FintechFinancial Technology
Technology-enabled innovation in financial services, products or processes.
What does it mean?
English expansion: Financial Technology
Technology-enabled innovation in financial services, products or processes.
How is this concept used?
Fintech describes technology-enabled innovation in finance, such as digital payments, account tools and services. It describes how a service is delivered, not a single asset class or a quality rating. The service model, operator and relevant controls still matter.
Documented examples
Documented example
Wise: digital money transfers
Wise’s transfer guide shows customers selecting a recipient, amount and currency online. This is a real example of technology delivering a money-transfer service.
Publication date not confirmed · Source checked:
Documented example
Revolut: transfers through an app
Revolut’s UK page describes international transfers in its app. Customers can review transfer details and track status digitally.
Publication date not confirmed · Source checked:
Connection to a wallet report
A wallet may interact with a technology-based financial service. Understand the actual activity and evidence rather than assigning risk solely from the word fintech.
A common misconception
A digital or modern-looking service is not automatically licensed, safe or suspicious.
Related reading
Put the explanation in context
When you need a wallet report, open the application and follow its normal account and scan process.
Open AML4Tracker