financial products.
• It includes multiple financial businesses operating in areas such as
• Digital payments: Alipay
• Micro loans (Ant Micro Loan)
• Personal finance:
 Marketplace lending: Ant Check Later
 Wealth management: Ant Fortune
• Online banking: Mybank
• Insurance : Sesame
• Financial Cloud: Aliyun
BIG DATA ADVANTAGE
• Ant Financial is a part of Alibaba’s huge e-Commerce ecosystem and had the following

advantages

 Access to a large customer data

 Faster conversion of Alibaba’s ecommerce customers also to Fintech services

 Accurate evaluation of credit risk

 Mammoth Technology infrastructure

GOVERNMENT INVESTMENT

• Alibaba group had enormous support from Chinese government till 2020.

• Chinese government has direct stake in Ant Financial through China Investment Corporation

(CIC), China Consumer Bank (CCB), China Life, China Post Group.
NO LEGACY AND HENCE NO NEED FOR DISRUPTION IN CHINA
• US and Europe had highly developed banking sector beginning from 18th Century
• Credit cards were launched as early as 1950s
• Fintech companies in US/Europe companies had to challenge this legacy.
• In contrast, when Ant Financial started it’s payment arm in early 2000s, there was no legacy and
much to disrupt.
FINANCIAL CLOUD PLATFORM
• Alibaba set up it’s cloud division (Aliyun) as early as 2009 when Amazon and Google
were conducting tests and proof-of-concepts.
• It’s a one-stop shop for all financial solutions including risk management, deposits,
mobile apps, infrastructure as a service, platform as a service, know your customer
(KYC), etc.
• Aliyun experienced rapid growth aided by the fact that many foreign cloud providers
were barred from entering mainland China.
INTERNATIONAL EXPANSION

• International expansion is a new but important strategic goal for the current stage of Ant’s growth,

and the main focus is on Asia.

• Acquired significant stake in Indian payments giant Paytm (owns 42% stake)

• Invested in Singapore-based company V-Key and partnered with Thai payment firm Ascend.

• It also has digital wallet licenses in countries such as Indonesia, the Philippines, and Vietnam.
Why China is cracking
down on Fintech?
 “Rectification”
• When Ant Financial IPO was stalled, it was thought to be a crackdown on Alibaba.
• Later controls were extended to many internet companies (Ex: Tencent Holdings,
JD.Com and TikTok owner ByteDance Ltd. and ride-hailing giant Didi Chuxing).
• Tech companies becoming very big for Chinese government’s comfort.
• Chinese government felt that these internet companies are not really tech companies
bringing innovation but are earning through transactions.
• Tech companies bringing in bad social behavior - excessive gaming, reckless lending
and borrowing).
• No real impact on economy in terms of jobs, income growth and building human
capabilities.
• Concerned about educational inequality and content w.r.t Ed tech companies.
• Felt the need to shift the focus back to manufacturing.
 DIGITAL
PAYMENTS
 Digital Payments

Mobile POS
Digital Commerce
payments

Online transactions made Wallets, UPI

via various payment
methods like credit cards,
direct debit, internet
banking for purchase of
products or services
Mobile, Pos payments will become half of the Digital Commerce in 2026

DIGITAL PAYMENTS
Market Size: $11.29 tn (2026)
Market Size: $5.44 tn (2020)
Mo-
bile,
POS;
40% Digital
Mobile, Com-
POS; merce;
Digital 50% 50%
Com-
merce;
60%

Source:
https://www.mordorintelligence.com/industry-reports/digital-payments-market
Industry Interactions and Media Reports
 Digital
Payments in
India
From 0.1 mn transactions in October 2016, UPI volumes hit 3248 mn in July 2021.
UPI : SIZEAND GROWTH

• The average transaction size through UPI is

Rs 2,000 (approx).

• This means Indians do not use UPI only for

small payments such as buying vegetable or

transferring money to friends.

• Rather, UPI is now being used for

commercial purposes as well.

Source:
https://www.npci.org.in/what-we-do/upi/product-statistics
https://www.thequint.com/tech-and-auto/how-upi-continues-to-be-a-threat-to-card-payment-industry-in-india
UPI has become the most preferred digital mode of payment surpassing cards.

Source:
https://www.livemint.com/news/india/upi-transaction-in-india-doubles-in-a-year-11617261866805.html
 Phone Pe is the market leader in Digital payments in India with Amazon pay a distant 4 th.
UPI MARKETSHARE Market Share (April 2021)
Amazon Pay; Others; 6.00%
1.85%

Paytm; 12.14%

PhonePe; 45.00%

Google Pay;
34.30%

PhonePe Google Pay Paytm Amazon Pay Others

Source: https://entrackr.com/2021/05/phonepes-upi-market-share-rises-to-45-in-april-google-pay-slips-a-tad/
PHONEPE : OVERVIEW

• Walmart has infused $700 million in PhonePe at a valuation of $5.5 billion.

• On December 3 2020, Walmart-owned Flipkart announced plans to spin-off PhonePe into a

separate entity.

• This will allow PhonePe to raise resources on its own balance sheet and fuel its growth as well

as IPO ambition.
PHONEPE : GROWTH AND REACH

• From just around 50 million installs in 2017, Phonepe crossed 300 mn users in May 2021.
• Adding almost 10 mn users every month.
• Became the first industry player to process over one billion UPI transactions in a single month.
• Merchant network include 20 million offline merchants across 11,000 towns and talukas in
India.
• Processing transactions from over 19,000 pin-codes spanning more than 99 per cent of the
country.
• More than 80 per cent of these transactions are being done by users in Tier 2, tier 3, tier 4 cities
and beyond.
FINANCIAL PERFORMANCE

Source: https://entrackr.com/2021/01/phonepe-operating-revenue-jumps-2x-to-rs-372-cr-losses-fall-marginally/
MDR abolition has compelled players like PhonePe, Google Pay to change their
revenue model.

MDR ABOLITION

• Merchant Discount Rate or MDR is the rate (processing fee) charged to a merchant (seller
or the service providers) on transactions made via credit or debit cards or UPI or Wallets.
• Merchant Discount Rate (MDR) was abolished and made to zero for all UPI transactions
from Jan 2020.
• Prior to its abolition, this fee was typically between 1%-3% of the overall amount.
• This means the transactions will not bring revenue for Third Party Apps (TPAs) such as
Google Pay, PhonePe.
PhonePe is betting big on financial services
PHONEPE: FINANCIAL SERVICES

• After MDR abolition, Phone Pe is betting big on financial services.

• It offers financial services such as tax-saving funds, digital gold, mutual funds, and
insurance products, including car and bike insurance, domestic travel insurance,
dengue and malaria insurance, personal accident cover and international travel
insurance.
• According to Hemant Gala, Vice President and Head of Payments and Financial
Services, says, "PhonePe became the fastest-growing insurance-tech distributor in
India, selling 5 lakh policies in the second half of 2020."
• Mutual funds, which was not that big a category for the company till the beginning of
2020, has grown to over Rs 100 crore in assets under management.
PHONEPE: OTHER REVENUE STREAMS

• Launched 'Switch' (web-apps platform) in March 2018, and has over 250 apps, which

has also played a significant part in the merchant partnership story.

• 'Switch' allows a customer to move seamlessly between PhonePe and his/her

favourite food, shopping and travel apps from within the PhonePe app itself.

• It collects revenue from a partner through the 'Switch' platform.

• It also gets its commission from the promotion of various products on its app and

commission on mobile recharge, bill payments etc.

BIG DATA ADVANTAGE

• Like Alipay, Phone Pe can gain Big Data Advantage of being a subsidiary of Flipkart

• Flipkart can encourage use of Phone Pe through attractive cashbacks and offers

• Flipkart can enrich it’s customer understanding through Phone Pe’s payment data of more than

a billion transactions per month.

FUTURE PLANS

• In the future, Phone Pe would move from being a distributor of financial

products to develop and market their own financial products

Implementation of UPI led to a decline on E-wallets where Paytm had dominance
E-WALLETS:

• Paytm was dominating the E-wallets segment.

• Implementation of UPI made E-wallets less convenient though wallets are still in usage
 PAYTM
Valuation in $bn
18

16
16

14
12
12

10
10

6 5
4

0
Aug - 15 May-17 Nov-19 Jun-21 (Market Cap)
Source: https://economictimes.indiatimes.com/markets/stocks/news/sellers-vanish-on-paytm-counter-in-grey-market-price-projected-to-
soar/articleshow/83165530.cms?from=mdr
 Paytm has reduced its losses by 30% between 2019 and 2020
PAYTM : FINANCIAL PERFORMANCE
4500

4000
3954

3500 3309.6
3049 3115
3000 2833
2500

2000
1604.3
1500
899.6
1000 780.2
500

0
2017 2018 2019 2020

Revenue in Rs. Crs Loss in Rs. Crs

Source:
https://www.livemint.com/
https://www.thehindubusinessline.com/money-and-banking/paytm-cut-down-losses-revenue-from-operations-net-worth-
rise/article34686827.ece
Paytm reduced its expenses by Rs. 1300 crores between FY 19 and FY 20 while competitors
continue to spend more.

Marketing spend reduced by more

than Rs. 850 crores in FY 20, a
reduction of 62% from FY 19.

Source: https://inc42.com/features/paytm-broadens-focus-beyond-payments-to-fintech-ahead-of-mega-ipo/
Fintech Diversity Sets Paytm Apart

PAYTM : MAJOR BUSINESS SEGMENTS

• Paytm Payments Bank Limited

• Paytm General Insurance Limited
• Paytm Life Insurance Limited
• Paytm Money Limited
• Paytm E-Commerce Private Limited
• Paytm Digital Gold
• Small Banking licence (in the future)
PAYTM PAYMENT BANK LIMITED (PPBL)

• Launched in 2017
• Posted a profit of Rs. 29.8 crores in 2019-20 up from Rs. 19.2 crores in 2018-19
• As on April 2019, had 58 mn savings and current account with deposits of over Rs. 2000 crs
• Has over 57 million debit card holders and claims to have a debit card holder in every district
• Claims to have 35-40% market share in the Payments Banking space.
• Had crossed Rs. 600 crores in Fixed Deposits in May 2020
• In 2019, Paytm Money integrated with Paytm Payments Bank to offer seamless product and
services for investment and wealth management.
• Make money by investing the savings /current deposits in partner banks, cross selling of
financial products and MDR from Debit card transactions.

Source:
• https://www.moneycontrol.com/news/business/startup/paytm-payments-bank-aims-to-open-10-crore-savings-account-by-march-satish-gu
pta-3756011.html
• https://www.moneycontrol.com/news/business/paytm-payments-bank-crosses-rs-600-crore-in-fixed-deposits-5240551.html
• https://www.livemint.com/news/india/paytm-payments-bank-reports-rs-29-8-crore-net-profit-for-fy20-11591700312170.html
 Paytm mall has reduced its losses substantially.

PAYTM MALL
Revenues and Profits

2000
1801
Revenue in Rs. Crs
1800
Loss in Rs. Crs
1600

1400

1200 1171

1000 968

800 774
703
600
469
400

200

0
2018 2019 2020

Source:
https://www.livemint.com/
https://economictimes.indiatimes.com/internet/paytm-mall-fy20-losses-down-60-to-rs-479-crore/articleshow/78355637.cms?from=mdr
 Paytm’s depth ensures that company has little to no dependency on UPI payments for
overall revenue growth.

• Paytm is not a major player in the UPI market, and this is by design.
• None of the industry leaders, be it Google Pay, PhonePe or Paytm — made much money
from their UPI offerings, thanks to the existing zero MDR policy.
• It claims to have 17 Mn merchant partners and 600 Mn registered users (as of September
2020) has already diversified its revenue streams, which has led to almost zero reliance
on UPI for growth.

Source: https://inc42.com/features/paytm-broadens-focus-beyond-payments-to-fintech-ahead-of-mega-ipo/
Source: https://inc42.com/features/paytm-broadens-focus-beyond-payments-to-fintech-ahead-of-mega-ipo/
Source: https://inc42.com/features/paytm-broadens-focus-beyond-payments-to-fintech-ahead-of-mega-ipo/
GOING FORWARD

• Paytm would need to further reinforce the diversity of its revenue model.

• The biggest challenge for the startup will be to achieve profitability on the back of its chief

strengths.
 Alternative
Lending or P2P
Lending
How P2P lending Works?

• Alternative Lending companies operate as marketplaces linking borrowers to lenders.

• They primarily target borrowers are those with low credit score and small businesses that
are unserved or underserved by traditional banks.
• Their USP is to enable these customers to get a loan in the first place and very quickly.
• Typical interest rate would be higher than that of the banks but lower than the private
money lenders.
• For lenders, their selling point is higher rate of return compared to the bank rates.
• Investors also have the discretion to chose where their money should be lent.
 REVENUE MODEL

• Since marketplaces do not take any deposits or lend their own money, they do not receive
an interest income.
• Instead, they earn their revenues from fees and commissions generated by matching
borrowers with lenders.
• Often investors also have to pay a service fee based on their payments or the amount
invested as well.
 Alternative
Lending

Market place
Crowd Lending
Lending
(Business)
(Personal)
Bank-independent loan Bank-independent loan
allocation for SMEs. This allocation for personal use.
is for business purpose This is for peer-to-peer
only. lending.
P2P LENDING: GLOBAL SIZE AND GROWTH

Source: https://www.verifiedmarketresearch.com/product/peer-to-peer-p2p-lending-market/
CHINA P2P
LENDING
CRISIS
BOOM YEARS (2011 to 2015)

• Between 2011 to 2015, China had a boom in P2P lending due to:

• Negligible regulations (Abner An, Founder of Daokoudai, a P2P platform, said that “there

was no entry barrier to start a P2P business [at the beginning],” and anyone could “spend

RMB 40 (US$ 5.8) to buy some [P2P] software from Taobao to start an online lending

business without any regulator’s scrutiny.”)

• Large unbanked population

• P2P lenders offered a return of 8-12% or more to the lenders which was much higher

than the bank interest rates.

Source: https://www.finextra.com/blogposting/17107/the-rise-and-fall-of-p2p-lending-in-china
REALITY CHECK

• The spark that ignited the turmoil in Chinese peer-to-peer lending happened in late 2015
when investors on the P2P lending platform Ezubao was suddenly unable to withdraw
their funds.
• Ezubao was later revealed as responsible for the biggest Ponzi scheme ever in Chinese
history involving $7.6 billion and 900000 investors.  
• In 2016, Chinese Banking Regulatory Commission said that about 40% of P2P lending
platforms were in fact Ponzi schemes. 
• Many P2P promoters went into hiding.

Source: https://www.finextra.com/blogposting/17107/the-rise-and-fall-of-p2p-lending-in-china
REGULATIONS FOR P2P LENDING

• The crisis forced Chinese authorities to tighten regulations :

• Some of the new rules include:

• Detailed negative list made for P2P businesses

• P2P platforms defined as “information intermediaries” rather than “financial institutions,”

• Prohibited online lenders from guaranteeing principal or interest on loans they facilitate

• P2P lenders are required to appoint a bank as their custodians

Source: https://www.finextra.com/blogposting/17107/the-rise-and-fall-of-p2p-lending-in-china
IMPACT OF REGULATIONS

• In it’s peak, there were more

5970 P2P lenders in China.

• By the end of 2018, only 1021

were left.

• China shut down all P2P

platforms by November 2020

Source: https://www.finextra.com/blogposting/17107/the-rise-and-fall-of-p2p-lending-in-china
P2P Lending in
India
 KEY RBI REGULATIONS FOR P2P LENDING

• P2P lending platforms will have to register as an NBFC-P2P

• Minimum Capital Requirement Rs 2 crore required for starting NBFC-P2P

Source:
https://www.mondaq.com/india/financial-services/1052480/peer-to-peer-lending-and-its-regulation-in-india-
 KEY RBI REGULATIONS FOR P2P LENDING

• Lending and Borrowing Norms

 Maximum investment by an investor across all P2Ps, shall be subject to a cap of Rs 50
lakh.
 Any lender that invests over Rs 10 lakh throughout P2P platforms should have a
minimum net worth of Rs 50 lakh.
 Aggregate loans taken by a borrower at any point of time, across all P2Ps, shall be
subject to a cap of Rs 10 lakh.
 Exposure of a single lender to the same borrower, across all P2Ps, shall not exceed Rs
50,000.
 Maximum Duration of Loans – 36 months
Source:
https://www.mondaq.com/india/financial-services/1052480/peer-to-peer-lending-and-its-regulation-in-india-
INDIA P2P LENDING: MARKET SIZE AND GROWTH (US $BN)

12 • The major players in the P2P

$10.5bn Lending Market include
10
Faircent, RupeeCircle,
8 i2iFunding,  Lendbox, Paisa
21.6%
6 Dukan, OMLP2P, i-Lend,
$4bn LenDenClub Cash Kumar and
4
Kiva Micro funds among others. 
2 • Indian P2P lenders claim that

0 they deliver 15% to 28% return

2021 2026
to investors.
Source:
https://www.industryarc.com/Report/19467/india-p2p-lending-market.html
https://admin.faircent.com/
Robo Advisory
 What is Robo Advisory?

• Robo-advisors are digital platforms that provide automated, algorithm-driven

financial planning services with little to no human supervision.

 GLOBAL ROBO ADVISORY MARKET SIZE AND GROWTH (US $bn)

3500

3000 2900

2500
24%
2000

1500
987
1000

500

0
2020 2025

Source:
https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp
TOP GLOBAL ROBO ADVISORS BY AUM (APRIL 2021)

Source: https://www.roboadvisorpros.com/robo-advisors-with-most-aum-assets-under-management/
HOW ROBO-ADVISERS WORK?

• When signing up for the service, investors are first asked to answer a series of questions
about the amount they’re looking to invest, their risk tolerance and expected returns.
• The platforms then usually assign each investor a risk category from 1–10.
• This number is then used by algorithms to invest.
• The revenue model of robo-advisors is based on minimum investment and significantly
lower fees as compared to traditional investment management firms.
ROBO-ADVISORS VS TRADITIONAL WEALTH MANAGEMENT
Parameters Robo-Advisors Traditional Wealth
Management Companies
Business Algorithm-based investment advice Individual portfolio management
Model by bank, company, or institution
advisor
Targeted Individuals with modest assets, High and ultra-high net worth
Investors technology-oriented clients
USP • Easy and affordable personal finance • High level of service
management • Top investment skills
• Individual approach
Fee • Up to 0.5% fee on assets • Up to 2% fee on assets
structure • Mostly no transaction-specific fees managed
• Potential additional fees per
transaction

Source: https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp
INDIAN ROBO ADVISORY MARKET SIZE AND GROWTH (US $bn)

60
54
50

40
43.8%
30

20

10 8.4

0
2020 2025
Source:
https://inc42.com/datalab/how-robo-advisors-are-changing-the-financial-advice-industry-in-india/#:~:text=Assets%20under%20manage
ment%20(AUM)%20in,%2D2025%2C%20according%20to%20Statista.&text=It%20is%20a%20boon%20for,investments%20via%20r
obo%20advisory%20services.
TOP ROBO ADVISORS IN INDIA

• Finpeg
• 5nance
• Fisdom 
• FundsIndia 
• MoneyFrog
• Scripbox
• Goalwise
• 5Paisa
• Arthayantra 
• Angle Broking – ARQ 

Source:https://www.myvaluestocks.in/robo-advisors-in-india/
 Influential
Technologies
KEY TECHNOLOGIES INFLUENCING FINTECH

• Blockchain

• AI and Machine Learning

• Application Program Interface (API)

• Cloud computing (Cloud)

• Quantum computing (Quantum)