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Just like in many other sectors, technology is breaking down barriers and changing the way companies interact with their customers.

Why is FinTech important?

No area of finance is untouched by FinTech and services exist across the entire spectrum of finance including:

  • borrowing
  • foreign currency
  • money transfer
  • credit reports
  • fraud protection
  • payments/e-commerce
  • financial advice
  • insurance

New companies and established incumbents are reformulating design and delivery of financial services through:

  • taking advantage of software and hardware innovation
  • a focus on end-user experience
  • a commitment to data analytics.

Where does regulation fit in?

But the progress of FinTech is dependent on regulators around the world. They must find the right balance between harnessing the possibilities it offers and allowing it to flourish, while providing the right level of supervision.

Map showing FinTech VC investment 2015 (USD). The US has the highest investment at 7.3bn, followed by China at 2.7bn, India at 1.5bn, the UK at 962m, Germany at 193m, Southeast Asia at 151m, and Africa at 55m. Map showing FinTech VC investment 2015 (USD). The US has the highest investment at 7.3bn, followed by China at 2.7bn, India at 1.5bn, the UK at 962m, Germany at 193m, Southeast Asia at 151m, and Africa at 55m.

How should I approach FinTech?

FinTech is demanding change from professional accountants. The sound analysis that professional accountants provide will prove essential to FinTech as it becomes ever more embedded in the fabric of the economy and society. This enhanced remit, accelerated by the coming together of the financial and technological worlds, must be embraced. 

About Jimmy Greer, lead author, ACCA

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