Financial technology

Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.

Definition and key areas

The National Digital Research Centre in Dublin, Ireland, defines financial technology as "innovation in financial services", adding that "the term has started to be used for broader applications of technology in the space – to front-end consumer products, to new entrants competing with existing players, and even to new paradigms such as Bitcoin".

FinTech refers to new solutions which demonstrate an incremental or radical / disruptive innovation development of applications, processes, products or business models in the financial services industry. These solutions can be differentiated in at least five areas.

Business

A business, also known as an enterprise, agency or a firm, is an entity involved in the provision of goods and/or services to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social not-for-profit enterprises or state-owned public enterprises targeted for specific social and economic objectives. A business owned by multiple individuals may be formed as an incorporated company or jointly organised as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

Business can refer to a particular organization or to an entire market sector, e.g. "the music business". Compound forms such as agribusiness represent subsets of the word's broader meaning, which encompasses all activity by suppliers of goods and services. The goal is for sales to be more than expenditures resulting in a profit.

Technology

Technology ("science of craft", from Greek τέχνη, techne, "art, skill, cunning of hand"; and -λογία, -logia) is the collection of techniques, skills, methods and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. Technology can be the knowledge of techniques, processes, etc. or it can be embedded in machines, computers, devices and factories, which can be operated by individuals without detailed knowledge of the workings of such things.

The human species' use of technology began with the conversion of natural resources into simple tools. The prehistoric discovery of how to control fire and the later Neolithic Revolution increased the available sources of food and the invention of the wheel helped humans to travel in and control their environment. Developments in historic times, including the printing press, the telephone, and the Internet, have lessened physical barriers to communication and allowed humans to interact freely on a global scale. The steady progress of military technology has brought weapons of ever-increasing destructive power, from clubs to nuclear weapons.

Singularity University

Singularity University is a California Benefit Corporation part university, part think-tank, part business-incubator located in Silicon Valley whose stated aim is to "educate, inspire and empower leaders to apply exponential technologies to address humanity’s grand challenges." It was founded in 2008 by Peter Diamandis and Ray Kurzweil in NASA Research Park, CA.

Singularity University began with an annual 10-week supplemental summer program and has since grown to an innovation pipeline with conference series, an array of classes, an incubation lab for startups and corporate teams, and a global alumni network.

Singularity University aims to develop a global network of innovation ecosystems alongside a coalition of entrepreneurs, business leaders, universities, government agencies and nonprofits. The institution taps into a community of scientists, thinkers, engineers, investors, business leaders, and public policy makers who explore the potential of advancing technologies to take on humanity’s challenges, such as water scarcity and energy consumption.

Future (disambiguation)

The future is the time after the present.

Future or The Future may also refer to:

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