What is fintech and how does it differ from traditional finance?

Fintech refers to the use of technology to improve and automate financial services, offering faster, more accessible, and often cheaper alternatives to traditional banking and finance.

What are the main segments within the fintech industry?

Key segments include digital payments, online lending, neobanking, robo-advisory, insurtech, blockchain/cryptocurrency, and personal finance management.

Why is fintech growing so rapidly worldwide?

Fintech is driven by rising smartphone use, internet penetration, demand for convenience, financial inclusion, and innovations in AI, blockchain, and cloud technology.

What challenges does the fintech industry face?

Major challenges include regulatory uncertainty, cybersecurity threats, data privacy issues, and the need for consumer trust in digital platforms.

What is the future outlook for the fintech market?

The fintech market is expected to grow steadily, with trends like embedded finance, decentralized finance (DeFi), and AI-driven services shaping its future.