n. The industry consisting of companies that create or sell financial technology.
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Scores of fintech enterprises in London and Silicon Valley are devising new ways to lend cash, transfer money abroad, settle international commercial transactions and score credit risk — all of which have been the domain of banks for centuries.
—Edward Robinson, “In Britain, financial technology start-up is leading the challenge of traditional lending,” The Washington Post, October 31, 2014
Dozens of co-working spaces have sprung up, with Google’s Campus the best known. Accelerators (start-up schools) and similar organisations, such as Passion Capital, Seedcamp and Techstars, abound. The cluster is also growing geographically. Canary Wharf is now home to Level39, an incubator for fintech (financial technology), smart-city and retail ventures.
—“Start me up,” The Economist, October 05, 2013
2003 (earliest)
Updata’s Financial Technology Index turned in its worst performance since inception with a 24% decline in 2002. This compares to a 26% increase in 2001 when the broader indexes struggled that same year with the S&P 500 off 12% and the NASDAQ off 20%. While a price decline in 2002 for the Fin Tech index is not viewed as a positive for the sector, on a relative basis, the Financial Technology companies that we track compared favorably to the NASDAQ’s 32% decline and were on par with the broad market where the S&P 500 declined a comparable 23%.
—“Financial Technology Monitor” (PDF), Updata Capital, January 01, 2003
The flaw was revealed by Peter Knight, the editor of a business newsletter, Fintech, who was 'shocked and annoyed' when he switched on his system to find an 'alien' had been in his mailbox.
—Jane Bord, “Telecom's open secret,” The Sunday Times (London), August 11, 1985