Learn in the textbookFinTech, Digital Currencies, and Identity Verification / Anti-Money-Laundering Measures
DefinitionFinTech (フィンテック) refers to the movement of bringing IT into finance to create new services, and to those services as a whole.
ExplanationIt spans a wide range of financial fields, including payments and transfers, asset management, lending, and insurance. The players are not only traditional financial institutions but also startups with new technology, and the two often work together to build services.
AnalogyIt is like craftspeople with new tools joining a long-established shop and coming up with one new item after another for its menu.
Memory hookSplit it in two: Fin = Finance, Tech = Technology.