What are the Financial Technology aka FinTech terminology and jargon you need to know in today’s world?

 

FinTech Jargon and Terminology

FinTech (Financial Technology) – using technology to simplify and increase efficiency of financial services.

  • API (Access Protocol Interface) – allows applications, software and programs to interact and communicate with one another.
  • Big Data – large amount of data especially related to user patterns and behaviour that is analysed to reveal trends and patterns.
  • Blockchain – a record of transactions on blocks which is replicated and authenticated over networks of multiple computers.
  • BI (Business Intelligence) – using data analysis to view existing and make predictive scenarios.
  • Central Knowledge Repository – online knowledge database to collect and share information for benefit of organisation and/or clients.
  • Cloud / CloudTech – delivery of services including data storage and software online.
  • Cryptocurrency – digital currency used as a medium of exchange or payment that’s typically decentralized and stored on a blockchain.
  • Digital Banking – the digitization of traditional banking online with virtual branches instead of physical branches.
  • Digital Investment Management Framework (by SC) – regulatory licensing for financial technology in discretionary portfolio management services.
  • DLT (Digital Ledger Technology) – the recording of transactions which is online and decentralized.
  • ECF (Equity Crowd Funding) – the raising of capital for startups and private companies in exchange for equity ownership in the company.
  • e-Wallet – electronic payment transactions typically using a smartphone. Also known as a digital wallet.
  • Financial Inclusion – making financial products and services available to everyone including the underserved and unbanked.
  • FinTech (Financial Technology) – using technology to simplify and increase efficiency of financial services.
  • FTEG (FinTech Enabler Group) – cross functional group within BNM responsible for formulating and enhancing regulatory policies to facilitate the adoption of technological innovations in the Malaysian financial services industry.
  • InsurTech – a subset of FinTech which uses technology to compare, increase savings, and improve efficiency of insurance.
  • Micro Funds – small venture capital funding focused in early-stage.
  • P2P Lending (Peer-to-peer) –lending money to businesses (or individuals) through online services matching lenders with borrowers.
  • RegTech (Regulatory Tech) – the management of regulatory processes in the financial industry through technology.
  • Sandbox – a testing environment, especially for software, for independent evaluation, monitoring, and testing.
  • Telematics – using long-distance transmission of data and information such as in automotive vehicles.
  • Unicorn – a privately held startup company valued at over $1b.
  • VAS (Value Added Services) – non-core services offered in telecommunications or other industries.
  • Zebra (see: unicorn) – a privately held startup which is both profitable and improves society.

“Zebras balance profit and purpose, champion democracy, and put a premium on sharing power and resources. Companies that create a more just and responsible society will hear, help, and heal the customers and communities they serve.” ~ Jennifer, Mara and Astrid

 

FinTech Video Interviews

e-Remittance/Money Transfers: MoneyMatch

 

Gold Investing: HelloGold

 

Robo Advisory/Digital Wealth Management: StashAway

 

P2P Lending: Funding Societies

 

Unit Trust Investing: EPF e-MIS/i-Invest

 

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How is FinTech is affecting you positively (or negatively)?