Financial Technology
Financial Technology (FinTech) is a new innovation in the development of applications, products, or business models in the finance services industry that uses technology.
The Three Elements of Fintech
In making the financial process more effective and efficient, we need an innovation that uses technology.
Types of Fintech
1. Payment Channel
- It is an electronic service that functions to replace currency and demand deposits as a means of payment. For example, Gopay, Ovo, Dana, Shopee Pay, and Link aja.
- There is also a cryptographic payment system (blockchain). For example, Bitcoin, Doge, and Shiba
2. Digital Banking
- A banking service that utilizes digital technology to meet customer needs. For example, BCA Mobile, Permata Mobile X, Brimo, Seabank, Neo bank.
3. Peer to peer (P2P) Lending
- Peer to peer Lending is a financial service that utilizes digital technology. Which bring together those who need loans and willing to provide loans. For example, Koinworks, Modalku, Akseleran, etc.
4. Online/Digital insurance
- Insurance services for customers by utilizing digital technology. For example, Asuransiku.id, PasarPolis, Jagadiri, and AturDuit.
5. Crowdfunding
- Fundraising activities through a technology-based platform for investment or social purposes, both for profit and non-profit, can also be a gift and without a prize. For example Crowdfunder, Indiegogo, and Crowdrise.
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