Fintech is revolutionizing the payment system

Fintech has produced innovations that have transformed our everyday life. The Financial Stability Board divides fintech into five broad categories: payments, clearing and settlement; deposit, lending and capital raising; insurance; investment management; and market support. Linda Yueh (World Economic Forum) explains that fintech has made most inroads in the area of payments and less in the others. A Bank for International Settlements study found fintech is most prominent in countries with less stringent banking regulations, higher incomes and less-competitive banking systems.