The Story of FIN Tech | The Real Face of Fin Tech a Thousand Years Ago

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Fin Tech involves the use of information technology to transform the way finance is being done in global markets, developing countries, and across startups and tech firms. -Douglas Arner

Finance and technology are transforming the world of finance and the world beyond faster than we have ever seen before.

In the future finance will be an experience not a product and this is why it is important for everyone to understand how the industry is changing.

In this article, we are going to be looking at the fundamental question. What is Fintech?

Because, Fin Tech not only transforms the financial services industry but also enables financial inclusion. And, the opportunity to help more than 2 billion people with no access to financial services.

The Real Face of Fin Tech a Thousand Years Ago

Looking at finance dating back thousands of years ago, the initial impact of technology was in the context of building systems of keeping records of government finances or payments for taxes and agricultural production or building facilities.

 

And one of the physical technologies to develop was money. The simple coin or thousands of years later, Paper money.

Money is a form of technology that allows us to physically handle the ideas embedded in finance. So, if we think about financial technology, the history is very, very long indeed. From coins, paper money, systems of writing or accounting, major points include the evolution of the joint stock company or the corporation. Or more recently, stocks, bonds, things that we would call securities or derivatives.

Derivatives are financial instruments that derives it`s value from some underlying financial instrument.

The Victorian internet- The start of Fin Tech

Just because fintech is buzzy does,nt mean it is brand new. Although the phrase was added to the Merriam-Webster dictionary in 2018, the concept dates back decades.

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